Tuesday, 12 March 2013
GEOKINETICS INC.
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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GEOKINETICS INC.
Identification number
US941690082
Country
United States of America
ZIP code and city
77042 - HOUSTON
Address
SUITE 800 +1 713 850 7600 www.geokineticsinc.com Not available
Legal form
Not available
Account
Consolidated
Incorporation date
1980/01/31
NACE 2 Sector
0910 - Support activities for petroleum and natural gas extraction
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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.
ASKMORE
Company name
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) Rating s-peek
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.
31/12/2010
31/12/2009
590,253
417,484
354,690
CC
CCC
BB
42.00%
16.00%
1.20%
100%
100%
100%
-5.30
6.49
2.63
0.81
1.15
1.38
Current Ratio
1.11
1.21
1.40
Quick Ratio
1.11
1.21
1.40
Probability of default
Plus
Basic
31/12/2011
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilities Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-33.42
-13.00
2.60
-193.51
-152.45
-16.07
1.49
0.77
0.66
-0.28
-0.42
0.46
0.21
0.17
0.27
-4.32
-2.33
2.89
Asset turnover Interest paid weight Gross Profit/Operating revenue Interest Coverage ratios EBIT interest coverage ratio
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
GEOKINETICS INC.
Tuesday, 12 March 2013 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
-5.30
0.50
1.77
1.89
-2.29
Total asset/Total liabilities
0.81
3.00
1.57
1.32
0.94
Current Ratio
1.11
2.28
1.25
0.99
0.74
Quick Ratio
1.11
2.01
1.08
0.82
0.55
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-33.42
18.20
7.56
-1.53
-14.82
Return on equity ROE (%)
-193.51
20.43
10.96
-10.39
-102.80
Asset turnover
1.49
1.24
0.94
0.49
1.08
Interest paid weight
-0.28
0.00
0.06
0.00
-0.02
Gross Profit/Operating revenue
0.21
0.31
0.23
0.24
0.05
-4.32
210.80
9.57
-1.25
-38.29
Days Sales Of Inventory (DIO)
0
18
19
20
34
Days Sales Outstanding (DSO)
68
68
64
61
57
Days Payable Outstanding (DPO)
38
34
49
74
78
Cash Conversion Cycle (DIO + DSO - DPO)
30
52
30
16
-1
-
222
388
203
64
CC
A
BBB
B
CC
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 0910 with financial data of year 2011.
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
GEOKINETICS INC.
Tuesday, 12 March 2013 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
GEOKINETICS INC.
Tuesday, 12 March 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.7729
0.748
0.6942
12
12
12
Total assets
397,382
542,423
535,672
Fixed assets
213,132
353,414
326,864
32,452
138,014
56,262
164,337
199,270
130,385
Exchange rate USD - EUR Number of months
Intangible fixed assets Tangible fixed assets
16,344
16,130
140,217
184,249
189,008
208,808
0
0
0
110,659
111,868
92,393
73,590
77,140
116,415
34,506
32,053
7,064
-92,361
72,387
147,373
64,538
56,224
46,600
-156,899
16,163
100,773
Total liabilities
489,743
470,036
388,299
Non current liabilities
323,329
314,243
239,142
Long term debt
311,765
272,683
228,172
11,563
41,560
10,970
166,414
155,793
149,157
Other fixed assets Current assets Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds
Other non-current liabilities Current liabilities
3,511
1,222
47,380
61,288
48,932
38,449
101,615
105,639
63,328
397,382
542,423
535,672
31/12/2011
31/12/2010
31/12/2009
Loans Creditors Other current liabilities Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent
3,511
1,222
47,380
311,765
272,683
228,172
34,506
32,053
7,064
280,771
241,852
268,489
31/12/2011
31/12/2010
31/12/2009
Net debt
Working capital
-
-
-
17,835
33,216
59,651
31/12/2011
31/12/2010
31/12/2009
Net Current Assets
Days Sales Of Inventory (DIO)
0
0
0
Days Sales Outstanding (DSO)
68
98
95
Days Payable Outstanding (DPO)
38
43
40
Cash Conversion Cycle (DIO + DSO - DPO)
30
55
55
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
GEOKINETICS INC.
Tuesday, 12 March 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
31/12/2011
31/12/2010
31/12/2009
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.7729
0.748
0.6942
12
12
12
Exchange rate USD - EUR Number of months Sales
590,253
417,484
354,690
41
18
-
0
0
0
Operating revenue / turnover
590,253
417,484
354,690
Total operating costs
751,238
486,342
336,413
Costs growth (%)
54
45
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
62,878
11,103
57,219 38,942
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation EBIT
223,863
79,961
-160,985
-68,858
18,276
-9,054
-31,280
-10,698
Financial P/L Financial revenue Financial expenses
509
1,322
168
9,563
32,602
10,866 6,333
37,250
29,616
-170,039
-100,138
7,578
-7,109
-6,620
-15,126
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-177,147
-106,758
-7,548
Interest paid P/L before tax Extr. and other P/L
P/L before tax + Extr. and other P/L Taxation
1,577
3,598
16,140
-178,724
-110,355
-23,688
31/12/2011
31/12/2010
31/12/2009
Costs of Good Sold
468,941
345,498
259,361
Gross Profit
121,312
71,986
95,329
Other Operating Expenses
282,297
140,844
77,053
31/12/2011
31/12/2010
31/12/2009
45,139
-30,394
15,254
-
-
-
P/L for period
Cash flow Added value
31/12/2011 Number of employees
7,000
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2010 5,200
31/12/2009 4,400
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GEOKINETICS INC.
Tuesday, 12 March 2013 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
GEOKINETICS INC.
Tuesday, 12 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company, based in the United States, is engaged in the provision of specialized geophysical solutions. It was founded in the year 1969. The company operates from a registered business head office located in Houston, Texas in the USA. Its shares are listed on the New York Stock Exchange under the ticker symbol GOK. Since its establishment, it has grown to be recognized as one of the largest independent, international land, and shallow water geophysical service companies. It has a capacity of more than 30 acquisition crews, 200,000 channels, and five data processing centers around the world. It offers a broad range of specialized geophysical solutions to the petroleum and mining industries around the world. Its services include land, shallow water ocean bottom cable (OBC), transition zone (TZ) seismic data acquisition, and advanced processing and interpretation services. The company’s geographic reach includes the arid deserts of the Middle East, the jungles of South America, the environmentally sensitive Alaskan Foothills, and the heli - portable mountain front of the Andes. It serves independent, international, and national oil companies.
History
Not available.
Primary business line
Engaged in the provision of specialized geophysical solutions.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Specialized geophysical solutions (land, shallow water ocean bottom cable, transition zone seismic data acquisition, and advanced processing and interpretation services).
Size estimate
One of the largest independent, international land, and shallow water geophysical service companies; Has a capacity of more than 30 acquisition crews, 200,000 channels, and five data processing centers around the world.
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
Petroleum and mining industries; Independent, international, and national oil companies.
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
GEOKINETICS INC.
Tuesday, 12 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
UHY LLP
Auditor
-
NCNB Texas National Bank
Transfer Agent
-
Board name
date of birth
nationality
function
Mr. Mr. Mr. Mr.
William R Zeigler Robert Louis Cabes David J Crowley Christopher M Harte
14/08/1969 -
-
Non - Executive Independent Chairman of the Board Independent Director President, Chief Executive Officer, Chief Operating Officer, Director Independent Director
Mr. Mr. Mr. Mr.
Gary M Pittman Christopher D Strong Anthony Tripodo Steven A Webster
-
-
Independent Director Independent Director Independent Director Independent Director
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
AVISTA CAPITAL PARTNERS GP, LLC Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US
Operating Revenue (MIL $)
39.82
Total Assets (MIL $) Number of Employees Information date
2 2013/01
Rating:
GATES CAPITAL MANAGEMENT, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Total % Address : Not available
9.31
Information date
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
4.50 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
1.1 9 2012/06
Rating:
WEBSTER STEVEN A. Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.16
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
2012/05
GEOKINETICS INC.
Tuesday, 12 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
HARPSWELL CAPITAL MANAGEMENT LLC via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 3.85
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
-
Operating Revenue (MIL $)
Rating:
ZIEGLER WILLIAM R. Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
2.90 -
Total Assets (MIL $) Number of Employees Information date
CH 2.87
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
2012/05
Rating:
CREDIT SUISSE GROUP AG via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
0 2012/03
22232.16 1008277.29 47400 2012/06
Address : Not available
Rating:
BLACKROCK, INC. Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
2.60
AA
Total Assets (MIL $) Number of Employees Information date
9337 179896 10100 2012/10
Rating:
WHITEBOX ADVISORS LLC via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
2.39
Information date
US 2.00 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
36.72 2186.66
Direct % Total % Address : Not available
1.36
Number of Employees Information date
260 2012/06
2012/06
Rating:
LEVANT AMERICA S.A. Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
7.2 84
Rating:
DIMENSIONAL FUND ADVISORS LP via its funds
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0 2012/05
A
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GEOKINETICS INC.
Tuesday, 12 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
RENAISSANCE TECHNOLOGIES LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.66
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CH
Operating Revenue (MIL $)
30250.93
0.60
Total Assets (MIL $) Number of Employees Information date
1373807.5 62628 2012/06
US 0.57
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
CA
Operating Revenue (MIL $)
26137.46
Total Assets (MIL $) Number of Employees Information date
825430.19 74377 2012/06
Rating:
UBS AG via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
Rating:
VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
1245.2 947.51 42 2012/06
2017.7 1830.07 9500 2012/06
Address : Not available
Rating:
ROYAL BANK OF CANADA RBC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.50
Rating:
STATE OF CALIFORNIA via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
0.48
Information date
US 0.34
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total % Address : Not available
0.31
2012/06
Rating:
ALGERT COLDIRON INVESTORS, LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
-
2.1 20 2012/06
Rating:
GEODE CAPITAL MANAGEMENT, LLC via its funds
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0.2 2 2012/06
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GEOKINETICS INC.
Tuesday, 12 March 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ROBOTTI & COMPANY, INCORPORATED via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.29
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
NORTHERN TRUST CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.22
Total Assets (MIL $) Number of Employees Information date
US 0.20
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
3769.64 100223.74 14018 2012/06
Rating:
SUSQUEHANNA INTL GROUP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
0 2012/06
0 2012/06
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
GEOKINETICS PROCESSING, INC. Country ISO code NACE Rev. 2, Core code Direct %
US WO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total %
WO
Information date
BR MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total %
-
Information date
Total %
US MO
Total %
2011/02
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
-
Information date
77.9 1000 2012/03
Rating:
GEOKINETICS USA, INC. Country ISO code NACE Rev. 2, Core code Direct %
900
Rating:
GEOKINETICS MANAGEMENT, INC. Country ISO code NACE Rev. 2, Core code Direct %
2013/02
Rating:
GEOKINETICS GEOPHYSICAL DO BRASIL LTDA. Country ISO code NACE Rev. 2, Core code Direct %
3.4 46
US MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
-
Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
15.7 100 2012/09
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GEOKINETICS INC.
Tuesday, 12 March 2013 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
GEOKINETICS INC.
Tuesday, 12 March 2013 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.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
The company’s capacity to meet its financial
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GEOKINETICS INC.
Tuesday, 12 March 2013 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
GEOKINETICS INC.
Tuesday, 12 March 2013 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
GEOKINETICS INC.
Tuesday, 12 March 2013 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
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