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United Refining Energy Corporation
Ticker: URX
Exchange: A
Auditor: BDO Seidman, LLP.

Links:  IRA Corporate Soundness ReportSEC Filings Catalog
A blank check company formed for the purpose of acquiring, merging with, engaging in a capital stock exchange with, purchasing the assets of, or engaging in any other similar business combination of an unidentified operating business.
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Obligor Rating Factors
supports credit issuance and Basel II risk analysis
Stratification of subject to support credit facility category assignment.

Sales
Gross Profit Margin, %
Assets
Return on Assets, %
Total Debt
Current Liabilities
Total Debt to Total Assets
Equity

IRA Asset Quality Score
IRA Current Adequacy Score
IRA Firesale Test Score

ExAnte Financing Analysis

Manifest External Ante Financing Need
* computed
Maximum Capital Markets Benchmark
* estimated equity raising margin while preserving worst case residual claim value
Corresponding Debt Path Benchmark
* amount needing to seek or buffered from risk bearing financing

Borrowing Analysis

Available Collateral
Preferred Risk Facility: High Asset Quality Collateral
Mid-Range Risk Facility: Low Asset Quality Collateral
Highest Risk Tolerance Facility: Remaining Unsecured Debt Need/Surplus
* not adjusted for overcollateralization guarantee factors.

Private Placement Analysis

Total Uncollateralized Exposure
ExAnte Need adjusted for Available Collateral

Reference Calc Z-Score

2009/08

$0

$454,120,400
0.12%
$15,928,340
$15,928,340
0.0351
$256,567,700

0.000
28.545
25.695



$-1,709,573

$6,335,999,000

$-6,337,709,000




$181,624,400
$0
$181,624,400
$-6,519,333,000




$-183,334,000


22.793

Business Case Viability
OPERATIONAL FOCUS
Regardless of the financials, it is critical to ask if the company is actually doing what it operationally purports to be doing? Or is it more of a financial vehicle? What is the dependency of the business model on non-operating sources of income. When all is said and done is the business model viable? That is, did it turn a Net Profit?
WHILE NET INCOME IS POSITIVE, THIS IS AN OPERATING INCOME LOSS COMPANY WITH OFSETTING NON-OP INCOME
Closest Peers Based On Selected Financial Analysis Criteria
Proximity Filter: Broad, within the same 2-digit SIC industry code.
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Indicators shown only if sufficient data elements exist in our data feeds to support automated engine computations. Contact IRA consulting for manually derived research.

Copyright 2009 Institutional Risk Analytics, a unit of Lord, Whalen LLC (LW).

All analytical measurements and information integration methods published by LW are proprietary intellectual property. The content may not be reproduced, disseminated, or distributed, in part or in whole, by any means, outside of the recipient's organization without express written authorization from LW. It is a violation of federal copyright law to reproduce all or part of this publication or its contents by any means. This material does not constitute a solicitation for the purchase or sale of any securities or investments. The opinions expressed herein are based on publicly available information and are considered reliable. However, LW makes NO WARRANTIES OR REPRESENTATIONS OF ANY SORT with respect to this report. Any person using this material does so solely at their own risk and LW and/or its employees shall be under no liability whatsoever in any respect thereof.


IRA Corporate Monitor can be powered by practically any vended data feed including blends of multiple vendor sources. Information on public company filings to the Securities and Exchange Commission (SEC) and bank Call Reports to the Federal Deposit Insurance Corporation (FDIC) are independently collected by Institutional Risk Analytics.

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