MIRA INFORM REPORT

Report Date :

23.12.2013

IDENTIFICATION DETAILS

Name :	NOBLE RESOURCES PTE. LTD.
Formerly Known As :	NOBLE GRAIN PTE LTD
Registered Office :	60, Anson Road, 19-01, Mapletree Anson, 079914
Country :	Singapore
Financials (as on) :	31.12.2011
Date of Incorporation :	17.03.2001
Com. Reg. No.:	200101811-W
Legal Form :	Private Limited
Line of Business :	Trading of agriculture product, investment holding
No. of Employees :	150

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

Status :	Satisfactory
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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	200101811-W
COMPANY NAME	:	NOBLE RESOURCES PTE. LTD.
FORMER NAME	:	NOBLE GRAIN PTE LTD (15/11/2005) BERKHAM PTE LTD (06/04/2001)
INCORPORATION DATE	:	17/03/2001
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	60, ANSON ROAD, 19-01, MAPLETREE ANSON, 079914, SINGAPORE.
BUSINESS ADDRESS	:	60 ANSON ROAD #19-01 MAPLETREE ANSON, 079914, SINGAPORE.
TEL.NO.	:	65-63054888
FAX.NO.	:	65-63054889
WEB SITE	:	WWW.THISISNOBLE.COM
CONTACT PERSON	:	WILLIAM JAMES RANDALL ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF AGRICULTURE PRODUCT, INVESTMENT HOLDING
ISSUED AND PAID UP CAPITAL	:	402,149,307.00 ORDINARY SHARE, OF A VALUE OF SGD 417,224,217.00
SALES	:	USD 4,026,790,000 [2011]
NET WORTH	:	USD 524,815,000 [2011]
STAFF STRENGTH	:	150 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of agriculture product, investment holding.

The immediate holding company of the Subject is NOBLE AGRI RESOURCES LIMITED, a company incorporated in BERMUDA.

The ultimate holding company of the Subject is NOBLE GROUP LIMITED, a company incorporated in BERMUDA.

Share Capital History

Date	Authorised Shared Capital	Issue & Paid Up Capital
13/12/2012	SGD 417,224,217.00	SGD 417,224,217.00
31/12/2011	SGD 395,475,221.00	SGD 395,475,221.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
NOBLE AGRI RESOURCES LIMITED	CLARENDON HOUSE, 2 CHURCH STREET, HAMILTON HM 11, BERMUDA.	T11UF3943	402,149,307.00	100.00
			---------------	------
			402,149,307.00	100.00
			============	=====

+ Also Director

The Subject interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
	VIETNAM	NOBLE RESOURCES VIETNAM CO LTD	100.00	31/12/2011
	INDONESIA	PT COFFEE INDONESIA JAYA	100.00	31/12/2011
	SOUTH AFRICA	NOBLE RESOURCES SOUTH AFRICA (PTY) LTD	100.00	31/12/2011
	RUSSIAN	BONEL RESOURCES LLC	100.00	31/12/2011
	PAKISTAN	NOBLE PAKISTAN LTD	100.00	31/12/2011
	INDIA	NOBLE NATURAL RESOURCES INDIA	100.00	31/12/2011
	SOUTH AFRICA	NOBLE ASSET HOLDINGS (PVT) LTD	100.00	31/12/2011
	CHINA	NOBLE JADE TRADING (SHANGHAI) COMPANY LTD	100.00	31/12/2011
	CHINA	NANTONG NOBLE GRAIN PROTEIN CO LTD	100.00	31/12/2011
	CHINA	QINGZHOU DAYANG GRAIN & OIL CO LTD	100.00	31/12/2011
201129200Z	SINGAPORE	MEADOWFEED ENTERPRISES PTE LTD	100.00	13/12/2012
201129177K	SINGAPORE	UNIAGRO INTERNATIONAL PTE LTD	100.00	13/12/2012
201129192C	SINGAPORE	GLOBEAGRI TRADING PTE LTD	100.00	13/12/2012
200709936E	SINGAPORE	NOBLE PLANTATIONS PTE. LTD.	100.00	13/12/2012
200709910N	SINGAPORE	NOBLE PROTEIN AND FEED CO. PTE. LTD.	100.00	13/12/2012
199405906R	SINGAPORE	SINO AGRI-TRADE PTE LTD	100.00	13/12/2012
201134506	SINGAPORE	GREENSOFTS TRADING PTE LTD	100.00	13/12/2012
200209605N	SINGAPORE	GREAT WALL INVESTMENTS PTE. LTD.	100.00	13/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	WILLIAM JAMES RANDALL
Address	:	8, ROCHALIE DRIVE, 248239, SINGAPORE.
IC / PP No	:	G5933539T
Nationality	:	AUSTRALIAN
Date of Appointment	:	30/11/2006

DIRECTOR 2

Name Of Subject	:	NEIL TIMOTHY DHAR
Address	:	64A, MERRYN ROAD, 298524, SINGAPORE.
IC / PP No	:	G6385595U
Nationality	:	AUSTRALIAN
Date of Appointment	:	09/03/2011

DIRECTOR 3

Name Of Subject	:	ASRANI MAHESH MANOHARLAL
Address	:	137, RUE DE LAUSANNE, APARTMENT 43, 1202 GENEVA, 276537, SWITZERLAND.
IC / PP No	:	S2725737B
Nationality	:	SINGAPOREAN
Date of Appointment	:	03/05/2004

DIRECTOR 4

Name Of Subject	:	WILHELMUS DIEDRIK DE BLANK @ WILDRIK DE BLANK
Address	:	FLAT 1B, PINE COURT, 5 OLD PEAK ROAD, MID-LEVELS, HONG KONG.
IC / PP No	:	BVP7PC1H9
Nationality	:	DUTCH
Date of Appointment	:	23/08/2002

DIRECTOR 5

Name Of Subject	:	THOMAS DATWYLER
Address	:	7, MOUNT EMILY ROAD, 07-09, PARC EMILY, 228491, SINGAPORE.
IC / PP No	:	G6199591P
Nationality	:	SWISS
Date of Appointment	:	15/10/0212

MANAGEMENT

1)	Name of Subject	:	WILLIAM JAMES RANDALL
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHIA LUANG CHEW HAZEL
	IC / PP No	:	S1407126A
	Address	:	729, CLEMENTI WEST STREET 2, 10 - 354, 120729, SINGAPORE.

2)	Company Secretary	:	JULIANA TAN BENG HWEE
	IC / PP No	:	S7109947D
	Address	:	533, UPPER CROSS STREET, 16 - 213, 050533, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201106057	19/05/2011	N/A	BANCO NACIONAL DE MEXICO S.A.	N/A	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its suppliers.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	YES	Percentage	:	60%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	40%
Export Market	:	WORLDWIDE
Credit Term	:	30 - 90 DAYS,AS AGREED
Payment Mode	:	CHEQUES LETTER OF CREDIT (LC)

OPERATIONS

Goods Traded

:

AGRICULTURE PRODUCT & OTHER RELATED PRODUCT

Services

:

INVESTMENT HOLDING

Total Number of Employees:
YEAR	2013	2012	2011	2010
GROUP	N/A	N/A	N/A	N/A
COMPANY	150	200	120	120

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of agriculture product, investment holding.

The Subject's main activities include:
* international trading - traditional c&f trading to local importers. the main commodities are corn, soyabean meal, oilseeds, wheat and pulses.
* importation and local distribution, the core activity of noble grain, of feed and food items such as wheat flour, sugar, fishmeal and rice.
* origination and export of agricommodities, such as pulses, soyabean meal, sugar, wheat and oilseeds.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-63054888
Match	:	N/A
Address Provided by Client	:	60 ANSON ROAD, #19-01, MAPLETREE ANSON SINGAPORE 079914
Current Address	:	60 ANSON ROAD #19-01 MAPLETREE ANSON, 079914, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2008 - 2011	]
Profit/(Loss) Before Tax	:	Decreased	[	2008 - 2011	]
Return on Shareholder Funds	:	Unfavourable	[	<14.42%>	]
Return on Net Assets	:	Unfavourable	[	<20.76%>	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	13 Days	]
Debtor Ratio	:	Favourable	[	7 Days	]
Creditors Ratio	:	Favourable	[	6 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.08 Times	]
Current Ratio	:	Unfavourable	[	1.14 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	<3.44 Times>	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's losses increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2001, the Subject is a Private Limited company, focusing on trading of agriculture product, investment holding. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject has strong capital position.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. The Subject is a fairly large and rapidly growing company with over 150 staff in its operations Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 524,815,000, the Subject should be able to maintain its business in the near terms.

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject normally.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

NOBLE RESOURCES PTE. LTD.

Financial Year End	2011-12-31	2010-12-31	2009-12-31	2008-12-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	4,026,790,000	3,251,686,000	4,955,010,000	5,685,641,000
	----------------	----------------	----------------	----------------
Total Turnover	4,026,790,000	3,251,686,000	4,955,010,000	5,685,641,000
Costs of Goods Sold	<4,084,061,000>	<3,127,775,000>	<4,922,088,000>	<5,067,866,000>
	----------------	----------------	----------------	----------------
Gross Profit	<57,271,000>	123,911,000	32,922,000	617,775,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	<140,621,000>	44,602,000	<75,652,000>	439,206,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	<140,621,000>	44,602,000	<75,652,000>	439,206,000
Taxation	3,816,000	<2,714,000>	2,037,000	<25,250,000>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	<136,805,000>	41,888,000	<73,615,000>	413,956,000
Pre-acquisition profit/(loss)	61,111,000	210,352,000	-	-
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS	<75,694,000>	252,240,000	<73,615,000>	413,956,000
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS	<75,694,000>	252,240,000	<73,615,000>	413,956,000
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	345,346,000	93,106,000	416,721,000	2,765,000
	----------------	----------------	----------------	----------------
As restated	345,346,000	93,106,000	416,721,000	2,765,000
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	269,652,000	345,346,000	343,106,000	416,721,000
DIVIDENDS - Ordinary (paid & proposed)	-	-	<250,000,000>	-
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	269,652,000	345,346,000	93,106,000	416,721,000
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	31,646,000	29,695,000	14,764,000	52,468,000
	----------------	----------------	----------------	----------------
	31,646,000	29,695,000	14,764,000	52,468,000
	=============	=============	=============	=============

BALANCE SHEET

NOBLE RESOURCES PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	4,417,000	12,710,000	838,000	1,410,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	152,056,000	300,191,000	218,699,000	91,254,000
Associated companies	-	4,786,000	-	4,032,000
Investments	1,446,000	1,631,000	2,151,000	1,875,000
Deferred assets	-	10,710,000	-	-
Others	4,032,000	116,610,000	48,844,000	10,791,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	157,534,000	433,928,000	269,694,000	107,952,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	161,951,000	446,638,000	270,532,000	109,362,000
CURRENT ASSETS
Stocks	139,878,000	32,850,000	118,482,000	58,531,000
Trade debtors	78,832,000	265,137,000	259,399,000	258,249,000
Other debtors, deposits & prepayments	100,632,000	172,989,000	154,576,000	158,355,000
Short term deposits	-	-	-	562,000
Amount due from related companies	2,519,339,000	810,576,000	398,009,000	613,298,000
Cash & bank balances	4,688,000	5,617,000	3,856,000	12,183,000
Others	156,475,000	1,407,551,000	633,114,000	710,776,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	2,999,844,000	2,694,720,000	1,567,436,000	1,811,954,000
	----------------	----------------	----------------	----------------
TOTAL ASSET	3,161,795,000	3,141,358,000	1,837,968,000	1,921,316,000
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	72,560,000	154,254,000	150,544,000	71,236,000
Other creditors & accruals	193,550,000	354,636,000	131,969,000	365,895,000
Other borrowings	-	-	10,000,000	-
Amounts owing to related companies	2,289,040,000	1,516,010,000	1,006,120,000	400,163,000
Provision for taxation	-	15,370,000	1,897,000	26,000,000
Other liabilities	81,830,000	747,493,000	394,305,000	628,736,000
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,636,980,000	2,787,763,000	1,694,835,000	1,492,030,000
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	362,864,000	<93,043,000>	<127,399,000>	319,924,000
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	524,815,000	353,595,000	143,133,000	429,286,000
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	254,710,000	210,967,000	129,947,000	9,049,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	254,710,000	210,967,000	129,947,000	9,049,000
RESERVES
Retained profit/(loss) carried forward	269,652,000	345,346,000	93,106,000	416,721,000
Others	453,000	<202,718,000>	<79,920,000>	<31,484,000>
	----------------	----------------	----------------	----------------
TOTAL RESERVES	270,105,000	142,628,000	13,186,000	385,237,000
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	524,815,000	353,595,000	143,133,000	394,286,000
LONG TERM LIABILITIES
Others	-	-	-	35,000,000
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	-	35,000,000
	----------------	----------------	----------------	----------------
	524,815,000	353,595,000	143,133,000	429,286,000
	=============	=============	=============	=============

FINANCIAL RATIO

NOBLE RESOURCES PTE. LTD.

TYPES OF FUNDS
Cash	4,688,000	5,617,000	3,856,000	12,745,000
Net Liquid Funds	4,688,000	5,617,000	3,856,000	12,745,000
Net Liquid Assets	222,986,000	<125,893,000>	<245,881,000>	261,393,000
Net Current Assets/(Liabilities)	362,864,000	<93,043,000>	<127,399,000>	319,924,000
Net Tangible Assets	524,815,000	353,595,000	143,133,000	429,286,000
Net Monetary Assets	222,986,000	<125,893,000>	<245,881,000>	226,393,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	10,000,000	0
Total Liabilities	2,636,980,000	2,787,763,000	1,694,835,000	1,527,030,000
Total Assets	3,161,795,000	3,141,358,000	1,837,968,000	1,921,316,000
Net Assets	524,815,000	353,595,000	143,133,000	429,286,000
Net Assets Backing	524,815,000	353,595,000	143,133,000	394,286,000
Shareholders' Funds	524,815,000	353,595,000	143,133,000	394,286,000
Total Share Capital	254,710,000	210,967,000	129,947,000	9,049,000
Total Reserves	270,105,000	142,628,000	13,186,000	385,237,000
LIQUIDITY (Times)
Cash Ratio	0.00	0.00	0.00	0.01
Liquid Ratio	1.08	0.95	0.85	1.18
Current Ratio	1.14	0.97	0.92	1.21
WORKING CAPITAL CONTROL (Days)
Stock Ratio	13	4	9	4
Debtors Ratio	7	30	19	17
Creditors Ratio	6	18	11	5
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.07	0.00
Liabilities Ratio	5.02	7.88	11.84	3.87
Times Interest Earned Ratio	<3.44>	2.50	<4.12>	9.37
Assets Backing Ratio	2.06	0.93	0.42	1.25
PERFORMANCE RATIO (%)
Operating Profit Margin	<3.49>	1.37	<1.53>	7.72
Net Profit Margin	<1.88>	7.76	<1.49>	7.28
Return On Net Assets	<20.76>	21.01	<42.54>	114.53
Return On Capital Employed	<20.76>	21.01	<42.54>	114.53
Return On Shareholders' Funds/Equity	<14.42>	71.34	<51.43>	104.99
Dividend Pay Out Ratio (Times)	0.00	0.00	3.40	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.101.82
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

NIS

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.