MIRA
INFORM REPORT
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RATING
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STATUS
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PROPOSED CREDIT LINE
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<10
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C
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Absolute credit risk exists. Caution needed to be exercised
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Credit not
recommended
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Status :
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No Trace
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Payment Behaviour :
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--
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Litigation :
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--
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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
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Country Name
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Previous Rating
(31.03.2011)
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Current Rating
(30.06.2012)
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Swaziland
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C1
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C1
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Risk Category
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ECGC
Classification
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Insignificant
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A1
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Low
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A2
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Moderate
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B1
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High
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B2
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Very High
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C1
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Restricted
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C2
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Off-credit
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D
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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
REGISTERED NAME & COMPANY
SUMMARY
Date of Production: December 24,
2012
ORIGINAL ORDER DETAILS
63975
COMMENTS
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COMPANY REPORTED:
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GINGHAM SA
(NF)
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Head offices
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Rue De La Poste 1936 Verier VS
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Business Activities
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Could not be established
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COMMENTS
A Search was conducted with the registry of companies, Chamber of
commerce, and trade Ministry, could not assist in tracing the company.The
address provided is in Switzerland and not Swaziland
as indicated in the order.
Th
subject company is not located in Swaziland, in the view that we have
exhaustively traced the company with no success. We recommend secured credit
only.
DIRECTORS/MANAGEMENT
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Management/ Directors
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Not found
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NEGATIVE INFORMATION
No negative information
found.
SHARE & SHARE CAPITAL
INFORMATION
N/a
PAYMENT INFORMATION
N/a
GROUP STRUCTURE & AFFILIATED
COMPANIES
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Affiliated Companies
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none
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FINANCIAL INFORMATION
N/a
FOREIGN EXCHANGE RATES
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Exchange Rate
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US$ 1 = SZL. 8.57
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ADDITIONAL INFORMATION
N/a
NOTES & COMMENTS
N/a
Note :
Kindly provide us with additional information such as
Correct Name, Address, Contact Details, Name of Contact Person or a copy of the
Upper Part of Letterhead within 15 days of receiving this report, a would be
sent without any additional cost.
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.
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