MIRA INFORM REPORT
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Name :
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WORLDWIDE STONES LTD.
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Registered Office :
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1 Church Street Wirksworth
Matlock, DE4 4EY
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Country :
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United Kingdom
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Financials (as on) :
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31.03.2013
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Date of Incorporation :
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19.05.2010
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Com. Reg. No.:
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07258719
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Legal Form :
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Private Independent
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Line of Business :
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Wholesale Trade Agents and Brokers
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No. of Employees :
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Not Available
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RATING
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STATUS
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PROPOSED CREDIT LINE
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26-40
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B
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Capability to overcome financial difficulties seems comparatively
below average.
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Small
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Status :
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Moderate
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Payment Behaviour :
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Slow but correct
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Litigation :
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Clear
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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 – March, 31st, 2013
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Country Name
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Previous Rating
(31.12.2012)
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Current Rating
(31.03.2013)
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United Kingdom
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A1
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A1
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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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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.