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Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
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Name : |
COCA COLA SWAZILAND (NF) |
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Registered Office : |
P.o. Box 2040 Manzini |
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Country : |
Swaziland |
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Date of Incorporation : |
29.12.1978 |
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Legal Form : |
Limited Liability Company, Limited by shares |
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Line of Business : |
Manufacturers and distributors of soft drinks, Mineral Water and related
products |
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No. of Employees : |
300 employees |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Swaziland |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Swaziland - ECONOMIC OVERVIEW
Surrounded by South Africa, except for a short border with Mozambique, Swaziland depends heavily on South Africa from which it receives more than 90% of its imports and to which it sends 60% of its exports. Swaziland's currency is pegged to the South African rand, effectively subsuming Swaziland's monetary policy to South Africa. The government is heavily dependent on customs duties from the Southern African Customs Union (SACU), and worker remittances from South Africa supplement domestically earned income. Subsistence agriculture employs approximately 70% of the population. The manufacturing sector has diversified since the mid-1980s. Sugar and wood pulp were major foreign exchange earners; however, the wood pulp producer closed in January 2010, and sugar is now the main export earner. In 2007, the sugar industry increased efficiency and diversification efforts, in response to a 17% decline in EU sugar prices. Mining has declined in importance in recent years with only coal and quarry stone mines remaining active. Customs revenues plummeted due to the global economic crisis and a drop in South African imports. The resulting decline in revenue has pushed the country into a fiscal crisis. The government has requested assistance from the IMF and from the African Development Bank, but in 2011 was not able to meet the targets-including cutting the wage bill and improving spending controls-necessary to receive aid. Swaziland is looking to other countries, including South Africa, for assistance, but continues to struggle to meet its monthly payroll and fund government programs. With an estimated 40% unemployment rate, Swaziland's need to increase the number and size of small and medium enterprises and attract foreign direct investment is acute. Overgrazing, soil depletion, drought, and floods persist as problems for the future. More than one-fourth of the population needed emergency food aid in 2006-07 because of drought, and more than one-quarter of the adult population has been infected by HIV/AIDS.
Source CIA
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COMPANY REPORTED: |
COCA COLA SWAZILAND (NF) |
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Trade Names: |
CONCO LIMITED |
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Principal Address: |
P.o. Box 2040 Manzini, Swaziland |
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Telephone: |
+268-25171000/5184313/ 4448/ 4622/ 5171000 |
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Fax: |
+268-25171058/5184315/ 6310/2518/4315/ 2518/6310 |
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Email: |
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Internet: |
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Established: |
29/12/1978 |
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Registration: |
Swaziland |
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Legal Form: |
Limited Liability Company, Limited by shares |
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Stock Listing: |
Not Listed |
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Workforce: |
2011 |
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300 |
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Office & Factories |
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Head offices |
Plot 476, Conco Crescent Mathsapha Industrieal Site, Mathsapha,
Swaziland |
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Branches |
Various in Swaziland |
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Management/
Directors |
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President/ CEO (1) |
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Name |
Mr. Muhtar Kent |
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Current Title: |
Group Chairman |
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Remarks |
Top Decision Maker |
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Director (2) |
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Name |
Mr. J. Chestnut |
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Active in daily
business: |
Active |
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Current Title: |
Director |
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Country of residence |
Swaziland |
Top decision maker is the person who has the ultimate authority or power to make important managerial decisions. He/She may or may not be officially registered as a president or an executive director.
No negative information found
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Share Capital |
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Nominal Capital |
SZL. 1,000,000 |
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Paid in Capital |
SZL. 1,000,000 |
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Subscribed Capital |
SZL. 1,000,000 |
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Shareholders |
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Name |
Position |
Amount
|
Ratio |
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Mr. Muhtar Kent |
Group Chairman |
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Mr. J. Chestnut |
Director |
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Mr. Herbert A.
Allen |
Director |
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Mr. Ronald W.
Allen |
Director |
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Mr. Richard M.
Daley |
Director |
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Mr. Manqoba
Khumalo |
GM |
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The Coca-Cola Company |
Holding Co. |
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100.00% |
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Total |
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100.00% |
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Terms of payment |
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Buying
terms |
30%
in cash, 70% on credit |
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Selling
terms |
80%
in cash, 20% on credit |
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Suppliers |
Various
companies |
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Customers |
Local agencies, stores, outlets etc |
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Recent
Sales |
SZL.
60,000,000 (2011 Estimated) |
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Exports |
None |
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Export
Ratio |
0.0% |
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Import
Ratio |
30.0% |
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Domestic
Market Share |
20.0% |
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Affiliated Companies |
None |
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Exchange Rate |
US$ 1 = SZL. 8.56 |
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Established: |
29/12/1978 |
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Registration: |
Swaziland |
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Legal Form: |
Limited Liability Company, Limited by shares |
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Stock Listing: |
Not Listed |
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Workforce: |
2011 |
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300 |
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Office & Factories |
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Head offices |
Plot 476, Conco Crescent Mathsapha Industrieal Site, Mathsapha,
Swaziland |
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Branches |
Various in Swaziland |
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Business Activities |
Manufacturers and distributors
of soft drinks, Mineral Water and related products |
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Business Premises |
2000 Sft |
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Type of occupation
|
Owned |
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Location |
The subject is located close to a major road network |
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Premises used as
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Offices |
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Banking relationship |
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Main
Banks |
Standard Chartered Bank |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.74 |
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UK Pound |
1 |
Rs.89.02 |
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Euro |
1 |
Rs.72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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---- |
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.