MIRA
INFORM REPORT
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Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AMETEK, INC. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08/05/1986 |
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Legal Form : |
Corporation –
Public |
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Line of Business : |
Engaged as a global
manufacturer of electromechanical products and electronic instruments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: AMETEK, INC.
Address:
Bldg. 4
City: PAOLI
State/Province:
Zip Code: 19301
Country: UNITED
STATES
Telephone: 610-647-2121
Facsimile: 610-323-9337
In KUSD As of:
31/12/2006
Sales /
Revenue: 1,819,290
Net Income: 181,934
Total Equity: 966,672
Number of Employees:
13,400
Legal Form: Corporation
- Public
Website: www.ametekpi.com
Business Activity: Ametek is engaged as a global
manufacturer of electromechanical products and
electronic
instruments.
NOTE TO CLIENT
The information in
the report was extracted from the Company's 2006 Annual Report and the website.
--
NOTE: REGARDING
REQUESTED NAME AMETEX PROCESS INSTRUMENTS. PLEASE BE ADVISED THAT THIS NAME IS
INCORRECT. THE CORRECT NAME IS AMETEK INC. WHICH IS HEADQUARTERED AT THE ABOVE
ADDRESS. THE PROVIDED ADDRESS;
LEGAL
Legal Form: Corporation -
Public
Since (D/M/Y): 08/05/1986
State/Province of Incorporation: DE
Status: ACTIVE
Previous Legal Form:
Company is required
to publish an annual financial report.
File Number: 2090570
Incorporation Date /
Formation Date: 05/08/1986 (mm/dd/yyyy)
Entity Name: AMETEK,
INC.
Entity Kind:
CORPORATION
Entity Type: GENERAL
Residency:
State: DE
REGISTERED AGENT INFORMATION
Name: THE
CORPORATION TRUST COMPANY
Address: CORPORATION
TRUST CENTER
City:
County: NEW CASTLE
State: DE
Postal Code: 19801
Phone: (302)658-7581
--
Entity Type FOREIGN
BUSINESS CORPORATION
Entity Name AMETEK,
INC.
Entity No. 2766001
Filing Date
07/17/1997 Letter of Consent No
Address % CT
CORPORATION SYSTEM
Limited Authority No
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The Company is
public with stock trading New York Stock Exchange under the symbol; "
AME"
STOCK QUOTE:
Share Price: $40.67
52-Week Range: High
$41.01 Low 26.39
Shares Outstanding:
106,732,000
Managers/Key
Personnel
Mr. Frank S
Hermance Chief Executive Officer
Mr. John J.
Molinelli Chief Financial Officer
Mr.William D.
Eginton Vice President
Mr. Robert r.
Mandos, Jr -Comp. Vice President
Ownership of stock
over 5%:
T. Rowe Price
Associates, Inc. Sole voting power for
1,770,125 shares
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On October 25, 2006,
the Company’s Board of Directors declared a three-for-two split of the
Company’s common stock. The stock split resulted in the issuance of one
additional share for every two shares owned. The stock split was distributed on
November 27, 2006, to shareholders of record at the close of business on
November 13, 2006.
Additionally, the Board of Directors approved a 50% increase in the quarterly
cash dividend rate on the Company’s common stock to $0.06 per common share from
$0.04 per common share on a post-split basis. All share and per share
information included in this report has been retroactively adjusted to reflect
the impact of the stock split.
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SUBSIDIARIES OF THE
COMPANY:
Advanced Measurement
Technology, Inc.
AMETEK (
AMETEK (
AMETEK IMTSA, S.A.
de C.V.
(In Liquidation)
AMETEK Lamb Motores
de Mexico, S.A. de C.V.
AMETEK Mexicana,
S.A.
(In Liquidation)
AMETEK Motors
Holding, Inc.
AMETEK Receivables
Cop.
AMETEK Thermal
Systems, Inc.
Chandler Instruments
Company, L.L.C.
Grabner Instruments
Messtechnik GmbH
Petrolab,
L.L.C.
Controls Holding
Corporation
Patriot Sensors
& Controls Corporation
Nihon Drexelbrook
KK
EDAX Inc.
EDAX
EDAX B.V
EMA Corp.
Amekai (BVI),
Ltd.
AMETEK Do Brasil
Ltda.
AMETEK Motors Hong
Kong Ltd.
AMETEK Holdings
B.V
AMETEK
AMETEK Elektomotory
s.r.o
AMETEK Italia
S.r.l
AMETEK Stepper
Motors Europe Srl
AMETEK Singapore
Private Ltd.
Amekai Singapore
Private Ltd.
Amekai Meter (
AmeKai Taiwan Co.,
Ltd.
AMETEK Motors Asia
Private Ltd.
AMETEK Motors (
AMETEK Land,
Inc.
AMETEK Pittman, Inc.
AMETEK Precitech,
Inc.
AMETEK SAI Holdings,
Inc.
Southern Aero
Partners, Inc.
EMA Holdings UK
Limited
Airtechnology
Holdings Limited
Airtechnology Group
Limited
Aircontrol
Technologies Limited
Airscrew
Limited
Airtechnology
Pension Trustees Ltd.
AMETEK Holdings (
Lloyd Instruments
Ltd.
AMETEK SAS
Solartron
Solartron
Instruments Ltd.
(In Liquidation)
OOO “AMETEK”
AMETEK Precision
Instruments (
Land Instruments
International Ltd.
Land Instruments
GmbH
Land Instruments
S.r.l
Land Instruments
SARL
Land Instruments Sp
zo.o
Land Instruments
Ltd.
TH Acquisition
Company Limited
Taylor Hobson
Holdings Limited
Taylor Hobson
Overseas Limited
AMETEK GmbH
AMETEK S.r.l
Taylor Hobson K
Inc.
Taylor Hobson
KK
Taylor Hobson
Limited
Solartron Metrology
Ltd.
Solartron
Deutschland GmbH
Solartron Metrology
2001 Ltd.
(In Liquidation)
Taylor Hobson,
Inc.
Taylor Hobson
Trustees Limited
SPECTRO Betelligungs
GmbH
SPECTRO Analytical
Instruments
(Asia-Pacific)
Ltd.
SPECTRO Analytical
Instruments GmbH
SPECTRO Analytical
Instruments GmbH & Co. KG
SPECTRO Analytical
Instruments, Inc.
SPECTRO Analytical
Instruments (Pty). Ltd.
SPECTRO Analytical
UK Limited
SPECTRO BioNova GmbH
(Dormant)
(In Liquidation)
HCC Industries,
Inc.
AMETEK Ceramics,
Inc.
Glasseal Products,
Inc.
Sealtron Acquisition
Corp.
Sealtron, Inc.
HCC Aegis, Inc.
HCC Industries
International
HCC Machining Co.,
Inc.
Hermetic Seal
Corporation
(Dormant)
NCC Holdings,
Inc.
AMETEK National
Controls Corporation
Prestolite Asia
Ltd.
Rotron
Incorporated
Seiko EG& G Co.
Ltd.
Solidstate Controls,
Inc.
HDR Power Systems,
Inc.
Solidstate Controls,
Inc. de Argentina S.R.L
Solidstate Controls
Mexico, S.A. de C.V.
BANKS
PA
Telephone:
Facsimile:
Account Number:
Account Manager:
Credit facilities
are presented in the financial section of the report.
PAYMENT HISTORY
A payment record could
not be developed on the headquarter address, however the following record was
drawn on
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
CHEMICALS
07-05 00-00 CREDIT 1800 200
35 65 0
0 0
ELEC DISTR 07-04 00-00 VARIED 0
0 0
0 0 0 0
ELEC EQUIP 07-05 00-00 NET 30 0
0 0 0
0 0 0
CUST 10 YR
ELEC EQUIP 07-05 06-09 CREDIT 200
0 0 0
0 0 0
CUST 1 YR
EQUIPMENT
07-06 00-00 CASH 0 0
0 0 0
0 0 CUST
4 YR
FREIGHT
07-04 07-03 VARIED 13000 1500
100 0 0 0 0
FREIGHT
07-06 00-00 VARIED 500 200
100 0 0 0 0
MACH DISTR 07-04 07-03 1/10N30 700 0
0 0 0
0 0 CUST
3 YR
PACKAGING
07-06 06-12 NET 30 1000 0 0
0 0 0
0 CUST 21 YR
PAPER PROD 07-06 00-00 NET 30 17400
0 0 0
0 0 0
PLUMBING
07-05 01-05 NET 30 0 0
0 0 0
0 0
PREC INSTR 07-04 06-07 0000000 0 0
0 0 0
0 0
SAFTY PROD 07-05 00-00 NET 30 0
0 0 0 0 0
0 CUST 7 YR
TELECOM
07-03 00-00 NET 30 1200 400
63 37 0
0 0 DISPUTE
TRUCK DLR
07-07 00-00 CONTRCT 400
0 0 0
0 0 0
AIR TRANS
06-06 06-06 0000000 1400 1400 100 0
0 0 0
CUST 30 YR
AIR TRANS
06-11 00-00 NET 30 1500 200
100 0 0 0
0 CUST 25 YR
COMPUTERS
06-06 06-03 0000000 300
0 0 0
0 0 0
ELEC DISTR 05-11 05-10 NET 30 100
100 0 100 0
0 0
ELEC MFG
06-09 00-00 VARIED 12000 9300
32 65 1
1 1 CUST
8 YR
ELEC PARTS 06-06 03-09 NET 30 0
0 0 0
0 0 0
CUST 23 YR
ELEC SUPLR 04-08 04-03 2/10N30 500 0
0 0 0
0 0
ELEC SUPLR 05-04 00-00 VARIED 500
500 0 100 0
0 0
FRGHT FWRD 06-01 00-00 NET 30 2500
600 100 0 0
0 0
LEASING
07-03 00-00 CONTRCT 500
500 100 0 0
0 0
MANUFCTRNG 04-07 04-07 NET 30 3600
3600 7 93
0 0 0
CUST 15 YR
METAL DIST 06-05 06-03 5/10N30 14300 1600
0 100 0 0 0
NEWSPAPERS 06-05 06-04 NET 30 3400
0 0 0
0 0 0
OFFC SUPPL 05-02 97-07 CREDIT 200
200 68 16
16 0 0
CUST 8 YR
PACKAGING
06-01 00-00 NET 30 0 0
0 0 0
0 0
SURG EQUIP 06-06 00-00 NET 30 400
400 0 0
0 0 100
TELECOM
05-06 00-00 NET 30 0 0
0 0 0
0 0
CURRENT QUARTER 53400 10600
61 16 0
23 0
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070600
0 9 19 12000 60
19 0 21 0
20070500
0 9 5 3400 67
33 0 0 0
20070400
0 9 9 1700 43
57 0 0 0
20070300
0 9 7 2500 52
48 0 0 0
20070200
0 8 14
2500 70
14 7 2 7
20070100
0 9 25 1400 35
31 22 6 6
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
Second
2007 17 8700 62
19 0 19 0
First
2007 11 2200 56
37 3 1 3
Fourth
2006 16 1300 52
30 11 3 4
Third
2006 11 11400 62
23 12 3 0
Second
2006 15 13800 55
27 12 4 2
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 31/03/2007 31/12/2006 31/12/2005
Quarterly Consolidated Consolidated
Sales / Revenues 505,283 1,819,290 1,434,457
Interest Income - -3,141 -2,288
Gross Margin 161,939 567,370 445,949
Operating Income (Loss) 89,924 308,994 239,409
Interest on Loans 10,909 42,167 32,913
Other Expenses -32,073 -33,552 -20,916
RESULTS
Income before Taxes 78,449 263,686 204,208
Income Tax 27,549 81,752 63,565
Net Income 50,900 181,934 140,643
ASSETS
Cash and Equivalents 57,404 49,091 35,545
Inventory 244,187 236,783 193,099
Accounts Receivables 367,553 355,285 290,549
Other Current Assets 34,436 33,775 28,871
Total Current Assets 712,679 684,063 556,307
Property Plant & Equip 255,700 258,008 228,450
Total Fixed Assets 1,465,102 1,446,813 1,224,293
Intangibles 1,103,233 1,081,161 903,133
Total Assets 2,177,781 2,130,876 1,780,600
LIABILITIES
Trade Creditors 333,789 317,292 249,662
Total Current Liab 461,644 480,900 405,792
Long Term Debt 520,483 518,267 475,309
Other Long Term Liab 180,745 165,037 93,947
Total Long Term Liab 701,228 683,304 569,256
Total Liabilities 1,162,872 1,164,204 975,048
EQUITY
Retained Earnings 940,996 902,379 764,685
Total Equity 1,014,909 966,672 805,552
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
31/03/2007 31/12/2006 31/03/2007
31/12/2006
Cash and Equivalents 57,404 49,091 2.64 2.30
Inventory 244,187 236,783 11.21 11.11
Other Current Assets 34,436 33,775 1.58 1.59
Total Current Assets 712,679 684,063 32.73 32.10
Intangibles 1,103,233 1,081,161 50.66
50.74
Total Assets 2,177,781 2,130,876 100.00
100.00
Total Current Liab 461,644 480,900 21.20 22.57
Long Term Debt 520,483 518,267 23.90 24.32
Other Long Term Liab 180,745 165,037 8.30 7.75
Total Liabilities 1,162,872 1,164,204 53.40 54.63
Total Equity 1,014,909 966,672 46.60 45.37
Revolving Credit
Facility are either at LIBOR plus a negotiated spread over LIBOR, or at the
Foreign subsidiaries
of the Company had available credit facilities with local foreign lenders of
approximately $86.8 million at December 31, 2006. Foreign subsidiaries had debt
outstanding at December 31, 2006 totaling $42.9 million, including $34.6
million reported in long-term debt. The approximate weighted average interest
rate on total debt outstanding at December 31, 2006 and 2005 was 6.3% and 6.4%,
respectively.
CURRENT OPERATIONS
NAICS Code: 334516
Analytical Laboratory Instrument Manufacturing
SIC Code: 3826
Number of
Employees: 13,400
Business Activity:
Ametek is engaged as
a global manufacturer of electromechanical products and electronic instruments.
The company provides process analyzers instruments such as: Trace Analytical
gas chromatographs, Oxygen Analyzers,
Moisture Analyzers, Dycor Gas Analyzers, Combustion NOx
Reduction/Efficiency Analyzers, Chemical Composition Analyzers, and Gas
Chromatographs for Natural Gas.
The Company’s
executive offices in
The Company has 71
operating plant facilities in 19 states and 10 foreign countries. Of these
facilities, 48 are owned by the Company and 23 are leased The properties owned
by the Company consist of approximately 664 acres, of which approximately 5.9
million square feet are under roof. Under lease is a total of approximately
994,000 square feet. The leases expire over a range of years from 2007 to 2040,
with renewal options for varying terms contained in most of the leases.
Production facilities in
PUBLIC RECORD
Filing Number: 10720404
Filing Date: 07/17/2001
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
FEDERAL & DUKE OF
DEBTOR INFORMATION
Debtor(s): AMETEK INC
SECURED PARTY OR
CREDITOR INFORMATION
Secured
Party(s): IBM CREDIT CORPORATION
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Filing Number: 30178833
Filing Date: 01/22/2003
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
FEDERAL & DUKE OF
DEBTOR INFORMATION
Debtor(s): AMETEK INC
SECURED PARTY OR CREDITOR INFORMATION
Secured
Party(s): IOS CAPITAL, LLC
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Filing Number: 31002982
Filing Date: 04/08/2003
Filing Time: 11:00PM
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
FEDERAL & DUKE OF
DEBTOR INFORMATION
Debtor(s): AMETEK INC
SECURED PARTY OR CREDITOR INFORMATION
Secured
Party(s): CITICORP DEL LEASE, INC.
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Filing Number: 51373647
Filing Date: 05/04/2005
Filing Time: 3:19PM
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
FEDERAL & DUKE OF
DEBTOR INFORMATION
Debtor(s): AMETEK, INC.
SECURED PARTY OR CREDITOR INFORMATION
Secured
Party(s): IBM CREDIT LLC
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Filing Number: 61192137
Filing Date: 04/10/2006
Filing Time: 3:19PM
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
FEDERAL & DUKE OF
DEBTOR INFORMATION
Debtor(s): AMETEK, INC.
SECURED PARTY OR CREDITOR INFORMATION
Secured
Party(s): IBM CREDIT LLC
--
Filing Number: 62108975
Filing Date: 06/20/2006
Filing Time: 2:48PM
Filing Type: CONTINUATION
Filing Date of
Related Filing: 07/24/2001
Filing Office: SECRETARY OF STATE/UCC DIVISION
FEDERAL & DUKE OF
DEBTOR INFORMATION
Debtor(s): AMETEK, INC.
SECURED PARTY OR CREDITOR INFORMATION
Secured
Party(s): SAFECO CREDIT CO. INC.
SAFELINE LEASING
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Filing Number: 64351177
Filing Date: 12/13/2006
Filing Time: 9:31PM
Filing Type: ORIGINAL
Filing Office: SECRETARY OF STATE/UCC DIVISION
FEDERAL & DUKE OF
DEBTOR INFORMATION
Debtor(s): AMETEK, INC.
D& B DUNS
Number: 092191084
SECURED PARTY OR
CREDITOR INFORMATION
Secured
Party(s): GENERAL ELECTRIC CAPITAL
CORPORATION
3031 NORTH ROCKY
--
There was no record
of any legal actions, bankruptcy petitions, nor tax liens involving the Firm.
GENERAL COMMENTS
Ametek, Inc was
incorporated in 1986 in
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)