MIRA INFORM REPORT
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Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MACY’S MERCHANDISING GROUP PROCUREMENT LLC |
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Registered Office : |
c/o Corporation Service Company 2711 Centerville Rd, Ste 400, Wilmington, DE 19808 |
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Country : |
United States |
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Date of Incorporation : |
11.09.2011 |
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Legal Form : |
Corporation – Profit LLC |
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Line of Business : |
Chain of Department Store. |
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No. of Employees : |
10+ |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the largest and most technologically powerful economy
in the world, with a per capita GDP of $49,800. In this market-oriented
economy, 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, they face higher barriers to enter their rivals' home markets than
foreign firms face entering US markets. US firms are at or near the forefront
in technological advances, especially in computers and in medical, aerospace,
and military equipment; their advantage has narrowed since the end of World War
II. The onrush of technology largely explains 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. 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 nearly 55% of US consumption. 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. The
sub-prime mortgage crisis, falling home prices, investment bank failures, tight
credit, and the global economic downturn pushed the United States into a
recession by mid-2008. GDP contracted until the third quarter of 2009, making
this the deepest and longest downturn since the Great Depression. To help
stabilize financial markets, in October 2008 the US Congress established a $700
billion Troubled Asset Relief Program (TARP). 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 the US
Congress passed and 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. 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 2011,
the direct costs of the wars totaled nearly $900 billion, according to US
government figures. US revenues from taxes and other sources are lower, as a
percentage of GDP, than those of most other countries. In March 2010, President
OBAMA signed into law the Patient Protection and Affordable Care Act, a health
insurance reform that will extend coverage to an additional 32 million American
citizens by 2016, through private health insurance for the general population
and Medicaid for the impoverished. Total spending on health care - public plus
private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the
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 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 drops
to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%.
Long-term problems 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 - including significant budget shortages for state
governments.
Source
: CIA
Company name: MACY’S MERCHANDISING GROUP PROCUREMENT LLC
Reg. address: c/o
Corporation Service Company
2711 Centerville Rd,
Ste 400, Wilmington, DE 19808 – USA
Headquarters: 7 W. 7th Avenue, Ste 1100, Cincinnati,
OH 45202 - USA
Telephone: +1
513-579-7000
Fax: +1 513-579-7555
Website: -
Corporate ID#: 50323999
State: Delaware
Judicial form: Corporation – Profit LLC
Date incorporated: September
11, 2011
Stock Value: A LLC has no stock
Name of manager: Terry
J. LUNDGREN
Business:
All products procurement.
The Company searches products for its parent company MACY’S.
No name of foreign suppliers available.
EIN: -
Staff: 10+
Operations & branches:
At the headquarters, we
find the corporate headquarters of the group.
Shareholders:
MACY’S INC.
7 W. 7th Avenue, Ste 1100, Cincinnati, OH 45202
Incorporated in Delaware on 12-13-1985
ID# 2058197
Macy's, Inc., together with its subsidiaries, operates stores and
Internet Websites in the United States. It operates Macy's and Bloomingdale's
stores and Websites that sell a range of merchandise, including apparel and
accessories for men, women, and children; cosmetics; home furnishings; and
other consumer goods in 45 states, the District of Columbia, Guam, and Puerto
Rico. The company also operates Bloomingdale’s Outlet stores that offer a range
of apparel and accessories, including women's ready-to-wear, fashion
accessories, jewelry, handbags, and intimate apparel, as well as men's,
children's, and women's shoes. As of March 21, 2013, it operated approximately
840 stores under the names of Macy’s and Bloomingdale’s; and 12 Bloomingdale’s
Outlet stores, as well as macys.com and bloomingdales.com Websites.
The company was formerly known as Federated Department Stores, Inc. and changed
its name to Macy’s, Inc. in June 2007.
Macy’s, Inc. was founded in 1830 and is headquartered in Cincinnati,
Ohio.
The Company is listed with the NYSE under symbol M.
Management:
Terry J. LUNDGREN is the President.
He has been the Chief Executive Officer of Macy's, Inc. since February
26, 2003 and has been its President since May 1997.
Mr. Lundgren served as the President, Chief Operating Officer and Chief
Merchandising Officer of Macy's, Inc. since April 15, 2002. He began his
retailing career in 1975 with Bullock's at Macy's, Inc. For 12 years, he served
positions of increasing responsibility in buying, human resources, senior-level
store management and merchandising. He served as an Executive Vice president at
Neiman Marcus, where he served as Chairman and Chief Executive Officer since
1988. He served as Federated Chairman and Chief Executive Officer of its
Merchandising Group and served as its President and Chief Merchandising Officer
since 1997 and Chief Operating Officer since 2002. Mr. Lundgren joined
Federated in 1975 and served as its President of Bullock Wilshire operation
since 1987. He worked at Federated Department Stores, Inc., Pension Arm. He
left Federated in 1988. He was a Broadcast and Cable Television Executive. He
serves as a Co-chairman of The Partnership For New York City, Inc. He has been
the Chairman of Macy's, Inc. since January 15, 2004 and has been its Director
since May 1997. He served as Chairman of Federated since 2004 and has been its
Director since 1997.
He serves as the Chairman of National Retail Federation Inc.
He served as Chairman of National Minority Supplier Development Council
Business Consortium Fund, Inc. until October 2012. From February 1994 to
February 19, 1998, he served as the Chairman of the Federated Merchandising
Group, a division of Federated. He has been a Director of Kraft Foods Group,
Inc. since October 1, 2012 and Macy's Inc., since May 1997. Mr. Lundgren serves
as a Director of United Way of New York City and Committee Encouraging
Corporate Philanthropy. He has been a Director of The Federal Reserve Bank of
New York since September 2011 and Procter & Gamble Co. since January 8,
2013. He serves as a Trustee of Carnegie Hall Corporation. He served as a
Director of New York City Investment Fund Manager, Inc. and National Minority
Supplier Development Council Business Consortium Fund, Inc. He served as a
Director of Mondelez International, Inc. (a/k/a Kraft Foods Inc.) from May 2012
to October 1, 2012. Mr. Lundgren received the retail industry's pre-eminent
honor, the Gold Medal Award, from the National Retail Federation in 2008 and
has been an active leader in many retail industry initiatives over many years.
He was a Commissioner on women's economic development by the Mayor of New York
in 2002 and was presented with Carnegie Hall's third annual Medal of Excellence
for outstanding philanthropic leadership in the arts in 2008.
Mr. Lundgren has Bachelor's Degree from the University of Arizona.
Bradley R. MAYS is Vice President.
He has been Corporate Vice President, Tax of Macy's, Inc. since August
25, 2003 and serves as its Treasurer. Mr. Mays began his career as a tax
associate with Coopers & Lybrand in Atlanta in 1992. He was named senior
tax associate the following year and was promoted to tax manager in 1995, with
major clients in industries including manufacturing, real estate, medical,
financial and construction. He joined Saks, Inc. in July 1997 as Director of
taxes and was named Vice President of tax for Saks in March 1998, responsible
for all corporate tax functions. He serves as a Trustee of CET. Mr. Mays holds
a masters of accountancy degree from the University of Georgia, with a
specialization in tax. He is a 1989 magna cum laude graduate of Augusta State
University.
Subsidiaries and
partnership:
None
In United States, privately
held corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report and declared that all financials
are consolidated into the parent company
MACY’S INC.
(10K 2012 on attachment)
Banks: Bank of America
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary (UCC):
None