MIRA INFORM REPORT

Report Date :

08.01.2014

IDENTIFICATION DETAILS

Name :	JOHNSON CONTROLS (S) PTE. LTD.
Registered Office :	6, Changi Business Park Avenue 1, 06-21/22, Ue Bizhub East, 486017
Country :	Singapore
Financials (as on) :	30.09.2012
Date of Incorporation :	14.12.1982
Com. Reg. No.:	198205221-M
Legal Form :	Private Limited Company
Line of Business :	engaged in supply, installation and servicing of building solutions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Singapore ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.

:

198205221-M

COMPANY NAME

:

JOHNSON CONTROLS (S) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

14/12/1982

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

6, CHANGI BUSINESS PARK AVENUE 1, 06-21/22, UE BIZHUB EAST, 486017, SINGAPORE.

BUSINESS ADDRESS

:

6 CHANGI BUSINESS PARK AVENUE 1#06-21/22 UE BIZHUB EAST (NORTH TOWER) , 486017, SINGAPORE.

TEL.NO.

:

65-67480202

FAX.NO.

:

65-67434420

WEB SITE

:

WWW.JCI.COM

CONTACT PERSON

:

SOREN BJERG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

SUPPLY, INSTALLATION AND SERVICING OF BUILDING SOLUTIONS

ISSUED AND PAID UP CAPITAL

:

11,923,658.00 ORDINARY SHARE, OF A VALUE OF SGD 11,923,658.00 
1,000.00 PREFERENCE SHARE, OF A VALUE OF SGD 900,000.00 

SALES

:

SGD 338,521,142 [2012]

NET WORTH

:

SGD 93,941,125 [2012]

STAFF STRENGTH

:

N/A

BANKER (S)

:

CITIBANK N.A.

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) supply, installation and servicing of building solutions.

The immediate holding company of the Subject is JOHNSON CONTROLS HOLDING (S) PTE. LTD., a company incorporated in SINGAPORE.

Share Capital History

Date	Issue & Paid Up Capital
08/01/2014	SGD 12,823,658.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
JOHNSON CONTROLS HOLDING (S) PTE. LTD. [ORDINARY (11,923,658), PREFERENCE (1,000)]	28, GENTING LANE, 09-01, PLATINUM 28, 349585, SINGAPORE.	199602432R	11,924,658.00	100.00
			---------------	------
			11,924,658.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JEROME DENNIS OKARMA
Address	:	1109, EAST LEXINGTON BOULEVARD, WHITEFISH BAY, WISCONSIN 53217, UNITED STATES.
IC / PP No	:	P023422375
Nationality	:	AMERICAN
Date of Appointment	:	03/04/1991

DIRECTOR 2

Name Of Subject	:	R BRUCE MCDONALD
Address	:	3553, N. SHEPARD AVENUE, SHOREWOOD MILWAUKEE, WI 53211, UNITED STATES.
IC / PP No	:	QB926790
Nationality	:	CANADIAN
Date of Appointment	:	31/03/2008

DIRECTOR 3

Name Of Subject	:	SOREN BJERG
Address	:	96A, CORONATION ROAD WEST, 269314, SINGAPORE.
IC / PP No	:	P204444398
Date of Appointment	:	28/02/2006

DIRECTOR 4

Name Of Subject	:	MICHAEL JOHN ANDERTON
Address	:	56, DUCHESS AVENUE, 01-01, DUCHESS CREST, 269199, SINGAPORE.
IC / PP No	:	G5640417T
Nationality	:	BRITISH
Date of Appointment	:	15/06/2013

MANAGEMENT

1)	Name of Subject	:	SOREN BJERG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATER HOUSECOOP ERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	LEE WEI HSIUNG
	IC / PP No	:	S7927166G
	Address	:	633, JURONG WEST STREET 65, 10-310, 640633, SINGAPORE.

2)	Company Secretary	:	WOO MAY POH
	IC / PP No	:	S7128630D
	Address	:	2, ROCHOR ROAD, 05-590, ROCHOR CENTRE, 180002, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

CITIBANK N.A.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation. 

LEGAL ACTION
Code No	:	99	Case No	:	22561
Year	:	2004	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	16/09/2004
Solicitor	:	CHOO CHING YEOW COLLIN
Solicitor Ref	:	CC/JS/26295/2004 (SN)
Solicitor Firm	:	STRAITS LAW PRACTICE LLC
Plaintiff	:	STRATECH SYSTEMS LIMITED
Defendants	:	JOHNSON CONTROLS (S) PTE. LTD. (198205221)
Amount Claimed	:	51324
Nature of Claim	:	SGD
Remark	:	OTHERS/MISCELLANEOUS

NOTE:	Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.
No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES
Overseas	:	YES

OPERATIONS

Goods Traded

:

BUILDING SOLUTION

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) supply, installation and servicing of building solutions. 

Johnson Controls Building Efficiency is a leading provider of equipment, controls and services for heating, ventilating, air-conditioning, refrigeration, fire alarm and protection systems, and security systems for buildings.

Its products include Controls, HVAC, Industrial Refrigeraton, Integrated Building Services, Energy Solutions, ICT Converged Technology for buildings. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	6567480202
Current Telephone Number	:	65-67480202
Match	:	YES
Address Provided by Client	:	6 CHANGI BUSINESS PARK AVENUE 1#06-21/22 UE BIZHUB EAST (NORTH TOWER) SINGAPORE 486017
Current Address	:	6 CHANGI BUSINESS PARK AVENUE 1#06-21/22 UE BIZHUB EAST (NORTH TOWER) , 486017, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its number of employees.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	13.96%	]
Profit/(Loss) Before Tax	:	Increased	[	22.33%	]
Return on Shareholder Funds	:	Acceptable	[	26.34%	]
Return on Net Assets	:	Favourable	[	31.80%	]
The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively.The Subject's management have been efficient in controlling its operating costs. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	9 Days	]
Debtor Ratio	:	Unfavourable	[	73 Days	]
Creditors Ratio	:	Favourable	[	56 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	2.00 Times	]
Current Ratio	:	Favourable	[	2.10 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	(0.8)	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	(2.2)	4.3	12.8	8.5	(1.3)
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	(32.5)	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	(10.78)	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	(0.8)	11.4	2.8	(5)	(2.2)
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	(15.9)	(11.5)	(25.3)	(0.7)	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	(7.7)	103.7	(26.3)	(38.2)	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	(0.32)	3.25	(0.48)	4.25	3.64
Fish Supply & Wholesale	(6.31)	(1.93)	(10.5)	12.10	(0.5)
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	(36.9)	14.20	20.50	28.70
Real Estate	(11.2)	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	(1.3)	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	(5.9)	(16.4)	(0.4)	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	(0.9)	(1.4)	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1982, the Subject is a Private Limited company, focusing on supply, installation and servicing of building solutions. The Subject has been in business for over 3 decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 93,941,125, the Subject should be able to maintain its business in the near terms. 

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources. 

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry. 

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

JOHNSON CONTROLS (S) PTE. LTD.

Financial Year End	2012-09-30	2011-09-30
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	338,521,142	297,052,639
	----------------	----------------
Total Turnover	338,521,142	297,052,639
Costs of Goods Sold	(262,838,595)	(229,815,215)
	----------------	----------------
Gross Profit	75,682,547	67,237,424
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	29,875,449	24,421,952
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	29,875,449	24,421,952
Taxation	(5,130,107)	(4,440,052)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	24,745,342	19,981,900
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	56,431,159	62,449,259
	----------------	----------------
As restated	56,431,159	62,449,259
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	81,176,501	82,431,159
DIVIDENDS - Ordinary (paid & proposed)	-	(26,000,000)
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	81,176,501	56,431,159
	=============	=============

BALANCE SHEET

JOHNSON CONTROLS (S) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	1,069,254	1,743,097
LONG TERM INVESTMENTS/OTHER ASSETS
Deferred assets	253,021	253,021
Others	227,715	-
	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	480,736	253,021
	----------------	----------------
TOTAL LONG TERM ASSETS	1,549,990	1,996,118
CURRENT ASSETS
Stocks	8,553,512	8,074,092
Trade debtors	68,025,357	55,615,044
Other debtors, deposits & prepayments	17,236,904	20,201,721
Amount due from holding company	10,114,771	10,655,677
Amount due from subsidiary companies	-	24,824
Amount due from related companies	106,365	229,044
Cash & bank balances	72,284,136	62,556,284
	----------------	----------------
TOTAL CURRENT ASSETS	176,321,045	157,356,686
	----------------	----------------
TOTAL ASSET	177,871,035	159,352,804
	=============	=============
CURRENT LIABILITIES
Trade creditors	40,465,839	51,380,241
Other creditors & accruals	34,385,561	30,854,157
Bank overdraft	355,969	1,033,491
Amounts owing to subsidiary companies	193,779	-
Provision for taxation	5,445,001	4,360,001
Other liabilities	3,083,761	2,470,097
	----------------	----------------
TOTAL CURRENT LIABILITIES	83,929,910	90,097,987
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	92,391,135	67,258,699
	----------------	----------------
TOTAL NET ASSETS	93,941,125	69,254,817
	=============	=============
SHARE CAPITAL
Ordinary share capital	12,823,658	12,823,658
	----------------	----------------
TOTAL SHARE CAPITAL	12,823,658	12,823,658
RESERVES
General reserve	(59,034)	-
Retained profit/(loss) carried forward	81,176,501	56,431,159
	----------------	----------------
TOTAL RESERVES	81,117,467	56,431,159
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	93,941,125	69,254,817
	----------------	----------------
	93,941,125	69,254,817
	=============	=============

FINANCIAL RATIO

JOHNSON CONTROLS (S) PTE. LTD.

TYPES OF FUNDS
Cash	72,284,136	62,556,284
Net Liquid Funds	71,928,167	61,522,793
Net Liquid Assets	83,837,623	59,184,607
Net Current Assets/(Liabilities)	92,391,135	67,258,699
Net Tangible Assets	93,941,125	69,254,817
Net Monetary Assets	83,837,623	59,184,607
BALANCE SHEET ITEMS
Total Borrowings	355,969	1,033,491
Total Liabilities	83,929,910	90,097,987
Total Assets	177,871,035	159,352,804
Net Assets	93,941,125	69,254,817
Net Assets Backing	93,941,125	69,254,817
Shareholders' Funds	93,941,125	69,254,817
Total Share Capital	12,823,658	12,823,658
Total Reserves	81,117,467	56,431,159
LIQUIDITY (Times)
Cash Ratio	0.86	0.69
Liquid Ratio	2.00	1.66
Current Ratio	2.10	1.75
WORKING CAPITAL CONTROL (Days)
Stock Ratio	9	10
Debtors Ratio	73	68
Creditors Ratio	56	82
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.01
Liabilities Ratio	0.89	1.30
Times Interest Earned Ratio	0.00	0.00
Assets Backing Ratio	7.33	5.40
PERFORMANCE RATIO (%)
Operating Profit Margin	8.83	8.22
Net Profit Margin	7.31	6.73
Return On Net Assets	31.80	35.26
Return On Capital Employed	31.68	34.75
Return On Shareholders' Funds/Equity	26.34	28.85
Dividend Pay Out Ratio (Times)	0.00	1.30
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.38
UK Pound	1	Rs.102.25
Euro	1	Rs.84.97

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.