MIRA INFORM REPORT

Report Date :

12.01.2012

IDENTIFICATION DETAILS

Name :	COCA-COLA AMATIL (N.Z.) LIMITED
Formerly Known As :	CCA BEVERAGES N.Z. LIMITED
Registered Office :	The Oasis, Carbine Road, Mount Wellington, Auckland, Zip/postal code 1060
Country :	New Zealand
Financials (as on) :	31.12.2009
Date of Incorporation :	27.08.1948
Com. Reg. No.:	46860
Legal Form :	Private Limited Company
Line of Business :	Manufacturing, distribution and marketing of soft drinks, diet drinks, juices and fruit drinks, cordials, waters, sports drinks, and energy drinks.
No. of Employees :	1,100 employees (Subject); 15,666 employees (Amatil Group)

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 9,000,000
Status :	Good
Payment Behaviour :	No Complaints
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
New Zealand	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Identification details Bottom of Form

Verified Address

Subject name : COCA-COLA AMATIL (N.Z.) LIMITED

Business address : The Oasis, Carbine Road

Town : Mount Wellington

Province : Auckland

Zip/postal code : 1060

Country : New Zealand

Tel : +64 9 5703000

Fax : +64 9 5703039

Website : www.coke.co.nz

Registered address : The Oasis, Carbine Road

Town : Mount Wellington

Province : Auckland

Zip/postal code : 1060

Country : New Zealand

Postal address : Private Bag 14916

Town : Panmure

Province : Auckland

Zip/postal code : 1741

_{Country : New Zealand}

Summary details

Executive Summary

Date founded or registered : 27/08/1948

Legal form : Private Limited Company

Chief executive : Thomas Harold George Adams

Issued & paid up capital : NZD 15,000,000

Sales turnover : NZD 492,885,000 (Non-consolidated 12 months, 31/12/2009)

Net income : NZD 57,333,000 (Non-consolidated 12 months, 31/12/2009)

Total fixed assets : NZD 699,107,000 (Non-consolidated 12 months, 31/12/2009)

Line of business : Manufacturing, distribution and marketing of soft drinks, diet drinks, juices and

fruit drinks, cordials, waters, sports drinks, and energy drinks.

Staff employed : 1,100 employees (Subject); 15,666 employees (Amatil Group)

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is progressing

Management experience : Management is adequately experienced

Financial performance : Financial performance is very good

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 9,000,000}

Credit amount asked : USD 2,500,000

Comments : Larger credit can still be considered. The Subject is well positioned in the

market and the financial stability of the group is positive.

Statutory details

Registry Data

Registration date : 27/08/1948

Legal form : Private Limited Company

Registration no 46860

Registered authority : New Zealand Companies Office

Registry status : Live/Active

Previous name : CCA BEVERAGES N.Z. LIMITED (until 29 August 1994) OASIS INDUSTRIES LIMITED (until 12 December 1990) INNES INDUSTRIES LIMITED (until 05 September 1973)

_{Change of legal form : None reported.}

Management / directors

Key Management

Name : Thomas Harold George Adams

Designation : Managing Director

Name : Bruce McEwen

Designation : Chief Financial Officer

Name : Alexandra Caroline Beaumont

Designation : Director

Name : Chris Litchfield

Designation : General Manager, Sales & Customer Service

Name : John Truscott

_{Designation : General Manager, Operations & Logistics}

Board of directors / other appointments

Appointments

Name : Designation : Appointment date : Address :	Thomas Harold George Adams Director 28/11/03 9 Manawa Road Remuera, Auckland 1050 New Zealand
Name :	Alexandra Caroline Beaumont
Designation :	Director
Appointment date :	20/02/09
Address :	109 Bassett Road Remuera, Auckland 1050 New Zealand
Name :	Terry James Davis
Designation :	Director
Appointment date :	26/04/02
Address :	353 Edinburgh Road Castlecrag, NSW 2068 Australia

Biography Born on 13-11-1957 in Orange, New South Wales, Australia. Mr. Terry James Davis is Group Managing Director and Executive Director of Coca-Cola Amatil Ltd. He joined the Company in November 2001 as Group Managing Director after 14 years in the global wine industry with most recent appointment as Managing Director of Beringer Blass (the wine division of Foster's Group Ltd). He is also Director of Seven Group Holdings Limited and was Director of St. George Bank Limited until December 2008. He acts as Council Member of the University of New South Wales Council.

Staff employed : 1,100 employees (Subject); 15,666 employees (Amatil Group)

Key Advisors

Auditors : ERNST & YOUNG Ernst & Young Building

2 Takutai Square Britomart Auckland 1010

_{New Zealand}

Share capital

Composition

Authorized Capital : NZD 15,000,000

No of shares : 15,000,000 Shares

Share par value : NZD 1

Issued capital : NZD 15,000,000

_{Paid up capital : NZD 15,000,000}

ownership / shareholders

How listed : Full List

Composition

Shareholder name COCA-COLA HOLDINGS NZ LIMITED

Address The Oasis, Carbine Road

Mount Wellington, Auckland 1060

New Zealand

No. of shares 15,000,000 Shares

_{% of shares 100%}

Related companies & corporate Affiliations

Structure

Name COCA-COLA AMATIL LIMITED

Affiliation type Ultimate Holding Company

Address Level 14, 40 Mount Street

North Sydney, NSW 2060

Australia

Comments : Coca-Cola Amatil Limited, together with its subsidiaries, engages in the manufacture, distribution, and marketing of carbonated soft drinks, sports and energy drinks, still and mineral waters, flavoured milk, fruit juices, coffee, and other alcohol-free beverages. The company also involves in processing and marketing fruit, vegetables, and other food products, as well as manufactures and/or distributes premium beer and spirits. It operates primarily in Australia, New Zealand, Fiji, Indonesia, and Papua New Guinea. The company was formerly known as Amatil Limited and changed its name to Coca-Cola Amatil Limited in 1989. Coca-Cola Amatil Limited was founded in 1904 and is based in North

Sydney, Australia.

Name COCA-COLA HOLDINGS NZ LIMITED

Affiliation type Parent Company

Address The Oasis, Carbine Road

Mount Wellington, Auckland 1060

New Zealand

Name AMATIL BEVERAGES (NEW ZEALAND) LIMITED

Affiliation type Wholly-owned Subsidiary

Address The Oasis, Carbine Road

Mount Wellington, Auckland 1060

New Zealand

Comments Dormant company.

Name BAYMAR PTY LTD

Affiliation type Sister Company

Address Level 14, 40 Mount Street

North Sydney, NSW 2060

Australia

Name COCA-COLA AMATIL (AUST) PTY LTD

Affiliation type Sister Company

Address Level 14, 40 Mount Street

North Sydney, NSW 2060

Australia

Name BEVERAGE BOTTLERS (NQ) PTY LTD

Affiliation type Sister Company

Address Ingham Road

Townsville, QLD 4810

Australia

Name CAN RECYCLING (S.A.) PTY LTD

Affiliation type Sister Company

Address 16A Duncan Court

Ottoway, SA 5031

Australia

Name COCA-COLA AMATIL (HOLDINGS) PTY LIMITED

Affiliation type Sister Company

Address Level 15, 71 Macquarie Street

Sydney, NSW 2000

Australia

Name CRUSTA FRUIT JUICES PROPRIETARY LIMITED

Affiliation type Sister Company

Address 17 Duncan Road

Dry Creek, SA 5094

Australia

Name QUIRKS AUSTRALIA PTY LTD

Affiliation type Sister Company

Address 198 Power Street

Glendenning, NSW 2761

_Australia

Related companies and corporate affiliations comments

Other companies of the Coca-Cola Amatil Limited should be considered affiliates of the Subject.

Bank & mortgages

Bank Details

Name of bank : Bank of New Zealand

Address : New Zealand

Account details : Current Account

Name of bank : Australia And New Zealand Banking Group Limited

Address : New Zealand

Account details : Current Account

Comments : It is generally not the policy of local banks to provide credit status information to non related parties, however interested parties would be advised to consult first with the Subject if banker's references are required.

Mortgages None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

financial data

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 31/12/09

Type of accounts : Full audited

Currency : New Zealand, Dollar (NZD)

Exchange rate : 1 USD = NZD 1.26 as of 11-01-2012

Summarized financial information

^{Consolidated type Non consolidated Non consolidated Group}

^consolidated

^{Currency New Zealand , Dollar New Zealand , Dollar Australian,}

^{(NZD) (NZD) Dollar (AUD)}

^{Denomination :} (x1) One (x1) One (x1) One

^{Date of financial year end :} 31/12/09 31/12/08 31/12/10

^{Length of accounts :} 12 months 12 months 12 months

^{Sale turnover / Income :} 492,885,000 488,372,000 4,609,400,000

Gross profit : _{152,755,000 150,902,000}

Operating profit :			844,900,000
Profit before tax :	80,980,000	72,708,000	710,500,000
Net income :	57,333,000	49,806,000	497,300,000
Non current assets :	454,964,000	439,979,000	3,290,900,000
Current assets :	244,143,000	237,772,000	1,986,900,000
Inventories :	65,279,000	64,581,000	735,300,000
Total assets :	699,107,000	677,751,000	5,277,800,000
Current liabilities :	290,302,000	106,892,000	1,202,100,000
Non current liabilities :	53,299,000	274,177,000	2,242,300,000
Total liabilities :	343,601,000	381,069,000	3,444,400,000
Share equity :	355,506,000	296,682,000	1,833,400,000
Reserve :	-4,476,000	-5,993,000
Retained earning :	344,249,000	286,916,000	-289,100,000

Comments : The non-consolidated financial information above relates to the

Subject only.

The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Coca-Cola Amatil Limited and all its subsidiaries which include the Subject.

Operation details

Main activities : The Subject in engaged in manufacturing, distribution and marketing of soft drinks, diet drinks, juices and fruit drinks, cordials, waters, sports drinks, and energy drinks.

The Subject is the authorised bottler which manufactures and distributes the brands of The Coca-Cola Company, as well as owning brands such as Pump, L&P and Deep Spring.

The Subject is part of Coca-Cola Amatil Limited (CCA) which manufactures, distributes and markets carbonated soft drinks, still and mineral waters, fruit juices, coffee and other alcohol-free beverages. The Company is also engaged in the processing and marketing of fruit, vegetables and other food products and the manufacture and/or distribution of beer brands and the spirit portfolio of global distributor Beam Global Spirits & Wines, by Pacific Beverages Pty Ltd: a joint venture entity between CCA and SABMiller plc. CCA’s principal operations are in Australia, New Zealand, Fiji, Indonesia and Papua New Guinea (PNG).

Brand : Coca-Cola, Vanilla Coke, Diet Coke, Coke Zero, Fanta, Sprite, Schweppes, Keri Juice Co, Thextons, E2, Kiwi Blue , Powerade, Mother, Roses, Lift,

Lift Plus, Glaceau.

Pump, Pumped, Baker Hall, L&P, Deep Spring.

Purchases

International : Asia, United States

Sales

Local : Yes

International : Pacific Island

Key events : October 11, 2011

Coca-Cola Amatil investment to revolutionize manufacturing for Australasia Coca-Cola Amatil Australasia (CCAA) has invested A$35 Million in new “blowfill” technology at its Thebarton production facility in Adelaide,

enabling the company to design and manufacture its own bottles using less raw materials.

CCAA’s Managing Director, Warwick White, described the new technology as the single largest capital investment in the company’s history, adding that it will fundamentally change the nature of manufacturing in the business.

He said, “The introduction of this technology has enabled us to redesign and lightweight our entire small carbonated soft drink and water bottle range. With innovation comes benefits which, in this case, are good for CCA, our customers and the communities we operate in. They include significant cost savings, production efficiency gains, increased product shelf life and stacking ability.”

At a Group level, CCAA says it is committed to spending approximately A$450 Million to install “blowfill” technology at all of the Company’s production facilities in Australia, New Zealand, Indonesia, Papua New Guinea and Fiji.

Mr White said that “blowfill” technology is capable of meeting the environmental goals set by CCA in both energy and water savings and is expected to reduce the carbon footprint of the company’s beverage containers by over 20%. He said a significant portion of these savings will come from bottle redesigns that use less PET resin, with others from the elimination of the need to transport empty bottles to CCA bottling facilities, and energy savings on the line.

“This investment continues our lightweighting journey – a journey which has already seen CCA achieve a 20% increase in packaging raw material efficiency since 2004,” Mr White said.

CCAA’s Thebarton facility produces the full CCA range of beverages including brands under licence from The Coca-Cola Company (including Coca-Cola, Coca-Cola Zero, diet Coke, Sprite, Fanta, Powerade Isotonic), along with Coca-Cola Amatil-owned brands. The Thebarton facility currently produces approximately 110 million PET bottles a year.

20 June 2011

Coca-Cola Amatil Limited Amends SABMiller plc JV, Paves Way For

Foster's Group Limited Bid-DJ

Dow Jones reported that Coca-Cola Amatil Limited and SABMiller plc are amending the terms of their joint venture (JV) amid a bid for the South African listed brewer to bid for Foster's Group Limited. Coca-Cola Amatil said in a statement its arrangement surrounding its existing joint venture, Pacific Beverages, limit SAB Miller's ability to buy shares in Foster's in its own right. Under the changes to the JV, if SAB Miller makes an offer for Foster's within five years and acquires at least 50.01% of the company, SAB Miller is entitled to acquire Coca-Cola Amatil's interest in Pacific Beverages and Coca-Cola Amatil will have the right to take over parts of Foster's business.

Property & Assets

Premises : The Subject operates from head office located at the verified heading address consisting of administrative office.

Branches : In addition, the Subject operates from production facilities located at

Auckland, Christchurch and Putaruru.

Summarized country risk

Gross Domestic Products (GDP) & Economic Overview

Central bank Reserve Bank of New Zealand

Reserve of foreign exchange & gold US$ 20.562 billion

Gross domestic product - GDP US$ 153.252 billion

GPP (Purchasing power parity) 120.2 billion of International dollars

GDP per capita - current prices US$ $34,701

GDP - composition by sector agriculture: 4.6% industry: 23.7% services: 71.7%

Inflation 2008: 4%

2009: 2.1%

2010: 2.3%

Unemployment rate 2008:4.2%

2009: 6.2%

2010: 6.5%

Public debt

(General Government gross

debt as a % GDP) 2008: 20.4 %

2009: 26.1%

_{2010: 31.6 %}

Government bond ratings Standard & Poor's: AA+/Stable/A-1+

Moody's rating: Aaa

Moody's outlook: STA

Market value of publicly traded shares US$ 67.061 Billion

Largest companies in the country : Telecom of New Zealand, Trans power, Fletcher Building, Infratil

Trade & Competitiveness Overview

Total exports US$29.53 billion

Exports commodities dairy products, meat, wood and wood products, fish, machinery

Total imports US$31.11 billion

Imports commodities machinery and equipment, vehicles and aircraft, petroleum,

electronics, textiles, plastics

Export - major partners Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%

Import - major partners Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,

Germany 4.7%

FDI Inflows 2007: US$ 4,598 million

2008: US$ -1293 million

2009: US$ 561 million

FDI Outflows 2007: US$ 462 million

2008: US$-308 million

2009: US$589 million

Best countries for doing

business 3 out of 183 countries

Global competitiveness ranking 23 (ranking by country on a basis of 133, the first is the best)

Country and Population Overview

Total population : 4.37 million

Total area : 270,467 km2

Capital : Wellington

_{Currency : New Zealand Dollar (NZD)}

Internet users as % of total population : 83 %

Payment history

Purchase Term

Local : Prepayment, Credit 30-90 days

International : L/C, Credit 30-90 days

Sales Term

Local : Prepayment, Credit 30-90 days

International : L/C, Credit 30-90 days

Trade Reference/ Payment Behaviour

Comments : As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources : Interviews and material provided by the Subject

: Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	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%)

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.