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Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
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Name : |
S M D TEXTILES LTD. |
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Registered Office : |
Unit F2 Pittman Way, Preston North Employment, Industrial Estate,
Fulwood , Preston, PR2 9ZD |
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Country : |
United Kingdom |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
19.03.1987 |
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Com. Reg. No.: |
02112669 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Design and sale of furnishing textiles through independent
and multiple retailers to a broad spectrum of consumers across the world. |
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No. of Employees : |
80 |
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 : |
Slow but Correct |
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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 |