MIRA INFORM REPORT

 

 

Report Date :           

04.06.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

COLUMBUS MCKINNON CORPORATION

 

 

Registered Office :

140 John James Audubon Pkwy, Amherst, NY 14228-1197

 

 

Country :

United States 

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.09.1929

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Material handling products and services manufacturer and wholesaler

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United States 

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

 

GEOPOLITICS - UNITED STATES

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal


Economic Risk: Nil

Currency: USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Dixie Industrise

Address in the order:

3510 North Dr Chand,

Knob Avenue Chattanooga, TN 37406 7600

Comments on data supplied:

The address you provided and name are one of COLUMBUS MCKINNON CORPORATION 's business unit in Tennessee.

Legal Name:

COLUMBUS MCKINNON CORPORATION

Trade Name:

DIXIE INDUSTRIES BUSINESS UNIT OF

Legal Address

140 John James Audubon Pkwy, Amherst, NY 14228-1197, USA.

 

 

Telephone:

+1 (716) 689-5400/423-242 6029

ID :

26038

Fax:

+1 (716) 689-5644/423-622 3058

Legal Form:

Corporation for Profit

Email:

webmaster@cmworks.com

Registered in:

New York

Website:

www.cmworks.com

Date Created:

1875

Manager:

Timothy T. Tevens, CEO

Date Incorporated:

September 23rd, 1929

Staff:

2,542

Stock:

19,122,266

 

 

Value:

$ 0.01 Par Value

Activity:

Material handling products and services manufacturer and wholesaler.

 

 

BANKS

 

Name of the Bank

U.S. Bank National

Name of the Bank

Bank of America, N.A

Name of the Bank

Fleet National Bank

 

BUSINESS

 

HISTORY

 

This company was created in the year 1875

PRINCIPAL ACTIVITY

 

The subject designs, manufactures, and markets material handling products and services for commercial and industrial end-user markets.

Products/Services description:

 

LodeLok Hooks

Weld On Hooks

Alloy Web Sling Shackle

Omegalok

Alloy Long Reach Shackle

Sales are:

 

Wholesale, Retail

Brands:

 

CM

Yale Americas

Abell-Howe

Budgit

Cady Lifters

CES

Chester Hoist

Clients:

 

General Clientele

Various industries

Suppliers:

 

CM Entertainment

CM Retail Sales

CM Tire Recycling

Coffing

Duff Norton

Gaffey

Little Mule

LodeRail

Shaw-Box

WECO

Operations area:

 

National, International, Local

The company imports from Worldwide

The company export to Worldwide

Competitors:

 

Union Electric Steel Corp

Burke Forging & Heat Treating

Ati Corporate Cards

Cf Manufacturing LLC

Firth Rixson, Inc

PAYMENTS

 

To be monitored

LOCATION

Headquarters

 

The subject is incorporated in 140 John James Audubon Parkway, Amherst, NY 14228-1197, United States.

Branches:

 

The company has the following branches:

Atlanta, GA

Houston, TX

Chattanooga, TN

Lexington, TN

Beaverton OR

Santa Fe Springs, CA

Seattle, WA

Tonawanda, NY

Cobourg ON, K9A 4W5, Canada

Edmonton, AB, T5S 1H1, Canada

Among others.

Business Overview:

 

Demand depends on the quantity of goods moving through the US economy. The profitability of individual distributors depends on good marketing. Small distributors can compete by specializing in a specific industry or type of equipment, or by offering excellent service programs. Large distributors can negotiate favorable agreements with manufacturers.



Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

YES

Capital:

 

(CMCO:NASDAQ GS)

 

Breakdown

% of Shares Held by All Insider and 5% Owners: 5%

% of Shares Held by Institutional & Mutual Fund Owners: 92%

% of Float Held by Institutional & Mutual Fund Owners: 97%

Number of Institutions Holding Shares: 105

Shareholders Parent Company(ies):

 

Top Institutional Holders:

Bank of New York Mellon Corporation

TIMES SQUARE CAPITAL MANAGEMENT

VANGUARD GROUP, INC. (THE)

DIMENSIONAL FUND ADVISORS LP

Royal Bank of Canada

Ameriprise Financial, Inc.

ROYCE & ASSOCIATES, LLC

BlackRock Institutional Trust Company, N.A.

BlackRock Fund Advisors

FMR LLC

 

Top Mutual Fund Holders:

FIDELITY LOW-PRICED STOCK FUND

FIDELITY SMALL CAP DISCOVERY FUND

Advantage Funds, Inc.-Dreyfus Opportunistic Small Cap Fund

Columbia Fds Ser Tr I-Columbia Small Cap Growth Fd

RBC Fds Tr-RBC Enterprise Fd

Managers AMG Funds-Timessquare Small Cap Growth Fund

VANGUARD SMALL-CAP INDEX FUND

ISHARES RUSSELL 2000 INDEX FD

FMI FOCUS FD

PENNSYLVANIA MUTUAL FUND INC

Management:

 

Timothy T. Tevens, CEO

Karen L. Howard, CFO

Charles R. Giesige, Vicepresident

Rakesh A. Jobanputra, Treasurer

Related Companies:

 

The company has the following subsidiaries>

 

CM Insurance Company, Inc. (US-NY)

Columbus McKinnon de Mexico, S.A. de C.V. (Mexico)

Columbus McKinnon de Uruguay, S.A. (Uruguay)

Columbus McKinnon do Brazil Ltda. (Brazil)

Hangzhou LILA Lifting and Lashing Co. Ltd. (China)

 

Among other companies worldwide



Financials - COMMERCIAL TRENDS AND FORECAST

 

The subject is a public company traded at the NASDAQ stock exchange under the symbol (CMCO).

 

Please find enclosed the financial statements.

We were unable to speak a representative, since we kept getting an answering machine. We left a message though we didn't get an answer yet.

Legal Fillings

 There are 300 UCC files listed with the Secretary of State of New York including:

 

 

Filing Number:  17-1339196

Filing Date:  05-04-2009

Secured Party:  COLUMBUS MCKINNON CORPORATION

Secured Party Address:  140 JOHN JAMES AUDUBON PKWY AMHERST  NY   14228- 1183

Debtor:  SHAW MODULAR SOLUTIONS, L.L.C.

 

 

Filing Number:  0902048043670

Filing Date:  02-04-2009

Secured Party:  LEAS-CO LEASING, INC.

Secured Party Address:  PO BOX 590 EAST AMHERST  NY   14051- 0590

Debtor:  COLUMBUS MCKINNON CORP.

 

 

Filing Number:  0612070966958

Filing Date:  12-07-2006

Secured Party:  DOLLAR BANK LEASING CORP.

Secured Party Address:  3 GATEWAY CENTER 10 S PITTSBURGH  PA   15222

Debtor:  COLUMBUS MCKINNON CORPORATION

 

 

Filing Number:  0605085443128

Filing Date:  05-08-2006

Secured Party:  WELLS FARGO EQUIPMENT FINANCE, INC.

Secured Party Address:  733 MARQUETTE AVE STE 700 MINNEAPOLIS  MN   55402- 2316

Debtor:  COLUMBUS MCKINNON CORPORATION

 

 

Filing Number:  OH00092037895

Filing Date:  08-04-2005

Secured Party:  COLUMBUS MCKINNON CORPORATION

Secured Party Address:  140 JOHN JAMES AUDUBON PKWY AMHERST  NY   14228- 1112

Debtor:  PROGRESSIVE CRANE INC 

 

There were Four law suits between the years 2009 and 2010:

 

 

Westfield National Insurance Company v. Columbus McKinnon Corporation et al

Filed: June 8, 2010 as 3:2010cv00228 Updated: June 9, 2010 22:04:43

Plaintiff: Westfield National Insurance Company

Defendants: Columbus McKinnon Corporation, Liberty Maintenance LLC and WW Grainger Inc

Judge: Theresa L Springmann

Cause Of Action: Diversity-Property Damage

 

 

Brian Smith v. Columbus McKinnon Corporation et al

Filed: June 23, 2009 as 2:2009cv04523 Updated: September 15, 2009 22:58:17

Plaintiff: Brian Smith

Defendants: Columbus McKinnon Corporation and DOES

Presiding Judge: Cooper

Referring Judge: Chooljian

Cause Of Action: Notice of Removal - Personal Injury

 

 

Dinkel v. Columbus McKinnon Corporation et al.

Filed: April 22, 2009 as 1:2009cv00388 Updated: May 12, 2009 08:35:51

Plaintiff: Gary Dinkel

Defendants: Columbus McKinnon Corporation, Crane Care, Inc., Duct-O-Wire, Inmotion Control, Inc., Lift-Tech International, Inc. and others

Presiding Judges: Magistrate Judge Lorenzo F. Garcia and District Judge C. LeRoy Hansen

Referring Judges: Magistrate Judge Robert Hayes Scott and Magistrate Judge Rober

Cause Of Action: Petition for Removal- Personal Injury

 

 

Mills v. Columbus McKinnon Corporation et al

Filed: March 11, 2009 as 6:2009cv00081 Updated: March 12, 2009 07:38:23

Plaintiff: James Allen Mills

Defendants: Columbus McKinnon Corporation, Kenneth Lowry, MTR of Georgia, Inc., Rick Bauer, Unknown Designers and others

Presiding Judges: Gregory F. Van Tatenhove, Gregory F. VanTatenhove and Gre

Cause Of Action: Diversity

 

 

 

The last annual report was filed on  March 31st, 2010.

 

 

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 low credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

The company has been in business for numerous years. It has a staff of 2,542 employees which makes it a large sized company.

 

There are legal filings found against the company.

 

Revenues are not being collected in an efficient manner.

 

Although the company gave a negative profitability for the year 2009,There was an increase on the income.

 

Despite the increase in the company's revenue the subject has still been losing money these past years.

 

Due to the fact that the company has different law suits, and considering the fact that the subject has a negative profitability for two years, We strongly suggest working with GUARANTEES.

 

It is important to notice that the entity has been looking for a credit line from several financial institutions.



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

NEGATIVE

Public Records

YES

Indebtedness

CONTROLLED

Payments

TO BE MONITORED

Cash

MEDIUM

 

 

 

 

APPENDIX

 

Comments

 

We were unable to speak a representative, since we kept getting an answering machine. We left a message though we didn't get an answer yet.

 

 

Top of Form

Income Statement

Bottom of Form

 

 Annual Data

All numbers in thousands

 

Period Ending

Mar 31, 2010

Mar 31, 2009

Mar 31, 2008

Total Revenue

476,183

606,708

623,334

Cost of Revenue

360,244

433,007

438,781

 

Gross Profit

115,939

173,701

184,553

 

 

Operating Expenses

 

Research Development

-

-

-

 

Selling General and Administrative

101,356

110,341

109,602

 

Non Recurring

16,519

108,921

3,688

 

Others

1,876

998

115

 

 

 

Total Operating Expenses

-

-

-

 

 

 

 

 

Operating Income or Loss

(3,812)

(46,559)

71,148

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

4,148

1,606

3,012

 

 

Earnings Before Interest And Taxes

336

(44,953)

74,160

 

 

Interest Expense

13,225

13,148

14,629

 

 

Income Before Tax

(12,889)

(58,101)

59,531

 

 

Income Tax Expense

(5,345)

18,001

22,739

 

 

Minority Interest

-

-

-

 

 

 

 

Net Income From Continuing Ops

(7,544)

(76,102)

36,792

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

531

(2,282)

557

 

 

Extraordinary Items

-

-

-

 

 

Effect Of Accounting Changes

-

-

-

 

 

Other Items

-

-

-

 

 

 

 

 

Net Income

(7,013)

(78,384)

37,349

 

Preferred Stock And Other Adjustments

-

-

-

 

 

 

Net Income Applicable To Common Shares

(7,013)

(78,384)

37,349

 

 

 

Currency in USD.

 

 

 

 

 

Quarterly Data

All numbers in thousands

 

Period Ending

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

Mar 31, 2010

Total Revenue

128,696

132,312

119,087

122,970

Cost of Revenue

483,631

(283,215)

91,072

91,337

 

Gross Profit

29,351

31,241

28,015

31,633

 

 

Operating Expenses

 

Research Development

-

-

-

-

 

Selling General and Administrative

126,349

(75,275)

25,000

26,820

 

Non Recurring

3,744

(3,247)

1,450

4,371

 

Others

2,178

(1,292)

429

468

 

 

 

Total Operating Expenses

-

-

-

-

 

 

 

 

 

Operating Income or Loss

2,950

5,185

1,136

(26)

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

(30)

1,143

537

509

 

 

Earnings Before Interest And Taxes

16,128

(6,880)

1,673

483

 

 

Interest Expense

16,489

(9,837)

3,233

3,224

 

 

Income Before Tax

(361)

2,957

(1,560)

(2,741)

 

 

Income Tax Expense

40,174

454

(838)

(2,936)

 

 

Minority Interest

-

-

-

-

 

 

 

 

Net Income From Continuing Ops

(39,767)

1,735

(722)

195

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

128

133

-

265

 

 

Extraordinary Items

-

-

-

-

 

 

Effect Of Accounting Changes

-

-

-

-

 

 

Other Items

-

-

-

-

 

 

 

 

 

Net Income

(39,639)

1,868

(722)

460

 

Preferred Stock And Other Adjustments

-

-

-

-

 

 

 

Net Income Applicable To Common Shares

(39,639)

1,868

(722)

460

 

 

 

Currency in USD.

 

 

Top of Form

Balance Sheet

Bottom of Form

 

Annual Data

All numbers in thousands

 

Period Ending

Mar 31, 2010

Mar 31, 2009

Mar 31, 2008

 

Assets

Current Assets

 

Cash And Cash Equivalents

63,968

39,236

75,994

 

Short Term Investments

-

-

-

 

Net Receivables

70,218

80,168

106,909

 

Inventory

79,822

100,621

88,332

 

Other Current Assets

16,014

18,115

17,532

 

Total Current Assets

230,022

238,140

288,767

Long Term Investments

29,399

28,828

29,807

Property Plant and Equipment

57,106

62,102

58,414

Goodwill

105,134

104,744

187,055

Intangible Assets

19,031

20,336

321

Accumulated Amortization

-

-

-

Other Assets

4,037

4,993

8,101

Deferred Long Term Asset Charges

36,768

32,521

17,570

 

Total Assets

481,497

491,664

590,035

 

Liabilities

Current Liabilities

 

Accounts Payable

86,234

83,741

97,750

 

Short/Current Long Term Debt

1,996

5,958

11,851

 

Other Current Liabilities

2,755

1,302

58

 

Total Current Liabilities

90,985

91,001

109,659

Long Term Debt

130,821

131,928

136,051

Other Liabilities

72,413

86,881

48,844

Deferred Long Term Liability Charges

-

6,504

-

Minority Interest

-

-

-

Negative Goodwill

-

-

-

 

Total Liabilities

294,219

309,810

294,554

 

Stockholders' Equity

Misc Stocks Options Warrants

-

-

-

Redeemable Preferred Stock

-

-

-

Preferred Stock

-

-

-

Common Stock

191

190

189

Retained Earnings

34,878

41,891

122,400

Treasury Stock

-

-

-

Capital Surplus

182,385

180,327

178,457

Other Stockholder Equity

(30,176)

(40,554)

(5,565)

 

Total Stockholder Equity

187,278

181,854

295,481

 

Net Tangible Assets

63,113

56,774

108,105

 

 

Currency in USD.

 

 

Top of Form

Balance Sheet

Bottom of Form

 

Quarterly Data

All numbers in thousands

 

Period Ending

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

Mar 31, 2010

 

Assets

Current Assets

 

Cash And Cash Equivalents

46,090

57,821

53,114

63,968

 

Short Term Investments

-

-

-

-

 

Net Receivables

70,304

76,338

69,402

70,218

 

Inventory

98,151

94,607

81,962

79,822

 

Other Current Assets

12,533

19,535

17,154

16,014

 

Total Current Assets

227,078

248,301

221,632

230,022

Long Term Investments

23,924

25,438

29,056

29,399

Property Plant and Equipment

57,673

55,923

55,616

57,106

Goodwill

-

-

-

105,134

Intangible Assets

122,438

123,591

119,981

19,031

Accumulated Amortization

-

-

-

-

Other Assets

3,530

3,722

3,852

4,037

Deferred Long Term Asset Charges

2,695

36,641

37,926

36,768

 

Total Assets

437,338

493,616

468,063

481,497

 

Liabilities

Current Liabilities

 

Accounts Payable

85,405

99,973

81,384

86,234

 

Short/Current Long Term Debt

1,667

1,777

1,795

1,996

 

Other Current Liabilities

217

627

1,660

2,755

 

Total Current Liabilities

87,289

102,377

84,839

90,985

Long Term Debt

129,898

130,250

130,133

130,821

Other Liabilities

68,169

69,084

70,725

72,413

Deferred Long Term Liability Charges

-

-

-

-

Minority Interest

-

-

-

-

Negative Goodwill

-

-

-

-

 

Total Liabilities

285,356

301,711

285,697

294,219

 

Stockholders' Equity

Misc Stocks Options Warrants

-

-

-

-

Redeemable Preferred Stock

-

-

-

-

Preferred Stock

-

-

-

-

Common Stock

195

191

191

191

Retained Earnings

(3,615)

36,024

34,156

34,878

Treasury Stock

-

-

-

-

Capital Surplus

183,124

183,120

182,828

182,385

Other Stockholder Equity

(27,722)

(27,430)

(34,809)

(30,176)

 

Total Stockholder Equity

151,982

191,905

182,366

187,278

 

Net Tangible Assets

29,544

68,314

62,385

63,113

 

 

Currency in USD.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.85

UK Pound

1

Rs.73.29

Euro

1

Rs.64.89

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.