MIRA INFORM REPORT

 

 

Report Date :           

09.06.2011

 

IDENTIFICATION DETAILS

 

Name :

COLUMBIA SPORTSWEAR COMPANY

 

 

Registered Office :

14375 NW Science Park Drive, Portland, OR 97229-5418

 

 

Country :

United States 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.02.1961

 

 

Com. Reg. No.:

6599310

 

 

Legal Form :

Corporation for Profit

 

 

Line of Business :

Apparel, footwear and equipment manufacturer

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2,500,000

Status :

Good

Payment Behaviour :

Usually Correct

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:

Columbia Sportwear Company

Address in the order:

14375 NW Science Park Drive, Portland, OR 97229

 

 

Legal Name:

COLUMBIA SPORTSWEAR COMPANY

Trade Name:

COLUMBIA

Legal Address

14375 NW Science Park Drive

Portland, OR 97229-5418

Operative Address

14375 NW Science Park Drive

Portland, OR 97229-5418

Telephone:

+1 (503) 985-4000

Registration Number :

6599310

Fax:

+1 (503) 985-5800

Legal Form:

Corporation for Profit

Email:

NA

Registered in:

Oregon

Website:

www.columbia.com

Date Created:

1938

Manager:

Gert Boyle,  Chairman of the Board

Date Incorporated:

February 03, 1961

Staff:

3,626

Stock:

33,901,642 shares

 

 

Value:

NA

Activity:

Apparel, footwear and equipment manufacturer

 

 

BANKS

 

Name of the Bank

WELLS FARGO BANK

 

 

BUSINESS

 

HISTORY

 

The company was founded in 1938 in Portland, Oregon, as a small, family-owned, regional hat distributor and incorporated in 1961.

It was first named Columbia Hat Company.

 

It became Columbia Sportswear Company in 1960.

 

In September 2010, the Company acquired OutDry Technologies S.r.l. from Nextec S.r.l.

PRINCIPAL ACTIVITY

 

engages in the design, sourcing, marketing, and distribution of outdoor apparel, footwear, and related accessories and equipment in the United States, Europe, the Middle East, Africa, Latin America, the Asia Pacific, and Canada.

Products/Services description:

 

It offers sportswear products for men, women, and youth under Columbia and Mountain Hardwear brands to be worn during hiking, trekking, fishing, golfing, adventure travel, and water sports activities.

 

The company also offers outerwear products for men and women under Columbia, Mountain Hardwear, and Sorel brands, as well as for youth under Columbia and Mountain Hardwear brands.

 

Its outerwear products protect the wearer from the harsher weather encountered in fall and winter outdoor activities, such as skiing, snowboarding, hiking, hunting, fishing, and adventure travel.

 

In addition, it offers lightweight hiking and trekking boots, trail running shoes, and rugged cold weather boots for men and women under Columbia, Sorel, Montrail, and Pacific Trail brands, as well as for youth under Columbia and Sorel brands.

 

Further, the company offers accessories and equipment, including bags, packs, headwear, scarves, and gloves under the Columbia brand, as well as tents, sleeping systems, backpacks, headwear, and gloves under the Mountain Hardwear brand for mountaineering, ultralight backpacking, and camping activities.

 

It sells its products through wholesale distribution channels, independent distributors, its retail channels, and licensees, as well as online to independent distributors and consumers.

Sales are:

 

Wholesale, Retail

Brands:

 

Columbia

Mountain Hardwear

Sorel

Montrail

Pacific Trail

 

Operations area:

 

National, International, Local

The company imports from (the countries were not specified)

The company export to rica, the AsEurope, the Middle East, Africa, Latin America, the Pacific, and Canada.

Competitors:

 

- NIKE, Inc.

- VF Outdoor, Inc.

- The Timberland Company

The subject employs 3,626 employee(s)

PAYMENTS

 

regular

LOCATION

Headquarters

 

The company is headquartered at 14375 NW SCIENCE PARK DR, Portland, Oregon 97229, USA.

The property is:

 

Owned

Branches:

 

U.S. Distribution Facilities:

Portland, Oregon (1 location)—owned

Robards, Kentucky (1 location)—owned

 

Canadian Operation and Distribution Facilities:

Strathroy, Ontario (2 locations)—1 owned, 1 leased

 



Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

YES

Capital:

 

% of Shares Held by All Insider and 5% Owners: 65%

% of Shares Held by Institutional & Mutual Fund Owners: 40%

% of Float Held by Institutional & Mutual Fund Owners: 115%

Number of Institutions Holding Shares: 131

Shareholders Parent Company(ies):

 

This company is publicly traded at the NASDAQ GS Stock Exchange under the symbol "COLM".

 

Major Direct Holders:

 

BANY SARAH

STANTON JOHN W

BABSON STEPHEN E

MCCORMICK MICHAEL W

GEORGE EDWARD S

 

 

Top Institutional Holders:

 

ROYCE & ASSOCIATES, LLC

SouthernSun Asset Management, Inc.

WADDELL & REED FINANCIAL INC.

WELLINGTON MANAGEMENT COMPANY, LLP

ATLANTA CAPITAL MANAGEMENT COMPANY LLC

VANGUARD GROUP, INC. (THE)

Scopus Asset Management, LLC

HIGHBRIDGE CAPITAL MANAGEMENT, LLC.

DENVER INVESTMENT ADVISORS LLC

NORTHERN TRUST CORPORATION

 

 

Top Mutual Fund Holders:

 

ROYCE PREMIER FUND

PENNSYLVANIA MUTUAL FUND INC

WADDELL & REED ADVISORS FDS-NEW CONCEPTS FUND

MassMutual Select Small Cap Growth Equity Fund

ADAMS EXPRESS COMPANY MUTUAL FUND

RidgeWorth Small Cap Value Equity Fd

VANGUARD SMALL-CAP INDEX FUND

Columbia Fds Ser Tr-Columbia Small Cap Value II Fd

ISHARES RUSSELL 2000 INDEX FD

WADDELL & REED ADVISORS FDS-SMALL CAP FUND

Management:

 

Board of Directors:

 

Gertrude Boyle - Chairwoman of the Board

Timothy P. Boyle - President and Chief Executive Officer

Murrey R. Albers

Stephen E. Babson

Sarah A. Bany

Andy Bryant

Edward S. George

Walter T. Klenz

John W. Stanton

 

 

Management:

 

Timothy P. Boyle - President and Chief Executive Officer

Michael W. McCormick - Executive Vice President of Global Sales & Marketing

Bryan L. Timm - Executive Vice President, Chief Operating Officer

Peter J. Bragdon - Senior Vice President of Legal and Corporate Affairs & General Counsel/Secretary

Thomas B. Cusick - Senior Vice President of Finance, Chief Financial Officer & Treasurer

Kerry W. Barnes - Vice President of Retail

Timothy C. Bartels - Vice President of Global Footwear Sales

Michael "Woody" Blackford - Vice President of Global Innovation

Daniel A. Dougherty - Vice President of Global Distribution

C. Mitchell Fields - Vice President of Global Apparel Sales

James T. Gorman - Vice President of Footwear Manufacturing

Daniel G. Hanson - Vice President of Marketing

Lisa A. Kulok - Vice President of Marketplace Planning and Customer Operations

Mark Nenow - Vice President of Global Footwear Merchandising

Susan S. Parham - Vice President Global Apparel, Accessories & Equipment

Susan G. Popp - Vice President of Human Resources

William Tung - Vice President of Latin America/Asia Pacific, Direct and Distributor Sales

Patrick J. Werner - Vice President of Global Apparel Manufacturing

Paul E. Zaengle - Vice President of E-Commerce

Related Companies:

 

Subsidiaries include (but are not limited to):

 

Columbia Sportswear France S.A.S. - France

Columbia Sportswear Canada Limited -  Ontario, Canada

Columbia Sportswear Company (Dongguan) Limited  - China

Columbia Sportswear Company (Hong Kong) Limited  - Hong Kong

Columbia Sportswear Company Limited  - United Kingdom

Columbia Sportswear Distribution S.A.S.  - France

Columbia Sportswear Europe S.A.S.  - France

Columbia Sportswear GmbH  - Germany

Columbia Sportswear International Sàrl  - Switzerland

Columbia Sportswear International Holdings  - Cayman Islands

Columbia Sportswear Italy S.r.l.  - Italy

Columbia Sportswear Japan, Inc.  - Japan

Columbia Sportswear Korea Limited Company  - Korea

Columbia Sportswear North America, Inc.  - Oregon

Columbia Sportswear USA Corporation  - Oregon

GTS, Inc.  - Oregon



Financials - COMMERCIAL TRENDS AND FORECAST

 

The subject is a public company traded at the Nasdaq GS stock exchange under the symbol "COLM". Please find enclosed the financial statements.

Legal Fillings

 There are several UCC files listed with the Secretary of State of Oregon.

 

There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such claims, lawsuits and pending actions will not have a material adverse effect on the Company's consolidated financial position, results of operations or liquidity.

 

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 good credit rate.

 

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

 Final Opinion

 

The subject has 73 years experience in the business.

 

It is a large size well established company.

 

It started as a family owned business, and is now publicly traded at the NASDAQ.

 

The annual revenue is growing and the profitability is correct.

The indebtedness is low.

 

A credit line may be considered for USD 2,500,000.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

CORRECT

Public Records

YES

Indebtedness

LOW

Payments

REGULAR

Cash

CORRECT

 

 

 

 

APPENDIX

 

Comments

 

The person contacted refused to provide any information per company policy.

 

 

ANNUAL INCOME STATEMENT

 

 

 

All numbers in thousands

 

Period Ending

Dec 31, 2010

Dec 31, 2009

Dec 31, 2008

Total Revenue

1,483,524  

1,244,023  

1,317,835  

Cost of Revenue

854,120  

719,945  

750,024  

 

Gross Profit

629,404  

524,078  

567,811  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

 

Selling General and Administrative

526,077  

436,316  

430,350  

 

Non Recurring

-  

-  

18,755  

 

Others

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

103,327  

87,762  

118,706  

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

-  

-  

7,537  

 

 

Earnings Before Interest And Taxes

104,891  

89,850  

126,243  

 

 

Interest Expense

-  

-  

-  

 

 

Income Before Tax

104,891  

89,850  

126,243  

 

 

Income Tax Expense

27,854  

22,829  

31,196  

 

 

Minority Interest

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

77,037  

67,021  

95,047  

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

 

 

Other Items

-  

-  

-  

 

 

 

 

 

Net Income

77,037  

67,021  

95,047  

 

Preferred Stock And Other Adjustments

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

77,037  

67,021  

95,047  

 

Currency in USD.

 

QUARTERLY INCOME STATEMENT

 

 

All numbers in thousands

 

Period Ending

Mar 31, 2011

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

Total Revenue

333,086  

457,259  

504,028  

221,831  

Cost of Revenue

183,550  

266,362  

289,747  

124,909  

 

Gross Profit

149,536  

190,897  

214,281  

96,922  

 

 

Operating Expenses

 

Research Development

-  

-  

-  

-  

 

Selling General and Administrative

131,616  

153,886  

145,738  

111,639  

 

Non Recurring

-  

-  

-  

-  

 

Others

-  

-  

-  

-  

 

 

 

Total Operating Expenses

-  

-  

-  

-  

 

 

 

 

 

Operating Income or Loss

17,920  

37,011  

68,543  

(14,717)

 

 

 

 

Income from Continuing Operations

 

 

Total Other Income/Expenses Net

-  

-  

-  

-  

 

 

Earnings Before Interest And Taxes

18,243  

37,502  

68,690  

(14,325)

 

 

Interest Expense

-  

-  

-  

-  

 

 

Income Before Tax

18,243  

37,502  

68,690  

(14,325)

 

 

Income Tax Expense

5,473  

11,294  

16,485  

(3,721)

 

 

Minority Interest

-  

-  

-  

-  

 

 

 

 

Net Income From Continuing Ops

12,770  

26,208  

52,205  

(10,604)

 

 

 

 

Non-recurring Events

 

 

Discontinued Operations

-  

-  

-  

-  

 

 

Extraordinary Items

-  

-  

-  

-  

 

 

Effect Of Accounting Changes

-  

-  

-  

-  

 

 

Other Items

-  

-  

-  

-  

 

 

 

 

 

Net Income

12,770  

26,208  

52,205  

(10,604)

 

Preferred Stock And Other Adjustments

-  

-  

-  

-  

 

 

 

Net Income Applicable To Common Shares

12,770  

26,208  

52,205  

(10,604)

 

 

 

Currency in USD.

 

 

 

 

 

BALANCE SHEET

 

 

 

All numbers in thousands

 

Period Ending

Mar 31, 2011

Dec 31, 2010

Sep 30, 2010

Jun 30, 2010

 

Assets

Current Assets

 

Cash And Cash Equivalents

234,982  

234,257  

173,937  

346,643  

 

Short Term Investments

100,331  

68,812  

62,357  

51,686  

 

Net Receivables

262,140  

345,272  

406,273  

176,264  

 

Inventory

303,086  

314,298  

358,210  

310,520  

 

Other Current Assets

49,649  

28,241  

35,227  

47,628  

 

Total Current Assets

950,188  

990,880  

1,036,004  

932,741  

Long Term Investments

-  

-  

-  

-  

Property Plant and Equipment

225,210  

221,813  

227,769  

224,865  

Goodwill

14,470  

14,470  

14,760  

12,659  

Intangible Assets

40,072  

40,423  

54,032  

41,742  

Accumulated Amortization

-  

-  

-  

-  

Other Assets

26,093  

27,168  

-  

-  

Deferred Long Term Asset Charges

-  

-  

-  

-  

 

Total Assets

1,256,033  

1,294,754  

1,332,565  

1,212,007  

 

Liabilities

Current Liabilities

 

Accounts Payable

189,240  

251,626  

263,919  

192,645  

 

Short/Current Long Term Debt

-  

-  

-  

-  

 

Other Current Liabilities

-  

-  

-  

-  

 

Total Current Liabilities

189,240  

251,626  

263,919  

192,645  

Long Term Debt

-  

-  

-  

-  

Other Liabilities

41,889  

41,154  

39,232  

38,526  

Deferred Long Term Liability Charges

-  

-  

-  

-  

Minority Interest

-  

-  

-  

-  

Negative Goodwill

-  

-  

-  

-  

 

Total Liabilities

231,129  

292,780  

303,151  

231,171  

 

Stockholders' Equity

Misc Stocks Options Warrants

-  

-  

-  

-  

Redeemable Preferred Stock

-  

-  

-  

-  

Preferred Stock

-  

-  

-  

-  

Common Stock

11,565  

5,052  

1,426  

6,712  

Retained Earnings

956,215  

950,207  

981,230  

937,461  

Treasury Stock

-  

-  

-  

-  

Capital Surplus

-  

-  

-  

-  

Other Stockholder Equity

57,124  

46,715  

46,758  

36,663  

 

Total Stockholder Equity

1,024,904  

1,001,974  

1,029,414  

980,836  

 

Net Tangible Assets

970,362  

947,081  

960,622  

926,435  

Currency in USD.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.61

UK Pound

1

Rs.73.28

Euro

1

Rs.65.47

 

 

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.