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MIRA INFORM REPORT
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Report No. : |
509672 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
SOTHEBY'S |
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Registered Office : |
Corporation Trust Center 1209 Orange St, Wilmington,
New Castle, De, 19801 |
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Country : |
United States |
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Financials (as on) : |
31.12.2017 |
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Year of Establishment : |
1937 |
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Legal Form : |
Corporation |
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Line of Business : |
· Subject provides auction services. · The Company conducts auctions and private sales of modern art, decorative art, antiques, jewelry, collectibles and historical objects. The company also brokers art and collectible purchases and sales. · Business Services, NEC · All Other Professional, Scientific, and Technical Services |
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No. of Employees : |
1,662 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.
Imported oil accounts for more than 50% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and former President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
SOTHEBY'S |
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TradeName: |
SOTHEBY'S |
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ID: |
4134614 |
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Date Created: |
1937 |
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Date Incorporated: |
3/30/2006 |
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Legal Address: |
CORPORATION TRUST CENTER 1209 ORANGE ST, WILMINGTON,
NEW CASTLE, DE, 19801, USA |
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Operative Address: |
1334 York Avenue New York, NY 10021 United States |
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Telephone: |
+1 212-606-7000 |
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Fax: |
+1 212-894-1141 |
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Legal Form: |
CORPORATION |
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Email: |
enquiries@sothebys.com. |
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Registered in: |
DELAWARE |
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Website: |
www.sothebys.com |
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Contact: |
Mr. Thomas S. Smith Jr.
- President, CEO & Director |
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Staff: |
1,662 |
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Activity: |
SIC Code 7389, Business Services, NEC NAICS Code 541990, All Other Professional,
Scientific, and Technical Services |
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BANKS
Under certain
circumstances, they provide loans to certain art dealers to finance the
purchase of works of art. In these situations, they acquire a partial
ownership interest or a security interest in the purchased property in
addition to providing the loan. Upon the eventual sale of the property
acquired, the loan is repaid. As of December 31, 2016, such loans totaled
$3.8 million . In the fourth quarter of 2017, they determined one of these
loans to be impaired as a result of the bankruptcy of the art dealer and
recorded a credit loss of $1.5 million in the period. They have commenced
legal proceedings against one of the individuals who personally guaranteed
this loan. As of December 31, 2017 , they had one loan outstanding of this
type with a balance of $2.1 million . They are are no longer accruing
interest on this loan, but they believe that the recorded balance of the loan
is collectible. |
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Loan Agreement,
dated as of July 1, 2015, among 1334 York, LLC, as Borrower, HSBC Bank USA,
National Association, as Agent, HSBC Bank USA, National Association and
Industrial and Commercial Bank of China, Limited, New York Branch, as Lenders
and collectively, as Lead Arranger, and the other Lenders from time to time a
party thereto, incorporated by reference to Exhibit 10.1 to the Company's
current report on Form 8-K filed on July 6, 2015. |
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History
Sotheby's was founded in 1937 and is based in New
York, New York. |
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Key Developments: |
Sotheby's Spring 2018 Hong Kong Sales Total $466.5 Mln Tuesday, 3 Apr 2018 09:08am EDT April 3 (Reuters) - Sotheby's ::SOTHEBY'S SPRING
2018 HONG KONG SALES TOTAL $466.5 MILLION. Sotheby's Extends Share Ownership To Employees Around The World Tuesday, 27 Mar 2018 09:30am EDT March 27 (Reuters) - Sotheby's ::SOTHEBY'S EXTENDS
SHARE OWNERSHIP TO EMPLOYEES AROUND THE WORLD.SOTHEBY'S - AS A RESULT
OF NEW COMPENSATION PROGRAM, 98% OF GLOBAL EMPLOYEES WILL EITHER OWN SHARES
IN SOTHEBY'S, OR WILL RECEIVE CASH UNITS.SOTHEBY'S - ALL
ELIGIBLE EMPLOYEES AROUND WORLD HAVE BEEN GRANTED RESTRICTED STOCK UNITS,
REPRESENTING SHARES OF SOTHEBY'S COMMON STOCK, THIS MONTH. Sotheby’S Reports Q4 Earnings Per Share $1.43 Thursday, 1 Mar 2018 07:00am EST March 1 (Reuters) - Sotheby's ::SOTHEBY’S REPORTS
2017 FULL YEAR AND FOURTH QUARTER FINANCIAL RESULTS.Q4 ADJUSTED EARNINGS PER
SHARE $1.47.Q4 EARNINGS PER SHARE $1.43.BOARD APPROVES $100 MILLION INCREASE
TO SHARE REPURCHASE AUTHORIZATION.QTRLY TOTAL REVENUES $315.6 MILLION VERSUS
$308.7 MILLION.Q4 EARNINGS PER SHARE VIEW $1.34, REVENUE VIEW $311.3 MILLION
-- THOMSON REUTERS I/B/E/S. |
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PRINCIPAL
ACTIVITY
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Sotheby's provides auction services. |
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Products/Services description: |
The Company conducts auctions and private sales of
modern art, decorative art, antiques, jewelry, collectibles and historical
objects. The company also brokers art and collectible purchases and sales. |
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Brands: |
Sotheby's |
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Sales are: |
Wholesale |
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Clients: |
Andrews Charles Lawrie Sotheby S Mexico S De Rl De Cv Fernandez/Diaque/Raul Fundacion Carlos Slim A.C. United Parcel Service de Mexico S.A. de C.V. |
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Suppliers: |
Znalecký institut s.r.o. Zabalaga Leku Darryl Mark Flint Tpe Ltd. |
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Operations area: |
National and International |
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The company imports from |
CZECH REPUBLIC SPAIN CHINA JAPAN |
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The company exports to |
COLOMBIA MEXICO |
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The subject employs |
1,662 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
1334 York Avenue New York, NY 10021 United States |
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Branches: |
No other branches were found. |
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Subsidiaries: |
1334 York, LLC - Delaware Fine Art Insurance Ltd. - Bermuda Oatshare Ltd. - United Kingdom Sotheby's - United Kingdom Sotheby's A.G. - Switzerland Sotheby's Amsterdam BV - Netherlands Sotheby's Financial Services, Inc. - Nevada Sotheby's Fine Art Holdings, Inc. - Delaware Sotheby's France S.A.S. - France Sotheby's Global Trading, GmbH - Switzerland Sotheby's Hong Kong, Ltd. - Hong Kong Sotheby's Italia S.r.L. - Italy Sotheby's Nederland B.V. - Netherlands Sotheby's, Inc. - New York SPTC Delaware LLC - Delaware SPTC, Inc. - Nevada York UK Holdco International Ltd. - United Kingdom York Luxembourg Holdings International S.a.r.l. -
Luxembourg York Holdings International, Inc. - Delaware |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
YES: Sotheby's (BID) |
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Market Capital: |
2.928B |
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Outstanding Shares: |
52,461,996 |
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Shareholders: |
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Management: |
Mr. Thomas S. Smith Jr.
- President, CEO & Director Mr. Michael Fenton Goss - Exec. VP & CFO Mr. Adam David Chinn - Exec. VP & COO Mr. David Goodman - Exec. VP of Digital Devel. & Marketing Mr. Valentino D. Carlotti - Exec. VP & Global Head of Bus. Devel. |
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FINANCIAL
INFORMATION
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We attach company’s last financial statements. March 1, 2018 - Sotheby’s (NYSE: BID) reported its financial
results for the fourth quarter and twelve months ended December 31, 2017. For the twelve months ended December 31, 2017,
Sotheby’s reported net income of $118.8 million, or $2.20 per diluted share.
These results represent improvements of 60% from $74.1 million and 73% from
$1.27 in the prior year. Excluding certain charges in both periods, Adjusted
Net Income* improved 22% from $99.6 million to $121.7 million and Adjusted
Diluted Earnings Per Share* improved 32% from $1.71 to $2.25 per diluted share. • Consolidated Sales increased 12% to $5.5 billion
and Aggregate Auction Sales rose 8% to $4.6 billion in 2017 versus the prior
year. • Aggregate Auction Sales of Contemporary Art and
Impressionist and Modern Art improved 29% and 33%, respectively, from 2016 to
2017. • Asian clients contributed $1.6 billion of 2017
Aggregate Auction Sales. • Private sales grew 28% in 2017 to $744.6 million,
a four-year high. • 23% of all lots sold in 2017 were purchased by
online buyers, for a total of $180 million, a 16% increase compared to the
prior year. • Total revenues in 2017 increased 23% to $989.4
million, in large part due to a strengthening art market and increased
efforts to reduce our legacy inventory balance. |
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LEGAL
FILINGS
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CASES |
Sotheby's, Inc. v. Losa Plaintiff: Sotheby's, Inc. Defendant: Eugenio Paolo Losa Case Number: 1:2017cv09965 Filed: December 21, 2017 Court: New York Southern District Court Office: Foley Square Office Presiding Judge: Valerie E. Caproni Nature of Suit: Other Contract Cause of Action: 28:1332 Jury Demanded By: Plaintiff Pardel Enterprises Limited v. Sotheby's, Inc. Plaintiff: Pardel Enterprises Limited Defendant: Sotheby's, Inc. Case Number: 1:2017cv08351 Filed: October 30, 2017 Court: New York Southern District Court Office: Foley Square Office Presiding Judge: Edgardo Ramos Nature of Suit: Other Contract Cause of Action: 28:1332 Jury Demanded By: Plaintiff Hancock et al v. Sotheby's Inc. et al Plaintiff: Jemal Lavan Hancock and Lavan Galleries
LLC Defendant: Sotheby's Inc.,
Sotheby's Holdings, Inc. and Benjamin Doller Case Number: 1:2017cv07446 Filed: October 15, 2017 Court: Illinois Northern District Court Office: Chicago Office County: Cook Presiding Judge: Andrea R. Wood Nature of Suit: Other Fraud Cause of Action: 28:1332 Jury Demanded By: Plaintiff |
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TRADEMARKS |
SOTHEBY'S RESTORATION Appraisal of Fine and Decorative Works of Art,
Jewelry, Stamps, Coins, Books, Antiques, and Other Valuable Personal Property… Owned by: SOTHEBY'S INC. Serial Number: 73288114 SOTHEBY'S YORK TRANSPORT COMPANY TRANSPORTATION SERVICES, NAMELY, THE TRANSPORTATION
OF ART AND ANTIQUES OF OTHERS BY MEANS OF TRUCK, AIRPLANE OR TRAIN Owned by: SOTHEBY'S INC. Serial Number: 73788111 |
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UCC: |
Debtor Names: SOTHEBY'S
INC 1334 YORK AVE, NEW YORK, NY 10021-0000, USA Secured Party Names: MCS
BUSINESS SOLUTIONS P.O. BOX 728, PARK RIDGE, NJ 07656-0000, USA File no. File
Date Lapse Date Filing Type 024075 02/04/1999 02/04/2004 Financing Statement 1200308115254198 08/11/2003 02/04/2009 Continuation Debtor Names: SOTHEBY'S
INC 1334 YORK AVE, NEW YORK, NY 10021-0000, USA Secured Party Names: MCS
BUSINESS SOLUTIONS P.O.BOX 728, PARK RIDGE, NJ 07656-0000, USA File no. File
Date Lapse Date Filing Type 078981 04/21/1999 04/21/2004 Financing Statement 200404205311686 04/20/2004 04/21/2009 Continuation Debtor Names: SOTHEBY'S,
INC. 1334 YORK AVENUE, NEW YORK, NY 10021-0000, USA Secured Party Names: THE
CHASE MANHATTAN BANK, AS COLLATERAL AGENT 200 JERICHO QUADRANGLE, JERICHO, NY 11753-0000, USA File no. File Date Lapse Date Filing Type 146010 08/06/2001 08/06/2006 Financing Statement 201492 10/19/2001 08/06/2006 Financing Statement Amendment 200306051115751 06/05/2003 08/06/2006 Financing Statement Amendment 200403090247777 03/09/2004 08/06/2006 Termination 200403110252583 03/11/2004 08/06/2006 Termination Debtor Names: SOTHEBY'S,
INC. 1334 YORK AVENUE, NEW YORK, NY 10021-0000, USA Secured Party Names: CADMUS
PARTNERSHIP, LTD. 681 ANDERSEN DRIVE, PITTSBURGH, PA 15220-0000, USA File no. File
Date Lapse Date Filing Type 078736 04/05/2002 04/05/2007 Financing Statement Debtor Names: SOTHEBY'S
INC 1334 YORK AVE, NEW YORK, NY 10021-0000, USA Secured Party Names: RAYMOND
LEASING CORPORATION 20 SOUTH CANAL ST., GREENE, NY 13778-0000, USA File no. File
Date Lapse Date Filing Type 194762 08/22/2002 08/22/2007 Financing Statement |
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SUMMARY
Sotheby's provides auction services. The Company conducts auctions and private sales of
modern art, decorative art, antiques, jewelry, collectibles and historical
objects. The company also brokers art and collectible purchases and sales. The company has 1,662 regular employees. It operates
nationally and internationally, mainly exporting to Colombia and Mexico. The company shows positive profitability in its last
financial figures. |
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RISK
INFORMATION
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DEBTS |
- |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Amanda |
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POSITION |
Operator |
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COMMENTS |
She confirmed the name of the company, the address
of the headquarters and location, the date of creation of the company, the
number of employees and the name of the President. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.53 |
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1 |
INR 91.49 |
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Euro |
1 |
INR 80.53 |
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USD |
1 |
INR 67.89 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.