Thursday, 04 April 2013
GMX RESOURCES INC
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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GMX RESOURCES INC
Identification number
Not available
Country
United States of America
ZIP code and city
73114 - OKLAHOMA CITY
Address
SUITE 600 +1 405 600 0711 www.gmxresources.com Not available
Legal form
Not available
Account
Consolidated
Incorporation date
1998
NACE 2 Sector
0610 - Extraction of crude petroleum
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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
750,000 e
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
90,224
72,199
65,455
CCC
CCC
B
16.00%
16.00%
3.80%
100%
100%
100%
Leverage ratio
8.73
3.36
1.12
Total asset/Total liabilities
1.11
1.30
1.89
Current Ratio
3.14
1.01
1.58
Quick Ratio
3.13
1.00
1.57
Probability of default
Plus
Basic
31/12/2011
Confidence Level
TM
Solvency ratios
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%) Return on equity ROE (%)
-32.08
-24.43
-31.48
-392.10
-125.44
-75.45
0.22
0.19
0.18
-0.18
-0.15
-0.10
0.89
0.89
0.88
-5.73
-6.64
-9.38
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
GMX RESOURCES INC
Thursday, 04 April 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
8.73
0.40
1.33
2.07
-2.90
Total asset/Total liabilities
1.11
3.52
1.74
1.26
0.90
Current Ratio
3.14
2.53
1.13
1.00
0.52
Quick Ratio
3.13
2.20
0.91
0.87
0.42
Liquidity ratios
Profitability and economic equilibrium ratios Return on investement ROI (%)
-32.08
25.01
8.57
-0.48
-10.32
Return on equity ROE (%)
-392.10
24.43
12.65
-10.66
-76.89
Asset turnover
0.22
0.80
0.46
0.30
0.29
Interest paid weight
-0.18
0.01
0.09
0.00
-0.02
Gross Profit/Operating revenue
0.89
0.57
0.48
0.27
0.04
-5.73
138.40
7.91
-0.31
-18.84
Days Sales Of Inventory (DIO)
1
11
18
24
24
Days Sales Outstanding (DSO)
49
42
48
40
32
Days Payable Outstanding (DPO)
42
27
37
59
56
Cash Conversion Cycle (DIO + DSO - DPO)
8
31
31
17
7
Numer of analyzed companies
-
226
328
180
53
CCC
A
BBB
B
C
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days)
(Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 0610 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
GMX RESOURCES INC
Thursday, 04 April 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
GMX RESOURCES INC
Thursday, 04 April 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
419,044
379,303
362,398
Fixed assets
320,479
329,395
318,520
0
0
0
312,649
311,766
300,627
Exchange rate USD - EUR Number of months
Intangible fixed assets Tangible fixed assets Other fixed assets Current assets Stocks
7,830
17,629
17,893
98,565
49,908
43,878
252
244
226
Debtors
12,125
9,102
7,339
Other current assets
86,187
40,563
36,313
79,212
1,763
24,680
43,079
87,082
171,026
51
25
23
43,028
87,057
171,003
Total liabilities
375,965
292,221
191,372
Non current liabilities
344,551
242,742
163,655
Long term debt
329,859
213,137
132,049
14,691
29,604
31,606
31,414
49,479
27,718
20
19
33
Creditors
10,472
18,639
13,314
Other current liabilities
20,922
30,821
14,370
419,044
379,303
362,398
31/12/2011
31/12/2010
31/12/2009
Cash & cash equivalent Shareholders funds Capital Other shareholders funds
Other non-current liabilities Current liabilities Loans
Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent
20
19
33
329,859
213,137
132,049
79,212
1,763
24,680
250,667
211,394
107,402
31/12/2011
31/12/2010
31/12/2009
Net debt
Working capital Net Current Assets
1,905
-9,294
-5,748
67,150
429
16,161
31/12/2011
31/12/2010
31/12/2009
Days Sales Of Inventory (DIO)
1
1
1
Days Sales Outstanding (DSO)
49
46
41
Days Payable Outstanding (DPO)
42
94
74
8
-47
-32
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
GMX RESOURCES INC
Thursday, 04 April 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 Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized Operating revenue / turnover
90,224
72,199
65,455
25
10
-
0
0
0
90,224
72,199
65,455
231,473
164,774
174,505
Costs growth (%)
40
-6
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
56,621
43,391
43,078
Total operating costs
EBITDA Depreciation EBIT
197,870
135,966
152,128
-141,249
-92,575
-109,050
-17,831
-14,038
-16,675
158
-3
50
17,989
14,035
16,725
Financial P/L Financial revenue Financial expenses
24,635
13,944
11,626
-159,080
-106,613
-125,725
-9,359
-5,795
-3,331
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-168,438
-112,408
-129,056
Interest paid P/L before tax Extr. and other P/L
P/L before tax + Extr. and other P/L Taxation P/L for period
475
-3,171
-23
-168,913
-109,237
-129,033
31/12/2011
31/12/2010
31/12/2009
Costs of Good Sold
10,372
7,967
8,174
Gross Profit
79,852
64,232
57,280
221,101
156,807
166,331
31/12/2011
31/12/2010
31/12/2009
28,957
26,729
23,095
-
-
-
Other Operating Expenses
Cash flow Added value
31/12/2011 Number of employees
112
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2010
31/12/2009
109
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
95
GMX RESOURCES INC
Thursday, 04 April 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
GMX RESOURCES INC
Thursday, 04 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
It is an American - based independent oil and gas company engaged in the development and exploration of natural gas and oil properties. The company was founded in 1998, and has its registered office in Oklahoma City, Oklahoma. Through its subsidiaries, the company acquires, explores, and develops properties for the production of crude oil and natural gas in Texas, Louisiana, and New Mexico. Its activities primarily focus on the Cotton Valley Sands in Carthage, North Field of Harrison and Panola counties of eastern Texas. In 2006, the company had proved reserves of 258,403 million cubic feet of natural gas equivalent and 95.8 net producing wells. It also has a joint development agreement with Penn Virginia Oil & Gas, L. P. for the development of properties in Carthage, North Field. The company’s natural gas customers include marketing affiliates of the major pipeline companies, natural gas marketing companies, and a variety of commercial and public authorities, industrial and institutional end users that ultimately consume the gas. Its strategy is to steady production growth, prove its natural gas reserves in its resource play with 7 - 8 rigs, and continually grow shareholder value.
History
Not available.
Primary business line
An American - based independent oil and gas company engaged in the development and exploration of natural gas and oil properties.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Development and exploration of natural gas and oil properties.
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
GMX RESOURCES INC
Thursday, 04 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Auditor/Advisor/Bank name
type
address
GRANT THORNTON LLP
Auditor
-
UMB Bank
Transfer Agent
-
Board name
date of birth
nationality
function
Mr. Ken L Kenworthy T. J Boismier Mr. Thomas G Casso Mr. Michael G Cook
-
United States -
CHAIRMAN OF THE BOARD, CHIEF EXECUTIVE Officer Independent Director Independent Director Independent Director
Mr. Mr. Mr. Mr.
-
-
Independent Director Independent Director Independent Director President, Director
Steven Craig J. David Lucke Jon W McHugh Michael J Rohleder
Sharehoders (the first twenty shareholders ordered by Direct %) Rating:
CHATHAM ASSET MANAGEMENT, LLC Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US
Operating Revenue (MIL $)
7.90
Total Assets (MIL $) Number of Employees Information date
Country ISO code NACE Rev. 2, Core code Direct %
US 6.90
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
Total % Address : Not available
-
4 2012/12
Rating:
BLACKSTONE HOLDINGS I LP
BLACKSTONE GROUP L.P. (THE) via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.3
US 2.61
Information date
2012/12
Rating:
AA
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
4019.44 28931.55 1780 2013/02
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
0
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GMX RESOURCES INC
Thursday, 04 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
CHATHAM ASSET MANAGEMENT, LLC via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 2.54
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
-
Operating Revenue (MIL $)
Rating:
KENWORTHY KEN L. JR Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
1.19 -
Total Assets (MIL $) Number of Employees Information date
US 1.07
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
-
Operating Revenue (MIL $)
2012/03
Rating:
OMEGA ADVISORS, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
0.3 4 2013/02
4.7 30 2012/12
Address : Not available
Rating:
KENWORTHY KEN L. SR FAMILY Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.99 -
-
Total Assets (MIL $) Number of Employees Information date
2012/03
Rating:
AA
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
9337 200451 10500
0.63
Information date
2012/12
US 0.47
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2017.7 1830.07 9500 2012/12
E. I. DU PONT DE NEMOURS AND COMPANY via its funds
Rating:
BB
Country ISO code NACE Rev. 2, Core code
US -
Operating Revenue (MIL $) Total Assets (MIL $)
Direct % Total % Address : Not available
0.45
BLACKROCK, INC. via its funds Country ISO code NACE Rev. 2, Core code Direct %
US -
Total % Address : Not available
Rating:
VANGUARD GROUP, INC. THE via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
Number of Employees Information date
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
35310 49736 70000 2012/12
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GMX RESOURCES INC
Thursday, 04 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
SUSQUEHANNA INTL GROUP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
US 0.44
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
Rating:
JP MORGAN CHASE & CO. via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.35
Total Assets (MIL $) Number of Employees Information date
US 0.32
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating Revenue (MIL $)
97031 2359141 258965 2012/12
Rating:
DIMENSIONAL FUND ADVISORS LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
0 2012/12
A 36.72 2186.66 260 2012/12
Address : Not available
Rating:
STATE OF CALIFORNIA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
0.30
Total Assets (MIL $) Number of Employees Information date
Rating:
KGT CAPITAL LP via its funds Country ISO code NACE Rev. 2, Core code Direct %
-
Total % Address : Not available
0.21
Information date
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees
US 0.11
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
0 2012/12
Rating:
GEODE CAPITAL MANAGEMENT, LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
2012/12
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
0.2 2 2012/12
GMX RESOURCES INC
Thursday, 04 April 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
ENDEAVOR PIPELINE INC Country ISO code
US
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total %
WO -
Total Assets (MIL $) Number of Employees Information date
Country ISO code
US
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total %
MO -
Total Assets (MIL $) Number of Employees Information date
Country ISO code
US
Operating Revenue (MIL $)
NACE Rev. 2, Core code Direct % Total %
MO -
Total Assets (MIL $) Number of Employees Information date
2011/12
Rating:
DIAMOND BLUE DRILLING CO
2011/12
Rating:
ENDEAVOR PIPELINE INC.
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2012/10
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GMX RESOURCES INC
Thursday, 04 April 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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GMX RESOURCES INC
Thursday, 04 April 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.
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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
GMX RESOURCES INC
Thursday, 04 April 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
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GMX RESOURCES INC
Thursday, 04 April 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.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
GMX RESOURCES INC
Thursday, 04 April 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
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