MIRA INFORM REPORT

 

 

Report Date :

08.01.2011

 

IDENTIFICATION DETAILS

 

Name :

AMERON (PTE) LTD.

 

 

Registered Office :

20 Raffles Place #09-01 Ocean Towers Singapore 048620

 

 

Country :

Singapore

 

 

Financials (as on) :

30.11.2009

 

 

Date of Incorporation :

02.02.1982

 

 

Com. Reg. No.:

198200413h

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of Pipes and Tubes 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Exists

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

AMERON (PTE) LTD.

Registration No

:

198200413H

Date of Registration

:

02/02/1982

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

20 RAFFLES PLACE #09-01 OCEAN TOWERS SINGAPORE 048620

Date of Change of Address

:

01/01/2002

Contact No.

:

6861 6118

Fax No.

:

6861 7834

Website

:

www.ameron.com/singapore

Registered Activities

:

1. MANUFACTURE OF PIPES AND TUBES

2. BUILDING CONSTRUCTION NEC

Issued Ordinary Capital*

:

$1,600,002.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 1,600,002

Issued Preference Capital

:

$12,000,000.00 SINGAPORE, DOLLARS NO. OF SHARE : 12,000,000

Paid-Up Ordinary Capital

:

$1,600,002.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$12,000,000.00 SINGAPORE, DOLLARS

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

PRICEWATERHOUSECOOPERS LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 198,434,441.00 (FY2009)

Net Worth

:

SINGAPORE, DOLLARS 101,617,727.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

800 POSITION IN SINGAPORE 1000 (2007/2008)

854 POSITION IN SINGAPORE 1000 (2006/2007)

921 POSITION IN SINGAPORE 1000 (2005/2006)

923 POSITION IN SINGAPORE 1000 (2004/2005)

885 POSITION IN SINGAPORE 1000 (2003/2004)

953 POSITION IN SINGAPORE 1000 (1999/2000)

Compounded Annual Growth Rate (CAGR)

:

13.42% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

AMERON HOLDINGS II PTE. LTD.

SHAREHOLDER ID

:

201019457G

NATIONALITY

:

SINGAPORE

ADDRESS

:

20 RAFFLES PLACE #09-01 OCEAN TOWERS SINGAPORE 048620

NO. OF ORD SHARES

NO. OF PREF SHARES

:

1,600,002

12,000,000

% OF SHAREHOLDING

:

100.0%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JAMES S MARLEN

ADDRESS

:

10430 WILSHIRE BLVD, #1904, LOS ANGELES CA 90024, UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

14/06/1993

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

038739832

 

NAME

:

GARY WAGNER

ADDRESS

:

877, 5TH STREET, MANHATTAN BEACH CA 90266, UNITED STATES OF AMERICA

POSITION

:

DIRECTOR

DATE OF APPT

:

25/10/1993

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

465909900

 

NAME

:

NITA SIM GEOK HOON

ADDRESS

:

39 UPPER BOON KENG ROAD #10-2410 SINGAPORE 380039

POSITION

:

SECRETARY

DATE OF APPT

:

01/08/1997

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0019613D

 

NAME

:

WONG WOON CHUN

ADDRESS

:

28 JALAN ANGIN LAUT SINGAPORE 489221

POSITION

:

DIRECTOR

DIRECTOR

DIRECTOR

DATE OF APPT

:

17/06/1988

24/03/1998

28/07/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1399565F

 

NAME

:

ALLEN S. CHIU

ADDRESS

:

15500 CUTTEN ROAD #1008, SAN CIERRA, HOUSTON, TEXAS 77070, USA

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

10/06/1998

10/06/1998

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2692031J

 

 

KEY PERSONNEL PROFILE

 

Name:

ALLEN S. CHIU

NRIC Number:

S2692031J

Available Address:

15500 CUTTEN ROAD #1008, SAN CIERRA, HOUSTON, TEXAS 77070, USA

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

AMERON (PTE) LTD.

DIRECTOR

10/06/1998

-

-

2

AMERON (PTE) LTD.

MANAGING DIRECTOR

10/06/1998

-

-

3

AMERON HOLDINGS II PTE. LTD.

DIRECTOR

01/10/2010

-

-

4

AMERON HOLDINGS PTE. LTD.

DIRECTOR

30/10/2006

-

-

5

AMERON HOLDINGS PTE. LTD.

MANAGING DIRECTOR

30/10/2006

-

-

6

AMERON MANUFACTURING HOLDINGS PTE. LTD.

DIRECTOR

30/06/2008

-

-

7

AMERON MANUFACTURING HOLDINGS PTE. LTD.

MANAGING DIRECTOR

30/06/2008

-

-

8

AMERON SINGAPORE POLY HOLDINGS PTE. LTD.

DIRECTOR

30/10/2006

-

-

9

AMERON SINGAPORE POLY HOLDINGS PTE. LTD.

MANAGING DIRECTOR

30/10/2006

-

-

10

AMERON TRADING HOLDINGS PTE. LTD.

DIRECTOR

30/06/2008

-

-

11

AMERON TRADING HOLDINGS PTE. LTD.

MANAGING DIRECTOR

30/06/2008

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

KEY PERSONNEL PROFILE

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

NA

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

             

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

To date, there have been 2 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Bef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

1)

Court

:

Magistrate Court

 

Case No.

:

7027

 

Date of Filing

:

21/03/2006

 

Amount

:

57,295.35

 

Cause

:

Others / Miscellaneous

 

Case Status

:

CONCLUDED

 

Plaintiff

:

WEC ENGINEERS & CONSTRUCTORS PTE LTD (FORMERLY KNOWN AS WAH -CHANG ENGINEERING CORPORATION PTE LTD)

 

Last Update Date

:

10/02/2010

 

2)

Court

:

Supreme Court

 

Case No.

:

2758

 

Date of Filing

:

20/10/1987

 

Amount

:

187,153.15

 

Cause

:

Contracts - General

 

Case Status

:

CONCLUDED

 

Plaintiff

:

ROELF DIJKHUIZEN

 

Last Update Date

:

10/02/2010

 

COMPLIANCE

 

Date of Last AGM

:

11/08/2010

Date of Last AR

:

17/08/2010

Date of A/C Laid At Last AGM

:

30/11/2009

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

NOV 2009

% Change

NOV 2008

NOV 2007

NOV 2006

NOV 2005

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

198,434,441

-6.19

211,517,551

194,826,420

148,097,376

119,896,622

Profit/(Loss) Before Tax

58,250,646

7.58

54,143,992

45,807,805

26,103,544

41,046,624

Profit After Tax attributable to Shareholders

48,122,239

7.38

44,812,893

37,608,966

20,981,838

34,164,841

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

182,371,339

-4.02

190,016,621

210,948,818

184,936,612

155,463,041

Current Assets

172,697,136

-3.40

178,775,895

199,751,286

167,448,378

60,901,732

Non Current Assets

9,674,203

-13.94

11,240,726

11,197,532

17,488,234

94,561,309

 

 

 

 

 

 

 

Total Liabilities

80,753,612

-7.62

87,414,912

90,077,833

88,925,589

80,433,856

Current Liabilities

60,353,632

6.52

56,659,503

47,982,424

35,330,180

26,217,859

Non Current Liabilities

20,399,980

-33.67

30,755,409

42,095,409

53,595,409

54,215,997

 

 

 

 

 

 

 

Shareholders' Funds

101,617,727

-0.96

102,601,709

120,870,985

96,011,023

75,029,185

Share Capital

13,600,002

0.00

13,600,002

13,600,002

13,600,002

13,600,002

Total Reserves

88,017,725

-1.11

89,001,707

107,270,983

82,411,021

61,429,183

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

NOV 2009

NOV 2008

NOV 2007

NOV 2006

NOV 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-6.19

8.57

31.55

23.52

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

24.25

21.19

19.30

14.17

28.50

Return on Equity (%)

47.36

43.68

31.11

21.85

45.54

Return on Assets (%)

26.39

23.58

17.83

11.35

21.98

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.79

0.85

0.75

0.93

1.07

Current Debt/Equity (Times)

0.59

0.55

0.40

0.37

0.35

Long Term Debt To Equity (Times)

0.20

0.30

0.35

0.56

0.72

Total Asset To Total Equity (Times)

1.79

1.85

1.75

1.93

2.07

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.09

1.11

0.92

0.80

0.77

Fixed Assets Turnover (Times)

20.51

18.82

17.40

8.47

1.27

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.86

3.16

4.16

4.74

2.32

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 13.42% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 24.25 per cent in FY09 (FY08: 21.19 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.24 of profit for every SINGAPORE, DOLLARS of sales in FY09, as compared with SINGAPORE, DOLLARS 0.21 a year ago.

 

 

Liquidity

 

Current ratio stood at 2.86 times in FY09 (FY08: 3.16 times). This means that the company has SINGAPORE, DOLLARS 2.86 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

Leverage

Total debt-to-equity ratio notched 0.79 times in FY09, as compared with 0.85 times in FY08. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.79 for every SINGAPORE, DOLLARS injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

 

Return on equity was 47.36 per cent for Subject in the current financial period, as compared to 43.68 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 26.39 per cent (FY08: 23.58 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 1.09 times in FY09 (FY08: 1.11 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.70.38

Euro

1

Rs.58.93

 

 

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%)

 

 

 

 

 

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