MIRA INFORM REPORT

Report Date :

10.06.2013

IDENTIFICATION DETAILS

Name :	NOBLE RESOURCES INTERNATIONAL PTE. LTD.

Formerly Known As :	NOBLE RESOURCES SINGAPORE PTE. LTD.

Registered Office :	60 Anson Road #19-01 Mapletree Anson Singapore 079914

Country :	Singapore

Financials (as on) :	31.12.2011

Date of Incorporation :	29.06.2011

Com. Reg. No.:	201115304N

Legal Form :	Limited Private Company

Line of Business :	General Wholesale Trade (Including General Importers and Exporters) [We tried to confirm/obtain the detailed activity but the same is not available from any sources]

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
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

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

Company Name:	Registered Number:
NOBLE RESOURCES INTERNATIONAL PTE. LTD.	201115304N

Date Incorporated:	Registered Office:	Telephone Number:
29/06/2011	60 ANSON ROAD #19-01 MAPLETREE ANSON SINGAPORE 079914	NA
Age of Company:	Website:	Industry Type:
1	NA	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms		Trend:	No. of Litigation Counts:
Company DTC:			NA
NA
The entity is paying current to the creditors			No. of Charges(s): 0
	Industry DTC
	24 Days

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	NOBLE RESOURCES GROUP LIMITED
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	12

Executive Summary

Company Name	:	Noble Resources International Pte. Ltd.
Registration No	:	201115304N
Date of Registration	:	29/06/2011
Former Name	:	1. NOBLE RESOURCES SINGAPORE PTE. LTD. (Eff. date : 29/06/2011)
Date of Change of Name	:	25/07/2011
Type of Company	:	Limited Private Company
Registered Address	:	60 ANSON ROAD #19-01 MAPLETREE ANSON SINGAPORE 079914
Date of Change of Address	:	25/08/2011
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	1. Other Investment Holding Companies 2. General Wholesale Trade (Including General Importers And Exporters)
Issued Ordinary Capital*	:	$88,136,500.00 SINGAPORE, DOLLARS NO. OF SHARE : 88,136,500
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$88,136,500.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	11
No. of Local Associates	:	1
Auditor	:	Ernst & Young Llp
Bankers / Financiers	:	NA
Turnover	:	$2,172,966,872.00 (FY2011)
Net Worth	:	$(64,518,587.00) (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 1000 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000

SHAREHOLDER DETAILS

NAME	:	NOBLE RESOURCES GROUP LIMITED
SHAREHOLDER ID	:	T03UF0001C
NATIONALITY	:	NA
ADDRESS	:	P.O. BOX 957, OFFSHORE INCORPORATIONS CENTRE ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS
NO. OF ORD SHARES	:	88,136,500
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	TIMOTHY MARTIN EYRE
ADDRESS	:	FLAT C, 8/F, THE MANHATTAN 33 TAI TAM ROAD, STANLEY, HONG KONG
POSITION	:	DIRECTOR
DATE OF APPT	:	01/11/2011
NATIONALITY	:	BRITISH
I/C PASSPORT	:	508184894

NAME	:	WILLIAM JAMES RANDALL
ADDRESS	:	8 ROCHALIE DRIVE SINGAPORE 248239
POSITION	:	DIRECTOR
DATE OF APPT	:	17/08/2011
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	G5933539T

NAME	:	NEIL TIMOTHY DHAR
ADDRESS	:	6 DRAYCOTT PARK #03-03 DRAYCOTT EIGHT SINGAPORE 259403
POSITION	:	DIRECTOR
DATE OF APPT	:	17/08/2011
NATIONALITY	:	AUSTRALIAN
I/C PASSPORT	:	G6385595U

NAME	:	CHIA LUANG CHEW HAZEL
ADDRESS	:	729 CLEMENTI WEST STREET 2 #10-354 SINGAPORE 120729
POSITION	:	SECRETARY
DATE OF APPT	:	18/07/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1407126A

KEY PERSONNEL PROFILE

Name:	TIMOTHY MARTIN EYRE
NRIC Number:	508184894
Available Address:	FLAT C, 8/F, THE MANHATTAN 33 TAI TAM ROAD, STANLEY, HONG KONG

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	ENERGY COAL MARKETING ASIA PTE. LTD.	DIRECTOR	01/11/2011	-	NA
2	NOBLE RESOURCES INTERNATIONAL PTE. LTD.	DIRECTOR	01/11/2011	-	NA

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

Litigation Search – Writ of Summons

Court	Case No.	Transfer	Year	Date of Filing	Amount	Cause Category
No Trace

Negative List (if any)

Traces	Status	Last Updated Date
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES IN S’PORE

Company	Shareholdings (%)

WORLDWIDE WAREHOUSE SOLUTIONS SINGAPORE PTE. LTD.	100
NOBLE GAS AND POWER PTE. LTD.	100
NHCL PTE. LTD.	100
ENERGY COAL MARKETING ASIA PTE. LTD.	100
ZEAL RESOURCES PTE. LTD.	100
JAPET RESOURCES PTE. LTD.	100
TRIUMPH ALLIANCE PTE. LTD.	49
NOBLE PETROLEUM	NA (SOLE-PROPRIETOR)
NOBLE PETROCHEMICALS	NA (SOLE-PROPRIETOR)
NOBLE ENERGY	NA (SOLE-PROPRIETOR)
NOBLE CLEAN FUELS	NA (SOLE-PROPRIETOR)
NOBLE BUNKERS	NA (SOLE-PROPRIETOR)

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

Clear

COMPLIANCE

Date of Last AGM	:	23/11/2012
Date of Last AR	:	04/12/2012
Date of A/C Laid at Last AGM	:	31/12/2011

COMPLIANCE RATING FOR ANNUAL FILING

	ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Auditor’s Comments – True and Fair? Yes

	Company
FINANCIAL YEAR	29/06/2011 to 31/12/2011 $
Turnover	2,172,966,872
Profit Before Tax and Minority Interest	6,616,487
Profit After Tax and Minority Interest	5,110,743
ASSETS
Current Assets	2,559,482,369
Non-current Assets	315,276,276
- Fixed Assets	13,591,842
- Intangible Assets	5,672,888
- Long-term Investments	258,034,193
Total Assets	2,874,758,645
LIABILITIES
Current Liabilities	2,939,277,230
Long-Term Liabilities	0
Total Liabilities	2,939,277,230
SHAREHOLDERS’ FUNDS
Share Capital	38,146,749
Share Premium	0
Retained Earnings	5,110,743
Minority Interest	0
Other Reserves	(107,776,079)
Shareholders Funds	(64,518,587)

Financial figures are presented in USD - USA as reflected in Subject's financial statements and are converted to S$ at the rate of S$1.254786 per USD - USA in FYE11 as presented in this report.

FINANCIAL RATIOS

	Company
FINANCIAL YEAR END	29/06/2011 to 31/12/2011
PROFITABILITY
Rate of Net Profit (%)	0.24
Return on Equity (%)	-7.92
Return on Assets (%)	0.18
Return on Capital Employed	-0.28
DEBT MANAGEMENT
Total Liabilities/Equity (times)	-45.56
Current Liabilities/Equity (times)	-45.56
Long Term Liabilities/Equity (times)	0.00
Debt Service Cover Ratio	1.56
Short-term Borrowings-to-cash Ratio	NA
EFFICIENCY MANAGEMENT
Total Assets Turnover (times)	0.76
Fixed Assets Turnover (times)	6.89
Interest Coverage Ratio	1.56
Average Payment Period (days)	380
LIQUIDITY MANAGEMENT
Current Ratio (times)	0.87
Quick Ratio (times)	0.80
Average Collection Period (days)	122

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 0.24 per cent in FY11. The company is now able to book in $0.00 of profit for every dollar of sales.

Liquidity

Current ratio stood at 0.87 times in FY11. This means that the company has $0.87 of current assets for every dollar of current liability incurred. Subject's current ratio is noted to be lower than the industry norm for the sector in which the company is operating.

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.

FINANCIAL COMMENTARY

Leverage

We are unable to comment on Subject's leverage.

Efficiency Ratio

We are unable to comment on Subject's return on equity.

Return on assets stood at 0.18 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 0.76 times in FY11. 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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

Executive Summary

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES IN S’PORE

BANKERS/ FINANCIERS

LITIGATION

COMPLIANCE

FINANCIAL HIGHLIGHTS

FINANCIAL YEAR

FINANCIAL RATIOS

PROFITABILITY

Average Payment Period (days)

LIQUIDITY MANAGEMENT

FINANCIAL COMMENTARY

FINANCIAL COMMENTARY

Unit