MIRA INFORM REPORT

 

 

Report No. :

496510

Report Date :

15.03.2018

 

 

 

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, 079914

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

29.06.2011

 

 

Com. Reg. No.:

201115304N

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Subject is principally engaged in the trading of petrochemicals, energy products, gas & power related equipments, metals and minerals, agricultural.

 

 

No. of Employees :

200

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular  

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

201115304N

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 (LIMITED BY SHARE)

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

:

WWW.THISISNOBLE.COM

CONTACT PERSON

:

WILLIAM JAMES RANDALL ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF PETROCHEMICALS, ENERGY PRODUCTS, GAS & POWER RELATED EQUIPMENTS, METALS AND MINERALS,AGRICULTURAL

ISSUED AND PAID UP CAPITAL

:

88,136,500.00 ORDINARY SHARE, OF A VALUE OF SGD 88,136,500.00
300,000,000.00 PREFERENCE SHARE, OF A VALUE OF USD 300,000,000.00

SALES

:

USD 6,792,189,000 [2016]

NET WORTH

:

USD 848,130,000 [2016]

STAFF STRENGTH

:

200 [2018]

BANKER (S)

:

ABN AMRO BANK N.V.
SOCIETE GENERALE
ING BANK N.V.
UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

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 petrochemicals, energy products, gas & power related equipments, metals and minerals,agricultural.

 

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

09/03/2018

SGD 88,136,500.00 & USD 300,000,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

NOBLE RESOURCES GROUP LIMITED
[ORDINARY = SGD 88,136,500 & PREFERENCE = USD 300,000,000]

VISTRA CORPORATE SERVICES CENTRE, WICKHAMS CAY II, ROAD TOWN, TORTOLA VG1110 ,VIRGIN ISLANDS, BRITISH

T03UF0001

388,136,500.00

100.00

---------------

------

388,136,500.00

100.00

============

=====

+ Also Director

 

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

 

Local No

Country

Company

Status

(%)

As At

201004485D

SINGAPORE

ENERGY COAL MARKETING ASIA PTE. LTD.

-

100.00

09/03/2018

201131155K

SINGAPORE

JAPET RESOURCES PTE. LTD.

-

100.00

09/03/2018

201731921G

SINGAPORE

KALON RESOURCES PTE. LTD.

-

100.00

09/03/2018

200712611E

SINGAPORE

NHCL PTE. LTD.

-

100.00

09/03/2018

53149030

SINGAPORE

NOBLE CLEAN FUELS

-

100.00

09/03/2018

200707807K

SINGAPORE

NOBLE INTERNATIONAL TRADING SINGAPORE PTE. LTD.

-

100.00

05/05/2017

200709936E

SINGAPORE

NOBLE PLANTATIONS PTE. LTD.

-

100.00

09/03/2018

INDIA

NOBLE RESOURCES AND TRADING INDIA PRIVATE LTD

-

100.00

31/12/2016

COLOMBIA

NOBLE RESOURCES INTERNATIONAL COLUMBIA SAS

-

100.00

31/12/2016

201729710G

SINGAPORE

NVH PTE. LTD.

-

100.00

09/03/2018

NIGERIA

TARUGA INTEGRATED SERVICES LIMITED

-

100.00

31/12/2016

200106798D

SINGAPORE

WORLDWIDE WAREHOUSE SOLUTIONS SINGAPORE PTE. LTD.

-

100.00

05/05/2017

201129166G

SINGAPORE

ZEAL RESOURCES PTE. LTD.

-

100.00

05/05/2017



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

MR. WILLIAM JAMES RANDALL

Address

:

8, ROCHALIE DRIVE, 248239, SINGAPORE.

IC / PP No

:

G5933539T

Nationality

:

AUSTRALIAN

Date of Appointment

:

17/08/2011



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201115340C

COOPER CLINTON PTE. LTD.

Director

17/08/2011

0.00

-

-

2016

-

N/A

2

201115304N

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

Director

17/08/2011

0.00

-

USD270,369,000.00

2016

-

09/03/2018

 

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

 

 

INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

201115340C

COOPER CLINTON PTE. LTD.

Director

01/11/2011

0.00

-

-

2016

-

N/A

2

201115304N

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

Director

01/11/2011

0.00

-

USD270,369,000.00

2016

-

09/03/2018

 

DIRECTOR 3

 

Name Of Subject

:

PAUL ALAN JACKAMAN

Address

:

HOUSE B2, HILLGROVE, 18, CAPE DRIVE, CHUNG HOM KOK, HONG KONG.

Other Address(es)

:

65 JOO CHIAT WALK, SINGAPORE 427127

IC / PP No

:

517808496

Nationality

:

BRITISH

Date of Appointment

:

03/08/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

995527T

NHCL PTE. LTD.

Director

15/06/2016

0.00

-

MYR(1,390,042.00)

2016

-

23/02/2018

2

201115304N

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

Director

03/08/2016

0.00

-

USD270,369,000.00

2016

-

09/03/2018

 

DIRECTOR 4

 

Name Of Subject

:

JEFFREY MARK ALAM

Address

:

30TH FLOOR, GRAND BOWEN, 11B BOWEN ROAD, HONG KONG.

IC / PP No

:

761247881

Nationality

:

BRITISH

Date of Appointment

:

03/08/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

995527T

NHCL PTE. LTD.

Director

26/08/2014

0.00

-

MYR(1,390,042.00)

2016

-

23/02/2018

2

201115304N

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

Director

03/08/2016

0.00

-

USD270,369,000.00

2016

-

09/03/2018



MANAGEMENT

 

 

1)

Name of Subject

:

WILLIAM JAMES RANDALL

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

PAN MI KEAY

IC / PP No

:

S6967959E

Address

:

98, ALJUNIED CRESCENT, 03-421, MACPHERSON VIEW, 380098, SINGAPORE.

 

2)

Company Secretary

:

ONG BEE CHOO

IC / PP No

:

S7677787Z

Address

:

941, TAMPINES AVENUE 5, 08-229, TAMPINES PALMSVILLE, 520941, SINGAPORE.

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

ABN AMRO BANK N.V.

 

2)

Name

:

SOCIETE GENERALE

 

3)

Name

:

ING BANK N.V.

 

4)

Name

:

UNITED OVERSEAS BANK LIMITED

 

 

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201403248

28/03/2014

N/A

BANCO NACIONAL DE MEXICO SA

-

Unsatisfied

C201612885

22/12/2016

N/A

SOCIETE GENERALE

-

Unsatisfied

C201613042

28/12/2016

N/A

ING BANK N.V. HONG KONG BRANCH

-

Unsatisfied

C201613046

28/12/2016

N/A

ING BANK N.V. HONG KONG BRANCH

-

Unsatisfied

C201613053

28/12/2016

N/A

ING BANK N.V.

-

Unsatisfied

C201702770

24/03/2017

N/A

DBS BANK LTD.

-

Unsatisfied

C201704964

25/05/2017

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201704977

25/05/2017

N/A

UNITED OVERSEAS BANK LIMITED

-

Unsatisfied

C201709272

13/09/2017

N/A

MERCURIA ENERGY TRADING PTE. LTD.

-

Unsatisfied

C201710021

30/09/2017

N/A

MADISON PACIFIC TRUST LIMITED

-

Unsatisfied

C201800290

08/01/2018

N/A

MADISON PACIFIC TRUST LIMITED

-

Unsatisfied

C201800312

08/01/2018

N/A

MADISON PACIFIC TRUST LIMITED

-

Unsatisfied

C201800317

08/01/2018

N/A

MADISON PACIFIC TRUST LIMITED

-

Unsatisfied

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* 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.

 

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

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

N/A

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

OPERATIONS

 

Goods Traded

:

PETROCHEMICALS, ENERGY PRODUCTS, GAS & POWER RELATED EQUIPMENTS, METALS AND MINERALS, AGRICULTURAL

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2015

2014

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

200

200

200

200

200

 

Branch

:

NO

 

Other Information:


The Subject is principally engaged in the (as a / as an) trading of petrochemicals, energy products, gas & power related equipments, metals and minerals,agricultural.

The Noble Group, is a market-leading global supply chain manager of agricultural and energy products, metals and minerals.

The Group facilitates the marketing, processing, financing and transportation of essential raw materials. Sourcing bulk commodities from low cost regions such as South America, South Africa, Australia and Indonesia, the Group supplies high growth demand markets, particularly in Asia and the Middle East.

The Subject sells its products according to its customers's requirements.

It markets, processes, finances and transports key commodities, connecting low-cost producing regions with high-demand growth markets.


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 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

:

Decreased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Favourable

[

31.88%

]

Return on Net Assets

:

Favourable

[

40.03%

]

The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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

[

5 Days

]

Debtor Ratio

:

Favourable

[

28 Days

]

Creditors Ratio

:

Favourable

[

11 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

[

1.10 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

[

7.10 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 :

Although the Subject's turnover decreased, its losses also decreased during the year. This could be the result of more efficient control in its operating costs. 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

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2013

2014

2015

2016

2017*

 

Population (Million)

5.40

5.47

5.54

5.61

5.61

Gross Domestic Products ( % )

5.1

3.9

2.2

2.4

3.6

Consumer Price Index

2.4

1.0

(0.5)

(0.5)

0.6

Total Imports (Million)

466,762.0

463,779.1

407,767.9

398,372.0

403,300.0

Total Exports (Million)

513,391.0

518,922.7

476,285.4

468,552.0

466,900.0

 

Unemployment Rate (%)

1.9

1.9

1.9

2.1

-

Tourist Arrival (Million)

15.46

15.01

15.23

16.28

-

Hotel Occupancy Rate (%)

86.3

85.5

84.0

83.1

84.7

Cellular Phone Subscriber (Million)

1.97

1.98

1.99

-

-

 

Registration of New Companies (No.)

37,288

41,589

34,243

35,227

37,395

Registration of New Companies (%)

9.8

11.5

(17.7)

2.9

6.2

Liquidation of Companies (No.)

17,369

18,767

21,384

23,218

22,379

Liquidation of Companies (%)

(5.3)

8.0

13.9

8.6

(3.6)

 

Registration of New Businesses (No.)

22,893

35,773

28,480

27,120

22,148

Registration of New Businesses (%)

1.70

56.30

(20.39)

(4.78)

(18.33)

Liquidation of Businesses (No.)

22,598

22,098

26,116

35,866

24,344

Liquidation of Businesses (%)

0.5

(2.2)

18.2

37.3

(32.1)

 

Bankruptcy Orders (No.)

1,992

1,757

1,776

1,797

1,638

Bankruptcy Orders (%)

14.0

(11.8)

1.0

1.2

(8.9)

Bankruptcy Discharges (No.)

2,584

3,546

3,499

4,359

2,030

Bankruptcy Discharges (%)

37.4

37.2

(1.3)

24.6

(53.4)

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

1.78

4.29

3.04

-

-

Fish Supply & Wholesale

(3.8)

(8.6)

(8.5)

(9.9)

-

 

Manufacturing #

Food, Beverages & Tobacco

97.9

99.4

100.0

103.7

110.3

Textiles

119.5

102.7

100.0

92.4

84.4

Wearing Apparel

334.1

212.6

100.0

83.4

88.2

Leather Products & Footwear

122.0

106.5

100.0

88.8

79.0

Wood & Wood Products

103.0

107.2

100.0

95.0

92.9

Paper & Paper Products

104.4

104.5

100.0

97.3

96.1

Printing & Media

113.8

105.968

100.0

85.1

73.1

Crude Oil Refineries

100.7

92.2

100.0

104.2

113.5

Chemical & Chemical Products

88.4

96.7

100.0

98.9

105.3

Pharmaceutical Products

101.421

109.4

100.0

113.8

96.0

Rubber & Plastic Products

109.497

109.2

100.0

91.4

93.7

Non-metallic Mineral

107.4

90.759

100.0

89.8

72.9

Basic Metals

77.2

99.3

100.0

106.2

108.3

Fabricated Metal Products

107.5

107.757

100.0

93.8

91.3

Machinery & Equipment

109.1

118.2

100.0

80.8

86.1

Electrical Machinery

87.4

97.871

100.0

101.5

111.7

Electronic Components

105.0

105.6

100.0

114.1

151.4

Transport Equipment

111.1

106.68

100.0

101.0

99.5

 

Construction

25.40

22.00

-

-

-

Real Estate

88.5

145.1

-

-

-

 

Services

Electricity, Gas & Water

6.70

6.50

-

-

-

Transport, Storage & Communication

9.80

14.20

-

-

-

Finance & Insurance

3.30

6.00

-

7.40

-

Government Services

6.50

6.30

-

-

-

Education Services

3.10

5.98

-

2.40

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2011, the Subject is a Private Limited company, focusing on trading of petrochemicals, energy products, gas & power related equipments, metals and minerals,agricultural. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. The Subject is a large entity with strong capital position of SGD 88,136,500 & USD 300,000,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

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 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 lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. 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 848,130,000, 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 promptly.

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

 

Financial Year End

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

6,792,189,000

7,611,053,000

11,086,303,000

14,887,561,000

12,249,509,000

----------------

----------------

----------------

----------------

----------------

Total Turnover

6,792,189,000

7,611,053,000

11,086,303,000

14,887,561,000

12,249,509,000

Costs of Goods Sold

(6,397,500,000)

(7,554,478,000)

(10,835,300,000)

(14,521,864,000)

(12,009,083,000)

----------------

----------------

----------------

----------------

----------------

Gross Profit

394,689,000

56,575,000

251,003,000

365,697,000

240,426,000

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

291,721,000

(108,205,000)

42,549,000

188,081,000

110,435,000

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

291,721,000

(108,205,000)

42,549,000

188,081,000

110,435,000

Taxation

(21,352,000)

1,315,000

(11,000,000)

(15,000,000)

(12,100,000)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

270,369,000

(106,890,000)

31,549,000

173,081,000

98,335,000

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

200,148,000

307,038,000

275,489,000

102,408,000

4,073,000

----------------

----------------

----------------

----------------

----------------

As restated

200,148,000

307,038,000

275,489,000

102,408,000

4,073,000

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

470,517,000

200,148,000

307,038,000

275,489,000

102,408,000

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

470,517,000

200,148,000

307,038,000

275,489,000

102,408,000

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Others

47,819,000

91,089,000

86,208,000

56,552,000

41,669,000

----------------

----------------

----------------

----------------

----------------

47,819,000

91,089,000

86,208,000

56,552,000

41,669,000

=============

=============

=============

=============

=============

DEPRECIATION (as per notes to P&L)

2,137,000

2,985,000

2,135,000

2,255,000

2,474,000

----------------

----------------

----------------

----------------

----------------

Total Amortization And Depreciation

2,137,000

2,985,000

2,135,000

2,255,000

2,474,000

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

2,192,000

4,125,000

6,675,000

8,682,000

10,607,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

14,562,000

17,612,000

17,998,000

17,998,000

18,032,000

Associated companies

61,533,000

60,815,000

60,140,000

5,137,000

5,137,000

Investments

45,449,000

45,000,000

40,000,000

40,000,000

40,000,000

Investment securities

9,810,000

5,591,000

19,661,000

6,628,000

-

Others

301,429,000

251,442,000

227,955,000

140,942,000

35,631,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

432,783,000

380,460,000

365,754,000

210,705,000

98,800,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

434,975,000

384,585,000

372,429,000

219,387,000

109,407,000

CURRENT ASSETS

Stocks

90,213,000

175,948,000

265,490,000

247,425,000

52,520,000

Trade debtors

528,177,000

452,761,000

607,546,000

477,355,000

376,065,000

Other debtors, deposits & prepayments

337,384,000

335,274,000

473,172,000

244,989,000

316,277,000

Short term deposits

25,000,000

3,000,000

-

-

-

Loans & advances - current portion

89,685,000

139,100,000

133,621,000

119,742,000

-

Amount due from agents, brokers & reinsurers

25,717,000

22,958,000

14,715,000

4,014,000

22,000

Amount due from holding company

4,507,000

456,861,000

269,629,000

84,918,000

-

Amount due from subsidiary companies

229,615,000

203,796,000

174,011,000

41,360,000

-

Amount due from related companies

427,455,000

432,457,000

473,599,000

450,174,000

511,830,000

Amount due from associated companies

571,000

571,000

250,000

923,000

-

Cash & bank balances

24,182,000

16,391,000

4,552,000

1,752,000

683,000

Others

2,806,528,000

2,558,134,000

3,508,650,000

2,496,285,000

3,718,636,000

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

4,589,034,000

4,797,251,000

5,925,235,000

4,168,937,000

4,976,033,000

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

5,024,009,000

5,181,836,000

6,297,664,000

4,388,324,000

5,085,440,000

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

184,070,000

209,465,000

626,325,000

221,462,000

193,121,000

Other creditors & accruals

407,724,000

175,352,000

760,751,000

734,543,000

395,682,000

Amounts owing to holding company

2,880,504,000

2,900,000,000

175,975,000

120,324,000

-

Amounts owing to subsidiary companies

4,546,000

1,516,000

55,561,000

75,025,000

-

Amounts owing to related companies

385,256,000

1,057,348,000

3,703,783,000

2,647,718,000

1,887,040,000

Provision for taxation

14,759,000

-

9,113,000

13,864,000

2,275,000

Other liabilities

297,166,000

566,325,000

585,190,000

229,860,000

2,434,489,000

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

4,174,025,000

4,910,006,000

5,916,698,000

4,042,796,000

4,912,607,000

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

415,009,000

(112,755,000)

8,537,000

126,141,000

63,426,000

----------------

----------------

----------------

----------------

----------------

LONG TERM LIABILITIES

Deferred taxation

1,854,000

1,257,000

-

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

1,854,000

1,257,000

-

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

848,130,000

270,573,000

380,966,000

345,528,000

172,833,000

=============

=============

=============

=============

=============

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

70,425,000

70,425,000

70,425,000

70,425,000

70,425,000

Preference share capital

300,000,000

-

-

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

370,425,000

70,425,000

70,425,000

70,425,000

70,425,000

RESERVES

Retained profit/(loss) carried forward

470,517,000

200,148,000

307,038,000

275,489,000

102,408,000

Others

7,188,000

-

3,503,000

(386,000)

-

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

477,705,000

200,148,000

310,541,000

275,103,000

102,408,000

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

848,130,000

270,573,000

380,966,000

345,528,000

172,833,000

=============

=============

=============

=============

=============

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

NOBLE RESOURCES INTERNATIONAL PTE. LTD.

 

TYPES OF FUNDS

Cash

49,182,000

19,391,000

4,552,000

1,752,000

683,000

Net Liquid Funds

49,182,000

19,391,000

4,552,000

1,752,000

683,000

Net Liquid Assets

324,796,000

(288,703,000)

(256,953,000)

(121,284,000)

10,906,000

Net Current Assets/(Liabilities)

415,009,000

(112,755,000)

8,537,000

126,141,000

63,426,000

Net Tangible Assets

848,130,000

270,573,000

380,966,000

345,528,000

172,833,000

Net Monetary Assets

322,942,000

(289,960,000)

(256,953,000)

(121,284,000)

10,906,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

339,540,000

(17,116,000)

128,757,000

244,633,000

152,104,000

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

341,677,000

(14,131,000)

130,892,000

246,888,000

154,578,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

0

0

Total Liabilities

4,175,879,000

4,911,263,000

5,916,698,000

4,042,796,000

4,912,607,000

Total Assets

5,024,009,000

5,181,836,000

6,297,664,000

4,388,324,000

5,085,440,000

Net Assets

848,130,000

270,573,000

380,966,000

345,528,000

172,833,000

Net Assets Backing

848,130,000

270,573,000

380,966,000

345,528,000

172,833,000

Shareholders' Funds

848,130,000

270,573,000

380,966,000

345,528,000

172,833,000

Total Share Capital

370,425,000

70,425,000

70,425,000

70,425,000

70,425,000

Total Reserves

477,705,000

200,148,000

310,541,000

275,103,000

102,408,000

GROWTH RATIOS (Year on Year) (%)

Revenue

(10.76)

(31.35)

(25.53)

21.54

607.35

Proft/(Loss) Before Tax

369.60

(354.31)

(77.38)

70.31

1,994.35

Proft/(Loss) After Tax

352.94

(438.81)

(81.77)

76.01

2,314.31

Total Assets

(3.05)

(17.72)

43.51

(13.71)

121.97

Total Liabilities

(14.97)

(16.99)

46.35

(17.71)

109.72

LIQUIDITY (Times)

Cash Ratio

0.01

0

0

0

0

Liquid Ratio

1.08

0.94

0.96

0.97

1.00

Current Ratio

1.10

0.98

1.00

1.03

1.01

WORKING CAPITAL CONTROL (Days)

Stock Ratio

5

8

9

6

2

Debtors Ratio

28

22

20

12

11

Creditors Ratio

11

10

21

6

6

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0

0

0

Liabilities Ratio

4.92

18.15

15.53

11.70

28.42

Times Interest Earned Ratio

7.10

(0.19)

1.49

4.33

3.65

Assets Backing Ratio

2.29

3.84

5.41

4.91

2.45

PERFORMANCE RATIO (%)

Operating Profit Margin

4.29

(1.42)

0.38

1.26

0.90

Net Profit Margin

3.98

(1.40)

0.28

1.16

0.80

Return On Net Assets

40.03

(6.33)

33.80

70.80

88.01

Return On Capital Employed

39.95

(6.30)

33.80

70.80

88.01

Return On Shareholders' Funds/Equity

31.88

(39.51)

8.28

50.09

56.90

Dividend Pay Out Ratio (Times)

0

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.99

UK Pound

1

INR 90.83

Euro

1

INR 80.58

SGD

1

INR 49.57

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.