Wednesday, 21 March 2012
TAXMASTERS, INC.
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Company name
TAXMASTERS, INC.
Identification number If you want to know more, ASKMORE modeFinance’s credit report.
TM
Country Address
Almost every day millions of people around the world are wondering the real creditworthiness of the companies with which they are in business. Every day these questions remain unanswered. modeFinance now aims to answer these questions in a simple, complete and immediate way. TM
TM
TM
- HOUSTON Suite 400 +1 281 497 4226
Legal form Account
Consolidated
Incorporation date
1986
NACE 2 Sector
7490 - Other professional, scientific and technical activities nec
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ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
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United States of America
ZIP code and city
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
plans 3 types of reports:
Turnover (th e)
31/12/2010
31/12/2009
31/12/2008
32,867
26,320
11,401
Rating s-peek
C
CCC
C
57.00%
16.00%
57.00%
100%
92%
92%
-1.74
-1.92
-2.40
0.42
0.48
0.58
Current Ratio
0.14
0.22
0.89
Quick Ratio
0.14
-
-
Probability of default
Plus
Basic TM
ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk.
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-21.40
7.42
-38.92
Return on equity ROE (%)
-15.80
-33.04
-55.17
4.95
3.81
1.54
Interest paid weight
-0.15
0.22
-0.01
EBITDA/Sales
-0.03
0.02
-0.25
EBIT interest coverage ratio
-6.89
4.35
-103.96
EBITDA interest coverage ratio
-4.15
5.84
-101.21
Asset turnover
Interest Coverage ratios
Analysis and trend of financial strength modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
-1.74
0.60
2.27
6.41
-2.57
Total asset/Total liabilities
0.42
2.66
1.44
1.11
0.96
Current Ratio
0.14
2.54
1.48
1.09
0.91
Quick Ratio
0.14
2.39
1.35
0.99
0.76
Return on investement ROI (%)
-21.40
14.26
5.32
0.97
-7.50
Return on equity ROE (%)
-15.80
13.67
8.53
-3.13
-106.00
Liquidity ratios
Profitability and economic equilibrium ratios
Asset turnover
4.95
1.58
1.62
1.28
1.25
Interest paid weight
-0.15
0.00
0.11
0.11
-0.10
EBITDA/Sales
-0.03
0.15
0.05
0.02
-0.03
EBIT interest coverage ratio
-6.89
267.80
6.00
0.35
-5.92
EBITDA interest coverage ratio
-4.15
265.80
10.55
1.88
-2.59
Interest Coverage ratios
Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
0
7
11
24
25
Days Sales Outstanding (DSO)
0
41
51
52
46
Days Payable Outstanding (DPO)
37
10
20
30
30
Cash Conversion Cycle (DIO + DSO - DPO)
-37
39
42
40
54
-
434
1,000
488
103
C
A
BB
B
CC
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 7490 with financial data of year 2010.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2010
31/12/2009
31/12/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.748
0.69416
0.71855
Exchange rate USD - EUR Total assets
6,636
6,916
7,426
Fixed assets
4,612
4,048
447
0
-
-
Tangible fixed assets
2,157
1,759
138
Other fixed assets
2,455
2,290
309
2,024
2,868
6,979
Intangible fixed assets
Current assets Stocks
0
-
-
Debtors
0
0
4,112
2,024
2,868
2,867
945
2,226
2,867
-9,006
-7,546
-5,289
255
236
216
Other shareholders funds
-9,261
-7,781
-5,505
Total liabilities
Other current assets Cash & cash equivalent Shareholders funds Capital
15,642
14,462
12,714
Non current liabilities
960
1,186
4,883
Long term debt
960
1,186
100
0
0
4,783
14,681
13,276
7,832
407
395
52
3,370
2,233
1,019
10,904
10,648
6,761
6,636
6,916
7,426
Other non-current liabilities Current liabilities Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e)
31/12/2010
31/12/2009
31/12/2008
Short term debts
407
395
52
Long term debt
960
1,186
100
Cash & cash equivalent
945
2,226
2,867
Net debt
423
-645
-2,715
31/12/2010 Working capital
31/12/2009
31/12/2008
-
-
-
-12,658
-10,408
-853
31/12/2010
31/12/2009
Net Current Assets
31/12/2008
Days Sales Of Inventory (DIO)
0
-
-
Days Sales Outstanding (DSO)
0
0
132
37
31
33
-37
-
-
Days Payable Outstanding (DPO) Cash Conversion Cycle (DIO + DSO - DPO)
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2010
31/12/2009
31/12/2008
Accounting practice
Local GAAP
Local GAAP
Local GAAP
Exchange rate USD - EUR
0.748
0.69416
0.71855
Sales
32,867
26,320
11,401
24.9
130.9
-
0
0
0
Operating revenue / turnover
32,867
26,320
11,401
Total costs
33,739
25,665
14,235
Costs growth (%)
33
81
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
-871
654
-2,834
575
168
77
-1,446
487
-2,911
-185
-85
-7
Financial revenue
25
27
21
Financial expenses
210
112
28
210
112
28
-1,630
401
-2,918
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation EBIT Financial P/L
Interest paid P/L before tax Extr. and other P/L
-
-
-
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-
-
-
-208
-2,092
0
-1,423
2,493
-2,918
P/L before tax + Extr. and other P/L Taxation P/L for period
31/12/2010 Cash flow Added value
2,661
-2,841
-
-
-
306
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2008
-848
31/12/2010 Number of employees
31/12/2009
31/12/2009
31/12/2008
340
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
-
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company is a United States based enterprise engaged in the provision of financial and other related services. The company was incorporated in the state of Nevada in the year 1986. Its registered business office is based in Valencia, California. It operates its business primarily in the domestic market. The company comprises its business activities in acting as principals in buying or selling of financial contracts generally on a spread basis. Its is also involved in the provision of securities dealing, securities brokering, commodity contracts dealing, and commodity contracts brokerage services.
History
Not available.
Primary business line
Engaged in the provision of financial and other related services.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Financial and other related services.
Size estimate
Not available.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
United States of America.
Main foreign countries or regions
Not available.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
MALONE BAILEY, LLP
Auditor
-
Board name
date of birth
nationality
function
Mr Patrick R Cox Mr Michael E Holdgrafer Mr David M Hyink Mr James S Milholland Mr Richard A Wright
-
-
Chairman of the Board, President, Chief Executive Officer Independent Director Director Independent Director Director
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
COX PATRICK R. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
-
Operating revenue (MIL $)
Rating:
CLAMON GLENN A. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
88.70 -
8.80 -
-
Total Assets (MIL $) Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2010/04
2010/04
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong. The company shows an excellent
AAA
AA
Assessment
economic and financial flow and fund equilibrium. Healthy
The company has very strong creditworthiness. It also has a good capital structure and economic and financial equilibrium. Difference from AAA is slight. The company has a high solvency. The company is however more susceptible to the adverse effects of changes in
A
circumstances and economic conditions than companies in higher rated categories. Capital structure and economic equilibrium are considered adequate. The company’s capacity to meet its financial commitments could be affected by serious unfavourable events.
BBB Balanced
A company rated BB is more vulnerable than companies rated BBB. Furthermore the company faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions.
BB
The company presents vulnerable signals with regards to its fundamentals. Adverse business, financial, or economic
B
conditions will be likely to impair the company’s capacity or willingness to meet its financial commitments. Vulnerable
CCC
A company rated CCC has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals. Adverse market events and an inadequate management could affect with high probability the company’s solvency.
CC
The company shows signals of high vulnerability. In the event of adverse market and economic conditions, the company’s strong disequilibrium could increase. Risky
C
The company shows considerable pathological situations. commitments is very low.
D
The company has not any longer the capacity to meet its financial commitments.
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The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TAXMASTERS, INC.
Wednesday, 21 March 2012 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741