furniture brands internatial: modefinance credit report
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furniture brands internatial: modeFinance Credit ReportTRANSCRIPT
If you want to know more, ASKMORE TM
modeFinance’s credit report.
Almost every day millions of peoplearound the world are wondering the realcreditworthiness of the companies withwhich they are in business. Every daythese questions remain unanswered.modeFinance
TM
now aims to answer thesequestions in a simple, complete andimmediate way.
ASKMORETM
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ASKMORETM plans 3 types of reports:
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ASKMORETM
Basic:This report includes modeFinance TM
’ sMORE Credit Ratings and MORE CreditLimit to help you in the decision making.It covers all essential information includingfinancial statements of the last three yearsand descriptive information including tradedescription and sector analysis.This report type is ideally suited fordecisions on transactions with each levelof credit risk.
modeFinanceTM HeadquarterBuilding A - AREA Science ParkPadriciano 99 - 34149 Trieste - ItalyPh.: +39 040 375 5337Fax: +39 040 375 [email protected]
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FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name FURNITURE BRANDS INTERNATIONAL INC
Identification number
Country United States of America
ZIP code and city 63105 - ST. LOUIS
Address 1, NORTH BRENTWOOD BOULEVARD
+1 314 863 1100
www.furniturebrands.com
Legal form
Account Consolidated
Incorporation date 16/03/1921
NACE 2 Sector 3109 - Manufacture of other furniture
Listed
Status Active
MORE Credit limit 3,100,000 e
Black records Available on request
29/12/2012 31/12/2011 31/12/2010
Turnover (th e) 813,465 856,066 867,631
Rating CCC CCC B
Probability of default 17.11% 9.35% 4.44%
Confidence Level 100% 100% 100%
Solvency ratios
Leverage ratio 3.72 1.96 1.08
Financial Leverage 0.69 0.31 0.20
Total asset/Total liabilities 1.10 1.27 1.62
Liquidity ratios
Current Ratio 2.28 2.67 3.03
Quick Ratio 0.86 1.03 1.26
Cash Cycle Ratio 39.00 25.00 29.00
Profitability ratios
Return on investement ROI (%) -7.01 -6.99 -6.62
Return on equity ROE (%) -31.19 -17.76 -10.14
Asset turnover 1.73 1.80 1.71
Gross Profit/Operating revenue 0.25 0.26 0.26
Interest Coverage ratios
EBIT interest coverage ratio -4.95 -8.73 -9.26
Analysis and trend of financial
strength
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis
Company Healthy Balanced Vulnerable Risky
Solvency ratios
Leverage ratio 3.72 0.62 1.62 2.79 11.45
Financial Leverage 0.69 0.04 0.58 1.46 6.35
Total asset/Total liabilities 1.10 2.58 1.62 1.27 1.05
Liquidity ratios
Current Ratio 2.28 2.25 1.58 1.41 0.96
Quick Ratio 0.86 1.70 1.09 0.83 0.46
Cash Cycle Ratio 39.00 -17.00 -7.00 2.00 6.00
Profitability ratios
Return on investement ROI (%) -7.01 12.60 4.88 1.67 -7.10
Return on equity ROE (%) -31.19 14.80 7.79 -0.52 -105.30
Asset turnover 1.73 1.42 1.44 1.20 1.39
Gross Profit/Operating revenue 0.25 0.28 0.23 0.19 0.14
Interest Coverage ratios
EBIT interest coverage ratio -4.95 112.50 4.64 0.76 -3.80
Cash Conversion Cycle (days)
Days Sales Of Inventory (DIO) 83 33 43 52 56
Days Sales Outstanding (DSO) 43 50 55 53 63
Days Payable Outstanding (DPO) 39 26 34 43 41
Cash Conversion Cycle (DIO + DSO - DPO) 87 61 64 73 68
Numer of analyzed companies - 127 256 203 27
(Average) Rating CCC A BB B CC
The sector has been chosen according to:
international companies in the sector NACE 2 3109 with financial data of year 2012.
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Balance Sheet
BALANCE SHEET (th e) 29/12/2012 31/12/2011 31/12/2010
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.7586 0.77286 0.748
Number of months 12 12 12
Total assets 469,149 474,918 505,957
Fixed assets 170,847 188,183 186,238
Intangible fixed assets 57,733 59,903 64,708
Tangible fixed assets 78,442 89,499 93,400
Other fixed assets 34,672 38,781 28,130
Current assets 298,303 286,735 319,719
Stocks 185,351 176,331 186,769
Debtors 95,386 83,448 85,672
Other current assets 17,566 26,955 47,278
Cash & cash equivalent 9,004 19,621 38,869
Shareholders funds 41,570 102,234 194,156
Capital 6,569 46,847 45,340
Other shareholders funds 35,001 55,388 148,816
Total liabilities 427,580 372,683 311,801
Non current liabilities 296,849 265,137 206,281
Long term debt 79,653 59,510 57,596
Other non-current liabilities 217,196 205,627 148,685
Current liabilities 130,730 107,546 105,520
Loans 0 0 0
Creditors 86,169 66,159 59,725
Other current liabilities 44,561 41,387 45,795
Total shareh. funds & liab. 469,149 474,918 505,957
NET DEBT (th e) 29/12/2012 31/12/2011 31/12/2010
Short term debts 0 0 0
Long term debt 79,653 59,510 57,596
Cash & cash equivalent 9,004 19,621 38,869
Net debt 70,649 39,889 18,727
29/12/2012 31/12/2011 31/12/2010
Working capital 194,567 193,621 212,716
Net Current Assets 167,572 179,188 214,200
29/12/2012 31/12/2011 31/12/2010
Days Sales Of Inventory (DIO) 83 75 79
Days Sales Outstanding (DSO) 43 36 36
Days Payable Outstanding (DPO) 39 28 25
Cash Conversion Cycle (DIO + DSO - DPO) 87 83 90
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Income Statement
INCOME STATEMENT (th e) 29/12/2012 31/12/2011 31/12/2010
Accounting practice Local GAAP Local GAAP Local GAAP
Exchange rate USD - EUR 0.7586 0.77286 0.748
Number of months 12 12 12
Sales 813,465 856,066 867,631
Revenues growth (%) -5 -1 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized0 0 0
Operating revenue / turnover 813,465 856,066 867,631
Total operating costs 834,798 880,160 889,604
Costs growth (%) -5 -1 -
Service costs - - -
Material costs - - -
Costs of employees - - -
EBITDA -5,898 -218 -3,310
Depreciation 15,435 23,876 18,663
EBIT -21,333 -24,094 -21,973
Financial P/L -15,871 -11,885 -13,871
Financial revenue 532 618 1,023
Financial expenses 16,402 12,503 14,894
Interest paid 4,310 2,761 2,373
P/L before tax -37,204 -35,979 -35,844
Extr. and other P/L - - -
Extr. and other revenue - - -
Extr. and other expenses - - -
P/L before tax + Extr. and other P/L - - -
Taxation -1,346 -2,166 -6,653
P/L for period -35,858 -33,813 -29,191
29/12/2012 31/12/2011 31/12/2010
Costs of Good Sold 613,243 630,032 639,762
Gross Profit 200,222 226,034 227,868
Other Operating Expenses 221,555 250,128 249,842
29/12/2012 31/12/2011 31/12/2010
Cash flow -20,423 -9,937 -10,528
Added value - - -
29/12/2012 31/12/2011 31/12/2010
Number of employees 9,100 8,800 8,900
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Qualitative information
Full overview The company is engaged in the design, manufacture, and sale of home furnishings in the United States and
internationally. It was founded in 1836 and is headquartered in St. Louis, Missouri. The company is one of the
world’s largest furniture manufacturers. Its products include dining room and living room furniture, metal and
glass tables, home entertainment centers and home office furniture, motion furniture and sleep sofas, stationary
upholstery products, as well as decorative accessories and accent pieces. The company markets its products under
the Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Hickory Chair, Pearson, Laneventure, Maitland - Smith,
and Creative Interiors names. The company has trade showrooms located in Thomasville and High Point, North
Carolina; Atlanta, Georgia; Chicago, Illinois; Las Vegas, Nevada; and Tupelo, Mississippi.
History Not available.
Primary business line Engaged in the design, manufacture, and sale of home furnishings in the United States and internationally.
Secondary business line Not available.
Main activity Manufacturing.
Secondary activity Not available.
Main products and services Dining room and living room furniture, metal and glass tables, home entertainment centers and home office
furniture, motion furniture and sleep sofas, stationary upholstery products, decorative accessories, accent pieces.
Size estimate One of the world’s largest furniture manufacturers.
Strategy, organization and policy Not available.
Strategic alliances Not available.
Membership of a network Not available.
Main brand names Broyhill; Lane; Thomasville; Drexel Heritage; Henredon; Hickory Chair; Pearson; Laneventure; Maitland - Smith;
Creative Interiors.
Main domestic country United States of America.
Main foreign countries or regions Not available.
Main production sites St. Louis.
Main distribution sites Not available.
Main sales representation sites Not available.
Main customers Not available.
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Black records
Available on request.
Auditor/Advisor/Bank
name type address
KPMG LLP Auditor -
American Stock Transfer & Trust Transfer Agent -
Board
name date of birth nationality function
Mr Ralph P Scozzafava - - CHAIRMAN OF THE BOARD, CHIEF EXECUTIVE Officer; Chief Executive
Officer - Chief Executive Officer
Mr Ira David Kaplan 29/08/1958 United States of
America
Independent Director
Mrs Ann S Lieff - - Independent Director
Mr Aubrey B Patterson 1943 United States of
America
Lead Independent Director
Mr George E Ross - - Independent Director
Shareholders (the first twenty shareholders ordered by Direct %)
SAMSON HOLDING LTD Rating: BBB
Country ISO code KY Operating Revenue (MIL $) 434.27
NACE Rev. 2, Core code - Total Assets (MIL $) 715.92
Direct % 12.82 Number of Employees 8000
Total % n.v. Information date 03/2013
Address : Not available
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
DIMENSIONAL FUND ADVISORS LP via its funds Rating: BB
Country ISO code US Operating Revenue (MIL $) 36.72
NACE Rev. 2, Core code - Total Assets (MIL $) 2186.66
Direct % - Number of Employees 260
Total % 5.46 Information date 03/2013
Address : Not available
OAKTREE CAPITAL MANAGEMENT, L.P. via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 785.1
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 5800
Total % 4.59 Information date 06/2013
Address : Not available
LEGG MASON INC via its funds Rating: B
Country ISO code US Operating Revenue (MIL $) 2557.3
NACE Rev. 2, Core code - Total Assets (MIL $) 7269.7
Direct % - Number of Employees 2975
Total % 3.40 Information date 06/2013
Address : Not available
HOTCHKIS AND WILEY CAPITAL MANAGEMENT LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 10.3
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 145
Total % 3.10 Information date 03/2013
Address : Not available
VANGUARD GROUP, INC. THE via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 2017.7
NACE Rev. 2, Core code - Total Assets (MIL $) 1830.07
Direct % - Number of Employees 9500
Total % 2.69 Information date 03/2013
Address : Not available
BLACKROCK, INC. via its funds Rating: BB
Country ISO code US Operating Revenue (MIL $) 9337
NACE Rev. 2, Core code - Total Assets (MIL $) 200451
Direct % - Number of Employees 10500
Total % 2.52 Information date 03/2013
Address : Not available
PRESCOTT GROUP CAPITAL MANAGEMENT, L.L.C. via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 0.7
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 6
Total % 2.28 Information date 03/2013
Address : Not available
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
PERRITT CAPITAL MANAGEMENT, INC. via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 0.13
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 2
Total % 2.13 Information date 03/2013
Address : Not available
TAHITHROMOS LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 1.64 Information date 06/2013
Address : Not available
COOPER CREEK PARTNERS MANAGEMENT LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 0.07
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 1
Total % 1.34 Information date 03/2013
Address : Not available
WILLIAM BLAIR & COMPANY LLC via its funds Rating: BB
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) 511.4
Direct % - Number of Employees 0
Total % 1.15 Information date 06/2013
Address : Not available
SCOZZAFAVA RALPH P Rating:
Country ISO code n.v. Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 0.79 Number of Employees -
Total % n.v. Information date 03/2013
Address : Not available
STATE OF CALIFORNIA via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees -
Total % 0.79 Information date 06/2013
Address : Not available
INVESCO LTD via its funds Rating: A
Country ISO code BM Operating Revenue (MIL $) 4135.3
NACE Rev. 2, Core code - Total Assets (MIL $) 17492.4
Direct % - Number of Employees 6128
Total % 0.64 Information date 03/2013
Address : Not available
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
TRUE BEARING ASSET MANAGEMENT LP via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 0.61 Information date 03/2013
Address : Not available
D. E. SHAW & CO. LP via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 0.60 Information date 03/2013
Address : Not available
BRIDGEWAY CAPITAL MANAGEMENT INC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 0.50 Information date 03/2013
Address : Not available
Y/CAP MANAGEMENT LLC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 0
Total % 0.49 Information date 06/2013
Address : Not available
FIRST DALLAS HOLDINGS INC via its funds Rating:
Country ISO code US Operating Revenue (MIL $) 5.7
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 40
Total % 0.48 Information date 03/2013
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
ACTION TRANSPORT, INC. Rating:
Country ISO code US Operating Revenue (MIL $) 25.2
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 200
Total % n.v. Information date 06/2013
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
BROYHILL FURNITURE INDUSTRIES, INC. Rating:
Country ISO code US Operating Revenue (MIL $) 126.2
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 1000
Total % n.v. Information date 12/2012
BROYHILL HOME FURNISHINGS, INC. Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
BROYHILL RETAIL INC Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
DECORATIVE HARDWARE SOLUTIONS (L) BHD Rating:
Country ISO code MY Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FAYETTE ENTERPRISES LLC Rating:
Country ISO code US Operating Revenue (MIL $) 3.8
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 30
Total % n.v. Information date 04/2013
FURNITURE BRANDS (HANGZHOU) CO LTD Rating:
Country ISO code CN Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FURNITURE BRANDS ASIA LTD Rating:
Country ISO code HK Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FURNITURE BRANDS CANADA ULC Rating:
Country ISO code CA Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
FURNITURE BRANDS DE MEXICO S DE RL DE CV Rating:
Country ISO code MX Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FURNITURE BRANDS HOLDINGS INC Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FURNITURE BRANDS OPERATIONS INC Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FURNITURE BRANDS RESOURCE COMPANY INC Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FURNITURE BRANDS RETAIL OPS IN Rating:
Country ISO code US Operating Revenue (MIL $) 0.31
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 4
Total % n.v. Information date 04/2013
HDM FURNITURE INDUSTRIES, INC. Rating:
Country ISO code US Operating Revenue (MIL $) 259.6
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees 3300
Total % n.v. Information date 05/2013
HDM RETAIL INC Rating:
Country ISO code US Operating Revenue (MIL $) 6
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % - Number of Employees 52
Total % MO Information date 12/2012
LANE FURNITURE INDUSTRIES, INC. Rating:
Country ISO code US Operating Revenue (MIL $) 8.21
NACE Rev. 2, Core code - Total Assets (MIL $) 0.52
Direct % MO Number of Employees 900
Total % n.v. Information date 12/2012
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
LANE HOME FURNISHINGS RETAIL, INC. Rating:
Country ISO code US Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
MAITLAND SMITH ASIA HOLDINGS LIMITED Rating:
Country ISO code VU Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
MAITLAND SMITH EXPORT (L) BHD Rating:
Country ISO code MY Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % MO Number of Employees -
Total % n.v. Information date 12/2012
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong.
AA The company has very strong creditworthiness.
A The company has a high solvency.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate.
BB The companyï¿ 12
s performances are adequate considering the sector and the country in which it is operating.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals.
CCCThe company has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals.
CC
Risky
The company shows signals of high vulnerability.
C The company shows considerable pathological situations.
D The company has not any longer the capacity to meet its financial commitments.
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
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 coverage ratio 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.
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 =
∑Available Information∑
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.
FURNITURE BRANDSINTERNATIONAL INCTuesday, 10 September 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337