|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JOHN BEAN
TECHNOLOGIES |
|
|
|
|
Formerly Known As : |
FMC FOODTECH |
|
|
|
|
Registered Office : |
6, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.11.2007 |
|
|
|
|
Com. Reg. No.: |
200722150-K |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Subject is principally engaged in the wholesale of commercial food service equipment (eg hotel kitchen equipment). |
|
|
|
|
No of Employees : |
30 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow |
|
Litigation : |
Clear |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. The economy
contracted 0.6% in 2009 as a result of the global financial crisis, but
rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to
in 2011-13, 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. 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 |
EXECUTIVE SUMMARY |
|
|
|
REGISTRATION NO. |
: |
200722150-K |
|
COMPANY NAME |
: |
JOHN BEAN
TECHNOLOGIES SINGAPORE PTE. LTD. |
|
FORMER NAME |
: |
FMC FOODTECH SINGAPORE PTE. LTD.
(05/06/2008) |
|
INCORPORATION DATE |
: |
29/11/2007 |
|
|
|
|
|
|
|
|
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
|
|
|
|
|
|
|
|
REGISTERED ADDRESS |
: |
6, LOYANG LANE, 03-00, 508920, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
6 LOYANG LANE #03-00 YOUNG HENG INDUSTRIAL
BUILDING, 508920, SINGAPORE. |
|
TEL.NO. |
: |
65-67766220 |
|
FAX.NO. |
: |
65-67766229 |
|
WEB SITE |
: |
WWW.JBTCORPORATION.COM |
|
CONTACT PERSON |
: |
MICHAEL ANDREW BRODZIAK ( DIRECTOR ) |
|
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY |
: |
WHOLESALE OF COMMERCIAL FOOD SERVICE
EQUIPMENT (EG HOTEL KITCHEN EQUIPMENT) |
|
|
|
|
|
ISSUED AND PAID UP CAPITAL |
: |
4.00 ORDINARY SHARE, OF A VALUE OF USD 4.00
|
|
|
|
|
|
SALES |
: |
USD 46,384,323 [2012] |
|
NET WORTH |
: |
USD (54,267) [2012] |
|
|
|
|
|
STAFF STRENGTH |
: |
30 [2014] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
POOR |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
|
|
|
|
COMMERCIAL RISK |
: |
MODERATE |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
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) wholesale of commercial food service equipment (eg hotel kitchen equipment).
The immediate holding company of the Subject is JOHN BEAN TECHNOLOGIES CORPORATION, a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
02/09/2014 |
USD 4.00 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
JOHN BEAN TECHNOLOGIES CORPORATION |
200, E RANDOLPH DR.,CHICAGO, ILLINOIS, UNITED STATES. |
011167 |
4.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
4.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
DIRECTORS |
DIRECTOR 1
|
Name Of Subject |
: |
KEITH PATTISON |
|
Address |
: |
181, LAWRENCE HARGRAVE DRIVE THIRROUL NSW
2515, AUSTRALIA. |
|
IC / PP No |
: |
E1004006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
02/01/2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
MICHAEL ANDREW BRODZIAK |
|
Address |
: |
5A, RIDLEY PARK 04-04, 248477, SINGAPORE. |
|
IC / PP No |
: |
G5977834Q |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
29/11/2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
PER OLA ESKIL FRIBERG |
|
Address |
: |
35, JALAN HAJI ALIAS 01-14, CORONA VILLE,
SINGAPORE. |
|
IC / PP No |
: |
S2722852E |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
29/11/2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MANAGEMENT |
|
|
|
1) |
Name of Subject |
: |
MICHAEL ANDREW BRODZIAK |
|
|
Position |
: |
DIRECTOR |
AUDITOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
1) |
Company Secretary |
: |
CHAN CHOW PHENG |
|
|
IC / PP No |
: |
1298885J |
|
|
|
|
|
|
|
Address |
: |
59, TELOK BLANGAH HEIGHTS, 04-11, 100059,
SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
No Banker found in our databank.
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 againt
the Subject whether the subject has been involved in any litigation.
No legal action was found in our databank.
No winding up
petition was found in our databank.
PAYMENT RECORD |
|
|
|
|
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
N/A |
|
Overseas |
: |
N/A |
|
|
|
|
The Subject refused to disclose its suppliers.
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 |
[ |
|
] |
|
Average 61-90 Days |
[ |
X |
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
CLIENTELE |
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
N/A |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATIONS |
|
Goods Traded |
: |
COMMERCIAL FOOD SERVICE EQUIPMENT (EG HOTEL
KITCHEN EQUIPMENT)
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
|
|||||||
|
|
|||||||||
|
GROUP |
N/A |
|
|
|
|
|
|
|
|
|
COMPANY |
30 |
|
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) wholesale of
commercial food service equipment (eg hotel kitchen
equipment).
The Subject sells food related equipments for Freezing and Chilling, Proofing,
Refrigeration, Portioning, Slicing, Coating, Frying and Filtration, Cooking,
Process and line control, Pasteurization and others.
CURRENT INVESTIGATION |
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6567766220/65 65429255 |
|
Current Telephone Number |
: |
65-67766220 |
|
Match |
: |
YES |
|
|
|
|
|
Address Provided by Client |
: |
6 LOYANG LANE #03-00 YOUNG HENG INDUSTRIAL
BUILDING |
|
Current Address |
: |
6 LOYANG LANE #03-00 YOUNG HENG INDUSTRIAL
BUILDING, 508920, SINGAPORE. |
|
Match |
: |
NO |
Other
Investigations
On 2nd October 2014 we contacted one of the staff from the Subject and she
provided some information.
The address provided is incomplete.
The Subject refused to disclose its banker.
FINANCIAL ANALYSIS |
|
|
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Decreased |
[ |
7.78% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
(170.89%) |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
(1,402.99%) |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
(1,931.85%) |
] |
|
|
|
|
|
|
|
|
|
|
The lower turnover could be due to the unfavourable
market conditions.The management had succeeded in
turning the Subject into a profit making company. The profit could be due to
better control of its operating costs and efficiency in utilising
its resources. The Subject's unfavourable returns
on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
10 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
95 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
4 Days |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding cost.
This had reduced funds being tied up in stocks. The Subject's debtors ratio was
high. The Subject should tighten its credit control and improve its
collection period. 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 |
: |
Acceptable |
[ |
0.86 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.94 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate that the
Subject's working capital was slightly deficient. The Subject will have to
improve its liquidity position either by obtaining short term financing or
increase its paid up capital so that it can meet all its short term
obligations as and when they fall due. |
||||||
|
|
|
|
|
|
|
|
|
Solvency |
|
|
|
|
|
|
|
Interest Cover |
: |
Acceptable |
[ |
5.66 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was slightly low. If there is no sharp fall
in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. 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 : |
|
|
|
|
|
|
|
Although the Subject's turnover decreased, its losses also decreased
during the year. This could be the result of more efficient control in its operating
costs. The Subject's liquidity was at an acceptable range. If the Subject is
able to obtain further short term financing, it should be able to meet all
its short term obligations. The Subject had an acceptable interest cover. If
there is no sudden sharp increase in interest rate or fall in the Subject's
profit, we do believe the Subject is able to generate sufficient cash flow to
service its interest payment. 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 : POOR
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK |
|
|
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production
(2011 = 100) |
|
|
|
|
|
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 2007, the Subject is a
Private Limited company, focusing on wholesale of commercial food service
equipment (eg hotel kitchen equipment). Having been
in business for more than 5 years, the Subject has established a remarkable
clientele base for itself which has contributed to its business growth.
Having strong support from its holding company has enabled the Subject to
remain competitive despite the challenging business environment. The capital
standing of the Subject is weak. The Subject may face difficulties to expand
its business compared to other large corporation. Without a strong capital,
the business expansion opportunities of the Subject is limited. 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. Being
a small company, the Subject's business operation is supported by 30
employees. 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. Despite the lower turnover, the Subject's
pre-tax profit have increased compared to the previous year. The higher
profit could be due to better control of its operating costs and efficiency
in utilising its resources. The Subject has
generated an unfavourable return on shareholders'
funds indicating that the management was inefficient in utilising
its funds to generate return. The Subject managed to maintain an adequate
liquidity level, indicating that the Subject has the ability to meet its
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. The Subject's unfavourable financial
performance over the years has wiped out its shareholders' funds to a deficit
of USD -54,267. Therefore, the Subject as a going concern is much dependent
on its ability to generate sufficient cash flow and obtain additional
financing to meet its future obligations. Without a strong assets backing, the
Subject may face difficulties in getting loans for its future expansion and
continued growth . The Subject's payment habit is average.
With its adequate working capital, the Subject should be able to pay its
short term debts. 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 unfavourable
condition, we regard granting credit to the Subject to be quite risky. Hence,
credit is not recommended. |
|
|
PROFIT AND LOSS ACCOUNT |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
JOHN BEAN
TECHNOLOGIES SINGAPORE PTE. LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
12 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
|
|
|
|
TURNOVER |
46,384,323 |
50,299,836 |
|
|
---------------- |
---------------- |
|
Total Turnover |
46,384,323 |
50,299,836 |
|
Costs of Goods Sold |
(38,738,462) |
(42,762,925) |
|
|
---------------- |
---------------- |
|
Gross Profit |
7,645,861 |
7,536,911 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
863,171 |
(1,217,660) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
863,171 |
(1,217,660) |
|
Taxation |
(101,811) |
97,033 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
761,360 |
(1,120,627) |
|
|
---------------- |
---------------- |
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|
|
|
As previously reported |
(815,631) |
1,632,412 |
|
|
---------------- |
---------------- |
|
As restated |
(815,631) |
1,632,412 |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(54,271) |
511,785 |
|
DIVIDENDS - Ordinary (paid & proposed) |
- |
(1,327,416) |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(54,271) |
(815,631) |
|
|
============= |
============= |
|
|
|
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|
|
|
Others |
185,188 |
52,072 |
|
|
---------------- |
---------------- |
|
|
185,188 |
52,072 |
|
|
============= |
============= |
BALANCE SHEET |
|
|
|
JOHN BEAN
TECHNOLOGIES SINGAPORE PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
240,425 |
393,606 |
|
|
|
|
|
Investments |
2,257 |
2,257 |
|
Others |
794,096 |
- |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
796,353 |
2,257 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
1,036,778 |
395,863 |
|
|
|
|
|
Stocks |
1,267,497 |
4,283,740 |
|
Trade debtors |
12,028,522 |
10,961,482 |
|
Other debtors, deposits & prepayments |
719,294 |
424,980 |
|
Amount due from related companies |
1,769,720 |
1,489,188 |
|
Cash & bank balances |
439,974 |
224,646 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
16,225,007 |
17,384,036 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
17,261,785 |
17,779,899 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
469,243 |
168,228 |
|
Other creditors & accruals |
6,018,237 |
5,673,949 |
|
Amounts owing to related companies |
10,734,086 |
12,753,349 |
|
Provision for taxation |
94,486 |
- |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
17,316,052 |
18,595,526 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
(1,091,045) |
(1,211,490) |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
(54,267) |
(815,627) |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
4 |
4 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
4 |
4 |
|
|
|
|
|
Retained profit/(loss) carried forward |
(54,271) |
(815,631) |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
(54,271) |
(815,631) |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
(54,267) |
(815,627) |
|
|
|
|
|
|
---------------- |
---------------- |
|
|
(54,267) |
(815,627) |
|
|
============= |
============= |
FINANCIAL RATIO |
|
|
|
JOHN BEAN
TECHNOLOGIES SINGAPORE PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
439,974 |
224,646 |
|
Net Liquid Funds |
439,974 |
224,646 |
|
Net Liquid Assets |
(2,358,542) |
(5,495,230) |
|
Net Current Assets/(Liabilities) |
(1,091,045) |
(1,211,490) |
|
Net Tangible Assets |
(54,267) |
(815,627) |
|
Net Monetary Assets |
(2,358,542) |
(5,495,230) |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
17,316,052 |
18,595,526 |
|
Total Assets |
17,261,785 |
17,779,899 |
|
Net Assets |
(54,267) |
(815,627) |
|
Net Assets Backing |
(54,267) |
(815,627) |
|
Shareholders' Funds |
(54,267) |
(815,627) |
|
Total Share Capital |
4 |
4 |
|
Total Reserves |
(54,271) |
(815,631) |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.03 |
0.01 |
|
Liquid Ratio |
0.86 |
0.70 |
|
Current Ratio |
0.94 |
0.93 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
10 |
31 |
|
Debtors Ratio |
95 |
80 |
|
Creditors Ratio |
4 |
1 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
(319.09) |
(22.80) |
|
Times Interest Earned Ratio |
5.66 |
(22.38) |
|
Assets Backing Ratio |
(13,566.75) |
(203,906.75) |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
1.86 |
(2.42) |
|
Net Profit Margin |
1.64 |
(2.23) |
|
Return On Net Assets |
(1,931.85) |
142.91 |
|
Return On Capital Employed |
(1,931.85) |
142.91 |
|
Return On Shareholders' Funds/Equity |
(1,402.99) |
137.39 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
1.18 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.