Corporate Recovery & Restructuring Service

Challenging economic times inevitably leads to greater risk of companies encountering financial difficulties. 

At times of often intense pressure for business leaders, Crowe Jamaica  is able to provide clients with the assurance of dealing with approachable experts with the commercial awareness, practical skills and understanding to help navigate the best course of action.

Experience of business recovery across a wide variety of industries and circumstances enables specialists to provide an early assessment of potential solutions to your problems, whether a sudden reduction in cash flow or an unpaid debt from a major customer.

INNOVATIVE SOLUTIONS TO DIFFICULT PROBLEMS

Winding up a business is very much regarded as a last resort and, wherever possible, member firms will look to provide advice on rescuing or restructuring a company to help it return to profitability. 

What can appear to be an intractable situation can often be resolved through a restructuring of bank and equity finance or rescheduling of debts. 

Partners in our local offices are able to respond swiftly to help a company in trouble, often buying valuable time and breathing space to work through a solution.

The breadth of knowledge across sectors and geographies means we are well-placed to identify opportunities for disposals where suitable to help reduce debts or provide working capital. Working in partnership with property experts and lawyers ensures maximum value is achieved from business assets.

In circumstances where companies are unable to continue within their existing form, advice is provided on the most suitable options available including administration, liquidation and Company Voluntary Arrangements (CVAs).

Corporate recovery specialists in Crowe JM act as receivers or administrators, often enabling the business to continue trading whilst new owners are found. 

ASSISTING CREDITORS

When clients are at risk from financial problems affecting a major customer, partner or supplier, specialist staff are able to provide practical advice on the range of options available to recover debts or protect assets. 

Where necessary, advice can be provided on instigating insolvency procedures and clients represented at creditors’ meetings.

OUR SERVICES INCLUDE:

• Debt collection
• Corporate turnaround
• Asset protection or repossession
• Developing or implementing good management practices
• Refinancing
• Valuations
• Debt management
• Insolvency planning
• Personal liability protection.

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Corporate Finance Services in Jamaica

Growing your business through mergers and acquisition, raising finance or looking to join public markets requires specialist advice.

Dawgen provide a full range of corporate finance services, from initial assessment of strategy through to deal completion. 

In-depth knowledge of industry sectors and markets provides valuable insight into specific opportunities and risks for your company.

Corporate finance specialists assist clients to develop an acquisition approach, identify targets or interested parties, instigate negotiations and help conclude transactions.

HELPING MAXIMISE VALUE FROM YOUR BUSINESS

If you are looking to sell your business or plan an exit strategy,  Dawgen can help you with initial preparation, valuation and marketing to potential investors, negotiation through to tax minimisation and investment planning.

CORPORATE FINANCE SERVICES PROVIDED BY Dawgen INCLUDE:

• Business valuations
• Raising finance
• Financial restructuring
• Negotiations and vendor protections
• IPOs/flotation
• Management buy-outs/ins
• Key management incentive schemes
• Succession planning and development
• Preparing businesses for sale
• Exit strategies

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Business Advisory & Accounting Services

Business is not just about the numbers.

Developing a real understanding of your business and the market you operate in enables experts from  Dawgen to proactively help you drive greater efficiency and increase profitability. 

It can help you take advantage of opportunities, whether through identifying new investors and partners or developing and executing an acquisition strategy.

FROM INDEPENDENT REVIEWS TO INTERNATIONAL OUTSOURCING

Business advisory services provided by Dawgen include year-end accounts preparation, management account reviews and assistance in preparing budgets and financial projections. 

Dawgen is able to help develop or review business plans and carry out independent business reviews and valuations for lenders and investors. 

Our clients have utilised our services to aid expansion into new markets, develop cross-border joint ventures or outsource business processes to lower cost locations.

SPECIALIST ADVISORS FROM OUR FIRM CAN HELP YOU WITH:

• Accounting and bookkeeping outsourcing
• Budgeting, financial planning and control
• Cash flow and profit projections
• Business plans and independent business reviews
• Business valuations
• Company formations and company secretarial services including appropriate commercial and tax-efficient structures for international expansion and cross-border ventures, trusts and foundations, pension funds, charitable and philanthropic structures
• Reviewing management reporting systems
• Domestic and international expansion
• Practice management and business systems
• Payroll administration and company administrative services

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Audit & Assurance Services in Jamaica

Independent audit and assurance are not just about good governance but valuable tools for benchmarking and improving business performance.

The breadth of knowledge and experience across industries and sectors ensures our member firms provide audit and assurance services tailored to the unique needs of your business. 

As well as meeting internal reporting requirements and statutory obligations, a robust annual audit identifies both threats and opportunities to your business or organisation. Intelligent insight is provided and practical recommendations made. 

In addition to carrying out audit and assurance services for individual businesses and organisations, Dawgen frequently conduct audits on behalf of parent companies, managing and co-ordinating the audit process across an entire corporate group.

MEETING REPORTING STANDARDS, WHEREVER YOU DO BUSINESS

For many clients, audit services provided are used to ensure a subsidiary company meets the reporting requirements of the parent company.

Dawgen is well-placed to carry out multi-national audit work and we frequently work with affiliated and non-affiliated firms and advisors. 

They also have a thorough understanding of international regulations and legislation, and experience of complex reporting issues, including Sarbanes-Oxley and International Financial Reporting Standards (IFRS).

Even though they operate through an extensive global network, the size of our network usually avoids conflicts of interest.

OUR AUDIT AND ASSURANCE SERVICES INCLUDE: 

• Statutory audit and review of annual financial statements
• Internal review
• Review of internal controls
• Compilation of financial statements and other financial reports
• Performance and value for money audits
• Risk assessment and recommendations to management
• Special purpose audits
• Regulatory reports
• IFRS reporting
• Sarbanes-Oxley compliance
• Grant audits
• Specialist pension fund audits

Jamaica Producers sells mining company, braces for Brexit | Business | Jamaica Gleaner

Jamaica Producers Group (JPG) has sold its stake in Four Rivers Mining Company to Jamaica Aggregates Limited, a deal that calls for the new operators to pay royalty to the food and logistics conglomerate.

But with that now out of the way, Jamaica Producers has a new challenge cropping up overnight - assessing the impact of Brexit.

JPG will retain ownership of the lands currently mined by Four Rivers, but has sold the assets, including mining equipment, to Jamaica Aggregates, said managing director Jeffrey Hall following the company's annual general meeting in Kingston on Friday.

He declined to comment on the sale price.

JPG owned 51 per cent of the mining business alongside minority partners Lydford Mining with 35 per cent, and The Irons Mountain Mining Company, 14 per cent.

Four Rivers has been a lossmaker for JPG, but the company also said the mining operation's disposal was part of the plan to shed non-core assets.

Its core focus is on speciality foods and logistics infrastructure.

"Mining fell outside of that so we have identified people who we think have the expertise to do that business. We think that's a better way to operate," Hall said on Friday.

"JPG still owns the property. We will charge royalties for using our land to conduct mining activities," he said.

JPG entered the mining business in 2010 under a $150-million investment with the objective of monetising the deposits of river aggregates from its lands in St Mary and St Thomas.

CHALLENGES

However, increasing operational costs and challenges with plant reliability and efficiency saw the subsidiary posting continued losses over the years.

At Friday's meeting, JPG shareholders cheered the disposal, one of whom declared: "I'm glad we are over that."

Jamaica Aggregates, based in Kingston and Yallahs, St Thomas, is a joint venture between Jamaica Pre-Mix and cement producer Lafarge.

Regarding Brexit, the geopolitical turn in the UK from Thursday's vote to exit the European Union could pose both challenges and opportunities for JPG, Hall said.

"It's too early to tell, but it is something that we are watching very closely," he toldSunday Business.

"For us, a depreciation of the sterling can negatively impact on our revenues. But, on the other hand, because we are in the shipping business, a depreciation can mean more trade with the UK," he said.

Some 33 million people from England, Northern Ireland, Scotland and Gibraltar, participated in the referendum, with 52 per cent choosing to leave and 48 per cent voting to remain in the EU.

"There can be implications for the level of certainty and the investment environment in Europe, which could affect consumer confidence. But what we can say is that we are giving it the appropriate attention," he said.

The company further does not expect to change its core strategy for that market, he said.

"We are investing very aggressively in fundamental trends and we think they are the right trends regardless of short-term changes, and we expect to continue to deliver shareholder value," Hall told shareholders.

Just last year, JPG's European business, juice-maker Hoogesteger closed a $200-million round of investments to improve capacity and extend the shelf life of its products.

tameka.gordon@gleanerjm.com

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Crowe Jamaica :Financial Monthly Review and Oversight Services

In our Monthly Review and Oversight service model, Crowe Jamaica  will provide assistance to management and the existing bookkeeping staff on a monthly basis.  Specifically, we will assume responsibility for review of all transactional activity, formally closing the books each month and preparation of monthly financial statements for management.

Review & Adjust Posting of Monthly Transactions

• Cash
• Accounts Receivable
• Accounts Payable
• Business Expenditures (Credit Card)
• Payroll
• Loans/Leases

Coordinate & Oversee Month-End Closing

• Prepare bank reconciliations for all accounts (as needed)
• Reconcile all other balance sheet accounts
• Maintain fixed asset/depreciation records
• Reconcile payroll and payroll taxes
• Review deferred revenue
• Analyze all revenue and expense accounts
• Prepare and record adjusting journal entries (as needed)
• Prepare adjusted trial balance and supporting documentation (e-work papers)
• Maintain detailed general ledger 

 

Monthly Financial Reporting

• Prepare balance sheet
• Prepare statement of income/(loss)
• Current month
• Year-to-date
• Budget vs. actual (if applicable)
• Prior period comparisons
• Prepare customized financial reporting (as needed)

 

Regulatory Compliance

• Ensure financial regulatory compliance with Federal, State, and Local entities in the following areas;

1. Payroll
2. Sales Tax
3. Property Taxes

 

Management Services

• Meet with management as needed, to review financial results, discuss strategic opportunities and other matters of importance

Be Goal-Oriented

“If you don’t know where you’re going, you might not get there.”  New York Yankees player and manager Yogi Berra was right on-target when he made that statement.  It is an excellent thought to keep in mind for your work life.

You may be surprised at how many people do not know what they are aiming for in their work life.  On the other hand, you might be one of those people yourself.  If so, now is the time to become goal-oriented.  When you know where you are going, that is one of the biggest steps toward ensuring that you do get there.

When you are preparing to go to work in the morning, what is the very first thought to cross your mind on the subject of your goal?  If you are like many people, you do not think about it in terms of a goal at all.  Instead, you may be thinking about how much work you will have to do, or how nice the paycheck will be at the end of the week.  If you shift your thoughts to a goal, you will be much more productive.

Depending upon the nature of your job, goals can take a variety of different forms.  You may have something to produce on your own, or you may be a part of a team.  You may have a very positive sense of self-discipline, or work very well as a team-player.  Whichever sums up your place in your work life, being goal-oriented will increase your productivity.

Being goal-oriented does not need to mean focusing solely on one large accomplishment.  If you begin looking at it as a number of small goals, each one that you attain will provide two benefits.  Each one will make you more motivated to continue, as well as getting you that much closer to the large accomplishment. 

Nothing can be accomplished overnight.  Anything that is truly worthwhile takes time, effort, and work.  When you set your sights on both the large goal in the distance, and each one which you need to accomplish in order to get there, you will soon see how much more productive you will be every step of the way.  Simply going with the flow and not placing your emphasis on your goals will slow you down.  You will not accomplish much if you do not focus on accomplishing.  When you know where you are going, it is the surest way of knowing that you will get there.  

Don’t let Setbacks get You Down!

One of the biggest roadblocks to productivity is an approach which many people take to setbacks.  If you see a setback as a failure, it can not only limit your productivity but it can go as far as to prevent you from doing anything at all.  This is true in any line of work, schooling, or any other area in life.  When you see a setback as a failure, it can stop you from proceeding forward.  You may accomplish less--  or you may accomplish nothing at all. 

Setbacks occur in all areas of life.  Regardless of what type of job you have, you probably experience them either occasionally or on a regular basis.  Setbacks can occur from making mistakes, from not being adequately prepared for what you need to do, or from unexpected problems which are not anyone’s fault.  The way you experience and view a setback determines how it will affect you and your productivity. 

However a setback occurs, there is one outlook which can prevent it from becoming a roadblock, and actually increase your productivity.  Whether the setback was due to an error on your part, or whether it was no one’s fault, refusing to see it as a failure is the first step in getting you back on track.  

The second step is to see the setback as an opportunity to do better the next time.  If you have made an error in your work, the best approach is to try to correct the error and move on.  While it is essential that you not try to cover up a mistake, you cannot afford to allow a mistake to cause you to stop.  If you fail to correct it and move ahead, you may find yourself dwelling on it.  You may beat yourself up about the mistake, or even obsess about it.  These behaviors are never useful.  Not only will they prevent you from getting things done, they will also cause you to feel bad about yourself.  At its worst, it can lead you to feel incompetent.  This is not the way to get things done. 

Viewing each setback as a learning experience is a much better approach.  You can tell yourself that you are capable of doing better, and capable of doing more.  As long as you look at setbacks this way, instead of as failures, they will not prevent you from moving forward.  Correct the mistake and learn from it, and move ahead.  When you have developed this pattern, and make it a regular part of your work life, setbacks will not stand in the way of being productive.