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MIRA INFORM REPORT
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Report No. : |
516333 |
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Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
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Name : |
MICHAEL KORS (USA), INC |
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Registered Office : |
11 W 42nd St Fl 20, New York, NY, 10036 |
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Country : |
United States |
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Date of Incorporation : |
12.12.2002 |
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Legal Form : |
Domestic Corporation |
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Line of Business : |
Manufactures, and sells apparel, accessories, and footwear in the
United States and internationally. |
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No. of Employees : |
7000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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Maximum Credit Limit : |
USD 1 000 000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, 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, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US 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.
The onrush of technology has been a driving factor in 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. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. 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 more than 50% of US consumption and oil has a major impact on the overall health of the economy. 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. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. 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, Congress passed and former 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. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
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 FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former 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 (Fed) 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 dropped below 6.5% or inflation rose above 2.5%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCTs estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Order: |
MICHAEL KORS USA INC |
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Address
in the order: |
11 WEST 42ND STREET, NEW YORK , NY10036 USA |
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Legal
Name: |
MICHAEL KORS (USA), INC. |
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TradeName: |
MICHAEL KORS |
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ID: |
3601807 |
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Date
Created: |
1981 |
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Date
Incorporated: |
12/12/2002 |
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Legal
Address: |
CORPORATION TRUST CENTER 1209 ORANGE ST |
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Operative
Address: |
11 W 42nd St Fl 20 |
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Telephone:
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(212) 201-8100 714.557.5600 California |
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Fax: |
(212) 201-8100 |
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Legal
Form: |
Domestic Corporation |
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Email: |
sales@ michaelkors.com |
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Registered
in: |
DELAWARE |
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Website:
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Contact: |
Mr. Michael David Kors- Honorary Chairman and Chief
Creative Officer |
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Staff: |
7 000 |
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Activity: |
Women Apparel Accessories Manufacturing Men |
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Banks: |
The company does not make its banking data public |
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History: |
The company sells its products through stores and
online. Michael Kors (USA), Inc. was founded in 1981 and is based in New
York, New York. Michael Kors (USA), Inc. operates as a subsidiary of Michael
Kors Holdings Limited. |
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Key Develeopments: |
Michael Kors (USA), Inc. Key Developments Michael Kors (USA), Inc. Presents at NRF Protect
2017 Loss Prevention Conference & EXPO, Jun-26-2017 Jun 26 17 Michael Kors (USA), Inc. Presents at NRF Protect
2017 Loss Prevention Conference & EXPO, Jun-26-2017 . Venue: Gaylord
National Harbor Hotel, Washington, United States. |
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Parent Company: |
Michael Kors (USA), Inc. operates as a subsidiary
of: Michael Kors Holdings Limited. 33 KINGSWAY |
PRINCIPAL
ACTIVITY
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Michael Kors (USA), Inc. designs, manufactures, and sells apparel, accessories, and footwear in the United States and internationally. |
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Products/Services
description: |
The company offers shirts, tees and polos, sweaters, jackets and outerwear, pants, suits and blazers, shorts and swimwear, and underwear for men; and dresses, sweaters, jackets and outerwear, tops, skirts and shorts, pants, denim products, petites, and swimwear for women. It also provides totes, satchels, shoulder bags, clutches, backpacks, wallets, and keychains; shoes, including boots, ankle boots, sneakers, sandals, pumps and heels, flats, and kids footwear; watches; accessories, such as jewelry, sunglasses, fragrance and beauty products, and belts and scarves, as well as scarfs, neck warmers, hats, gloves, headbands, and earmuffs; and gifts. |
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Brands: |
Michael kors |
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Sales
are: |
Wholesale and retail |
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Clients: |
The company sells its products through stores and
online. MICHAEL KORS USA INC Singapore |
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Suppliers: |
SIMONE ACCESSORIES COLLECTION China MATICO LTD. (MANH TIEN GARMENT) Vietnam YUSEN LOGISTICS LTD. (HK) China |
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Operations
area: |
National and international |
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The
company imports from |
China Vietnam |
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The
company exports to |
Singapore |
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The subject
employs |
7 000 employees |
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Payments:
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Regular |
LOCATION
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Headquarters
: |
11 W 42nd St Fl 20 |
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Branches: |
1 Meadowlands Plaza 1200 610 Fifth Avenue 639 E Shaw Avenue Suite 169 |
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Related
Companies: |
Huidevettersstraat, 38-40 Omar Ibn El Khattab street Atatόrk Bulvarı, İlbank Sitesi
Blokları, 243-C, 51 Kavaklıdere |
GROUP
STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
This is a privately held company. Michael Kors (USA),
Inc. operates as a subsidiary of Michael Kors Holdings Limited. |
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Management: |
Mr. John D. Idol Chairman and Chief Executive Officer Mr. Michael David Kors Honorary Chairman and Chief Creative Officer Mr. Joseph B. Parsons Chief Financial Officer, Chief Operating Officer and
Executive Vice President Mr. Lee S. Sporn Senior Vice President of Business Affairs, Secretary
and General Counsel Mr. Britton Russell Senior Vice President of Global Operations |
FINANCIAL
INFORMATION
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The company does not make its financial statements public. The following information has been provided by private sources: |
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USD 2017 |
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Estimated Net Assets |
54,300,000 |
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Cash flow |
Normal |
LEGAL
FILINGS
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PATENTS |
USD721855S1 Cosmetic compact 2015-01-27 USD715653S1 USD715653S1 Fragrance bottle with cap 2014-10-21 CA150784S Fragrance bottle with cap 2014-06-26 USD706542S1 USD706542S1 Cosmetic brush 2014-06-10 |
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CASES |
Burberry Limited, et al v. Various John Does, et al Filed: May 24, 2018 as 1:2018cv04620 Plaintiff: VF Outdoor, LLC , The North Face Apparel
Corp. , Tory Burch LLC and others Defendant: Various John Does, Jane Does, XYZ
Companies Cause Of Action: Trademark Infringement Court: Second Circuit New York New York Southern
District Court Type: Intellectual Property Trademark Burberry Limited, et al v. Various John Does, et al Filed: February 27, 2018 as 1:2018cv01770 Plaintiff: Timberland , VF Outdoor, LLC , The North
face Apparel Corp. and others Defendant: Various John Does, Jane Does, XYZ
Companies Cause Of Action: Trademark Infringement Court: Second Circuit New York New York Southern
District Court Type: Intellectual Property Trademark Victoria E. Lucas v. Michael Kors (USA), Inc. et
al We have downloadable decisions or
orders for this case Filed: February 27, 2018 as 2:2018cv01608 Defendant: Decton Inc., Decton Staffing Services,
Does and others Plaintiff: Victoria E Lucas Court: Ninth Circuit California California
Central District Court Type: Other Statutes Other Burberry Limited, et al v. Various John Does, et al Filed: December 12, 2017 as 1:2017cv09731 Plaintiff: Timberland, A Division of VF Outdoor, LLC
, VF Outdoor, LLC , River Light V, L.P. and others Defendant: Various John Does, Jane Does, XYZ
Companies Cause Of Action: Estab of Dept of Commerce Court: Second Circuit New York New York Southern
District Court Type: Intellectual Property Trademark Sportbrain Holdings LLC v. Michael Kors Holdings
Ltd. et al Filed: February 6, 2017 as 1:2017cv00980 Defendant: Michael Kors Holdings Ltd., Michael Kors
(USA), Inc. Plaintiff: Sportbrain Holdings LLC Cause Of Action: Patent Infringement Court: Seventh Circuit Illinois Illinois
Northern District Court Type: Intellectual Property Patent Gil v. Michael Kors (USA), Inc. Filed: January 20, 2017 as 1:2017cv20259 Plaintiff: Juan Carlos Gil Defendant: Michael Kors (USA), Inc. Cause Of Action: Americans with Disabilities Act Court: Eleventh Circuit Florida Florida Southern
District Court Type: Civil Rights Americans with Disabilities -
Other Cardshark, LLC v. Michael Kors (USA), Inc. Filed: October 6, 2016 as 7:2016cv07819 Plaintiff: Cardshark, LLC Defendant: Michael Kors (USA), Inc. Cause Of Action: Patent Infringement Court: Second Circuit New York New York Southern
District Court Type: Intellectual Property Patent Tina Galvan v. Michael Kors USA Holdings, Inc. et al
Filed: September 30, 2016 as 2:2016cv07379 Defendant: Does, Michael Kors Retail, Inc, Michael
Kors Stores California Inc and others Plaintiff: Tania Galvan Court: Ninth Circuit California California
Central District Court Type: Civil Rights Civil Rights: Jobs Michael Kors, L.L.C. v. Chunma USA, Inc. et al We have downloadable decisions or orders
for this case Filed: February 24, 2016 as 2:2016cv01271 Respondent: Chunma USA, Inc., Ross Stores Inc Petitioner: Michael Kors, L.L.C. Court: Ninth Circuit California California
Central District Court Type: Intellectual Property Trademark Brooks Patton v. Michael Kors Stores (California),
Inc. et al We have downloadable
decisions or orders for this case Filed: November 13, 2015 as 3:2015cv02560 Plaintiff: Ashlee Brooks Patton Defendant: Michael Kors Stores (California), Inc. ,
Michael Kors (USA), Inc. , Does 1-100 Cause Of Action: lr Diversity - Labor Court: Ninth Circuit California California
Southern District Court Type: Labor Other Labor Litigation |
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TRADEMARKS |
MICHAEL KORS |
SUMMARY
Michael Kors (USA), Inc. was founded in 1981 and is based in New York, New York. The company designs, manufactures, and sells apparel, accessories, and footwear in the United States and internationally.
The company has 7 000 employees and generates an annual estimated net asset of $54,300,000.
The company imports from China and Vietnam and exports to Singapore.
It appears as ACTIVE in the records of Delaware.
RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH
FLOW |
Normal |
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SUGGESTED
CREDIT LINE |
USD 1 000 000 |
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STATUS |
Active |
INTERVIEW
|
NAME |
Paige |
|
POSITION |
HR |
|
COMMENTS |
She confirmed staff number, management, parent
company, experience, trademarks, patents, clients and jurisdiction. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.14 |
|
|
1 |
INR 90.27 |
|
Euro |
1 |
INR 79.34 |
|
USD |
1 |
INR 68.14 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
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|
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Report Prepared
by : |
SUJ |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SCs 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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.