Published on 13 Jan 2023.
RAM Ratings has affirmed Noblehouse International Trust Ltd’s (Noblehouse or the Company) “LECA2” rating. As the second highest on its scale, the assigned rating signifies the Company’s strong capacity and competence in fulfilling its performance obligations. Noblehouse’s favourable track record, financial standing and operational competencies underpin the rating, alongside sound governance and risk management practices.
As a full-fledged Labuan Trust Company (LTC) operating in Labuan International Business and Financial Centre (Labuan IBFC), Noblehouse provides a suite of secretarial, administrative, custodial and trustee services. With a 30-year operating history, the Company is a family-owned business and among the largest LTCs in Labuan with a portfolio of more than 200 clients.
Noblehouse has a profitable track record. In FY Dec 2021, the Company posted RM0.40 million pre-tax profit on the back of RM2.4 million revenue. As at end-2021, the Company has cash reserves equivalent to approximately four months of operating expenditure.
Our review of the Company’s operations indicates the appropriate risk management controls and processes remain in place, with no material adverse non-compliance noted. That said, we highlight that Noblehouse is involved in an ongoing court case, stemming from its role as nominee to three former corporate clients. This court case, known to us during the initial rating, could potentially pose a contingent liability to the Company should the plaintiff win. The Company’s rating will be reassessed accordingly if this event risk materialises.
LECA™ is an assessment service from RAM Rating Services Berhad for companies based in Labuan IBFC. LECA™ ratings are typically valid for up to 1 year after they are assigned. During this time, the assessment will be monitored by RAM Ratings and any material developments could change the rating assigned.
For information on LECA™ ratings assigned, visit https://analytics.ram.com.my/LECARating.
Chuan Shyang Lin
(603) 3385 2536
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