|
Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
NOBLE RESOURCES
INTERNATIONAL PTE. LTD. |
|
|
|
|
Formerly Known as : |
NOBLE RESOURCES |
|
|
|
|
Registered Office : |
60, Anson Road, 19-01, Mapletree Anson, 079914 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.06.2011 |
|
|
|
|
Com. Reg. No.: |
201115304-N |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
engaged as an agricultural, energy products, metals and minerals as well as investment holding. |
|
|
|
|
No of Employees : |
200 [2014] |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. The economy
contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded
15.1% in 2010, on the strength of renewed exports, before slowing to in
2011-13, 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. 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 |
|
* Adopted abbreviations : |
SC - Subject Company (the company enquired
by you) |
|
|
N/A - Not Applicable |
|
REGISTRATION NO. |
: |
201115304-N |
||||
|
COMPANY NAME |
: |
NOBLE RESOURCES
INTERNATIONAL PTE. LTD. |
||||
|
FORMER NAME |
: |
NOBLE RESOURCES SINGAPORE PTE. LTD.
(25/07/2011) |
||||
|
INCORPORATION DATE |
: |
29/06/2011 |
||||
|
|
|
|
||||
|
|
|
|
||||
|
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. |
: |
65-64054889 |
||||
|
WEB SITE |
: |
|||||
|
CONTACT PERSON |
: |
NEIL TIMOTHY DHAR ( DIRECTOR ) |
||||
|
|
|
|
||||
|
|
|
|
||||
|
PRINCIPAL ACTIVITY |
: |
AGRICULTURAL,
ENERGY PRODUCTS, METALS AND MINERALS as well as INVESTMENT HOLDING |
||||
|
|
|
|
||||
|
ISSUED AND PAID UP CAPITAL |
: |
88,136,500.00 ORDINARY SHARE, OF A VALUE
OF SGD 88,136,500.00 |
||||
|
|
|
|
||||
|
SALES |
: |
USD 12,249,509,000 [2012] |
||||
|
NET WORTH |
: |
USD 172,833,000 [2012] |
||||
|
|
|
|
||||
|
STAFF STRENGTH |
: |
200 [2014] |
||||
|
||||||
|
LITIGATION |
: |
CLEAR |
||||
|
FINANCIAL CONDITION |
: |
FAIR |
||||
|
PAYMENT |
: |
PROMPT |
||||
|
MANAGEMENT CAPABILITY |
: |
GOOD |
||||
|
|
|
|
||||
|
COMMERCIAL RISK |
: |
LOW |
||||
|
CURRENCY EXPOSURE |
: |
MODERATE |
||||
|
GENERAL REPUTATION |
: |
SATISFACTORY |
||||
|
INDUSTRY OUTLOOK |
: |
AVERAGE GROWTH |
||||
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) agricultural, energy products, metals and minerals as well as investment holding.
The immediate holding company of the Subject is NOBLE RESOURCES GROUP LIMITED, a company incorporated in VIRGIN ISLANDS, BRITISH.
The ultimate holding company of the Subject is NOBLE GROUP LIMITED, a company incorporated in BERMUDA.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
02/06/2014 |
SGD 88,136,500.00 |
The major
shareholder(s) of the Subject are shown as follows :
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
NOBLE RESOURCES GROUP LIMITED |
P. O. BOX 957, OFFSHORE INCORPORATIONS CENTRE, ROAD TOWN, TORTOLA, VIRGIN ISLANDS, BRITISH. |
T03UF0001 |
88,136,500.00 |
100.00 |
|
|
|
|
--------------- |
------ |
|
|
|
|
88,136,500.00 |
100.00 |
|
|
|
|
============ |
===== |
+ Also Director
The Subject's
interest in other companies (Subsidiaries/Associates) are shown as follow :
Local No |
Country |
Company |
(%) |
As At |
|
201131155K |
SINGAPORE |
JAPET RESOURCES PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
COLOMBIA |
NOBLE RESOURCES INTERNATIONAL COLUMBIA SAS |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
NETHERLANDS |
NOBLE BUNKERS BV |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
PANAMA |
NOBLE BUNKERS PANAMA S.A. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
200712611E |
SINGAPORE |
NHCL PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
199307319D |
SINGAPORE |
SASIAINVEST PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
201004485D |
SINGAPORE |
ENERGY COAL MARKETING ASIA PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
201129166G |
SINGAPORE |
ZEAL RESOURCES PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
200106798D |
SINGAPORE |
WORLDWIDE WAREHOUSE SOLUTIONS SINGAPORE PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
200707807K |
SINGAPORE |
NOBLE GAS AND POWER PTE. LTD. |
100.00 |
31/12/2012 |
|
|
|
|
|
|
|
|
INDIA |
NOBLE RESOURCES AND TRADING INDIA PRIVATE LTD |
99.00 |
31/12/2012 |
|
|
|
|
|
|
DIRECTOR 1
|
Name Of Subject |
: |
NEIL TIMOTHY DHAR |
|
Address |
: |
64A, MERRYN ROAD, 298524, SINGAPORE. |
|
IC / PP No |
: |
G6385595U |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
17/08/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject |
: |
TIMOTHY MARTIN EYRE |
|
Address |
: |
FLAT C, 8/F, THE MANHATTAN, 33, TAI TAM
ROAD, STANLEY, HONG KONG. |
|
IC / PP No |
: |
508184894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
BRITISH |
|
Date of Appointment |
: |
01/11/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject |
: |
WILLIAM JAMES RANDALL |
|
Address |
: |
8, ROCHALIE DRIVE, 248239, SINGAPORE. |
|
IC / PP No |
: |
G5933539T |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
17/08/2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1) |
Name of Subject |
: |
NEIL TIMOTHY DHAR |
|
|
Position |
: |
DIRECTOR |
|
|
|
|
|
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
|
|
|
|
|
|
|
|
1) |
Company Secretary |
: |
JULIANA TAN BENG HWEE |
|
|
IC / PP No |
: |
S7109947D |
|
|
|
|
|
|
|
Address |
: |
533, UPPER CROSS STREET, 16-213, 050533,
SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2) |
Company Secretary |
: |
HAZEL CHIA LUANG CHEW |
|
|
IC / PP No |
: |
S1407126A |
|
|
|
|
|
|
|
Address |
: |
729, CLEMENTI WEST STREET 2, 10-354, 120729,
SINGAPORE. |
|
|
|
|
|
|
|
|
|
|
Banking relations are maintained principally with :
|
1) |
Name |
: |
ABN AMRO BANK N.V. |
|
|
|
|
|
|
|
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201309318 |
08/07/2013 |
N/A |
ABN AMRO BANK N.V., HONG KONG BRANCH |
- |
Unsatisfied |
|
CS201403248 |
28/03/2014 |
N/A |
BANCO NACIONAL DE MEXICO SA |
- |
Unsatisfied |
*
A check has been conducted in our databank against 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.
|
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 |
[ |
X |
] |
|
Good 31-60 Days |
[ |
|
] |
|
Average 61-90 Days |
[ |
|
] |
|
|
Fair 91-120 Days |
[ |
|
] |
|
Poor >120 Days |
[ |
|
] |
|
|
|
|
|
|
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|
|
|
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
|
|
|
|
|
|
|
Payment Mode |
: |
CHEQUES |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods Traded |
: |
AGRICULTURAL, ENERGY PRODUCTS, METALS AND
MINERALS
|
|
|
|
|
|
|
|
Services |
: |
INVESTMENT HOLDING
|
|
|
|
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2014 |
2013 |
|
||||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
|
|
|
|
|
|
|
|
COMPANY |
200 |
200 |
|
|
|
|
|
|
|
|
Branch |
: |
NO
|
Other Information:
The Subject is principally engaged in the (as a / as an) agricultural, energy products, metals and minerals as well as investment holding.
The Noble Group, is a market-leading global supply chain manager of agricultural and energy products, metals and minerals.
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.
|
Profitability |
|
|
|
|
|
|
|
Turnover |
: |
Increased |
[ |
607.35% |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
1,994.35% |
] |
|
|
Return on Shareholder Funds |
: |
Favourable |
[ |
56.90% |
] |
|
|
Return on Net Assets |
: |
Favourable |
[ |
88.01% |
] |
|
|
|
|
|
|
|
|
|
|
The increase in turnover could be due to the
Subject adopting an aggressive marketing strategy.The higher profit could be
attributed to the increase in turnover. Generally the Subject was profitable.
The favourable return on shareholders' funds and return on net assets
indicate that the Subject's management was efficient in utilising the assets
to generate returns. |
||||||
|
|
|
|
|
|
|
|
|
Working Capital
Control |
|
|
|
|
|
|
|
Stock Ratio |
: |
Favourable |
[ |
2 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
11 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 |
[ |
1.00 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.01 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 |
: |
Acceptable |
[ |
3.65 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was slightly
low. If there is no sharp fall in its profit or sudden increase in the
interest rates, we believe the Subject is able to generate sufficient income
to service its interest and repay the loans. 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 : |
|
|
|
|
|
|
|
Generally, the Subject's performance has
improved with higher turnover and profit. 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 had an acceptable interest cover. If there is
no sudden sharp increase in interest rate or fall in the Subject's profit, we
do believe the Subject is able to generate sufficient cash flow to service
its interest payment. 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 : FAIR |
||||||
|
Major Economic
Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|
|
|
|
|
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|
|
|
|
|
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|
|
|
|
|
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|
|
|
|
|
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|
|
|
|
|
|
INDUSTRIES ( %
of Growth ) : |
|
|
|
|
|
|
Agriculture |
|
|
|
|
|
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|
|
|
|
|
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|
|
|
|
|
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|
|
|
|
|
|
Services |
|
|
|
|
|
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production
(2011 = 100) |
|
|
|
|
|
|
(Source : Department of Statistics) |
|
|
|
|
|
|
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 |
|
|
Incorporated in 2011, the Subject is a Private
Limited company, focusing on agricultural, energy products, metals and
minerals as well as investment holding. The Subject has been in business for
3 years and it has slowly been building up contact with its clients while
competing in the industry. However, having strong support from its holding
company has enabled the Subject to remain competitive despite the challenging
business environment. The Subject is a large entity with strong capital
position. We are confident with the Subject's business and its future growth
prospect. Over the years, the Subject has penetrated
into both the local and overseas market. The Subject has positioned itself in
the global market and is competing in the industry. Its stable clientele base
will enable the Subject to further enhance its business in the near term. The
Subject is a fairly large and rapidly growing company with over 200 staff in
its operations. The Subject has a good management capability. Its
capable management team has enabled the Subject to keep its business on
going. Hence, the future prospect of the Subject is bright. We noted that both the turnover and
profits have increased compared to the previous year. The higher profit could
be due to increase in turnover and better control over its operating costs.
Based on the higher profitability, the Subject has generated a favourable
return based on its existing shareholders' funds which indicated that the
management was efficient in utilising its funds to generate income. 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 172,833,000, the Subject should be able to maintain its business in
the near terms. We regard that the Subject's overall
payment habit is prompt. The Subject had a favourable creditors' ratio as
evidenced by its favourable collection days. 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 promptly. |
|
|
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
NOBLE RESOURCES INTERNATIONAL
PTE. LTD. |
|
Financial Year End |
2012-12-31 |
2011-12-31 |
|
Months |
12 |
6 |
|
Consolidated Account |
Company |
Company |
|
Audited Account |
YES |
YES |
|
Unqualified Auditor's Report (Clean
Opinion) |
YES |
YES |
|
Financial Type |
FULL |
FULL |
|
Currency |
USD |
USD |
|
|
|
|
|
TURNOVER |
12,249,509,000 |
1,731,743,000 |
|
|
---------------- |
---------------- |
|
Total Turnover |
12,249,509,000 |
1,731,743,000 |
|
Costs of Goods Sold |
(12,009,083,000) |
(1,674,911,000) |
|
|
---------------- |
---------------- |
|
Gross Profit |
240,426,000 |
56,832,000 |
|
|
---------------- |
---------------- |
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS |
110,435,000 |
5,273,000 |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) BEFORE TAXATION |
110,435,000 |
5,273,000 |
|
Taxation |
(12,100,000) |
(1,200,000) |
|
|
---------------- |
---------------- |
|
PROFIT/(LOSS) AFTER TAXATION |
98,335,000 |
4,073,000 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS)
BROUGHT FORWARD |
|
|
|
As previously reported |
4,073,000 |
- |
|
|
---------------- |
---------------- |
|
As restated |
4,073,000 |
- |
|
|
---------------- |
---------------- |
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
102,408,000 |
4,073,000 |
|
|
---------------- |
---------------- |
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
102,408,000 |
4,073,000 |
|
|
============= |
============= |
|
|
|
|
|
Others |
41,669,000 |
9,365,000 |
|
|
---------------- |
---------------- |
|
|
41,669,000 |
9,365,000 |
|
|
============= |
============= |
|
NOBLE RESOURCES
INTERNATIONAL PTE. LTD. |
|
ASSETS EMPLOYED: |
|
|
|
FIXED ASSETS |
10,607,000 |
10,832,000 |
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER
ASSETS |
|
|
|
Subsidiary companies |
18,032,000 |
17,998,000 |
|
Associated companies |
5,137,000 |
4,780,000 |
|
Investments |
40,000,000 |
- |
|
Deferred assets |
- |
4,521,000 |
|
Others |
35,631,000 |
213,128,000 |
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
98,800,000 |
240,427,000 |
|
|
|
|
|
|
---------------- |
---------------- |
|
TOTAL LONG TERM ASSETS |
109,407,000 |
251,259,000 |
|
|
|
|
|
Stocks |
52,520,000 |
61,333,000 |
|
Trade debtors |
376,065,000 |
195,996,000 |
|
Other debtors, deposits & prepayments |
316,277,000 |
176,218,000 |
|
Amount due from agents, brokers &
reinsurers |
22,000 |
36,254,000 |
|
Amount due from related companies |
511,830,000 |
383,955,000 |
|
Cash & bank balances |
683,000 |
6,094,000 |
|
Others |
3,718,636,000 |
1,179,926,000 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT ASSETS |
4,976,033,000 |
2,039,776,000 |
|
|
---------------- |
---------------- |
|
TOTAL ASSET |
5,085,440,000 |
2,291,035,000 |
|
|
============= |
============= |
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Trade creditors |
193,121,000 |
109,025,000 |
|
Other creditors & accruals |
395,682,000 |
284,886,000 |
|
Amounts owing to related companies |
1,887,040,000 |
1,437,723,000 |
|
Provision for taxation |
2,275,000 |
1,200,000 |
|
Other liabilities |
2,434,489,000 |
509,619,000 |
|
|
---------------- |
---------------- |
|
TOTAL CURRENT LIABILITIES |
4,912,607,000 |
2,342,453,000 |
|
|
---------------- |
---------------- |
|
NET CURRENT ASSETS/(LIABILITIES) |
63,426,000 |
(302,677,000) |
|
|
---------------- |
---------------- |
|
TOTAL NET ASSETS |
172,833,000 |
(51,418,000) |
|
|
============= |
============= |
|
|
|
|
|
SHARE CAPITAL |
|
|
|
Ordinary share capital |
70,425,000 |
30,401,000 |
|
|
---------------- |
---------------- |
|
TOTAL SHARE CAPITAL |
70,425,000 |
30,401,000 |
|
|
|
|
|
Retained profit/(loss) carried forward |
102,408,000 |
4,073,000 |
|
Others |
- |
(85,892,000) |
|
|
---------------- |
---------------- |
|
TOTAL RESERVES |
102,408,000 |
(81,819,000) |
|
|
|
|
|
|
---------------- |
---------------- |
|
SHAREHOLDERS' FUNDS/EQUITY |
172,833,000 |
(51,418,000) |
|
|
|
|
|
|
---------------- |
---------------- |
|
|
172,833,000 |
(51,418,000) |
|
|
============= |
============= |
|
|
|
|
|
NOBLE RESOURCES
INTERNATIONAL PTE. LTD. |
|
TYPES OF FUNDS |
|
|
|
Cash |
683,000 |
6,094,000 |
|
Net Liquid Funds |
683,000 |
6,094,000 |
|
Net Liquid Assets |
10,906,000 |
(364,010,000) |
|
Net Current Assets/(Liabilities) |
63,426,000 |
(302,677,000) |
|
Net Tangible Assets |
172,833,000 |
(51,418,000) |
|
Net Monetary Assets |
10,906,000 |
(364,010,000) |
|
BALANCE SHEET
ITEMS |
|
|
|
Total Borrowings |
0 |
0 |
|
Total Liabilities |
4,912,607,000 |
2,342,453,000 |
|
Total Assets |
5,085,440,000 |
2,291,035,000 |
|
Net Assets |
172,833,000 |
(51,418,000) |
|
Net Assets Backing |
172,833,000 |
(51,418,000) |
|
Shareholders' Funds |
172,833,000 |
(51,418,000) |
|
Total Share Capital |
70,425,000 |
30,401,000 |
|
Total Reserves |
102,408,000 |
(81,819,000) |
|
LIQUIDITY
(Times) |
|
|
|
Cash Ratio |
0.00 |
0.00 |
|
Liquid Ratio |
1.00 |
0.84 |
|
Current Ratio |
1.01 |
0.87 |
|
WORKING CAPITAL
CONTROL (Days) |
|
|
|
Stock Ratio |
2 |
13 |
|
Debtors Ratio |
11 |
41 |
|
Creditors Ratio |
6 |
24 |
|
SOLVENCY RATIOS
(Times) |
|
|
|
Gearing Ratio |
0.00 |
0.00 |
|
Liabilities Ratio |
28.42 |
(45.56) |
|
Times Interest Earned Ratio |
3.65 |
1.56 |
|
Assets Backing Ratio |
2.45 |
(1.69) |
|
PERFORMANCE
RATIO (%) |
|
|
|
Operating Profit Margin |
0.90 |
0.30 |
|
Net Profit Margin |
0.80 |
0.24 |
|
Return On Net Assets |
88.01 |
(28.47) |
|
Return On Capital Employed |
88.01 |
(28.47) |
|
Return On Shareholders' Funds/Equity |
56.90 |
(7.92) |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
|
NOTES TO
ACCOUNTS |
|
|
|
Contingent Liabilities |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.