MIRA INFORM
REPORT
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Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
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Name : |
NOBLE
RESOURCES LTD. |
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Registered Office : |
18/F., MassMutual Tower, 38 Gloucester Road |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.05.1984 |
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Com. Reg. No.: |
08997966 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Re-exporter, Processor and Commission Agent of Non-ferrous metals and ores, steel products (hot-roll, cold-roll, coil, etc.), ferro-alloys (SIMN, SICR, SECR, FEMN and FESI), coal and coke, etc. |
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 : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
Company name
NOBLE RESOURCES LTD.
Company ADDRESS
18/F., MassMutual Tower, 38 Gloucester Road, Hong Kong.
PHONE: 2861 3511, 2861 4600, 2865 5161
FAX: 2527 0282, 2529 4878, 2529 0265
E-MAIL: noble@noblegroup.com.hk
MANAGEMENT
Vice Chairman: Mr. Harindarpal Singh Banga
SUMMARY
Incorporated on: 4th May, 1984.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Industrial Product Supplying.
Group Revenue: US$56,696,058,000 (Year ended 31-12-2010)
Group Employees: Over 8,000. (As at 31-12-2010)
Main Dealing Banker: ING Bank N.V., Hong Kong Branch.
Banking Relation: Good.
Company ADDRESS
Registered Head
Office:-
18/F., MassMutual Tower, 38 Gloucester Road, Hong Kong.
Immediate Holding
Company:-
Noble Resources Group Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Noble Group Ltd., Bermuda/Hong Kong.
Affiliated
Companies:-
Noble Group of
Companies
· Blackwood Corporation Ltd., Australia.
· Botlek Tank Terminal B.V., Netherlands.
· Chongqing Xinfu Food Co. Ltd., China.
· Cocaf Ivoire S.A., Ivory Coast.
· Donaldson Coal Holdings Ltd., Australia.
· Donaldson Coal Pty. Ltd., Australia.
· East Energy Resources Ltd., Australia.
· Evera S.A.C., Uruguay.
· Fleet Management Ltd., Hong Kong.
· Fleet Ship Management Inc., British Virgin Islands.
· Gloucester Coal Ltd., Australia.
· Jordan Grain Handling & Milling Co. Ltd., Middle East.
· Longkou Xinlong Edible Oil Co. Ltd., China.
· M.H.A.G-Servicos & Mineracao S/A., Brazil.
· Middlemount Pty. Ltd., Australia.
· Nantong Noble Grain & Protein Co. Ltd., China.
· Newcastle Coal Co. Pty. Ltd., Australia.
· Noble Americas Corporation, USA.
· Noble Americas Energy Solutions LLC, USA.
· Noble Americas Gas & Power Corporation, USA.
· Noble Argentina S.A., Argentina.
· Noble Brasil S.A., Brazil.
· Noble Canada Inc., Canada.
· Noble Carbon Credits Ltd., Ireland.
· Noble Chartering Inc., British Virgin Islands.
· Noble Chartering Ltd., Hong Kong.
· Noble Clean Fuels Ltd., UK.
· Noble Europe Ltd., UK.
· Noble Mount Investments Ltd., Hong Kong.
· Noble Netherlands B.V., Netherlands.
· Noble Paraguay S.A., Paraguay.
· Noble Petro Inc., USA.
· Noble Resources Pte. Ltd., Singapore.
· Noble Resources S.A., Switzerland.
· Noble Resources UK Ltd., UK.
· Noble Trade Finance Hong Kong Ltd., Hong Kong.
· P.T. Henrison Inti Persada, Indonesia.
· P.T. Pelayaran Nasional Tanjungriau Services, Indonesia.
· P.T. Sanga Coal Indonesia, Indonesia.
· P.T. Talenta Bumi, Indonesia.
· Qinzhou Dayang Cereals & Oils Co. Ltd., China.
· Stelmont Group Ltd., British Virgin Islands.
· Summer Fortune Ltd., Hong Kong.
· Territory Resources Ltd., Australia.
· Uninoble S.A., Paraguay.
etc.
BUSINESS REGISTRATION NUMBER
08997966
COMPANY FILE NUMBER
0136456
MANAGEMENT
Vice Chairman: Mr. Harindarpal Singh Banga
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER
(As per registry
dated 04-05-2011)
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Name |
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No. of shares |
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Noble Resources Group Ltd. P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola, British Virgin Islands. |
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10,000 ===== |
DIRECTORS
(As per registry
dated 04-05-2011)
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Name (Nationality) |
Address |
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Harindarpal Singh BANGA (Indian) |
House B1, Villa Cecil, 200 Victoria Road, Hong Kong. |
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WONG Yu Yuen |
Flat C, 3/F., Block 15, Braemar Hill Mansions, 43 Braemar Hill Road, North Point, Hong Kong. |
SECRETARY
(As per registry
dated 04-05-2011)
|
Name |
Address |
|
YIM Wai Yin, Lisa |
Flat F, 27/F., La Place de Victoria, 632 King’s Road, Hong Kong. |
HISTORY
The subject was incorporated on 4th May, 1984 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject’s head office was initially located at 23/F., Fleet House, 38 Gloucester Road, Hong Kong. The name of building was changed to Evergo House in 1994, to CRC Protective Tower in 1998, and further to MassMutual Tower in early 2000. The subject moved to 18/F., MassMutual Tower of the same building in 2000.
The registered office was formerly located at 8/F., Ruttonjee House, 11 Duddell Street, Central, Hong Kong, moved to 28/F., 3 Lockhart Road, Wanchai, Hong Kong in June 2002, and further moved to the present address (together with its head office) in November 2004.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Re-exporter, Processor and Commission Agent.
Lines: Non-ferrous metals and ores, steel products (hot-roll, cold-roll, coil, etc.), ferro-alloys (SIMN, SICR, SECR, FEMN and FESI), coal and coke, etc.
Group Employees: Over 8,000. (As at 31-12-2010)
Materials/Commodities: Bought from South America, Eastern and Western Europe, India, etc.
Markets: China (main), Japan, Taiwan, South Korea, Indonesia, etc.
Group Revenue: US$13,765,433,000 (Year ended 31-12-2006)
US$23,497,142,000 (Year ended 31-12-2007)
US$36,090,161,000 (Year ended 31-12-2008)
US$31,183,114,000 (Year ended 31-12-2009)
US$56,696,058,000 (Year ended 31-12-2010)
Terms/Sales: On various terms.
Terms/Buying: L/C, T/T, etc.
MEMBERSHIP
The American Chamber of Commerce in Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Indebtedness: HK$2,067,210.74 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 04-05-2011)
Mortgage or Charge (since 2006): (See attachment)
Group Profit Attributable to Equity Holders:-
· US$134,512,000 (Year ended 31-12-2006)
· US$258,121,000 (Year ended 31-12-2007)
· US$577,279,000 (Year ended 31-12-2008)
· US$556,010,000 (Year ended 31-12-2009)
· US$605,560,000 (Year ended 31-12-2010)
Group Net Worth: US$ 957,466,000 (As at 31-12-2006)
US$1,549,573,000 (As at 31-12-2007)
US$1,851,145,000 (As at 31-12-2008)
US$2,955,437,000 (As at 31-12-2009)
US$3,972,977,000 (As at 31-12-2010)
Profit or Loss: Business is profitable.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
· ING Bank N.V., Hong Kong Branch.
· Swiss Bank Corporation, Hong Kong Branch.
· Calyon, Hong Kong Branch.
· The Bank of East Asia Ltd., Hong Kong.
· Bank of India, Hong Kong Branch.
· Standard Bank London Ltd., UK.
· Wing Hang Bank Ltd., Shenzhen Branch, China.
· HSBC France, France.
Standing: Good.
GENERAL
Noble Resources Ltd., formed in Hong Kong in May 1984, is a wholly-owned subsidiary of Noble Resources Group Ltd. which is a BVI-registered firm. Noble Resources Group Ltd. in turn is 100%-owned by Noble Group Ltd. [NGL], a firm registered in Bermuda.
NGL was incorporated in Bermuda on 31st March, 1994 as the holding company of the Noble Group. The principal activities of the Group are the managing the global supply chain of agricultural, industrial and energy products; ship ownership, chartering and the provision of technical ship management services; trade finance; coal mining, soybean and sugar cane crushing activities and ethanol production.
Noble Group’s pipelines are integrated supply chains that cover the origination, transportation, storage, processing and delivery of key commodities, connected by its timely and efficient Logistics operations. Noble carefully invests in assets such as mines, port terminals and processing facilities, each located at vital stages of our supply chains. Sourcing from the lowest-cost producing countries and supplying to high-growth markets, its pipelines create continuous links between suppliers and customers. Noble has built a pipeline network that connects its global offices, its industry know‑how, its management expertise and its network of suppliers and customers.
The history of the Noble Group dates back to 1987 when Mr. Richard Samuel Elman, the Founder and Executive Chairman of the Group, founded and commenced operations as a supplier of raw materials for the Asian steel industry. Mr. Elman was previously a director of Philipp Brothers Hongkong Ltd. which is an international physical commodities company for 8 years, and a board member of Philipp Brothers Inc., New York. He joined in Noble Resources Ltd. [Noble Resources], which is one of the Group’s main member, in 1987 upon the introduction of Mr. Howard Wong who was a trader with Philipp Brothers Hongkong Ltd.
Noble Resources sources globally and provides a variety of products which serve the steel industry in Asia. These products include raw materials such as iron, manganese and chrome ores, pig iron, and ferroalloys, all of which are used in the production of basic steel products and steel alloys; intermediate steel products such as steel billets and blooms which are used in manufacturing different kinds of steel products.
Noble Resources has developed its business and grown in line with the development in the Asian region including China. The Group has concentrated on niche markets such as the provision of chrome ore to China and the export of ferro-chromium to Japan and South Korea.
Noble Resources has pursued a strategy designed to secure supplies through long-term contracts including by taking strategic minority investments in China producers.
In 1990, the Group established a representative office in Singapore in order to penetrate the Southeast Asian markets further.
The collapse of the USSR in 1990 and its centrally planned economy under which substantially all steel production was directed to domestic consumers, led the Group to realise the significant export potential of the CIS and consequently it began to develop its activities in the marketing of intermediate and finished steel products from Russian mills to consumers in the Asia Pacific region.
The Group opened a London representative office and a Moscow office in 1991; established a representative office in Beijing, China in 1993.
In 1989, Mr. Harindarpal Singh Banga, a shipping specialist who is the Vice Chairman of the Group, joined the Group to establish shipping operations. Mr. Banga has over 20 years experience in the shipping industry.
In May 1994, NGL obtained a listing from The Stock Exchange of Hong Kong Ltd. [SEHK]. However, NGL withdrew the listing of its shares from SEHK on 23rd May, 1996, but was relisted on The Stock Exchange of Singapore Ltd. (now known as Singapore Exchange Securities Trading Ltd.) on 14th March, 1997. NGL is a Hong Kong-based, Singapore-listed world‑wide supplier of industrial, agricultural raw materials and transport resources.
Noble Group is a leading, publicly listed, diversified natural resources and supply chain group with worldwide activities in mining, processing, logistics, shipping and marketing of metals and minerals, energy and agricultural products. It transports these products to end consumers, normally industrial or commercial clients principally utilizing third party owned vessels, through our extensive chartering operations.
The Group now has a network of over 120 offices in 38 countries. It has over 8,000 employees (2009: over 4,900) including 65 nationalities. The Group is also engaged in e-commerce through the website www.rawmart.com.
Group revenue was US$56.7 billion in FY 2010, grew by 81.7% as compared with US$31.2 billion in FY 2009. Tonnage for the year increased to a record 184 million tonnes as compared to 180 million tonnes a year earlier, primarily due to record performances by the Agricultural and Energy segments. The revenue for the year increased by 81.7% to a record high of US$56.7 billion due to increases in commodity prices and shifting of revenue mix to higher priced commodities.
Group profit attributable to equity holders in FY 2010 was US$605.6 million, grew by 8.9% as compared with US$556.0 million in FY 2009. The Group’s balance sheet remains strong with cash balances standing at US$1.6 billion and cash plus near-cash items (trade receivables and inventories) amounting to US$7.6 billion.
In July 2010, the Group acquired Northville for US$80 million expanding its energy distribution and storage in the United States. On 8th September, 2010, the Group agreed to acquire 100% stake in Delivery Network International LLC which operates two LME licensed warehouses. In September 2010, the Group’s second Brazilian sugar and ethanol processing facility began phase 1 operation.
Rapid growth has seen NGL’s workforce expand exponentially in recent years, as it continues to acquire new businesses and assets and build its corporate structure. Only five years ago, in 2006, the Group had just over 1,500 employees. Now, it has over 8,000.
The subject is fully supported by the Noble Group.
On the whole, in view of the Group’s sales turnover, lines of business and size, consider the subject good for normal business engagements.
REMARKS:
Brief introduction on the principal
director:-
Mr. Harindarpal Singh BANGA is the Vice Chairman of NGL and a Master Mariner. Mr. Banga has extensive experience in the maritime and logistics industry. Since 1979, he has worked in various levels of the industry all over the world, from London and Europe to Hong Kong, where has first arrived in 1984. Mr. Banga is an associate member of The Institute of Chartered Shipbrokers. He is also a member of the Singapore Institute of Directors and a member of the Executive Committee of the Hong Kong Shipowners Association. Mr. Banga joined Noble in 1989 on the establishment of Noble Chartering Ltd. He was first appointed Director of NGL on 6th April, 1994 and was last re-elected at the Annual General Meeting on 30th April, 2008.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Oct. 1988 |
Kin Sang Co. |
Noble Resources Ltd. |
Amount due – Return of deposit |
HK$185,274 |
Property information of the company:-
1. Property Location: Flat 7 on 7/F. - 8/F., Golden Bridge Mansions, 2077 Yan An Xi Lu, Hong Qiao Qu, Shanghai, China.
Owner: Noble Resources Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
03-12-1994 |
HK$2,784,000 |
The Bank of East Asia Ltd., Shanghai Branch, China. |
Mortgage to secure general banking facilities |
2. Property Location: Rooms
2608, 2615 & 2616, 161 Lujiaju East Road,
Pudong New Area, Shanghai, China.
Owner: Noble Resources Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
07-06-2002 |
HK$4,000,000 |
Wing Hang Bank Ltd., Shenzhen Branch, China. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since 2006)
|
Date |
Particulars |
Amount |
|
20-03-2007 |
Instrument: Assignment Agreement relating to the assignment of rights under the Off-take Contract and the Warranty Letter Property: The Company assigns to the Lender absolutely and with full title guarantee all of the Rights which it now has and all of the Rights which it obtains at any time in the future in the Off-take Contract and the Warranty Letter and in any Rights accruing to, derived from or otherwise connected with the Off-take Contract and the Warranty Letter as security for the payment and discharge of the Secured Obligations Mortgagee: HSBC France, France. |
All and any of the Obligations of the Noble Group Ltd. [Borrower] under the US$40,000,000 Limited Recourse Loan Facility dated 20-03-2007 |
|
24-07-2007 |
Instrument: Amendment Agreement relating to the amendment of the terms of the Facility Agreement and the Assignment Property: The Company assigns to the Lender absolutely and with full title guarantee all of the Rights which it now has and all of the Rights which it obtains at any time in the future in the Off-take Contract and the Warranty Letter and in any Rights accruing to, derived from or otherwise connected with the Off-take Contract and the Warranty Letter as security for the payment and discharge of the Secured Obligations Mortgagee: HSBC France, France. |
All and any of the Obligations of the Noble Group Ltd. [Borrower] under the US$64,000,000 Limited Recourse Loan Facility dated 20-03-2007 and amended on 24‑07‑2007 |
|
06-12-2007 |
Instrument: Assignment Agreement relating to the assignment of rights under the Second Off-take Contract Property: The Company assigns to the Assignee absolutely and with full title guarantee all of the Rights which it now has and all of the Rights which it obtains at any time in the future in the Second Off-take Contract and in any Rights accruing to, derived from or otherwise connected with the Second Off-take Contract as security for the payment and discharge of the Secured Obligations Mortgagee: HSBC France, France. |
The security created by the Assignment Agreement is a security for the payment and discharge of the Secured Obligations |
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06-12-2007 |
Instrument: Assignment Agreement relating to the assignment of rights under the Second Off-take Contract Property: The Company assigns to the Assignee absolutely and with full title guarantee all of the Rights which it now has and all of the Rights which it obtains at any time in the future in the Off-take Contract, the Warranty Letter and the Second Off-take Contract and in any Rights accruing to, derived from or otherwise connected with the Off-take Contract or the Warranty Letter or the Second Off-take Contract as security for the payment and discharge of the Secured Obligations Mortgagee: HSBC France, France. |
The security created by the Assignment Agreement is a security for the payment and discharge of the Secured Obligations |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.96 |
|
UK Pound |
1 |
Rs.73.94 |
|
Euro |
1 |
Rs.64.56 |
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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.