MIRA INFORM REPORT

 

 

Report No. :

490263

Report Date :

03.02.2018

 

 

 

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) :

30.09.2016

 

 

Date of Incorporation :

14.12.1982

 

 

Com. Reg. No.:

198205221-M

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is engaged in the trading and installation of heating equipment, ventilation and air-conditioning equipments

 

 

No. of Employees :

150 [2017]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.

 

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-16 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

 

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

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 (LIMITED BY SHARE)

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.JOHNSONCONTROLS.COM

CONTACT PERSON

:

SOREN BJERG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING AND INSTALLATION OF HEATING EQUIPMENT, VENTILATION AND AIR-CONDITIONING EQUIPMENTS

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 258,960,943 [2016]

NET WORTH

:

SGD 197,949,709 [2016]

STAFF STRENGTH

:

150 [2017]

BANKER (S)

:

CITIBANK N.A.

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

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) trading and installation of heating equipment, ventilation and air-conditioning equipments.

 

The immediate holding company of the Subject is JOHNSON CONTROLS LUXEMBOURG INDIA HOLDING S.A.R.L., a company incorporated in LUXEMBOURG.

The ultimate holding company of the Subject is JOHNSON CONTROLS INTERNATIONAL PLC, a company incorporated in IRELAND.

 

Share Capital History

Date

Issue & Paid Up Capital

07/09/2017

SGD 12,823,658.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

JOHNSON CONTROLS LUXEMBOURG INDIA HOLDING S.A.R.L.
[ORDINARY - 11,923,658 & PREFERENCE - 1,000]

6, RUE EUGENE RUPPERT, L-2453 LUXEMBOURG

T16UF6806

11,924,658.00

100.00

---------------

------

11,924,658.00

100.00

============

=====

+ Also Director

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

TRENT MOORE NEVILL

Address

:

ROOM 1601, BLOCK 2, LANE 28, TOMSON RIVIERA GARDEN, HUA YUAN SHI QIAO ROAD, PU DONG NEW AREA, SHANGHAI, CHINA.

Other Address(es)

:

1240, MARY HILL CIR, HARTLAND, WI, 53029, UNITED STATES.

IC / PP No

:

545829987

Nationality

:

AMERICAN

Date of Appointment

:

28/12/2016


INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

97392P

JOHNSON CONTROLS (M) SDN. BHD.

Director

30/12/2016

0.00

MYR1,984,624.00

2016

-

22/08/2017

2

198205221M

JOHNSON CONTROLS (S) PTE. LTD.

Director

28/12/2016

0.00

SGD27,671,719.00

2016

-

07/09/2017

3

1106445T

JOHNSON CONTROLS MALAYSIA HOLDING SDN. BHD.

Director

30/12/2016

0.00

MYR7,333,948.00

2016

-

22/08/2017

4

31113U

YORK (MALAYSIA) MANUFACTURING SDN. BHD.

Director

30/12/2016

0.00

MYR2,867,590.00

2016

-

22/08/2017

5

168496T

YORK (MALAYSIA) SALES & SERVICE SDN. BHD.

Director

30/12/2016

0.00

MYR7,230,969.00

2016

-

22/08/2017

 

DIRECTOR 2

 

Name Of Subject

:

DOUGLAS BRUCE MOODY II

Address

:

23, CLAYMORE ROAD, 30-03, THE TATE RESIDENCES, 229546, SINGAPORE.

IC / PP No

:

G6413484T

Nationality

:

AMERICAN

Date of Appointment

:

20/03/2017


INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

198205221M

JOHNSON CONTROLS (S) PTE. LTD.

Director

20/03/2017

0.00

SGD27,671,719.00

2016

-

07/09/2017

 

DIRECTOR 3

 

Name Of Subject

:

LIM KIA YON

Address

:

517, YIO CHU KANG ROAD, 04-69, THE CALROSE, 787084, SINGAPORE.

IC / PP No

:

S7613174J

Nationality

:

SINGAPOREAN

Date of Appointment

:

16/08/2017



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

198205221M

JOHNSON CONTROLS (S) PTE. LTD.

Director

16/08/2017

0.00

SGD27,671,719.00

2016

-

07/09/2017

 

DIRECTOR 4

 

Name Of Subject

:

MATTHEW JOHN DALEY

Address

:

W1501, SHANGHAI CENTRE, 1376, WEST NANJING ROAD, SHANGHAI, CHINA.

Other Address(es)

:

80 MOHAMED SULTAN ROAD, 09-25 SINGAPORE 239013

IC / PP No

:

506032012

Nationality

:

AMERICAN

Date of Appointment

:

28/12/2016


INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding (Number of Share)

Profit/(loss) After Tax

Financial Year

Status

As At

1

97392P

JOHNSON CONTROLS (M) SDN. BHD.

Director

30/12/2016

0.00

MYR1,984,624.00

2016

-

22/08/2017

2

198205221M

JOHNSON CONTROLS (S) PTE. LTD.

Director

28/12/2016

0.00

SGD27,671,719.00

2016

-

07/09/2017

3

1106445T

JOHNSON CONTROLS MALAYSIA HOLDING SDN. BHD.

Director

30/12/2016

0.00

MYR7,333,948.00

2016

-

22/08/2017

4

31113U

YORK (MALAYSIA) MANUFACTURING SDN. BHD.

Director

30/12/2016

0.00

MYR2,867,590.00

2016

-

22/08/2017

5

168496T

YORK (MALAYSIA) SALES & SERVICE SDN. BHD.

Director

30/12/2016

0.00

MYR7,230,969.00

2016

-

22/08/2017



MANAGEMENT

 

 

 

1)

Name of Subject

:

SOREN BJERG

Position

:

DIRECTOR

 

 

 

 

AUDITOR

 

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TAY TUAN LENG

IC / PP No

:

S7432140B

Address

:

469B, SENGKANG WEST WAY, 19-614, FERNVALE LEA, 792469, SINGAPORE.

 

2)

Company Secretary

:

LEE WEI HSIUNG

IC / PP No

:

S7927166G

Address

:

633, JURONG WEST STREET 65, 10-310, 640633, 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.

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* 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

:

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

[

]

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
TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

HEATING EQUIPMENT, VENTILATION AND AIR-CONDITIONING EQUIPMENTS

Services

:

GENERAL BUILDING ENGINEERING SERVICES

 

Total Number of Employees:

 

YEAR

2017

2016

2014

GROUP

N/A

N/A

N/A

COMPANY

150

600

600

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading and installation of heating equipment, ventilation and air-conditioning equipments.

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 forbuildings.

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

The Subject provides its services for both commercial and industrial projects.


 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-67480202

Match

:

N/A

Address Provided by Client

:

6 CHANGI BUSINESS PARK AVENUE 1 # 06-21/22, UE BIZHUB EAST (NORTH TOWER), 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 he provided some information.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Decreased

[

2012 - 2016

]

Return on Shareholder Funds

:

Acceptable

[

13.98%

]

Return on Net Assets

:

Acceptable

[

17.04%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

15 Days

]

Debtor Ratio

:

Unfavourable

[

68 Days

]

Creditors Ratio

:

Favourable

[

33 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

[

3.52 Times

]

Current Ratio

:

Favourable

[

3.62 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

:

Favourable

[

66.82 Times

]

Gearing Ratio

:

Favourable

[

0.04 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

The Subject's performance deteriorated over the years with lower 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : STRONG

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

-

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1982, the Subject is a Private Limited company, focusing on trading and installation of heating equipment, ventilation and air-conditioning equipments. The Subject has been in business for over two 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. The Subject is a large entity with strong capital position of SGD 12,823,658. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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. The Subject is a fairly large and rapidly growing company with over 150 staff in its operations 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.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 197,949,709, the Subject should be able to maintain its business in the near terms.

The Subject'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 Subject has a good control over its resources.

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.

In view of the above favourable condition, we recommend credit be proceeded to the Subject with favourable term.



Financials

 

PROFIT AND LOSS ACCOUNT

 

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

JOHNSON CONTROLS (S) PTE. LTD.

 

Financial Year End

2016-09-30

2015-09-30

2014-09-30

2013-09-30

2012-09-30

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

SGD

SGD

SGD

SGD

SGD

TURNOVER

258,960,943

305,230,828

335,902,717

352,154,607

338,521,142

Other Income

-

-

-

616,182

616,804

----------------

----------------

----------------

----------------

----------------

Total Turnover

258,960,943

305,230,828

335,902,717

352,770,789

339,137,946

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

33,227,725

39,326,975

30,236,406

36,104,354

29,875,449

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

33,227,725

39,326,975

30,236,406

36,104,354

29,875,449

Taxation

(5,556,006)

(5,821,703)

(4,963,652)

(4,433,217)

(5,130,107)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

27,671,719

33,505,272

25,272,754

31,671,137

24,745,342

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

157,454,332

138,120,392

112,847,638

81,176,501

56,431,159

----------------

----------------

----------------

----------------

----------------

As restated

157,454,332

138,120,392

112,847,638

81,176,501

56,431,159

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

185,126,051

171,625,664

138,120,392

112,847,638

81,176,501

DIVIDENDS - Ordinary (paid & proposed)

-

(14,171,332)

-

-

-

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

185,126,051

157,454,332

138,120,392

112,847,638

81,176,501

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Bank overdraft

145,710

51,736

22,126

-

-

Others

359,114

296,187

335,142

-

-

----------------

----------------

----------------

----------------

----------------

504,824

347,923

357,268

-

-

=============

=============

=============

-

-

DEPRECIATION (as per notes to P&L)

1,211,021

1,140,437

1,129,254

718,254

1,885,250

----------------

----------------

----------------

----------------

----------------

1,211,021

1,140,437

1,129,254

718,254

1,885,250

=============

=============

=============

=============

=============

 

BALANCE SHEET

 

JOHNSON CONTROLS (S) PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

3,359,695

3,818,999

4,825,192

3,583,454

1,069,254

Deferred assets

483,004

295,622

236,665

213,327

253,021

Others

-

-

22,916,567

12,727

227,715

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

483,004

295,622

23,153,232

226,054

480,736

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

3,842,699

4,114,621

27,978,424

3,809,508

1,549,990

Stocks

7,408,735

7,579,690

8,808,038

9,175,608

8,553,512

Contract work-in-progress

3,037,336

2,424,816

-

-

-

Trade debtors

48,529,174

47,694,171

45,244,984

62,879,580

61,558,024

Other debtors, deposits & prepayments

33,637,883

14,476,321

15,510,107

17,505,207

16,403,337

Amount due from holding company

-

6,466,980

31,105,001

20,944,554

10,232,557

Amount due from subsidiary companies

-

-

-

5,926,665

5,936,077

Amount due from related companies

18,472,279

15,245,429

8,689,173

1,695,102

413,470

Cash & bank balances

157,113,422

155,483,106

107,428,521

79,044,453

72,284,136

Others

-

51,794

-

2,186,208

939,932

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

268,198,829

249,422,307

216,785,824

199,357,377

176,321,045

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

272,041,528

253,536,928

244,764,248

203,166,885

177,871,035

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

23,177,880

23,335,695

20,307,550

16,105,810

20,348,684

Other creditors & accruals

11,092,610

13,996,129

21,974,439

33,510,561

34,385,561

Bank overdraft

8,067,069

3,931,255

2,589,633

91

355,969

Deposits from customers

5,922,660

4,235,808

-

-

-

Amounts owing to holding company

-

1,125,243

1,215,385

660,897

1,317,500

Amounts owing to subsidiary companies

-

-

-

16,246,881

16,601,910

Amounts owing to related companies

16,382,309

28,945,226

22,831,271

1,779,592

2,391,524

Provision for taxation

5,881,397

5,103,666

5,224,200

4,840,034

5,445,001

Other liabilities

3,567,894

2,534,122

2,784,348

3,810,984

3,083,761

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

74,091,819

83,207,144

76,926,826

76,954,850

83,929,910

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

194,107,010

166,215,163

139,858,998

122,402,527

92,391,135

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

197,949,709

170,329,784

167,837,422

126,212,035

93,941,125

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

12,823,658

12,823,658

12,823,658

12,823,658

12,823,658

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

12,823,658

12,823,658

12,823,658

12,823,658

12,823,658

General reserve

-

51,794

-

540,739

(59,034)

Retained profit/(loss) carried forward

185,126,051

157,454,332

138,120,392

112,847,638

81,176,501

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

185,126,051

157,506,126

138,120,392

113,388,377

81,117,467

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

197,949,709

170,329,784

150,944,050

126,212,035

93,941,125

Others

-

-

16,893,372

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

-

-

16,893,372

-

-

----------------

----------------

----------------

----------------

----------------

197,949,709

170,329,784

167,837,422

126,212,035

93,941,125

=============

=============

=============

=============

=============

 

FINANCIAL RATIO

 

JOHNSON CONTROLS (S) PTE. LTD.

 

TYPES OF FUNDS

Cash

157,113,422

155,483,106

107,428,521

79,044,453

72,284,136

Net Liquid Funds

149,046,353

151,551,851

104,838,888

79,044,362

71,928,167

Net Liquid Assets

186,698,275

158,635,473

131,050,960

113,226,919

83,837,623

Net Current Assets/(Liabilities)

194,107,010

166,215,163

139,858,998

122,402,527

92,391,135

Net Tangible Assets

197,949,709

170,329,784

167,837,422

126,212,035

93,941,125

Net Monetary Assets

186,698,275

158,635,473

114,157,588

113,226,919

83,837,623

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

39,674,898

30,593,674

36,104,354

29,875,449

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

34,943,570

40,815,335

31,722,928

36,822,608

31,760,699

BALANCE SHEET ITEMS

Total Borrowings

8,067,069

3,931,255

2,589,633

91

355,969

Total Liabilities

74,091,819

83,207,144

93,820,198

76,954,850

83,929,910

Total Assets

272,041,528

253,536,928

244,764,248

203,166,885

177,871,035

Net Assets

197,949,709

170,329,784

167,837,422

126,212,035

93,941,125

Net Assets Backing

197,949,709

170,329,784

150,944,050

126,212,035

93,941,125

Shareholders' Funds

197,949,709

170,329,784

150,944,050

126,212,035

93,941,125

Total Share Capital

12,823,658

12,823,658

12,823,658

12,823,658

12,823,658

Total Reserves

185,126,051

157,506,126

138,120,392

113,388,377

81,117,467

GROWTH RATIOS (Year on Year)

Revenue

(15.16)

(9.13)

(4.61)

4.03

13.96

Proft/(Loss) Before Tax

(15.51)

30.06

(16.25)

20.85

22.33

Proft/(Loss) After Tax

(17.41)

32.57

(20.20)

27.99

23.84

Total Assets

7.30

3.58

20.47

14.22

11.62

Total Liabilities

(10.95)

(11.31)

21.92

(8.31)

(6.85)

LIQUIDITY (Times)

Cash Ratio

2.12

1.87

1.40

1.03

0.86

Liquid Ratio

3.52

2.91

2.70

2.47

2.00

Current Ratio

3.62

3.00

2.82

2.59

2.10

WORKING CAPITAL CONTROL (Days)

Stock Ratio

15

12

10

10

9

Debtors Ratio

68

57

49

65

66

Creditors Ratio

33

28

22

17

22

SOLVENCY RATIOS (Times)

Gearing Ratio

0.04

0.02

0.02

0

0

Liabilities Ratio

0.37

0.49

0.62

0.61

0.89

Times Interest Earned Ratio

66.82

114.03

85.63

0

0

Assets Backing Ratio

15.44

13.28

13.09

9.84

7.33

PERFORMANCE RATIO (%)

Operating Profit Margin

12.83

12.88

9.00

10.25

8.83

Net Profit Margin

10.69

10.98

7.52

8.99

7.31

Return On Net Assets

17.04

23.29

18.23

28.61

31.80

Return On Capital Employed

16.37

22.77

17.95

28.61

31.68

Return On Shareholders' Funds/Equity

13.98

19.67

16.74

25.09

26.34

Dividend Pay Out Ratio (Times)

0

0.42

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

0

0

0

0

0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.07

UK Pound

1

INR 91.33

Euro

1

INR 80.03

SGD

1

INR 48.61

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

DNS

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.