MIRA INFORM REPORT

 

 

Report Date :

01.02.2012

 

IDENTIFICATION DETAILS

 

Name :

NOV FGS SINGAPORE (PTE.) LTD.

 

 

Formerly Known As :

AMERON (PTE) LTD

 

 

Registered Office :

1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989

 

 

Country :

Singapore

 

 

Financials (as on) :

30.11.2010

 

 

Date of Incorporation :

02.02.1982

 

 

Com. Reg. No.:

198200413H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture of Pipes and Tubes

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

:

NOV FGS SINGAPORE (PTE.) LTD.

Registration No

:

198200413H

Date of Registration

:

02/02/1982

Former Name

:

AMERON (PTE) LTD. Eff. date : 02/02/1982 Eff. date : 02/02/1982

Date of Change of Name

:

08/12/2011

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989

Date of Change of Address

:

16/01/2012

Division Address

:

7A, Tuas Ave 3, Singapore 639407, Singapore

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

:

SGD - SIN 181,010,941.00 (FY2010)

Net Worth

:

SGD - SIN 97,816,635.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

2

S1000 / SME 500 / FG50 Ranking

:

1031 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

468 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

800 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

421 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

536 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2007/2008)

Compounded Annual Growth Rate (CAGR)

:

5.15% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

AMERON HOLDINGS II PTE. LTD.

SHAREHOLDER ID

:

201019457G

NATIONALITY

:

SINGAPORE

ADDRESS

:

1 MARINA BOULEVARD #28-00 ONE MARINA BOULEVARD SINGAPORE 018989

NO. OF ORD SHARES

NO. OF PREF SHARES

:

1,600,002

12,000,000

% OF ORD SHAREHOLDING

% OF PREF SHAREHOLDING

:

100%

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

JOHN HENRY WALLING

ADDRESS

:

23 CLAYMORE ROAD #12-03 TATE RESIDENCES, THE SINGAPORE 229546

POSITION

:

DIRECTOR

DATE OF APPT

:

21/11/2011

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

G5847288W

 

NAME

:

KEITH DUNCAN HARLAND

ADDRESS

:

93 CASHEW ROAD #02-02 CASHEW HEIGHTS CONDOMINIUM SINGAPORE 679664

POSITION

:

DIRECTOR

DATE OF APPT

:

21/11/2011

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2608342G

 

KEY PERSONNEL PROFILE

 

Name:

JOHN HENRY WALLING

NRIC Number:

G5847288W

Available Address:

23 CLAYMORE ROAD #12-03 TATE RESIDENCES, THE  SINGAPORE 229546

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

AMERON HOLDINGS II PTE. LTD.

DIRECTOR

21/11/2011

-

-

2

AMERON HOLDINGS PTE. LTD.

DIRECTOR

21/11/2011

-

-

3

NATIONAL OILWELL VARCO PTE. LTD.

DIRECTOR

30/03/2007

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

SOUTH SEAS INSPECTION (S) PTE LTD

AMALGAMATED

DIRECTOR

04/11/2009

-

 

 

Bankruptcy Record

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

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

 

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

 

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

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)

 

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

 

COMPLIANCE

 

Date of Last AGM

:

29/07/2011

Date of Last AR

:

08/08/2011

Date of A/C Laid At Last AGM

:

30/11/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

NOV 2010

% Change

NOV 2009

NOV 2008

NOV 2007

NOV 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

181,010,941

-8.78

198,434,441

211,517,551

194,826,420

148,097,376

Profit/(Loss) Before Tax

63,266,357

8.61

58,250,646

54,143,992

45,807,805

26,103,544

Profit After Tax attributable to Shareholders

55,600,288

15.54

48,122,239

44,812,893

37,608,966

20,981,838

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

161,228,652

-11.59

182,371,339

190,016,621

210,948,818

184,936,612

Current Assets

151,903,511

-12.04

172,697,136

178,775,895

199,751,286

167,448,378

Non Current Assets

9,325,141

-3.61

9,674,203

11,240,726

11,197,532

17,488,234

 

 

 

 

 

 

 

Total Liabilities

63,412,017

-21.47

80,753,612

87,414,912

90,077,833

88,925,589

Current Liabilities

52,762,037

-12.58

60,353,632

56,659,503

47,982,424

35,330,180

Non Current Liabilities

10,649,980

-47.79

20,399,980

30,755,409

42,095,409

53,595,409

 

 

 

 

 

 

 

Shareholders' Funds

97,816,635

-3.74

101,617,727

102,601,709

120,870,985

96,011,023

Share Capital

13,600,002

0.00

13,600,002

13,600,002

13,600,002

13,600,002

Total Reserves

84,216,633

-4.32

88,017,725

89,001,707

107,270,983

82,411,021

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

NOV 2010

NOV 2009

NOV 2008

NOV 2007

NOV 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

-8.78

-6.19

8.57

31.55

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

30.72

24.25

21.19

19.30

14.17

Return on Equity (%)

56.84

47.36

43.68

31.11

21.85

Return on Assets (%)

34.49

26.39

23.58

17.83

11.35

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.65

0.79

0.85

0.75

0.93

Current Debt/Equity (Times)

0.54

0.59

0.55

0.40

0.37

Long Term Debt To Equity (Times)

0.11

0.20

0.30

0.35

0.56

Total Asset To Total Equity (Times)

1.65

1.79

1.85

1.75

1.93

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.12

1.09

1.11

0.92

0.80

Fixed Assets Turnover (Times)

19.41

20.51

18.82

17.40

8.47

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.88

2.86

3.16

4.16

4.74

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 5.15% (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 30.72 per cent in FY10 (FY09: 24.25 per cent). The company is now able to book in SGD - SIN 0.31 of profit for every SGD - SIN of sales in FY10, as compared with SGD - SIN 0.24 a year ago.

 

Liquidity

 

Current ratio stood at 2.88 times in FY10 (FY09: 2.86 times). This means that the company has SGD - SIN 2.88 of current assets for every SGD - SIN 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 0.65 times in FY10, compared with 0.79 times in FY09. This means that the company requires additional external financing of SGD - SIN 0.65 for every SGD - SIN 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 56.84 per cent for Subject in the current financial period, as compared to 47.36 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 34.49 per cent (FY09: 26.39 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 1.12 times in FY10 (FY09: 1.09 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.49.68

UK Pound

1

Rs.78.17

Euro

1

Rs.65.52

 

 

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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