|
Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
KOHL’S DEPARTMENT STORES, INC. |
|
|
|
|
Registered Office : |
N56 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
January
2013 |
|
|
|
|
Date of Incorporation : |
15.05.1986 |
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|
|
|
Legal Form : |
Corporation – Profit |
|
|
|
|
Line of Business : |
Subject operates department stores and offers apparel,
footwear, accessories, and home products to middle-income customers. |
|
|
|
|
No. of Employees : |
32,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
-- |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED STATES - ECONOMIC OVERVIEW
The
Source
: CIA
KOHL’S DEPARTMENT STORES, INC.
Headquarters:
Telephone: +1 262-703-7000
Fax: +1 262-703-6143
Website: www.kohls.net
Corporate ID#: 2090976
State:
Judicial form: Corporation – Profit
Date incorporated: 05-15-1986
Date founded: 1962
Stock
Value: USD 50,189,000=
Name of
manager: Kevin MANSELL
Business:
Kohl's Department Stores, Inc. operates department stores in
the
The company was founded in 1962 and is based in
Kohl's Department Stores, Inc. operates as a subsidiary of Kohl's Corp.
Last news:
On March 6, 2013, Kohl's Department Stores, Inc. announced the grand openings of nine new stores, creating approximately 950 jobs nationwide and bringing the company's store count to 1,155 stores across 49 states. Locations opening include Decatur, Alabama, Danville, Illinois, Ames, Iowa, Cedar Rapids, Iowa, Minot, North Dakota, Sherwood, Oregon, Hermitage, Pennsylvania, Spring Township, Pennsylvania and Denton, Texas.
On September 27, 2013, Kohl's Department Stores, Inc. announced the opening of three new locations, creating approximately 375 jobs nationwide and bringing the company's store count to 1,158 stores across 49 states.
Stores opening on September 27, 2013, include
With these new locations, Kohl's has opened a total of 12 new stores in 2013.
EIN: 13-3357362
Staff: 32,000
Operations
& branches:
At the
headquarters, we find the corporate headquarters and warehouse, owned.
As of February 2, 2013, the group operated 1,158 stores in 49 states.
Shareholders:
KOHLS CORP.
N56
(NYSE = KSS)
Kohl’s Corporation operates department stores in the
Its stores offer private, exclusive, and national branded apparel, footwear, and accessories for women, men, and children; soft home products, such as sheets and pillows; and houseware targeted to middle-income customers.
Management:
Kevin MANSELL is the President, Director and CEO
Mr. Kevin Mansell has been the Chief Executive Officer at Kohl's Corp. since August 2008. Mr. Mansell has been the President of Kohl's Corporation and Kohl's Department Stores Inc. since February 1999. He served as an Executive Vice President and General Merchandise Manager of Kohl's from 1987 to 1998. He joined Kohl's Corporation in 1982 as Divisional Merchandise Manager. Over the next 9 years, his responsibilities expanded to include Merchandise Planning and Allocation, as well as Micromarketing. He served as Senior Executive Vice President of Merchandising and Marketing at Kohl's since 1998. He began his career in retail in 1975, joining the Venture Store Division of May Department Stores, where he held a number of positions in buying and Merchandising.
He has been Chairman at Kohl's Corp. since September 1, 2009 and has also been its Director since February 1999.
He has been Director of Kohl's Department Stores Inc. since
February 1999. He attended the
Arlene MEIER has been Chief Operating Officer of Kohl's Department Stores Inc., a subsidiary of Kohl's Corp. since November 2000.
Ms. Meier served as s Chief Operating Officer of Kohls Corporation from November 2000 to September 1, 2006 and also served as its Treasurer.
She served as Executive Vice President and Chief Financial Officer of Kohls Corp. from October 1994 to November 2000. She joined Kohls Corporation in 1989 as Vice President and Controller and in 1994, she was promoted to Chief Financial Officer, overseeing all financial operations, as well as in-house proprietary credit operations. In 1999, her responsibilities expanded to include Kohl's information services and legal department.
Prior to Kohl's, she served at Gold Circle Stores, a division of Federated Department Stores. During her four years there, she held several positions, including director of financial planning and vice president of financial planning and general accounting. Earlier, she served in various accounting and financial planning positions at Target Stores. She has been Director of Kohl's Department Stores Inc. since March 2000. She served as a Director of Kohls Corporation from March 2000 to February 28, 2007.
Ms. Meier is a graduate of the
Wesley McDONALD, CFO
Subsidiaries
&
Partnership:
|
KOHL’S ILLINOIS, INC. |
|
|
|
KOHL’S INDIANA, INC. |
|
|
|
KOHL’S VALUE SERVICES, INC. |
|
|
|
KOHL’S CARES, LLC |
|
|
In
On a direct
call, a financial assistant controlled the present report and confirmed that all
financials are consolidated into the parent which reported sales for fiscal
year ending January 2013 up to
USD
19,279,000,000= and a net profit of USD 986,000,000=
For KOHL’S
DEPARTMENT STORES, INC.:
Net assets
2011 up to USD 671,154,227= verse USD 612,102,370= in 2010.
Banks: Bank of
Wells
...
Legal filings & complaints:
State:
Case number: 2:12-cv-10703-CBM-CW
Plaintiff: Deckers Outdoor Corporation
Defendant: Kohls
Department Stores Inc et al
Consuelo B. Marshall, presiding
Carla Woehrle, referral
Date filed: 12/14/2012
Date of last filing: 10/21/2013
State:
Case number: 5:13-cv-00516-W
Plaintiff: Stacey Raines
Defendant: Kohls
Department Stores Inc et al
Lee R. West, presiding
Date filed: 05/20/2013
Date of last filing: 09/27/201
Cause: Job discrimination
State:
Case number: 6:12-cv-00149-LED
Plaintiff: Soverain Software LLC
Defendant: Kohls
Department Stores et al
Leonard Davis, presiding
Date filed: 03/14/2012
Date of last filing: 04/15/2013
Secured debts summary (UCC): None (in
Trade
references:
Date
reported: October 2013
High
credit: USD 125,000
Now owing: 0
Past due: 0
Last
purchase: September 2013
Line of
business: Office supply
Paying
status: On terms
Date
reported: September 2013
High
credit: USD 30,000,000+
Now owing: 0
Past due: 0
Last
purchase: August 2013
Line of
business: Payroll
Paying
status: As agreed
Date
reported: September 2013
High
credit: USD 40,000
Now owing: 0
Past due: 0
Last
purchase: August 2013
Line of
business: Telecommunications
Paying
status: On terms
Domestic
credit history appears as follow:
|
Monthly
Payment Trends - Recent Activity |
|
National
Credit Bureaus gave a satisfying credit rating.
According to our credit analysts, during the last 6 months, payments of imports were currently made on terms.
The Company
is developing a strong business.
The banks
and financial institutions confirmed a correct credit history.
The Company
is in good standing.
This means
that all local and federal taxes were paid on due date.
The risk is
low.
Our
opinion:
A business
connection may be conducted.
Standard & Poor’s
|
|
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings from
CreditWatch negative.
·
The downgrade reflects our
opinion that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term
rating is negative. We could lower the long-term rating to 'AA' within the next
two years if we see that less reduction in spending than agreed to, higher
interest rates, or new fiscal pressures during the period result in a higher
general government debt trajectory than we currently assume in our base case.
The transfer and
convertibility (T&C) assessment of the
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of
The political
brinksmanship of recent months highlights what we see as
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a possible
further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the
Standard & Poor's
transfer T&C assessment of the
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
|
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.