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Report Date : |
26.05.2014 |
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Tel. No.: |
1-3531-864 5735 |
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Fax No.: |
1-3531-864 5738 |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
No Trace |
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Payment Behaviour : |
--- |
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Litigation : |
--- |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Ireland |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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. Ireland entered into a recession in 2008 for the first
time in more than a decade, with the subsequent collapse of its domestic
property market and construction industry. 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 an even more important 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 to stabilize Ireland’s public finances. 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 country’s
deeply troubled banking sector. In late 2010, the former COWEN government
agreed to a $92 billion loan package from the EU and IMF to help Dublin
recapitalize Ireland’s fragile 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 has grown slowly since 2011, but managed to
reduce the budget deficit to 7.2% of GDP in 2013. In late 2013, Ireland
formally exited its EU-IMF bailout program, benefiting from its strict
adherence to deficit-reduction targets and success in refinancing a large
amount of banking-related debt
|
Source
: CIA |
Note:
On the basis of the information which you have provided we are not able to locate / contact the company.
Important Note:
Kindly provide us with additional information such as Correct Name, Address, Contact Details, Name of Contact Person or a copy of the Upper Part of Letterhead within 15 days of receiving this report, a would be sent without any additional cost.
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
PDT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.