MIRA INFORM REPORT
|
Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
STERLING JEWELERS INC |
|
|
|
|
Formerly Known As : |
Sterling Merchandise Company. |
|
|
|
|
Registered Office : |
38 Hamilton Rd, Columbus Oh 43213 |
|
|
|
|
Country : |
United States |
|
|
|
|
Date of Incorporation : |
01.03.1955 |
|
|
|
|
Legal Form : |
Corporation for Profit |
|
|
|
|
Line of Business : |
Retailer of jewelry |
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 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
Regular |
|
Litigation : |
Exists |
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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
|
Currency: USD |
IDENTIFICATION
|
Ordered as: |
Sterling Jewelers Inc |
||
|
Address in the order: |
4444, Fairfax, 375 Ghent Rd., Akron OH, 44333 USA |
||
|
Comments on data supplied: |
Please note that the correct headquarters’ address is listed below. |
||
|
Legal Name: |
Sterling Jewelers Inc |
||
|
|
|
||
|
Legal Address |
38 HAMILTON RD, COLUMBUS OH 43213, USA (incorporators) |
||
|
Operative Address |
375 Ghent Road, Akron, OH 44333-4601, USA (headquarters) |
||
|
Telephone: |
(330) 668-5000 |
ID : |
245363 |
|
Fax: |
(330) 668-5052 |
Legal Form: |
Corporation for Profit |
|
Email: |
Registered in: |
Ohio |
|
|
Website: |
Date Created: |
1906 |
|
|
Manager: |
Mark Light, Chief Executive Officer and President |
Date Incorporated: |
March 1st, 1955 |
|
Staff: |
9,900 |
Stock: |
NA |
|
|
|
Value: |
NA |
|
Activity: |
Retailer of jewelry. |
||
BANKS
|
Name of the Bank |
Citibank |
|
Name of the Bank |
Mellon Bank |
BUSINESS
|
HISTORY |
|
|
|
The company was created in 1906. Sterling Jewelers, Inc. was formerly known as Sterling Merchandise
Company. Sterling Jewelers, Inc. Presents at ACI’s Premier Forum on Defending and
Managing Employment Discrimination Litigation, Feb-26-2010 03:10 PM 02/17/2010 Sterling Jewelers, Inc. Presents at ACI’s Premier Forum on Defending
and Managing Employment Discrimination Litigation, Feb-26-2010 03:10 PM.
Venue: Millennium UN Plaza Hotel, New York, New York, United States.
Speakers: Michael Lynch, Vice President, Employee Relations. |
|
PRINCIPAL ACTIVITY |
|
|
|
The company is engaged in jewelry distribution. |
|
Products/Services description: |
|
|
|
The company operates a network of specialty jewelry retail stores. |
|
Sales are: |
|
|
|
Retail |
|
Brands: |
|
|
|
Kay Jewelers Jared the Galleria of Jewelry |
|
Clients: |
|
|
|
General clientele |
|
Operations area: |
|
|
|
National |
|
The subject employs 9,900 employee(s) |
|
|
PAYMENTS |
|
|
|
regular |
|
LOCATION |
|
|
Headquarters |
|
|
|
The current legal address of the company is that of the registrant
officer: 38 HAMILTON RD, COLUMBUS OH 43213, USA However, it is headquartered at: 375 Ghent Road Akron, OH 44333-4601,
USA |
Shareholders - Manager - Related Companies
|
Listed at the stock exchange: |
|
|
|
NO |
|
Shareholders Parent Company(ies): |
|
|
|
The company is privately held. Sterling Jewelers, Inc. operates as a subsidiary of Signet Jewelers
Limited, which trades at the NYSE stock exchange under the symbol
"SIG". |
|
Management: |
|
|
|
Mark Light, Chief Executive Officer and President Gary Ciolli, Controller Robert Knapp, Senior Vice President of Corporate Supply Chain
Management and Distribution |
Financials - COMMERCIAL TRENDS AND FORECAST
|
As a private company the subject does not publish any financial
statements. |
|
We have contacted the company, who refused to provide us any financial
data without knowing the name of the inquiring party. |
|
However our financial sources could provide us with the following
data. Those figures are estimates provided by confidential banking and
financial institutions working with the company. |
|
Currency |
DATE |
|
USD |
2009 |
|
Turnover |
2,839,249,000 |
|
The cash flow is |
normal |
|
Legal Fillings |
|
There are several UCC** files listed with
the Secretary of State of Ohio. Female Workers Files Class-Action Lawsuit
against Sterling Jewelers, Inc 06/4/2009 Current and former Sterling Jewelers Inc.
female employees might be able to turn a pay and promotion discrimination
case against the company into a class-action lawsuit following a federal
court ruling on June 1, 2009. The ruling from the Southern District of New
York sets the stage for pursuing a class-action lawsuit against Sterling. An
arbitrator ruled against Sterling Jewelers' arguments that an agreement
signed by employees prohibited them from taking disputes to a class-action
lawsuit, said Joseph Sellers with the firm Cohen Milstein Sellers & Toll
PLLC. The dispute is not at the stage for a trial. Sterling Jewelers has 30
days to appeal June 1, 2009's ruling. The lawsuit alleges that Sterling
Jewelers discriminated against its female employees in pay and promotions
dating back to 2003. The suit grew out of complaints filed with the U.S.
Equal Employment Opportunity Commission. The EEOC alleged systemic sex
discrimination in pay and promotions across more than 1,400 stores run by
Sterling. Employees Files Lawsuit Against Sterling
Jewelers, Inc 03/19/2008 Women employees are claiming
discrimination in a lawsuit brought against the operators of more than 1,300
jewelry stores in the United States. The lawsuit by current and former
employees, filed in Manhattan's U.S. District Court, says Sterling Jewelers
Inc. practices a pattern of sex discrimination in the promotion and
compensation of women. The lawsuit also contains claims of unwanted sexual
advances. It says the company operates under at least 12 retail names
including Kay Jewelers, Goodman Jewelers and Osterman Jewelers. 2008 EEOC v. Sterling Jewelers Inc. On
September 24, 2008, Federal officials charged Sterling Jewelers with
discriminating against female employees by paying them less than their male
counterparts and denying promotions to them. Sterling Jewelers permitted or
encouraged managers to deny female employees equal pay compared with men in
similar positions and equal access to promotions, the EEOC said. Sterling
denies the claim and has vowed to "defend ourselves vigorously against
whatever legal action arises." The lawsuit seeks monetary relief and an
order requiring the company to implement new policies and practices to
prevent discrimination 2006 Manning v. Sterling Jewelers is a civil
court case filed in April, 2006 of which appears in the official Palm Beach
County Civil Court Codex. The case was essentially a dispute filed by a Mr.
Manning of Delray Beach with regard to an incident involving fraud and
misrepresentation of merchandise he purchased in a Jared store located in
Boynton Beach, Florida. Manning won the case and was awarded $57,500. Local
Palm Beach County Newspapers, The Palm Beach Post and The Sun-Sentinel,
published his story in 2007 after his case was briefly mentioned on local
television stations WSVN and WPEC. 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 good credit
rate. The company is in Good Standing. This
means that all local and federal taxes were paid on due date. |
|
|
Final Opinion |
|
|
|
This is a big sized American company. It
employs 9,900 people and has been in business for 104 years. The company’s income is encouraging for the business’ size. The structure is very well established
with years of experience. It appears that the company has during his
history faced several litigations with employees. A follow up on the
incidence of these lawsuits is required. Nonetheless, we noticed that the
company took actions to prevent these situations, such as, engaging in forums
defending and managing employment discrimination litigation. Despite its legal history impacting the
business rating, we estimate at this time that the structure can bear a
credit line. A business connection can be conducted. |
SUMMARY
|
|
|
||
|
Profitability |
CORRECT |
Public Records |
YES |
|
Indebtedness |
CONTROLLED |
Payments |
REGULAR |
|
Cash |
NORMAL |
|
|
APPENDIX
|
Person Interviewed |
|
|
|
Operator |
|
Comments |
|
|
|
The person contacted refused to provide any kind of information and
ended the call before we could ask for her name. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.