MIRA INFORM REPORT

 

 

Report Date :

19.05.2008

 

IDENTIFICATION DETAILS

 

Name :

TARGET CORPORATION

 

 

Registered Office :

1000 Nicollet Mall MN 55403 Minneapolis

 

 

Country :

United States

 

 

Financials (as on) :

03.02.2007

 

 

Date of Incorporation :

11.02. 1902

 

 

Legal Form :

Company quoted at the NYSE Stock Exchange under symbol “TGT”.

 

 

Line of Business :

General Merchandise and Food Discount Stores Operator

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

Large

 

Maximum Credit Limit :

> 3,000,000 USD

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

REQUIRED CREDIT

 

 

ADVISED CREDIT

 

 

MAXIMUM

 

 

> 3,000,000 USD

 

 

GEOPOLITICS

 

 

POLITICAL DATA

 

 

ECONOMIC DATA

FORM OF GOVERNMENT

 

ECONOMIC RISK

Federal

 


None

 

CURRENCY

 

BRANCH SITUATION

 

USD 100 = EUR 64

 

Satisfying

 

 

IDENTIFICATION

 

 

Company Name:

 

 

TARGET Corporation

 

Address:

 

1000 Nicollet Mall

MN 55403 Minneapolis

UNITED STATES

 

Phone:

Facsimile:

Website:

 

ID:

 

State:

 

Managers:

 

+1 612-304-6073

+1 612-370-5502

www.targetcorp.com

 

11-AA

 

Minnesota

 

Mr. Robert J. Ulrich, Chairman and Chief Executive Officer

 

Date founded:

 

 

February 11, 1902

 

Company quoted at the NYSE Stock Exchange under symbol “TGT”.

 

846,602,115 shares

 

USD 0.0833 per share

 

352,000 Employees

Legal form:

 

 

Stock:

 

Value:

 

Staff:

 

Business: 

 

General merchandise and food discount stores operator.

 

 

BANKS

 

Target National Bank

Wells Fargo Bank

BUSINESS

 

 

Operations:

 

At above address, we find the headquarters of TARGET CORPORATION.

 

History

 

Target Corporation was founded in 1902 by George D. Dayton.

 

Activity:

 

Target Corporation engages in the operation of general merchandise and food discount stores in the United States.

 

It offers an assortment of general merchandise, including:

 

-          consumables and commodities;

-          electronics,

-          entertainment,

-          sporting goods, and toys;

-          apparel and accessories;

-          home furnishings and decor;

-          a line of food items.

 

The company operates its stores under “Target” and “Super Target” brands.

It also serves its customers online.

 

The company distributes its products through a network of distribution centers and import warehouses.

As of May 4, 2007, the company operated 1,502 stores in 47 states and 182 Super Target stores in 21 states, as well as 25 distribution centers and 4 import centers.

 

 

Business Overview:

 

The department and discount store sector of the retail industry encompasses a broad range of operators, both traditional department stores and mass-market multi-retailers. At present, the fifteen leading US-based retailers in this category have total revenues of approximately $444 billion, and the sector is seeing healthy growth in sales.

 

Leading names in this sector include Wal-Mart, Target Corporation, Sears, and JC Penney. Technological advances, such as chip-enabled loyalty cards and RFID, are enabling companies to streamline operations and improve efficiencies. Furthermore, M&A activity remains high in the sector, alongside significant redevelopment of existing locations, as the major players vie for market share.

 

 

SHAREHOLDERS – SUBSIDIARIES – MANAGERS

 

The Directors of TARGET CORP. are:

 

-          Mr. Robert J. Ulrich , Chairman, Chief Exec. Officer, Chairman of Exec. Committee, Chairman of Target Stores Division and Chief Exec. Officer of Target Stores Division,

-          Mr. Gregg W. Steinhafel , President,

-          Mr. Douglas A. Scovanner , Chief Financial Officer, Chief Accounting Officer and Exec. Vice president,

-          Mr. John D. Griffith , Executive Vice president,

-          Mr. Michael Francis , Executive Vice president of Marketing.

 

The individual shareholders of the company are:

 

-          ULRICH Robert,

-          STEINHAFEL Gregg,

-          SCOVANNER Douglas,

-          KOVACEVICH Richard,

-          TRUJILLO Solomon.

 

74% of Shares are held by Institutional & Mutual Fund Owners, which are:

 

-          STATE STREET CORPORATION,

-          DEUTSCHE BANK AKTIENGESELLSCHAFT,

-          Barclays Global Investors UK Holdings Ltd,

-          VANGUARD GROUP, INC.,

-          BNP PARIBAS ARBITRAGE, SA,

-          FMR CORPORATION (FIDELITY MANAGEMENT & RESEARCH CORP),

-          PRICE (T.ROWE) ASSOCIATES INC,

-          CAPITAL RESEARCH AND MANAGEMENT COMPANY,

-          CAPITAL GUARDIAN TRUST COMPANY,

-          NORTHERN TRUST CORPORATION,

-          GROWTH FUND OF AMERICA INC,

-          WASHINGTON MUTUAL INVESTORS FUND,

-          INVESTMENT COMPANY OF AMERICA,

-          AMERICAN BALANCED FUND,

-          VANGUARD 500 INDEX FUND,

-          AMCAP FUND,

-          AMERICAN FDS INSURANCE SER-GROWTH FD,

-          FUNDAMENTAL INVESTORS INC,

-          CAPITAL WORLD GROWTH AND INCOME FUND,

-          AMERICAN FDS INSURANCE SER-GROWTH/INCOME FD.

 

 

On August 29, 2007, the company announced 846,602,115 shares on the common stock, with a value of 0.0833 USD per share.

 

The list of Target Corporation subsidiaries is enclosed at the end of this report.

 

 

FINANCIALS – COMMERCIAL TRENDS AND FORECAST

 

The company is quoted on the NYSE Stock Exchange under the symbol “TGT”.

 

Sales for the year 2007 are in the range of USD 59,490,000,000, compared with USD with 52,620,000,000 for the last year.

Net income increased in the range of USD 2,787,000,000, compared with USD 2,408,000,000  for the same period last year.

 

On November 20, 2007, Target announced that for the third quarter, which ended on November 3, the discount retailer reported earnings fell 4.5% to USD 483 million, or 56 cents per share, from the corresponding quarter last year.

The company’s sales rose 8.8% to USD 14.8 billion, in line with analyst forecasts. Quarterly same-store sales increased 3.7%.

 

 

Annual Income Statement:

 

All numbers in thousands

 

PERIOD ENDING

3-Feb-07

28-Jan-06

29-Jan-05

Total Revenue

59,490,000  

52,620,000  

46,839,000  

Cost of Revenue

39,399,000  

34,927,000  

31,445,000  

 

Gross Profit

20,091,000  

17,693,000  

15,394,000  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

 

Selling General and Administrative

13,526,000  

11,961,000  

10,534,000  

 

Non Recurring

-  

-  

-  

 

Others

1,496,000  

1,409,000  

1,259,000  

 

 

 

Total Operating Expenses

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

5,069,000  

4,323,000  

3,601,000  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

25,000  

-  

-  

 

 

Earnings Before Interest And Taxes

5,094,000  

4,323,000  

3,601,000  

 

 

Interest Expense

597,000  

463,000  

570,000  

 

 

Income Before Tax

4,497,000  

3,860,000  

3,031,000  

 

 

Income Tax Expense

1,710,000  

1,452,000  

1,146,000  

 

 

Minority Interest

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

2,787,000  

2,408,000  

1,885,000  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

1,313,000  

 

 

Extraordinary Items

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

 

 

Other Items

-  

-  

-  

 

 

 

 

 

Net Income

2,787,000  

2,408,000  

3,198,000  

 

Preferred Stock And Other Adjustments

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

$2,787,000  

$2,408,000  

$3,198,000  

 

 

 

Quarterly Income Statement:

 

All numbers in thousands

 

PERIOD ENDING

4-Aug-07

5-May-07

3-Feb-07

28-Oct-06

Total Revenue

14,620,000  

14,041,000  

19,710,000  

13,570,000  

Cost of Revenue

9,439,000  

9,186,000  

12,837,000  

9,073,000  

 

Gross Profit

5,181,000  

4,855,000  

6,873,000  

4,497,000  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

-  

 

Selling General and Administrative

3,509,000  

3,263,000  

4,510,000  

3,151,000  

 

Non Recurring

-  

-  

-  

-  

 

Others

404,000  

392,000  

402,000  

390,000  

 

 

 

Total Operating Expenses

-  

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

1,268,000  

1,200,000  

1,961,000  

956,000  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

-  

-  

25,000  

-  

 

 

Earnings Before Interest And Taxes

1,268,000  

1,200,000  

1,986,000  

956,000  

 

 

Interest Expense

154,000  

136,000  

176,000  

149,000  

 

 

Income Before Tax

1,114,000  

1,064,000  

1,810,000  

807,000  

 

 

Income Tax Expense

428,000  

413,000  

691,000  

301,000  

 

 

Minority Interest

-  

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

686,000  

651,000  

1,119,000  

506,000  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

-  

 

 

Other Items

-  

-  

-  

-  

 

 

 

 

 

Net Income

686,000  

651,000  

1,119,000  

506,000  

 

Preferred Stock And Other Adjustments

-  

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

$686,000  

$651,000  

$1,119,000  

$506,000 

 

 

Annual Balance Sheet:

 

All numbers in thousands

 

PERIOD ENDING

3-Feb-07

28-Jan-06

29-Jan-05

 

Assets

Current Assets

 

Cash And Cash Equivalents

813,000  

1,648,000  

2,245,000  

 

Short Term Investments

-  

-  

-  

 

Net Receivables

6,194,000  

5,666,000  

5,069,000  

 

Inventory

6,254,000  

5,838,000  

5,384,000  

 

Other Current Assets

1,445,000  

1,253,000  

1,224,000  

 

Total Current Assets

14,706,000  

14,405,000  

13,922,000  

Long Term Investments

-  

-  

-  

Property Plant and Equipment

21,431,000  

19,038,000  

16,860,000  

Goodwill

60,000  

-  

60,000  

Intangible Assets

152,000  

-  

146,000  

Accumulated Amortization

-  

-  

-  

Other Assets

1,000,000  

1,552,000  

1,305,000  

Deferred Long Term Asset Charges

-  

-  

-  

 

Total Assets

37,349,000  

34,995,000  

32,293,000  

 

Liabilities

Current Liabilities

 

Accounts Payable

9,755,000  

8,835,000  

7,716,000  

 

Short/Current Long Term Debt

1,362,000  

753,000  

504,000  

 

Other Current Liabilities

-  

-  

-  

 

Total Current Liabilities

11,117,000  

9,588,000  

8,220,000  

Long Term Debt

8,675,000  

9,119,000  

9,034,000  

Other Liabilities

702,000  

1,232,000  

1,037,000  

Deferred Long Term Liability Charges

1,222,000  

851,000  

973,000  

Minority Interest

-  

-  

-  

Negative Goodwill

-  

-  

-  

 

Total Liabilities

21,716,000  

20,790,000  

19,264,000  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

Preferred Stock

-  

-  

-  

Common Stock

72,000  

73,000  

74,000  

Retained Earnings

13,417,000  

12,013,000  

11,148,000  

Treasury Stock

-  

-  

-  

Capital Surplus

2,387,000  

2,121,000  

1,810,000  

Other Stockholder Equity

(243,000)

(2,000)

(3,000)

 

Total Stockholder Equity

15,633,000  

14,205,000  

13,029,000  

 

Net Tangible Assets

$15,421,000  

$14,205,000  

$12,823,000

 

A litigation search did not show any significant legal actions in the name of the subject firm.

 

Several active UCC files are listed with the Secretary of State of Minnesota (enclosed at the end of the report).

 

 

RATING

 

Local credit bureau gave a very good credit rate.

 

The Company is in “good standing”.

This means that all taxes were paid on due date.

Cash is large.

 

Our final opinion:

 

This is a very large business working on the U.S. market..

As far as we know, payments are made on due date.

Cash-flow is satisfying and the business model is very profitable.

 

A large business connection is possible.

 

 

SUMMARY

 

 

FINANCIAL SUMMARY

 

 

DEBT COLLECTIONS AND PAYMENTS

PROFITABILITY

 

INDEBTNESS

 

CASH

Large

 

Under control

 

Large

PUBLIC RECORDS

 

PAYMENTS

 

 

No

 

Regular

 

 

ADVISED CREDIT

 

> 3,000,000 USD

 

 

 

LISTE UCC :

 

 

1.

Debtor:  TARGET CORPORATION

State:  MN

Filing Location:  MN - SECRETARY OF STATE 

 

--------------------------------------------------------------------------------

 

Secured Party:  HEALTHGUARD FINANCE CORPORATION

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - ASSIGNED

Filing Number:  20041165726

Original Filing Number:  200411463979

Assignee:  HITACHI CREDIT AMERICA CORPORATION

Assignee Address:  777 WEST PUTNAM AVENUE

GREENWICH, CT

Filing Date:  05-04-2004

Original Filing Date:  04-19-2004

 

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200411463979

Original Filing Number:  200411463979

Assignee:  HITACHI CREDIT AMERICA CORPORATION

Assignee Address:  777 WEST PUTNAM AVENUE

GREENWICH, CT

Filing Date:  04-19-2004

Original Filing Date:  04-19-2004

 

 

--------------------------------------------------------------------------------

 

Secured Party:  LIFECLINIC FINANCE CORPORATION

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - ASSIGNED

Filing Number:  20051616672

Original Filing Number:  200515921911

Assignee:  MB FINANCIAL BANK N A

Assignee Address:  1200 NORTH ASHLAND AVENUE

CHICAGO, IL

Filing Date:  04-22-2005

Original Filing Date:  04-06-2005

 

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200515921911

Original Filing Number:  200515921911

Assignee:  MB FINANCIAL BANK N A

Assignee Address:  1200 NORTH ASHLAND AVENUE

CHICAGO, IL

Filing Date:  04-06-2005

Original Filing Date:  04-06-2005

 

 

--------------------------------------------------------------------------------

 

Secured Party:  SENTRY FINANCIAL CORPORATION

Address:  201 SOUTH MAIN STREET, SUITE 1400

SALT LAKE CITY UT 841112215

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - ASSIGNED

Filing Number:  20051616672

Original Filing Number:  200515921911

Assignee:  MB FINANCIAL BANK N A

Assignee Address:  1200 NORTH ASHLAND AVENUE

CHICAGO, IL

Filing Date:  04-22-2005

Original Filing Date:  04-06-2005

 

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200515921911

Original Filing Number:  200515921911

Assignee:  MB FINANCIAL BANK N A

Assignee Address:  1200 NORTH ASHLAND AVENUE

CHICAGO, IL

Filing Date:  04-06-2005

Original Filing Date:  04-06-2005

 

 

 

--------------------------------------------------------------------------------

 

2.

 Debtor:  TARGET CORPORATION

Address:  1000 NICOLETTE MALL

MINNEAPOLIS MN 55402

State:  MN

Filing Location:  MN - SECRETARY OF STATE 

 

--------------------------------------------------------------------------------

 

Secured Party:  STAR DIAMOND GROUP INC

Address:  1285 AVE OF THE AMERICAS

NEW YORK NY 10019

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  020036598063

Original Filing Number:  020036598063

Filing Date:  02-21-2003

Original Filing Date:  02-21-2003

 

 

--------------------------------------------------------------------------------

 

3.

 Debtor:  TARGET CORPORATION

Address:  1000 NICOLLET MALL

MINNEAPOLIS MN 55403

State:  MN

Filing Location:  MN - SECRETARY OF STATE 

 

--------------------------------------------------------------------------------

 

Secured Party:  AMERICAN GREETINGS CORPORATION

Address:  ONE AMERICAN ROAD

CLEVELAND OH 44144

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200517187046

Original Filing Number:  200517187046

Filing Date:  07-08-2005

Original Filing Date:  07-08-2005

 

--------------------------------------------------------------------------------

 

Secured Party:  U S BANCORP EQUIPMENT FINANCE INC

Address:  P.O. BOX 230789

PORTLAND OR 97281

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200411414427

Original Filing Number:  200411414427

Filing Date:  04-15-2004

Original Filing Date:  04-15-2004

 

 

 

--------------------------------------------------------------------------------

 

Secured Party:  AMERITECH CREDIT CORPORATION

Address:  2000 WEST SBC CENTER DRIVE

HOFFMAN ESTATES IL 60196

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200412626759

Original Filing Number:  200412626759

Filing Date:  07-22-2004

Original Filing Date:  07-22-2004

 

 

 

--------------------------------------------------------------------------------

 

Secured Party:  DEL FINANCIAL SERVICES LP

Address:  14050 SUMMIT DRV #101 BLDG A

AUSTIN TX 78758

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  020012061795

Original Filing Number:  020012061795

Filing Date:  11-05-2001

Original Filing Date:  11-05-2001

 

 --------------------------------------------------------------------------------

 

Secured Party:  DELL FINANCIAL SERVICES

Address:  3500-A WADLEY PL

AUSTIN TX 78728

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  020025581593

Original Filing Number:  020025581593

Filing Date:  11-01-2002

Original Filing Date:  11-01-2002

 

 

--------------------------------------------------------------------------------

 

Secured Party:  DELL FINANCIAL SERVICES LP

Address:  14050 SUMMIT DRV BLDG A #101

AUSTIN TX 78758

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  020012061809

Original Filing Number:  020012061809

Filing Date:  11-05-2001

Original Filing Date:  11-05-2001

 

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  020023489732

Original Filing Number:  020023489732

Filing Date:  03-22-2002

Original Filing Date:  03-22-2002

 

 

--------------------------------------------------------------------------------

 

Secured Party:  LIFECLINIC FINANCE CORPORATION

Address:  201 SOUTH MAIN STREET, SUITE 1400

SALT LAKE CITY UT 841112215

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200610233716

Original Filing Number:  200610233716

Filing Date:  01-18-2006

Original Filing Date:  01-18-2006

 

 

--------------------------------------------------------------------------------

 

Secured Party:  MGM HOME ENTERTAINMENT INC

Address:  2500 BROADWAY STR

SANTA MONICA CA 90404

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  020037205315

Original Filing Number:  020037205315

Filing Date:  04-21-2003

Original Filing Date:  04-21-2003

 

 

 

--------------------------------------------------------------------------------

 

Secured Party:  RACINE JOINT VENTURE II CBL & ASSOCIATES PROPERTIES INC

Address:  5538 DURAND AVENUE

RACINE WI 53406

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  20038050257

Original Filing Number:  20038050257

Filing Date:  07-14-2003

Original Filing Date:  07-14-2003

 

 

--------------------------------------------------------------------------------

 

Secured Party:  SENTRY FINANCIAL CORPORATION

Address:  201 SOUTH MAIN STREET, SUITE 1400

SALT LAKE CITY UT 841112215

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200610233716

Original Filing Number:  200610233716

Filing Date:  01-18-2006

Original Filing Date:  01-18-2006

 

 

--------------------------------------------------------------------------------

 

4. 

 Debtor:  TARGET CORPORATION

Address:  1000 NICOLLET MALL / 31ST FLOOR, SUITE 3136

MINNEAPOLIS MN 55403

State:  MN

Filing Location:  MN - SECRETARY OF STATE 

 

--------------------------------------------------------------------------------

 

Secured Party:  ARROW FINANCIAL SERVICES LLC

Address:  5996 W. TOUHY AVENUE

NILES IL 60714

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200515510897

Original Filing Number:  200515510897

Filing Date:  03-08-2005

Original Filing Date:  03-08-2005

--------------------------------------------------------------------------------

Secured Party:  JPMORGAN CHASE BANK

Address:  270 PARK AVENUE

NEW YORK NY 10017

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200515510897

Original Filing Number:  200515510897

Filing Date:  03-08-2005

Original Filing Date:  03-08-2005

 

--------------------------------------------------------------------------------

 

5. 

 Debtor:  TARGET CORPORATION

Address:  1000 NICOLLET MALL TARGET PLAZA TPS 3155

MINNEAPOLIS MN 55403

State:  MN

Filing Location:  MN - SECRETARY OF STATE 

 

--------------------------------------------------------------------------------

 

Secured Party:  JL TARGET LEASE CO LTD

Address:  % JAPAN LEASING CORP GINZA I TOWER BLDG 9 4 GINAZ 2 CHOME

CHUO KU TO 

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - TERMINATED

Filing Number:  020022850694

Original Filing Number:  020022850694

Filing Date:  01-24-2002

Original Filing Date:  01-24-2002

 

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - TERMINATED

Filing Number:  2002494574

Original Filing Number:  2002494574

Filing Date:  08-21-2002

Original Filing Date:  01-24-2002

 

 

 

--------------------------------------------------------------------------------

 

Secured Party:  WELLS FARGO BANK NORTHWEST NA AS SECURITY TRUSTEE

Address:  79 SOUTH MAIN STREET

SALT LAKE CITY UT 84111

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - TERMINATED

Filing Number:  020022850694

Original Filing Number:  020022850694

Filing Date:  01-24-2002

Original Filing Date:  01-24-2002

 

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - TERMINATED

Filing Number:  2002494574

Original Filing Number:  2002494574

Filing Date:  08-21-2002

Original Filing Date:  01-24-2002

 

 

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6. 

 Debtor:  TARGET CORPORATION

Address:  1000 NICOLLET MALL, TPN-1446

MINNEAPOLIS MN 55403

State:  MN

Filing Location:  MN - SECRETARY OF STATE 

 

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Secured Party:  MONOGRAM CREDIT CARD BANK OF GEORGIA

Address:  4125 WINDWARD PLAZA DRIVE

ALPHARETTA GA 30005

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  200413159384

Original Filing Number:  200413159384

Filing Date:  09-07-2004

Original Filing Date:  09-07-2004

 

 

 

 

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7. 

 Debtor:  TARGET CORPORATION

Address:  1000 WESTGATE DR.

SAINT PAUL MN 55114

State:  MN

Filing Location:  MN - SECRETARY OF STATE 

 

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Secured Party:  LOFFLER BUSINESS SYSTEMS

Address:  5707 EXCELSIOR BLVD.

MINNEAPOLIS MN 55416

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  2319955

Original Filing Number:  2319955

Assignee:  BCL CAPITAL

Assignee Address:  115 WEST COLLEGE DR.

MARSHALL, MN

Filing Date:  04-27-2001

Original Filing Date:  04-27-2001

 

--------------------------------------------------------------------------------

 

8. 

 Debtor:  TARGET CORPORATION

Address:  1000 WESTGATE DRIVE

SAINT PAUL MN 55114

State:  MN

Filing Location:  MN - SECRETARY OF STATE 

 

--------------------------------------------------------------------------------

 

Secured Party:  LOFFLER BUSINESS SYSTEMS

Address:  5707 EXCELSIOR BOULEVARD

MINNEAPOLIS MN 55416

 

Filing Type:  UCC FINANCE STMT

Action Type:  UCC FINANCE STATEMENT - FILED

Filing Number:  20012319955

Original Filing Number:  20012319955

Assignee:  BCL CAPITAL

Assignee Address:  115 WEST COLLEGE DRIVE

MARSHALL, MN

Filing Date:  04-27-2001

Original Filing Date:  04-27-2001

 

 

 

 

 

 

 

 

 

 

 

LIST OF TARGET SUBSIDIARIES (As of February 3, 2007)

 

AMC Dominican Republic, S.A. (Dominican Republic)

 

AMC El Salvador, S.A. (El Salvador)

 

AMC Guatemala Sociedad Anonima (Guatemala)

 

AMC Honduras, S.A. (Honduras)

 

AMC Nicaragua, S.A. (Nicaragua)

 

AMC(S) Pte., Ltd. (Singapore)

 

Amcrest Corporation (NY)

 

Amcrest France Sarl (France)

 

Associated Merchandising Corporation (NY)

 

Associated Merchandising Corporation GmBH (Germany)

 

Associated Merchandising Korea Corporation (Korea)

 

DBC, LLC (AK)

 

Dayton Credit Company (MN)

 

Dayton Development Company (MN)

 

Eighth Street Development Company (MN)

 

Glendale West, LLC (CA)

 

ITC Sales and Procurement, LLC (MN)

 

Red Tail LLC (DE)

 

STL of Nebraska, Inc. (MN)

 

SuperTarget Liquor of Missouri, Inc. (MN)

 

SuperTarget Liquor of Texas, Inc. (TX)

 

Target Bank (UT banking corporation)

 

Target Brands, Inc. (MN)

 

Target Bridges, Inc. (DE)

 

Target Capital Corporation (MN)

 

Target China Holdings Limited (Hong Kong)

 

Target Commercial Interiors, Inc. (MN)

 

Target Connect, Inc. (MN)

 

Target Corporation India Private Limited (India)

 

Target Customs Brokers, Inc. (MN)

 

Target Foundation (a MN not-for-profit organization)

 

Target Global Trade, Inc. (MN)

 

Target National Bank (a national banking association)

 

Target Receivables Corporation (MN)

 

Target Services, Inc. (MN)

 

Target Sourcing Services Limited (Hong Kong)

 

Target Stores, Inc. (MN)

 

TCDC, Inc. (MN)

 

TG Holdings (Bermuda)

 

TGT Energy LLC

 

 

 

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions