MIRA INFORM REPORT
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Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SOUTH THAMES COLLEGE |
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Registered Office : |
London Wandsworth Campus, Wansdsworth High Street, London,
SW18 2PP |
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Country : |
United Kingdom |
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Financials (as on) : |
31.07.2010 |
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Year of Establishment: |
1895 |
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Legal Form : |
Education Institutions |
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Line of Business : |
Subject provides Education |
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No. of Employees : |
848 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
United Kingdom |
A1 |
A1 |
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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 |
United Kingdom ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the second
largest economy in Europe after Germany. Over the past two decades, the
government has greatly reduced public ownership and contained the growth of
social welfare programs. Agriculture is intensive, highly mechanized, and
efficient by European standards, producing about 60% of food needs with less
than 2% of the labor force. The UK has large coal, natural gas, and oil
resources, but its oil and natural gas reserves are declining and the UK became
a net importer of energy in 2005. Services, particularly banking, insurance,
and business services, account by far for the largest proportion of GDP while industry
continues to decline in importance. After emerging from recession in 1992,
Britain's economy enjoyed the longest period of expansion on record during
which time growth outpaced most of Western Europe. In 2008, however, the global
financial crisis hit the economy particularly hard, due to the importance of
its financial sector. Sharply declining home prices, high consumer debt, and
the global economic slowdown compounded Britain's economic problems, pushing
the economy into recession in the latter half of 2008 and prompting the then
BROWN (Labour) government to implement a number of measures to stimulate the
economy and stabilize the financial markets; these include nationalizing parts
of the banking system, temporarily cutting taxes, suspending public sector
borrowing rules, and moving forward public spending on capital projects. Facing
burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition
government (between Conservatives and Liberal Democrats) initiated a five-year
austerity program, which aimed to lower London's budget deficit from over 10%
of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the
Exchequer George OSBORNE announced additional austerity measures through 2017
because of slower-than-expected economic growth and the impact of the euro-zone
debt crisis. The CAMERON government raised the value added tax from 17.5% to
20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014.
The Bank of England (BoE) implemented an asset purchase program of up to £375
billion (approximately $605 billion) as of December 2012. During times of
economic crisis, the BoE coordinates interest rate moves with the European
Central Bank, but Britain remains outside the European Economic and Monetary
Union (EMU). In 2012, weak consumer spending and subdued business investment
weighed on the economy. GDP fell 0.1%, and the budget deficit remained
stubbornly high at 7.7% of GDP. Public debt continued to increase.
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Source : CIA |
Company name & address
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COMPANY name |
South Thames
College |
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Company
Address |
London Wandsworth Campus, Wansdsworth High Street, London,
SW18 2PP |
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Tel |
0208 918 7046 |
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Fax |
0208 918 7067 |
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Website |
Company
summary
|
Legal Status |
South Thames College Corporation was established under the
Further and Higher Education Act 1992. The College is an exempt charity for
the purposes of the Charities Act 1993 as amended by the Charities Act 2006
and accordingly is not liable to Corporation Tax. |
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Foundation |
1895 |
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VAT Registration Number |
Not known |
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Owners |
The College Principal is Sue Rimmer |
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General Data |
To provide Further Education, currently have 21,000
students |
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Branches |
Wandsworth Campus - Wandsworth High Street, London SW18
2PP Merton Campus - London Road, Morden SM4 5QX Tooting Centre - 71 Tooting High Street, London SW17 0TQ Roehampton Centre - 166 Roehampton Lane, London SW15 4HR |
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Assets |
College at Wandsworth High Street, London SW18 2PP |
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Employees |
848 staff |
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Annual Sales |
The latest financial accounts that we have been able to
obtain sight of were for 2010 and these showed an Income of £49,370,000. A
copy of these accounts appears at the end of this report. |
|
Remarks |
On 1 August 2009, South Thames College merged with Merton
College. At that date all assets, liabilities and activities of Merton
College transferred to South Thames College and Merton College was dissolved.
All activities are continuing within the merged College. |
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Mode of Payment |
There is 1 unsatisfied CCJ for
£850.00 for businesses with this name at this address In January 2011 a Judgment of
£850.00 was made in BOW court (Case No. 0QT81942) against SOUTH THAMES COLLEGE,
of WANDSWORTH HIGH STREET, LONDON SW18 2PP |
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Bankers |
Barclays Bank PLC, PO Box 544, Lombard Street, London EC3V
9EX |
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Credit Option |
Should prove good for normal credit requirements |
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Trade References |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.42 |
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UK Pound |
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
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.