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Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
SRI APPAREL LIMITED |
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Registered Office : |
1 Ontario Terrace Rathmines Dublin , 6 |
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Country : |
Ireland |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
20.02.2008 |
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Com. Reg. No.: |
E0453610 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
The wholesale of clothing. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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) |
|
Ireland |
B1 |
B |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
IRELAND - ECONOMIC OVERVIEW
Ireland is a small, modern, trade-dependent economy. Ireland
was among the initial group of 12 EU nations that began circulating the euro on
1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has
dropped sharply since the onset of the world financial crisis, with GDP falling
by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland
entered into a recession in 2008 for the first time in more than a decade, with
the subsequent collapse of its domestic property and construction markets.
Property prices rose more rapidly in Ireland in the decade up to 2007 than in
any other developed economy. Since their 2007 peak, average house prices have
fallen 47%. In the wake of the collapse of the construction sector and the
downturn in consumer spending and business investment, the export sector,
dominated by foreign multinationals, has become a key component of Ireland's
economy. Agriculture, once the most important sector, is now dwarfed by
industry and services. In 2008 the former COWEN government moved to guarantee
all bank deposits, recapitalize the banking system, and establish partly-public
venture capital funds in response to the country's economic downturn. In 2009,
in continued efforts to stabilize the banking sector, the Irish Government
established the National Asset Management Agency (NAMA) to acquire problem
commercial property and development loans from Irish banks. Faced with sharply
reduced revenues and a burgeoning budget deficit, the Irish Government
introduced the first in a series of draconian budgets in 2009. In addition to
across-the-board cuts in spending, the 2009 budget included wage reductions for
all public servants. These measures were not sufficient. In 2010, the budget
deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of
GDP - because of additional government support for the banking sector. In late
2010, the former COWEN government agreed to a $112 billion loan package from
the EU and IMF to help Dublin further increase the capitalization of its
banking sector and avoid defaulting on its sovereign debt. Since entering office
in March 2011, the new KENNY government has intensified austerity measures to
try to meet the deficit targets under Ireland's EU-IMF program. Ireland
achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of
GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish
exports, Dublin managed to trim the deficit to about 8.5% of GDP.
|
Source
: CIA |