|
|
|
MIRA
INFORM REPORT
|
Report No. : |
509864 |
|
Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
BIG LOTS STORES, INC. |
|
|
|
|
Registered Office : |
50 West Broad Street Suite 1330 Columbus, OH 43215 |
|
|
|
|
Country : |
United States |
|
|
|
|
Financials (as on) : |
2016 (Summarized) |
|
|
|
|
Date of Incorporation : |
17.01.1986 |
|
|
|
|
Legal Form : |
Corporation |
|
|
|
|
Line of Business : |
Subject operates retail stores that sell
foods, home furnishings, furniture, merchandise, and other household items in
the United States. |
|
|
|
|
No. of Employees : |
35,000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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 JCT’s estimate.
|
Source
: CIA |
STATUTORY INFORMATION
|
Legal Name: |
BIG LOTS STORES, INC. |
|
Trade
Names: |
BIG LOTS STORES, INC. |
|
ID: |
669545 |
|
Date Created: |
1986 |
|
Date Incorporated: |
01/17/1986 |
|
Legal Address: |
50 WEST BROAD STREET SUITE 1330 COLUMBUS,OH 43215, USA |
|
Operative Address: |
300 Phillipi Road Columbus, OH 43228 United States |
|
Telephone: |
614-278-6800 |
|
Fax: |
614-278-6676 |
|
Legal Form: |
CORPORATION |
|
Email: |
- |
|
Registered in: |
OHIO |
|
Website: |
www.biglots.com |
|
Contact: |
Timothy A. Johnson - Executive Vice President, Chief
Administrative Officer and Chief Financial Officer |
|
Staff: |
35,000 |
|
Activity: |
SIC Code 5331, Variety Stores |
|
|
|
|
|
|
|
Banks: |
BANK OF AMERICA CANON SOLUTIONS AMERICA, INC. INTERNATIONAL BUSINESS MACHINES
CORPORATION THE HUNTINGTON NATIONAL BANK |
|
|
|
|
History: |
The company was incorporated in 1986 and
is based in Columbus, Ohio. The company was formerly known as Consolidated
Stores Corporation and changed its name to Big Lots Stores, Inc. in May,
2001. |
|
|
|
|
Parent Company |
Big Lots Stores, Inc. operates as a
subsidiary of: Big Lots Inc. 300 Phillipi Road PO Box 28512 Columbus, OH 43228 United States |
|
|
|
|
Key Developments: |
Big Lots Stores Presents at 18th Annual
TPM Conference, Mar-06-2018 09:45 AM Mar 4 18 Big Lots Stores Presents at 18th Annual
TPM Conference, Mar-06-2018 09:45 AM. Venue: Long Beach Convention, 300 E
Ocean Blvd, Long Beach, California, United States. Speakers: Michael Burns,
Vice President, Global Transportation and Omnichannel Logistics. Big Lots Stores, Inc. Presents at 2018
Retail Supply Chain Conference, Feb-27-2018 01:45 PM Feb 20 18 Big Lots Stores, Inc. Presents at 2018
Retail Supply Chain Conference, Feb-27-2018 01:45 PM. Venue: The Phoenix
Convention Center, Phoenix, Arizona, United States. Speakers: Askia Shaheer,
Manager, Transportation Financial Planning. Big Lots Stores, Inc. Presents at NRF
Protect 2017 Loss Prevention Conference & EXPO, Jun-26-2017 Jun 26 17 Big Lots Stores, Inc. Presents at NRF
Protect 2017 Loss Prevention Conference & EXPO, Jun-26-2017 . Venue: Gaylord National Harbor Hotel, Washington,
United States. |
|
|
|
PRINCIPAL ACTIVITY |
|
|
Big Lots Stores, Inc. operates retail
stores that sell foods, home furnishings, furniture, merchandise, and other
household items in the United States. |
|
|
Products/Services description: |
It offers consumables, seasonal items,
furniture, house wares, toys, electronics, home décor, tools, and gifts. |
|
Brands: |
BIG LOTS |
|
Sales are: |
Wholesale |
|
Clients: |
Comercializadora E Industrializador |
|
Suppliers: |
Yusen Logistics (Vietnam) Co., Ltd. Yusen Logistics (Italy) S.P.A. Yusen Logistics (China) Co Ltd. Nyk Logistics (China) Co.,Ltd Zhejiang Ue Furniture Co., Ltd. Nan Shan International CO LTD Sajid Textile Industries Unique Impex Designco Kunal Housewares Pvt.Ltd. Ihsar Dis Ticaret A.S. |
|
Operations area: |
National and International |
|
The company imports
from |
VIETNAM ITALY CHINA TAIWAN PAKISTAN INDIA TURKEY |
|
The company exports to |
MEXICO |
|
The subject employs |
35,000 employees |
|
Payments: |
Regular |
|
|
|
LOCATION |
|
|
Headquarters : |
300 Phillipi Road Columbus, OH 43228 United States |
|
Comments on Address: |
- |
|
Branches: |
The company has several branches
throughout the United States. Some of them are: 1955 W 7TH AVE CORSICANA, TX, 75110-4903 United States Big Lots Stores, Inc. 21800 N SHANGRI LA DR UNIT 20 LEXINGTON PARK, MD, 20653-1577 United States Big Lots Stores, Inc. 8151 BROOK RD RICHMOND, VA, 23227-1307 United States Big Lots Stores, Inc. 2110 S COOPER ST ARLINGTON, TX, 76013-6378 United States Big Lots Stores, Inc. 750 PERRY AVE BIG RAPIDS, MI, 49307-2200 United States |
|
Related Companies: |
Big Lots Canada, Inc 225 Henry St Suite 1 Brantford, ON, N3S 7R4 Canada BIG LOTS RETAIL PRIVATE LIMITED RZ-487, POLE NO-120 SADH NAGAR, PALAM
COLONY New Delhi, Delhi, 110045 India |
GROUP STRUCTURE AND SUBSIDIARY COMPANIES |
|
|
Listed at the stock exchange: |
NO |
|
Capital: |
NA |
|
Shareholders: |
The company does not disclose
information on shareholders. The following information has been provided by
private sources: Big Lots Inc. 300 Phillipi Road PO Box 28512 Columbus, OH 43228 United States |
|
Management: |
Timothy A. Johnson - Executive Vice President, Chief
Administrative Officer and Chief Financial Officer Lisa M. Bachmann - Executive Vice
President, Chief Merchandising & Operating Officer |
|
|
|
FINANCIAL INFORMATION |
|
|
The company
does not make its financial statements public. The following information has
been provided by private sources: |
|
|
|
|
|
USD 2016 |
|
|
Revenue |
4,2B |
|
Cash flow |
Normal |
|
|
|
LEGAL FILINGS |
|
|
|
|
|
PATENTS |
No records found. |
|
|
|
|
GOVERNMENT CONTRACTS |
No records found. |
|
|
|
|
CASES |
Big Lots Stores, Inc. v. Chicago
American Sweets & Snacks, Inc. Plaintiff: Big Lots Stores, Inc. Defendant: Chicago American Sweets &
Snacks, Inc. Case Number: 2:2018cv00269 Filed: March 28, 2018 Court: Ohio Southern District Court Office: Columbus Office County: FRANKLIN Referring Judge: Kimberly A. Jolson Presiding Judge: Michael H. Watson Nature of Suit: Contract Product
Liability Cause of Action: 28:1332 Jury Demanded By: Plaintiff Camara v. Big Lots Stores, Inc. Plaintiff: Farima Camara Defendant: Big Lots Stores, Inc. Case Number: 1:2018cv00251 Filed: March 6, 2018 Court: Virginia Eastern District Court Office: Alexandria Office County: Out of State Referring Judge: Ivan D. Davis Presiding Judge: T. S. Ellis Nature of Suit: Other Personal Injury Cause of Action: 28:1332 Jury Demanded By: Plaintiff Ochoa v. Big Lots Stores, Inc. Plaintiff: Rafael Ochoa Defendant: Big Lots Stores, Inc. Case Number: 0:2018cv60367 Filed: February 16, 2018 Court: Florida Southern District Court Office: Ft Lauderdale Office County: Broward (Office: Ft Lauderdale) Presiding Judge: Beth Bloom Nature of Suit: Family and Medical Leave
Act Cause of Action: 28:1441 Jury Demanded By: Plaintiff |
|
|
|
|
TRADEMARKS |
WEE-BOOS furniture, namely, toy boxes and chests Owned by: BIG LOTS STORES, INC. Serial Number: 78641647 |
|
|
|
|
RENEWAL HISTORY |
Filing Type Date of Filing Document
Number DOMESTIC ARTICLES/FOR PROFIT 01/17/1986 F814_0351 MERGER/DOMESTIC 12/23/1986 G061_1297 MISCELLANEOUS FILING 12/23/1986 G061_1297 DOMESTIC AGENT SUBSEQUENT APPOINTMENT 10/28/1988 G494_1235 DOMESTIC/AMENDMENT TO ARTICLES 08/17/1990 G949_1262 MISCELLANEOUS FILING 08/17/1990 G949_1269 FICTITIOUS NAME RENEWAL 03/23/1992 H319_ FICTITIOUS NAME/BUSINESS ADDRESS CHANGE 03/23/1992 H319_ MISCELLANEOUS FILING 04/20/1992 H345_1099 MISCELLANEOUS FILING 05/08/1992 H376_0803 DOMESTIC AGENT SUBSEQUENT APPOINTMENT 09/08/1992 H437_0716 |
|
|
|
|
UCC |
Number: OH00182761940 Debtors: BIG LOTS STORES, INC. Filing Date: 02/02/2015 Number: OH00167632504 Debtors: BIG LOTS STORES, INC. Filing Date: 05/31/2013 Number: OH00180077705 Debtors: BIG LOTS STORES, INC. Filing Date: 10/07/2014 Number: OH00182761839 Debtors: BIG LOTS STORES, INC. Filing Date: 02/02/2015 Number: OH00182761506 Debtors: BIG LOTS STORES, INC. Filing Date: 02/02/2015 |
|
|
|
|
OFAC Sanctions List Search |
The company is not listed in the OFAC
list. |
|
|
|
SUMMARY |
|
|
Founded in 1986, Big Lots Stores, Inc.
is an organization in the Variety Stores Industry headquartered in Columbus,
Ohio. The company has 35,000 regular employees
and generates an estimated $4.2 billion USD In annual revenue. It operates nationally and
internationally, mainly exporting to Mexico. It is ACTIVE in business with no
negative records. |
|
RISK INFORMATION |
|
|
|
|
|
DEBTS |
Controlled |
|
PAYMENTS |
Regular |
|
CASH FLOW |
Normal |
|
STATUS |
Active |
|
|
|
INTERVIEW |
|
|
NAME |
Steve |
|
POSITION |
Sales |
|
COMMENTS |
He confirmed the name of the company,
the address of the headquarters and location, the date of creation of the
company, the number of employees and the name of the Executive Vice
President. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.96 |
|
|
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
|
US Dollar |
1 |
INR 67.99 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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 |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
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 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.