Friday, 18 November 2011
TRAILER BRIDGE INC
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
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TRAILER BRIDGE INC
Identification number
US133617986
Country
United States of America
ZIP code and city
32226 - JACKSONVILLE
Address
10405, New Berlin Road East +1 904 751 7100 www.trailerbridge.com mtanner@trailerbridge.com
Legal form Account
Consolidated
Incorporation date
1991
NACE 2 Sector
5020 - Sea and coastal freight water transport
TM
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ASKMORE
Company name
Listed Status
Active
MORE Credit limit
Not eligible for credit on the base of the available informations
plans 2 types of reports:
Turnover (th e) Rating Basic
Probability of default
Plus 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
31/12/2008
88,449
79,344
95,588
CC
B
CCC
42.00%
3.80%
16.00%
92%
92%
100%
-368.57
93.13
-67.93
1.00
1.01
0.99
0.27
1.89
1.62
-
-
1.62
Confidence Level
TM
Solvency ratios Leverage ratio Total asset/Total liabilties Liquidity ratios Current Ratio Quick Ratio Profitability and economic equilibrium ratios Return on investement ROI (%)
6.62
10.96
5.78
-731.65
206.98
-175.76
Asset turnover
1.02
0.96
1.08
Interest paid weight
1.29
0.80
1.45
Gross Profit/Operating revenue
0.46
0.49
0.40
0.77
1.24
0.67
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
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
-368.57 1.00
0.47
1.95
3.77
-2.33
3.11
1.51
1.22
0.96
0.27
2.71
1.51
1.02
0.52
-
2.65
1.47
0.99
0.50
Solvency ratios Leverage ratio Total asset/Total liabilties Liquidity ratios Current Ratio Quick Ratio Profitability and economic equilibrium ratios Return on investement ROI (%)
6.62
18.61
6.74
0.14
-9.19
-731.65
22.86
12.17
-6.68
-100.10
Asset turnover
1.02
1.14
0.62
0.65
0.70
Interest paid weight
1.29
0.01
0.17
0.03
-0.16
Gross Profit/Operating revenue
0.46
0.32
0.18
0.10
-0.01
0.77
105.10
3.27
-0.65
-4.03
Return on equity ROE (%)
Interest Coverage ratios EBIT interest coverage ratio Cash Conversion Cycle (days) Days Sales Of Inventory (DIO)
-
4
5
6
8
Days Sales Outstanding (DSO)
40
30
34
28
23
Days Payable Outstanding (DPO)
25
23
11
15
18
Cash Conversion Cycle (DIO + DSO - DPO)
-
21
17
15
4
Numer of analyzed companies
-
170
666
431
143
CC
A
BB
B
CC
(Average) Rating
The sector has been chosen according to: international companies in the sector NACE 2 5020 with financial data of year 2009.
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
TRAILER BRIDGE INC
Friday, 18 November 2011 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
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
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
0.74839
0.69416
0.71855
Total assets
87,114
82,270
88,619
Fixed assets
66,812
63,857
69,795
0
0
0
61,840
58,928
64,169
Exchange rate USD - EUR
Intangible fixed assets Tangible fixed assets Other fixed assets Current assets
4,971
4,929
5,626
20,302
18,413
18,824
-
-
0
9,746
8,895
12,085
10,556
9,517
6,739
8,593
7,627
5,185
-237
874
-1,324
91
84
86
-327
790
-1,409
Total liabilities
87,350
81,396
89,943
Non current liabilities
13,318
71,655
78,293
Long term debt
13,318
71,616
77,995
0
39
298
Current liabilities
74,032
9,741
11,651
Loans
Stocks Debtors Other current assets Cash & cash equivalent Shareholders funds Capital Other shareholders funds
Other non-current liabilities
63,894
2,690
2,066
Creditors
5,546
2,144
3,779
Other current liabilities
4,592
4,908
5,806
87,114
82,270
88,620
NET DEBT (th e)
31/12/2010
31/12/2009
31/12/2008
Short term debts
63,894
2,690
2,066
Long term debt
13,318
71,616
77,995
Total shareh. funds & liab.
Cash & cash equivalent
8,593
7,627
5,185
68,619
66,679
74,875
31/12/2010
31/12/2009
31/12/2008
Net debt
Working capital Net Current Assets
-
-
-
-53,730
8,672
7,173
31/12/2010
31/12/2009
31/12/2008
Days Sales Of Inventory (DIO)
-
-
0
Days Sales Outstanding (DSO)
40
41
46
Days Payable Outstanding (DPO)
23
10
14
-
-
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
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
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
0.74839
0.69416
0.71855
88,449
79,344
95,588
11.5
-17.0
-
0
0
0
Operating revenue / turnover
88,449
79,344
95,588
Total operating costs
82,712
70,415
90,586
Costs growth (%)
17
-22
-
Service costs
-
-
-
Material costs
-
-
-
Costs of employees
-
-
-
10,379
13,249
9,428
4,643
4,320
4,426
Exchange rate USD - EUR Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation EBIT Financial P/L Financial revenue Financial expenses Interest paid P/L before tax Extr. and other P/L
5,737
8,929
5,002
-7,409
-7,121
-7,322
33
90
118
7,443
7,211
7,440
7,443
7,211
7,440
-1,672
1,808
-2,320
-
-
-
Extr. and other revenue
-
-
-
Extr. and other expenses
-
-
-
-
-
-
62
-1
6
-1,734
1,809
-2,327
P/L before tax + Extr. and other P/L Taxation P/L for period
31/12/2010
31/12/2009
31/12/2008
Costs of Good Sold
47,907
40,473
57,798
Gross Profit
40,542
38,871
37,790
Other Operating Expenses
34,805
29,942
32,788
31/12/2010
31/12/2009
31/12/2008
Cash flow Added value
2,909
6,129
2,100
-
-
-
31/12/2010 Number of employees
133
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
31/12/2009
31/12/2008
205
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
223
TRAILER BRIDGE INC
Friday, 18 November 2011 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
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
Trailer Bridge, Inc. is a publicly quoted company engaged in the provision of freight services. It was the first company to provide a unique combination of over - the road and over - the - water transportation services. The company was founded in 1991 by Malcom McLean, the transportation pioneer who invented containerization more than forty years ago. It has its registered head office based in Jacksonville, Florida. The company’s common stock is listed on NASDAQ Global Market under the ticker symbol “TRBR. “ Trailer Bridge operates as an integrated trucking and marine freight carrier, which is focused in providing truckload freight transportation to and from all points of the continental United States and Puerto Rico. The company offers highway transportation services in the continental United States and marine transportation between Jacksonville, Florida, and San Juan, Puerto Rico. It also provides southbound containers and trailers, as well as moves new automobiles, used automobiles, non - containerized or freight not in trailers, and freight moving in shipper - owned or leased equipment. As of December 2006, Trailer Bridge operated a fleet of 106 tractors, including 74 company owned units and 32 leased and owner operator units; 2,880 53’ high cube containers; 2,171 53’ chassis; 305 53’ vehicle transport modules; and 281 high - cube trailers. The company has signed a multi - year agreement with the world’s leading supplier of security systems, Sensormatic Electronics Corporation to move hundreds of 53 - foot high cube container loads from Puerto Rico to interior points on the U. S. mainland.
History
Founded by Malcom McLean, the transportation pioneer who invented containerization more than forty years ago.
Primary business line
Engaged in the provision of freight services.
Secondary business line
Not available.
Main activity
Services.
Secondary activity
Not available.
Main products and services
Not available.
Size estimate
As of December 2006, it operated a fleet of 106 tractors, including 74 company owned units and 32 leased and owner operator units; 2,880 53’ high cube containers; 2,171 53’ chassis; 305 53’ vehicle transport modules; and 281 high - cube trailer.
Strategy, organization and policy
Not available.
Strategic alliances
Sensormatic Electronics Corporation.
Membership of a network
Not available.
Main brand names
Not available.
Main domestic country
United States Of America.
Main foreign countries or regions
Puerto Rico.
Main production sites
Not available.
Main distribution sites
United States; Puerto Rico.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main sales representation sites
Not available.
Main customers
Not available.
Auditor/Advisor/Bank name
type
address
BDO USA, LLP
Auditor
-
Computershare
Transfer Agent
-
Board name
date of birth
nationality
function
Mr Allen L. Stevens Mr Douglas E Schimmel Mr Greggory B Mendenhall Mr Malcom P Mclean
1943 -
-
-
Mr Robert P Burke
-
-
-
Sharehoders (the first twenty shareholders ordered by Direct %)) Rating:
MCLEAN MALCOLM P. JR Country ISO code NACE Rev. 2, Core code Direct % Total %
-
12.73 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
12.47 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2009/04
Address: Not available
Rating:
MENDENHALL GREGGORY B. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: 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
2009/04
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
MCLEAN PARKER NANCY Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
12.12 -
Information date
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 $) Total Assets (MIL $)
Rating:
2009/04
-
11.23 -
Number of Employees Information date
8.58 -
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2009/04
Rating:
MCLEAN IRENA Z. Country ISO code NACE Rev. 2, Core code Direct % Total %
-
11.58 -
MCLEAN CLARA L.
2009/04
Rating:
MCCOWN JOHN D. Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
2009/04
Address: Not available
FAIRVIEW CAPITAL INVESTMENT MANAGEMENT via its funds
Rating:
Country ISO code
Operating revenue (MIL $)
NACE Rev. 2, Core code Direct % Total % Address: Not available
US 4.92
Total Assets (MIL $) Number of Employees Information date
WHIPPOORWILL ASSOCIATES INC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
US -
Rating:
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
8 14
Information date
US 3.11
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
2011/06
Rating:
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
2011/06
4.57
DIMENSIONAL FUND ADVISORS LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
A
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
37 2,187 300 2011/06
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating:
SCHIMMEL DOUGLAS E Country ISO code NACE Rev. 2, Core code Direct %
1.93
Total % Address: Not available
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
-
-
Information date
2009/04
THOMAS J. HERZFELD ADVISORS, INC. via its funds
Rating:
Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
US 0.71
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
-
US -
Operating revenue (MIL $) Total Assets (MIL $)
485
WILLIAM BLAIR & COMPANY LLC via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
0.67
Number of Employees Information date
US 0.30
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
US
Operating revenue (MIL $)
2011/06
2011/06
Rating:
ARTIS CAPITAL MANAGEMENT LP via its funds Country ISO code NACE Rev. 2, Core code Direct % Total %
-
1 10 2011/06
Address: Not available
Rating:
STATE OF CALIFORNIA via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
0.22
Total % Address: Not available
2011/06
Rating: US -
-
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees
3,648 83,844 12,834
0.21
Information date
2011/06
US 0.14
Operating revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
BANK OF AMERICA CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct % Total % Address: Not available
-
Total Assets (MIL $) Number of Employees Information date
NORTHERN TRUST CORPORATION via its funds Country ISO code NACE Rev. 2, Core code Direct %
-
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105,927 2,264,909 288,000 2011/06
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Not available.
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Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
TRAILER BRIDGE INC
Friday, 18 November 2011 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
TRAILER BRIDGE INC
Friday, 18 November 2011 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
TRAILER BRIDGE INC
Friday, 18 November 2011 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
TRAILER BRIDGE INC
Friday, 18 November 2011 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
TRAILER BRIDGE INC
Friday, 18 November 2011 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
The present analysis was based on the company available financial statements as provided by Bureau Van Dijk Electronic Publishing - ORBIS database (lack of both Notes to financial statements and Report on operations).
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 Company
modeFinance
Products Where
MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com +39 040 3755337
Info web Phone
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