MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
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Name : |
VODACOM |
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Registered Office : |
Mobil Oil, 2nd Floor, 3157 Boulevard du 30 Juin, |
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Country : |
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Date of Incorporation : |
11 December 2001 |
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Com. Reg. No.: |
52424 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Operators and providers of a GSM nationwide cellular network provision of mobile communication products and services including network, infrastructure cell phones, accessories, connections and once-off service options - roaming and international dialing. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
VODACOM
VODACOM SPRL (Requested)
ADDRESS
Building :
Mobil Oil, 2nd Floor
Street : 3157 Boulevard du 30 Juin
P.O. Box :
15915
Town :
Country :
Telephone :
(243 81) 313 1368 / 444 0004 / 444 0305 / 4443 062 / 444 3740
Fax : (243 81) 313 1350 / 313 1405
E-Mail : dieudone.mpata@vodacom.cd
Shortform Name
DRC
SENIOR COMPANY
PERSONNEL
Name Position
1. Allan Knot Chairman (
2. Alieu Compthe
Badara Chief Executive Officer
3. Abert Terreblanche Managing
Director
4. Dieudone Mpata Financial
Director
5. Charlie Slabbert Marketing
Director
Total Employees
650 (subject)
13,000 (group)
PAYMENTS
No complaints have been
heard regarding payments from local suppliers or banks.
Subject is a wholly owned
subsidiary of Vodacom International Holdings (Pty) Ltd, a member of Vodacom
Group, which provides GSM (Global System for Mobile Communications) services to
7 million customers in
Associations
inspire confidence and we consider it is acceptable to deal with subject for
LARGE amounts, although it is normal accepted practice for international
suppliers to deal on secured terms with Democratic Republic of Congo importers.
Opinion on maximum credit
: Congo Fr 500,000,000
Trade risk assessment :
PRINCIPAL BANKERS
NAME :
BANQUE COMMERCIALE DU
Branch :
Boulevard du 30 Juin
PO Box :
2798
Town :
Telephone : (243 12) 21770 / 21693 / 26410 /
26423
Fax :
(243 12) 26410
The company also has an
account with the following banks:
1. Standard Bank of
2. Rawbank
3487 Blvd du 30 Juin
Kinshasa/Gombe
Tel : (243) 89 81 010 / 98 32 0000
3. Citibank Kinshasa
Immeuble Citibank
Coin des Avenues Colonel Lukusa/Ngongo
Lutete
B.P. 9999
Tel : (243) 81 700 7000
FINANCIAL INFORMATION
Balance sheets are not available.
However, the subject interviewed offered the following information :
Sales Turnover : US DLRS 180,000,000 - 2005 - exact
: US DLRS 250,000,000 - 2006 - exact
: US DLRS 270,000,000 - 2007 - exact
Net Profit :
not given - 2006 - 2006
: US DLRS 6,700,000 -
2007 - exact
Financial year ends 31
March.
An extract from
Consolidated Balance Sheets for Vodacom Group (Pty) Ltd,
2005 2006
(in millions of SA Rand) ASSETS
Non-current assets 13,888 16,079
Property, plant and equipment 11,577 13,387
Investment properties - -
Intangible assets 1,644 1,955
Financial assets 93 92
Deferred taxation 308 298
Deferred cost 237 311
Lease assets 29 37
Current assets 8,706 8,689
Deferred cost 428 452
Short-term financial assets 187 149
Inventory 480 454
Trade and other receivables 3,621 4,487
Cash and cash equivalents 3,990 3,146
Total assets 22,595 24,768
EQUITY AND LIABILITIES
Equity 7,888 8,672
Retained earnings 8,057 8,567
Non-distributable reserves (298) (178)
Minority interests 129 283
Non-current liabilities 3,233 2,237
Interest-bearing debt 2,214 819
Deferred taxation 472 602
Deferred revenue 241 320
Provisions 184 372
Operating lease liabilities 122 123
Current liabilities 11,474 13,859
Trade and other payables 4,831 5,105
Deferred revenue 1,411 1,605
Taxation payable 633 630
Non interest-bearing debt 4.3 4.3
Short-term interest-bearing debt 382 1,646
Short-term provisions 595 623
Dividends payable 1,800 2,800
Derivative financial liabilities 1 61
Bank borrowings 1,817 1,386
Total equity and liabilities 22,595 24,768
Revenue 27,315 34,043
Other operating income 64 125
Direct network operating cost (14,618) (18,297)
Depreciation (2,414) (2,652)
Staff expenses (1,653) (2,043)
Marketing and advertising expenses (767) (977)
General administration expenses (751) (1,048)
Amortisation of intangible assets (430) (344)
Impairment of assets (268) 53
Profit from operations 6,478 8,866
Interest, dividends and other
financial income 663 659
Finance costs (642) (1,318)
Profit before taxation 6,499 8,207
Taxation (2,613) (3,078)
Net profit 3,886 5,129
Attributable to:
Equity shareholders 3,856 5,012
Minority interests 31 117
Basic and diluted earnings per share 385,550 501,230
Dividend per share 340,000 450,000
Financial year ends 31
March.
Sales turnover :
SA
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SA RAND 16,150,700,000 - 2002 - exact
: SA RAND 19,409,700,000 - 2003 - exact
: SA RAND 22,855,200,000 - 2004 - exact
: SA RAND 27,315,300,000 - 2005 - exact
: SA RAND 34,043,000,000 - 2006 - exact
Profit before
taxation : SA
: SA RAND 3,593,300,000 - 2002 - exact
: SA RAND 3,430,700,000 - 2003 - exact
: SA RAND 4,784,200,000 - 2004 - exact
: SA RAND 6,506,400,000 - 2005 - exact
: SA RAND 8,207,000,000 - 2006 - exact
Financial year ends 31 March.
LEGAL STATUS AND
HISTORY
Date Started : 11
December 2001
History : Subject was
established on 11 December 2001 and became fully operational in May 2002.
C.R. No. : 52424
ID No: 0173N38762W
Paid up Capital : US DLRS
1,000,000
Societe a Responsibilite
Limitee (Limited Liability Company) with the following shareholders :
Percentage
1. Vodacom International
Holdings (Pty) Ltd 51 %
1st Floor,
Vodacom Corporate Park, Vodavalley
PO Box
Private Bag X9904, Sandton 2146
Midrand
Tel : (27 11) 653 5000 / 653 5005
Fax : (27 11) 653 5001
Est : 28 March 2001
Reg No. : 2001/007051/07
Parent company : Vodacom Group (Pty) Ltd
2. Congolese Wireless
Networks SPRL 49 %
ACTIVITIES
The Company is involved
in the following activities :
Operators and providers
of a GSM nationwide cellular network provision of mobile communication products
and services including network, infrastructure cell phones, accessories,
connections and once-off service options - roaming and international dialing.
Main supplier: Alcatel
Network Type : GSM
900/1800
Network Code : 630 01
Network Status Live March 1999
Imports from
FACILITIES
The Company has the
following facilities :
Office premises located
at the heading address.
SPECIAL NOTE
You enquired on : Vodacom
SPRL
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)