Monday, 17 June 2013
ORCHARD SUPPLY HARDWARE STORES CORPORATION
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Company name
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Identification number If you want to know more, ASKMORE modeFinance’s credit report.
TM
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
United States of America
ZIP code and city
95119 - SAN JOSE
Address
6450, VIA DEL ORO +1 408 281 3500 www.osh.com
Legal form Account
Consolidated
Incorporation date
31/03/1989
NACE 2 Sector
4778 - Other retail sale of new goods in specialised stores
TM
ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
ASKMORE
Country
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
Black records
Available on request
plans 3 types of reports:
Turnover (th e) s-peek
28/01/2012
29/01/2011
499,558
501,959
508,740
Rating
Plus
Basic
02/02/2013
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. TM
C
CCC
B
62.71%
16.15%
3.25%
72%
72%
72%
-14.31
5.33
5.43
-8.54
3.04
3.45
0.93
1.19
1.18
Current Ratio
0.66
1.51
1.70
Quick Ratio
0.09
0.28
0.34
76.00
68.00
66.00
Probability of default Confidence Level Solvency ratios Leverage ratio Financial Leverage Total asset/Total liabilities Liquidity ratios
Cash Cycle Ratio Profitability ratios Return on investement ROI (%)
-
-
-
-386.72
-16.74
8.89
Asset turnover
1.61
1.21
1.05
Gross Profit/Operating revenue
0.31
0.33
0.35
-
-
-
Return on equity ROE (%)
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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 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
-14.31
0.59
2.12
5.29
3.48
Financial Leverage
-8.54
0.03
0.65
2.75
0.07
Total asset/Total liabilities
0.93
2.69
1.47
1.14
1.00
0.66
2.44
1.47
1.21
0.97
Quick Ratio
0.09
1.90
1.17
0.83
0.55
Cash Cycle Ratio
76.00
-
-
-
-
Liquidity ratios Current Ratio
Profitability ratios Return on investement ROI (%)
-
10.62
4.94
1.91
-6.09
-386.72
10.98
8.61
1.33
-69.04
Asset turnover
1.61
1.88
2.21
1.79
2.27
Gross Profit/Operating revenue
0.31
0.39
0.30
0.26
0.26
-
113.30
6.13
0.96
-4.20
Return on equity ROE (%)
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
95
14
16
26
36
Days Sales Outstanding (DSO)
0
30
30
33
17
Days Payable Outstanding (DPO)
27
23
29
34
30
Cash Conversion Cycle (DIO + DSO - DPO)
68
24
23
31
19
-
452
962
514
83
C
AA
BB
B
CC
Numer of analyzed companies (Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 4778 with financial data of year 2013.
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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
02/02/2013
28/01/2012
29/01/2011
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.76
0.76
0.77
12
12
12
Total assets
309,634
415,342
485,094
Fixed assets
157,589
268,106
318,845
22,610
101,776
111,997
127,941
159,875
202,485
7,038
6,455
4,363
152,045
147,236
166,248
130,253
119,830
132,479
Exchange rate USD - EUR Number of months
Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks
0
0
0
21,792
27,406
33,770
4,964
6,192
12,015
-23,264
65,587
75,485
12,608
12,608
46
Other shareholders funds
-35,871
52,980
75,438
Total liabilities
332,897
349,755
409,609
Non current liabilities
103,402
251,975
311,672
Long term debt
35,680
193,156
245,575
Other non-current liabilities
67,721
58,819
66,098
Current liabilities
229,496
97,780
97,937
Loans
163,015
6,284
14,855
Creditors
36,338
43,537
52,193
Other current liabilities
30,142
47,959
30,889
309,634
415,342
485,094
NET DEBT (th e)
02/02/2013
28/01/2012
29/01/2011
Short term debts
163,015
6,284
14,855
Long term debt
35,680
193,156
245,575
Debtors Other current assets Cash & cash equivalent Shareholders funds Capital
Total shareh. funds & liab.
Cash & cash equivalent
4,964
6,192
12,015
193,732
193,247
248,414
02/02/2013
28/01/2012
29/01/2011
Net debt
Working capital
-
-
-
-77,451
49,456
68,311
02/02/2013
28/01/2012
29/01/2011
Net Current Assets
Days Sales Of Inventory (DIO)
95
87
Days Sales Outstanding (DSO)
0
0
0
Days Payable Outstanding (DPO)
27
32
37
Cash Conversion Cycle (DIO + DSO - DPO)
68
55
58
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
95
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
02/02/2013
28/01/2012
29/01/2011
Accounting practice
Local GAAP
Local GAAP
Local GAAP
0.76
0.76
0.77
12
12
12
Exchange rate USD - EUR Number of months Sales
499,558
501,959
508,740
0
-1
-
0
0
0
Operating revenue / turnover
499,558
501,959
508,740
Total operating costs
594,668
503,413
484,345
Costs growth (%)
18
4
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
13,998
23,562
48,664
Depreciation
109,108
25,016
24,269
EBIT
-95,110
-1,454
24,395
Financial P/L
-18,786
-17,755
-13,392
-18,786
-17,755
-13,392
-
-
-
-
-
-
-113,896
-19,209
11,003
-
-
-
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-
-
-
Taxation
-23,930
-8,227
4,291
P/L for period
-89,966
-10,982
6,712
02/02/2013
28/01/2012
29/01/2011
Costs of Good Sold
342,654
335,184
332,516
Gross Profit
156,904
166,775
176,224
Other Operating Expenses
252,014
168,229
151,829
02/02/2013
28/01/2012
29/01/2011
19,142
14,034
30,981
-
-
-
Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA
Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L
P/L before tax + Extr. and other P/L
Cash flow Added value
02/02/2013 Number of employees
5,360
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
28/01/2012
29/01/2011
5,329
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
-
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Qualitative information Full overview
Not available.
History
Not available.
Primary business line
Not available.
Secondary business line
Not available.
Main activity
Not available.
Secondary activity
Not available.
Main products and services
Not available.
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
Not available.
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.
Black records Available on request.
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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
DELOITTE & TOUCHE LLP
Auditor
-
Wells Fargo Bank N.A
Transfer Agent
-
Board name
date of birth
nationality
function
Mr. Mr. Mr. Mr.
-
-
Chairman of the Board President, Chief Executive Officer, Director Independent Director Independent Director
-
-
Independent Director Independent Director Director Independent Director
William C. Crowley Mark R Baker Matthew D Cwiertnia Kevin R Czinger
Mrs. Susan L Healy Mrs. Karen M Rose Mr. Ravi Y Sarin Mr. Bryant W Scott
Shareholders (the first twenty shareholders ordered by Direct %) ARES PARTNERS MANAGEMENT COMPANY LLC via its funds
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
US 19.87
Total Assets (MIL $) Number of Employees Information date
0.18 2 12/2011
Rating:
ESL INVESTMENTS, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Total % Address : Not available
19.69
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
12/2012
FAIRHOLME CAPITAL MANAGEMENT, L.L.C.; FAIRHOLME FUNDS, INC.; BERKOWITZ R. BRUCE (COLLECTIVELY FAIRHOLM)
Rating:
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total % Address : Not available
11.95 -
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0
04/2012
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
FAIRHOLME CAPITAL MANAGEMENT LLC via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 10.05
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
ZIFF BROTHERS INVESTMENTS, L.L.C. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
13.7
4.57
Total Assets (MIL $) Number of Employees Information date
US 2.19
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
80 02/2013
6.9 70 12/2012
Rating:
BB
US
Operating Revenue (MIL $)
Rating:
HORIZON KINETICS LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
1.3 14 12/2012
Address : Not available
BLACKROCK, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
1.27
Total Assets (MIL $) Number of Employees Information date
9337 200451 10500 12/2012
Rating:
GUGGENHEIM CAPITAL, 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
1.22
Information date
12/2012
Rating:
BB
US 0.62
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
36.72 2186.66 260 12/2012
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
9681 222582
Direct % Total % Address : Not available
0.54
Number of Employees Information date
29660 12/2012
DIMENSIONAL FUND ADVISORS LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
24 540
Rating:
STATE STREET CORPORATION via its funds
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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
NORTHERN TRUST CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.51
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
2017.7
0.49
Total Assets (MIL $) Number of Employees Information date
1830.07 9500 12/2012
US 0.42
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
Rating:
LOCKHEED MARTIN CORP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
3896.04 97463.85 14156 12/2012
B 47182 38657 120000 12/2012
Address : Not available
CHOU ASSOCIATES MANAGEMENT INC via its funds
Rating:
Country ISO code
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address : Not available
CA 0.36
Total Assets (MIL $) Number of Employees Information date
0 12/2012
Rating:
STATE OF TEXAS 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
0.31
Information date
12/2012
Rating:
BB
BM 0.30
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
4122.7 19347 0 12/2012
INVESCO LTD. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
RENAISSANCE TECHNOLOGIES HOLDINGS CORP. via its funds
Rating:
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total % Address : Not available
0.29
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
-
0 12/2012
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
CHARLES SCHWAB CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.28
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
STATE OF CALIFORNIA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
4931 133637 13800 12/2012
0.28
Total Assets (MIL $) Number of Employees Information date
MORGAN STANLEY SMITH BARNEY HOLDINGS LLC via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US 0.26
12/2012
0 12/2012
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
ORCHARD SUPPLY HARDWARE LLC Country ISO code NACE Rev. 2, Core code Direct % Total %
US MO
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
-
Information date
Total %
02/2013
Rating:
OSH PROPERTIES LLC Country ISO code NACE Rev. 2, Core code Direct %
683.1 5329
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
02/2013
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 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.
AAA AA
Assessment
Healthy
The company has very strong creditworthiness. The company has a high solvency.
A
Capital structure and economic equilibrium are considered adequate.
BBB Balanced BB
The companyï¿ 21 s performances are adequate considering the sector and the country in which it is operating.
B
The company presents vulnerable signals with regards to its fundamentals. Vulnerable
CCC
The company shows signals of high vulnerability.
CC C D
The company has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals.
Risky
The company shows considerable pathological situations. 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
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 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
ORCHARD SUPPLY HARDWARE STORES CORPORATION
Monday, 17 June 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.
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