MIRA INFORM REPORT

 

 

Report Date :

22.01.2011

 

IDENTIFICATION DETAILS

 

Name :

PHILLIPS  VAN HEUSEN CORPORATION

 

 

Registered Office :

2711 Centerville Road   Suite 400, Wilmington De 

 

 

Country :

United States 

 

 

Financials (as on) :

31.01.2010

 

 

Date of Incorporation :

08.04.1976

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Apparel Textiles Manufacturers

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Maximum Credit Limit :

USD 1.000.000                                                            

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Phillips Van Heusen Corporation

Address in the order:

1001 Frontier Road, Bridge Water N.J. 08807

Comments on data supplied:

Dear Client:

The address provided in the order 1001 Frontier Road, Bridge Water N.J. 08807 is that of a non incorporated business unit, we have learned that the headquarters are at 200 Madison Avenue

New York, NY 10016 United States.

Legal Name:

Phillips  Van Heusen Corporation

 

 

Legal Address

2711 CENTERVILLE ROAD   SUITE 400, WILMINGTON DE (Reg. Agent Address)

Operative Address

200 Madison Avenue New York, NY 10016 United States

Telephone:

+1 (212) 381-3500

ID :

0823142

Fax:

+1 (212) 381-3950

Legal Form:

Corporation for Profit

Email:

-

Registered in:

Delaware

Website:

www.pvh.com

Date Created:

1884

Manager:

Emanuel Chirico, CEO

Date Incorporated:

April 08th, 1976

Staff:

5,300

Stock:

51,935,729

 

 

Value:

Par Value $1.00

Activity:

Apparel textiles manufacturers

 

 

BANKS

 

Name of the Bank

JP Morgan Chase Bank, N.A.

 

 

BUSINESS

 

HISTORY

 

This company was created on 1884

PRINCIPAL ACTIVITY

 

The company engages in the manufacture of apparel.

Products/Services description:

 

Men’s dress shirts and blouses, Sweaters, Coats and jackets, Suits, Dresses and skirts and saris and kimonos, Overalls and coveralls, Folkloric clothing, Undergarments, Hosiery, Clothing accessories, Nightwear, Uniforms, Swimwear, Athletic wear, Tshirts, Waistcoats, Clothing

Sales are:

 

Retail

Brands:

 

Tommy Hilfiger

Izodvanheusen

Arrow

Bass

Clients:

 

General Clientele

Suppliers:

 

Tommy Hilfiger

Izodvanheusen

Arrow

Bass

Operations area:

 

National, International, Local

The company imports from Worldwide

The company export to Worldwide

 

 

PAYMENTS

 

regular

LOCATION

Headquarters

 

This company is headquartered at 200 Madison Avenue New York, NY 10016 United States

The property is:

 

Owned

Comments on location:

 

This is the headquarters for the production site.

 

This company is incorporated in Delaware for tax purposes.

However, it is headquartered in New York

Branches:

 

There are various branches:

1001 Frontier Road, Bridge Water N.J. 08807

2200 Petaluma Boulevard N # 405 Petaluma, CA 94952-6318

3955 Volunteer Drive Chattanooga, TN 37416-3818

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

YES

Capital:

 

Breakdown:

% of Shares Held by All Insider and 5% Owners: 3%

% of Shares Held by Institutional & Mutual Fund Owners: 85%

% of Float Held by Institutional & Mutual Fund Owners: 88%

Number of Institutions Holding Shares: 249

Shareholders Parent Company(ies):

 

Top Institutional Holders:

JP MORGAN CHASE & COMPANY

SYSTEMATIC FINANCIAL MANAGEMENT, L.P.

VANGUARD GROUP, INC. (THE)

EARNEST PARTNERS LLC

GOLDMAN SACHS GROUP INC

OPPENHEIMER FUNDS, INC.

Allianz Global Investors of America L.P.

ALGER (FRED) MANAGEMENT INC

Blue Harbour Group, LP

FMR LLC

Top Mutual Fund Holders:

FIDELITY DISCIPLINED EQUITY FUND (USA)

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

JP MORGAN MID CAP VALUE FUND

FIDELITY CAPITAL APPRECIATION FUND

VANGUARD SMALL-CAP INDEX FUND

OPPENHEIMER MAIN STREET SMALL & MID CAP FUND

FIDELITY PURITAN FUND INC

VANGUARD TOTAL STOCK MARKET INDEX FUND

FIDELITY INDEPENDENCE FUND

Oppenheimer Quest for Value Fd-Oppenheimer Small & Mid Cap V

Management:

 

Emanuel Chirico, CEO

Allen E. Sirkin, President

Related Companies:

 

Phillips-Van Heusen Canada, Inc.

PVH Foreign Holdings Corp

CK Service Corp

PVH Wholesale Corp

PVH Wholesale New Jersey, Inc

Amongst others...

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

The subject is a public company traded at the stock exchange NYSE under ticker symbol "PVH". Please find enclosed the financial statements.

Legal Fillings

 There are 149 UCC** files listed with the Secretary of State of New York.

 

Filing Number:  2010 1585631

Filing Date:  05-06-2010

Filing Jurisdiction:  DELAWARE

Secured Party:  BARCLAYS BANK PLC, AS COLLATERAL AGENT

Secured Party Address:  745 7TH AVE FL 26TH NEW YORK  NY   10019- 6801

Debtor:  PHILLIPS-VAN HEUSEN CORPORATION

 

Filing Number:  2010 0732002

Filing Date:  03-04-2010

Filing Jurisdiction:  DELAWARE

Secured Party:  KLEIN, CALVIN

Secured Party Address:  2029 CENTURY PARK E STE 800 LOS ANGELES  CA   90067- 2909

Debtor:  PHILLIPS-VAN HEUSEN CORPORATION

 

Filing Number:  2009 0468261

Filing Date:  02-11-2009

Filing Jurisdiction:  DELAWARE

Secured Party:  US BANCORP

Secured Party Address:  1310 MADRID ST STE 105 MARSHALL  MN   56258- 4099

Debtor:  PHILLIPS VAN HEUSEN CORPORATION

 

Filing Number:  2007 4139944

Filing Date:  10-31-2007

Filing Jurisdiction:  DELA

Secured Party:  IBM CREDIT LLC

Secured Party Address:  1 N CASTLE DR

ARMONK  NY   10504- 1725

Debtor:  PHILLIPS-VAN HEUSEN CORPORATION

 

There are no legal filings listed with the District Court.

 

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

 

For information:

 

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

 

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America. 

 

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

 

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

 

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

 

 

Rating

 

Local credit bureau gave a Correct credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 Final Opinion

 

This company has been in business for 35 years; it has a staff of 5.300 employees which makes it a large sized company. There were no legal filings found against the company or its legal representatives.

This is a publicly traded company at NYSE under ticker symbol "PVH".

 

The turnover is correct, the debt is controlled, and the cash flow is normal.

 

A credit line may be considered for USD 1.000.000         

 



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public Records

YES

Indebtedness

CONTROLLED

Payments

REGULAR

Cash

CORRECT

 

 

 

Annual Statement

 

View: Annual Data

All numbers in thousands

 

Period Ending

Jan 31, 2010

Feb 1, 2009

Feb 3, 2008

Total Revenue

2,398,731  

2,491,935  

2,425,175  

Cost of Revenue

1,216,128  

1,291,267  

1,234,188  

 

Gross Profit

1,182,603  

1,200,668  

1,190,987  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

 

Selling General and Administrative

938,791  

1,028,784  

882,492  

 

Non Recurring

-  

(1,864)

(3,335)

 

Others

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

243,812  

173,748  

311,830  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

1,295  

8,059  

16,744  

 

 

Earnings Before Interest And Taxes

245,107  

179,943  

328,574  

 

 

Interest Expense

33,524  

33,639  

33,753  

 

 

Income Before Tax

211,583  

146,304  

294,821  

 

 

Income Tax Expense

49,673  

54,533  

111,502  

 

 

Minority Interest

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

161,910  

91,771  

183,319  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

 

 

Other Items

-  

-  

-  

 

 

 

 

 

Net Income

161,910  

91,771  

183,319  

 

Preferred Stock And Other Adjustments

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

$161,910  

$91,771  

$183,319  

 

 

 

 

Balance Sheet

 

View: Annual Data

All numbers in thousands

 

Period Ending

Jan 31, 2010

Feb 1, 2009

Feb 3, 2008

 

Assets

Current Assets

 

Cash And Cash Equivalents

480,882  

328,167  

269,914  

 

Short Term Investments

-  

-  

-  

 

Net Receivables

196,603  

200,605  

185,977  

 

Inventory

263,788  

282,678  

322,223  

 

Other Current Assets

53,610  

52,979  

58,105  

 

Total Current Assets

994,883  

864,429  

836,219  

Long Term Investments

-  

-  

-  

Property Plant and Equipment

167,474  

192,809  

232,028  

Goodwill

419,179  

377,027  

322,001  

Intangible Assets

739,191  

741,377  

740,078  

Accumulated Amortization

-  

-  

-  

Other Assets

18,952  

24,542  

42,068  

Deferred Long Term Asset Charges

-  

-  

-  

 

Total Assets

2,339,679  

2,200,184  

2,172,394  

 

Liabilities

Current Liabilities

 

Accounts Payable

323,907  

305,714  

325,729  

 

Short/Current Long Term Debt

-  

-  

-  

 

Other Current Liabilities

38,974  

43,524  

34,419  

 

Total Current Liabilities

362,881  

349,238  

360,148  

Long Term Debt

399,584  

399,567  

399,552  

Other Liabilities

408,661  

452,584  

236,859  

Deferred Long Term Liability Charges

-  

180,387  

219,552  

Minority Interest

-  

-  

-  

Negative Goodwill

-  

-  

-  

 

Total Liabilities

1,171,126  

1,201,389  

1,216,111  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

Preferred Stock

-  

-  

-  

Common Stock

57,139  

56,709  

56,506  

Retained Earnings

796,282  

642,183  

558,538  

Treasury Stock

(200,764)

(200,364)

(200,337)

Capital Surplus

596,344  

573,287  

558,960  

Other Stockholder Equity

(80,448)

(73,020)

(17,384)

 

Total Stockholder Equity

 

998,795  

956,283  

 

Net Tangible Assets

$10,183  

($119,609)

($105,796)

 

Income Statement

 

View: Quarterly Data

All numbers in thousands

 

Period Ending

Oct 31, 2010

Aug 1, 2010

May 2, 2010

Jan 31, 2010

Total Revenue

1,516,419  

1,103,268  

619,044  

614,583  

Cost of Revenue

722,952  

528,027  

302,011  

307,236  

 

Gross Profit

793,467  

575,241  

317,033  

307,347  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

-  

 

Selling General and Administrative

615,176  

612,737  

339,590  

254,534  

 

Non Recurring

-  

-  

-  

-  

 

Others

-  

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

178,291  

(44,146)

(22,557)

52,813  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

509  

(6,169)

107  

159  

 

 

Earnings Before Interest And Taxes

178,800  

(43,665)

(22,450)

52,972  

 

 

Interest Expense

41,734  

39,706  

8,382  

8,410  

 

 

Income Before Tax

137,066  

(83,371)

(30,832)

44,562  

 

 

Income Tax Expense

56,334  

(28,784)

(3,219)

17,539  

 

 

Minority Interest

-  

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

80,732  

(61,237)

(27,613)

27,023  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

-  

 

 

Other Items

-  

-  

-  

-  

 

 

 

 

 

Net Income

80,732  

(54,587)

(27,613)

27,023  

 

Preferred Stock And Other Adjustments

-  

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

$80,732  

($54,587)

($27,613)

$27,023  

 

 

Balance Sheet

View: Quarterly Data

All numbers in thousands

 

Period Ending

Oct 31, 2010

Aug 1, 2010

May 2, 2010

Jan 31, 2010

 

Assets

Current Assets

 

Cash And Cash Equivalents

491,437  

475,340  

791,595  

480,882  

 

Short Term Investments

-  

-  

-  

-  

 

Net Receivables

559,010  

310,481  

241,496  

196,603  

 

Inventory

687,114  

692,814  

284,840  

263,788  

 

Other Current Assets

177,018  

205,358  

58,456  

53,610  

 

Total Current Assets

1,914,579  

1,683,993  

1,376,387  

994,883  

Long Term Investments

-  

-  

-  

-  

Property Plant and Equipment

399,461  

387,417  

161,452  

167,474  

Goodwill

1,752,417  

1,701,641  

428,191  

419,179  

Intangible Assets

2,623,833  

2,564,289  

738,393  

739,191  

Accumulated Amortization

-  

-  

-  

-  

Other Assets

199,249  

183,070  

25,594  

18,952  

Deferred Long Term Asset Charges

-  

-  

-  

-  

 

Total Assets

6,889,539  

6,520,410  

2,730,017  

2,339,679  

 

Liabilities

Current Liabilities

 

Accounts Payable

814,672  

735,355  

362,346  

323,907  

 

Short/Current Long Term Debt

-  

4,617  

-  

-  

 

Other Current Liabilities

41,286  

46,957  

35,122  

38,974  

 

Total Current Liabilities

855,958  

786,929  

397,468  

362,881  

Long Term Debt

2,523,916  

2,491,635  

399,588  

399,584  

Other Liabilities

1,094,507  

1,046,278  

419,713  

408,661  

Deferred Long Term Liability Charges

-  

-  

-  

-  

Minority Interest

-  

-  

-  

-  

Negative Goodwill

-  

-  

-  

-  

 

Total Liabilities

4,474,381  

4,324,842  

1,216,769  

1,171,126  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

-  

Preferred Stock

188,595  

188,595  

-  

-  

Common Stock

67,109  

66,449  

57,953  

57,139  

Retained Earnings

787,471  

709,431  

764,495  

796,282  

Treasury Stock

(10,747)

(6,227)

(878)

(200,764)

Capital Surplus

1,286,480  

1,263,606  

771,548  

596,344  

Other Stockholder Equity

96,250  

(26,286)

(79,870)

(80,448)

 

Total Stockholder Equity

2,415,158  

2,195,568  

1,513,248  

1,168,553  

 

Net Tangible Assets

($1,961,092)

($2,070,362)

$346,664  

$10,183  

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.70

UK Pound

1

Rs.72.78

Euro

1

Rs.61.65

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.