MIRA
INFORM REPORT
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Report Date : |
7th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
NOBLE RESOURCES LTD. |
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Registered Office : |
18/F,
Massmutual Tower, No.38
Gloucester Road, Wanchai Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
4-5-1984 |
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Com. Reg. No.: |
136456 |
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Legal Form : |
Private limited company |
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Line of Business : |
Engaged in supply & processing of raw
materials |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME
NOBLE RESOURCES LTD.
18/F,
MASSMUTUAL TOWER,
NO.38
GLOUCESTER ROAD, WANCHAI HONG KONG.
TEL: 852
28613511
FAX: 852
25270282
EXECUTIVE SUMMARY
INCORPORATION DATE :
4-5-1984
REGISTRATION NO. : 136456
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : ELMAN RICHARD SAMUEL (DIRECTOR)
STAFF STRENGTH : 12,000
AUTHORIZED
CAPITAL : HKD 10,000 = 10,000
SHARES @ HKD 1.-
PAID-UP
CAPITAL : HKD 10,000
BUSINESS LINE : SUPPLY & PROCESSING OF RAW MATERIALS
TURNOVER : US$11,691M (GROUP, YEAR ENDED 31-12-2005)
EQUITIES :
N/A (GROUP, YEAR
ENDED 31-12-2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : FAIRLY LARGE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : HKD 7.760220 = USD1 AS OF 2006-06-07
SC is a private limited company registered under incorporation file no. 136456 on 4-5-1984.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 4-5-2005) Number of shares held
Noble Resources Group Ltd. 9,999
Elman Richard Samuel 1
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10,000
=====
Directors (as at 19-10-2005)
Elman Richard Samuel / XD296453(3)
Banga Harindarpal Singh / K259193(6)
The above registration information is based on SC's annual return filed at Companies Registry within the last 2 years.
Our current search reveals certain material change or amendment of SC has been recorded within the last 2 years & noted as follows:
Partial change in SC's directorship as follows:
Name(s) of resigned director(s) Resignation date
Fung Wai Kit 19-10-2005
Name(s) of newly appointed director(s) Appointment date
Nil Nil
Change of business address : SC moved to the heading business address from 28/F, No.3 Lockhart Road, Wanchai, HK in Oct 2004.
Total number of employees: 12,000 (group, as at 31-12-2005).
Location: Maintaining its office at the heading business address, which occupies a gross area of 10,000 square feet at a commercial building in a commercial district.
Condition inside the premises during our visit: Normal.
Office/factory layout: Standard.
This section will contain the civil litigations & winding-up petitions filed against SC for the last 6 years (as stored in our database), and the mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such mortgages/charges by an unlimited co is not required to be registered in the public records.
Civil litigation/winding-up petitions : None in our database.
Mortgage/charge record(s) : (X) see below ( ) see per attached
Creation date : 16-5-2005
Charger(s) : SC
Chargee(s) : Standard Chartered Bank (HK) Ltd.
Secured amount : ANS
Charge particulars : Security Assignment
Creation date : 23-5-2005
Charger(s) : SC
Chargee(s) : Raiffeisen Zentralbank Osterreich Aktiengesellschaft
Secured amount : ANS
Charge particulars : Borrower Account Pledge Agreement
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1987, 1988, 1991, 1995, 1997, 2001, 2002, 2005
Year(s) in which mortgage satisfaction record(s) are filed: 1991, 1995, 2005
SC is a subsidiary of Noble Resources Group Ltd. whose partial information is as follows:
- Registered address: P.O. Box 957, Offshore Incorporations Ctr., Road Town, Tortola, B.V.I.
- Business line: As an offshore co. reportedly representing the equity interest of SC's existing directors.
- Civil litigation & winding-up petition records: None in our database
The said company is, in turn, a subsidiary of Noble Group Ltd., a public co. listed on Singapore Stock Exchange with stock ticker "NOBL", whose partial information is as follows:
- Year established: 1994
- Registered address: Same as heading business address
- Business line: As a holding co with diverse interests in supply of products in the following divisions:
A) Agricultural
(e.g. grains & pulses, coffee, cocoa, sugar, etc.)
B) Energy
(e.g. coal & coke, oil, etc.)
C) Metals, minerals & ores
(e.g. steel products, iron ores, aluminium, chrome, etc.)
The said co. is also engaged in technical ship management services, trade finance & coal mining.
- No. of employees: 1,200 (as at 31-12-2005)
- Civil litigation & winding-up petition records: None in our database
- Turnover: US$11,691M (year ended 31-12-2005)
Partial financial data of the said company:
Items Fiscal yr 31-12-2005 Fiscal yr 31-12-2004
Current assets : US$2,593M US$1,883M
Current liabilities : US$1,158M US$1,140M
Fixed assets & long term assets : US$256M US$133M
Tangible worth/(net deficit) : US$1,691M US$876M
Turnover : US$11,691M US$8,622M
Net income/(net loss) : US$240M US$293M
Elman Richard Samuel, director:
- He has over 40 years of experience in the physical commodities trading industry
- Also currently:
~ chief executive officer and director of Noble Group Ltd.
~ director of Consolidated Minerals Ltd.
Currently active in SC's day-to-day operations & is responsible for its management.
Registered residential address: 701 Tavistock, No.10 Tregunter Path, Mid-Levels, HK.
Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:
Civil litigation as defendants : None in our database
Bankruptcy/winding-up petitions : None in our database
Delinquent payment records : None in our database
Debt collection records : No overdue amount owed by the said person was placed to us for collection
Banga Harindarpal Singh, director:
- He has extensive experience in the marine & logistic industry
- Also currently:
~ vice chairman & director of Noble Group Ltd.
~ associate member of the Institute of Chartered Shipbrokers
~ member of the Singapore Institute of Directors
~ member of the Executive Committee of the Hong Kong Shipowners Association
Currently active in SC's day-to-day operations & is responsible for its management.
Registered residential address: House B1, Villa Cecil, No.200 Victoria Road, HK.
Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:
Civil litigation as defendants : None in our database
Bankruptcy/winding-up petitions : None in our database
Delinquent payment records : None in our database
Debt collection records : No overdue amount owed by the said person was placed to us
for collection
Ownership background appraisal:
Rating : 1 Obtained scores : 85 (see explanatory notes below)
Keys : 1 : scores 81-100 : Excellent
2 : scores 61-80 : Good
3 : scores 46-60 : Average
4 : scores 21-45 : Fair
5 : scores 01-20 : Poor
The rating indicates the personal financial & operational strength of SC's major principals. It is calculated from a composite of scores obtained from the following 5 factors which carry equal weight in our analysis:
Personal financial strength, credit history & trade reputation, business experience & track record, market connection and management skill.
Business categories :
SC is engaged in supply & processing of raw materials.
Items available include managanese ores, chrome, iron, ferro alloy, steel billets, blooms & slabs.
Principal purchases :
Major types of sourcing : Raw materials
Local--type of suppliers : Nil
Buying terms : Nil
Overseas--supplying countries : Worldwide
Buying terms : L/C & T/T
Principal market :
Local--type of customers : Manufacturers
Selling terms : COD & credit of 30 days
Overseas--buying countries : Worldwide
Selling terms : L/C & T/T
Jointly occupying the premises with its group of cos.
Affiliates of SC in HK (as at 31-12-2005):
Names / Registered capital / Business line
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1) Coniston Ltd. / HKD 2.- / Shipowner
2) Fleet Management Ltd. / HKD 2.- / Technical ship management agent
3) Noble Chartering Ltd. / HKD 2.- / Provision of management services
4) Noble Trade Finance Hong Kong Ltd. / HKD 2.- / Provision of structured trade finance service
5) Port Bolivar Navigation Ltd. / HKD 100.- / Shipowner
6) South China Navigation Ltd. / HKD 100.- / Shipowner
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment records and our debt collection record concerning SC.
Trade payment experience : SC did not provide any name of trade/service suppliers and we have no other sources to conduct the enquiry at present.
Delinquent payment record : None in our database.
Debt collection record : No overdue amount owed by SC was placed to us for collection within the last 6 years.
Banking relations are maintained principally with:
- Standard Chartered Bank (HK) Ltd.
- Bank of China (HK) Ltd.
- Hang Seng Bank Ltd.
- HSBC
- CITIC Ka Wah Bank Ltd.
- Wing Hang Bank Ltd.
During our report preparation, the principals could not be contacted while the staff members hesitated to release financial information without the principals' consent.
As per current co. search, total amount of indebtedness of SC in respect of all mortgages and charges, which are required to be registered with Companies Registry as at 4-5-2005, was NA.
SC is considered an old-established business with acceptable financial base to meet fairly large amount of credit dealings.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted indicate that SC was not involved in any property transaction (both purchase & disposal) in Hong Kong for the last 6 years.
Noble Group Ltd.'s share price movements are as follows:
- Closed on 5-6-2006: SG$0.96
- Year high / low: NA
- Price earning ratio: NA
SG$ = Singapore Dollar
SG$ 1 = HK$4.92
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |