MIRA INFORM REPORT

 

 

Report Date :

28.07.2007

 

IDENTIFICATION DETAILS

 

Name :

GENMAR HOLDINGS INC.

 

 

Registered Office :

2900 Ids Center, 80 South Eighth  Street, Minneapolis, Minnesota - 55402                       

 

 

Country :

United States               

 

 

Date of Incorporation :

01/01/1978

 

 

Legal Form :

Corporation - Private

 

 

Line of Business :

Manufacturer and marketer of powerboats.

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name:            GENMAR HOLDINGS INC.

Address:                       2900 IDS CENTER

                                    80 SOUTH EIGHTH  STREET

City:                             MINNEAPOLIS                 

State/Province:              MINNESOTA                            

Zip Code:                      55402                       

Country:                                    UNITED STATES               

Telephone:                    612 339-7600                

Facsimile:                     612 337-1886                    

Founded (D/M/Y):          01/01/1978

As of:

Sales / Revenue:

Net Income:

Total Equity:

Number of Employees:   90

Legal Form:                   Corporation - Private

Website:                       www.genmar.com

Business Activity:          The Subject is engaged as a manufacturer and marketer of powerboats.

 

 

NOTE TO CLIENT

 

Person contacted: Mr. Ryan Weiland, Finance Manager. Our contact verified all information in this report.

 

NOTE: REGARDING THE REQUESTED NAME GENMAR INTERNATIONAL. WE HAVE PREPARED THE REPORT ON THE REQUESTED ADDRESS 29000 IDS CENTER 805 8TH MAIN STREET, WHICH CORRESPONDS TO GENMAR HOLDINGS, INC. GENMAR INTERNATIONAL IS A DIVISION OF GENMAR HOLDINGS INC.

 

 

LEGAL

 

Legal Form:                               Corporation – Private

Since (D/M/Y):                           30/03/1994

State/Province of Incorporation:   DELAWARE

Status:                                                  ACTIVE

Previous Legal Form:

 

Company is NOT required to publish an annual financial report.

 

The Delaware Registration:

 

File Number: 2387688

Incorporation Date / Formation Date: 03/30/1994 (mm/dd/yyyy)

Entity Name: GENMAR HOLDINGS, INC.

Entity Kind: CORPORATION Entity Type: GENERAL

Residency: DOMESTIC State: DE

 

REGISTERED AGENT INFORMATION

 

Name: NATIONAL REGISTERED AGENTS, INC.

Address: 160 GREENTREE DRIVE SUITE 101

City: DOVER County: KENT

State: DE Postal Code: 19904

Phone: (302)674-4089

 

The Company is qualified to do business in the state of Minnesota.

 

Filing Number:  70563

Entity Type:  Foreign Corporation

Original Date of Filing:  4/19/1994

Entity Status:  Active

Non-profit:

Good Standing:

(date of last annual filing)  2006

 

Name:  GENMAR HOLDINGS, INC.

Registered Office Address:  590 Park Str #6 Capitol Prof Bldg

St Paul, MN, 55103

Home State:  DE

 

 

Managers/Key Personnel

 

Mr. Irwin L. Jacobs                                 Chairman &  Chief Executive Officer

Mr. Roger R. Cloutier II                           President &  Chief Operating Officer

Mr. George E. Sullivan                            Vice President - Marketing

Mr. Grant E. Oppegaard                         President &  CEO

 

Management reported no subsidiaries.

 

Divisions

 

Genmar International

 

Other Affiliates

 

Kirk Connell Brothers

CAYMAN ISLANDS

Telephone: 345-946-3575

 

 

BANKS

 

MN

Telephone:

Facsimile:

Account Number:

Account Manager:

 

Management did not provide the name of their primary bank.

 

 

 

 

 

 

 

PAYMENT HISTORY

 

 BUSINESS   DATE  LAST  PAYMENT CREDIT   BALANCE  CUR 1-  31- 61-

 CATEGORY   REPTD SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

 ---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------

 ADVERTISNG 07-06 00-00 NET 30  0        0        0   0   0   0   0   CUST  3 YR

 

 FINCL SVCS 07-07 00-00 VARIED  0        0        0   0   0   0   0

 FRGHT FWRD 07-07 05-10 NET 30  100      0        0   0   0   0   0

 SAFTY PROD 07-05 00-00 NET 30  0        0        0   0   0   0   0   CUST  9 YR

 TELECOM    07-06 00-00 NET 30  2700     900      100 0   0   0   0

 TELECOM    07-07 00-00 NET30   900      900      99  0   1   0   0

 TRNS EQUIP 07-05 00-00 NET 30  0        0        0   0   0   0   0   CUST 11 YR

 AIR TRANS  05-09 05-09         1700     0        0   0   0   0   0

 AUTO LEASE 07-06 00-00 VARIED  34600    27300    100 0   0   0   0   CUST  6 YR

 COMPUTERS  05-05 00-00 CREDIT  0        0        0   0   0   0   0   CUST 37 YR

 COMPUTERS  06-06 06-05 0000000 11200    11100    0   100 0   0   0

 DP EQUIP   04-10 00-00 NET 30  0        0        0   0   0   0   0

 FINCL SVCS 06-02 00-00 VARIED  300      100      100 0   0   0   0   CUST  2 YR

 FREIGHT    04-12 02-02 VARIED  0        0        0   0   0   0   0

 LEASING    06-07 00-00 CONTRCT 400      0        0   0   0   0   0

 MARINE SUP 07-02 00-00 VARIED  0        0        0   0   0   0   0

 MOTR TRANS 05-12 04-10 NET 30  12700    0        0   0   0   0   0

 OFFC SUPPL 07-01 05-03 CREDIT  7900     0        0   0   0   0   0

 PRNTG& PUBL 05-07 03-12 NET 30  0        0        0   0   0   0   0

 RENTALS    04-10 00-00 NET 30  7600     7600     100 0   0   0   0

 SERVICES   04-10 01-10 NET     600      0        0   0   0   0   0   CUST  7 YR

 TELECOM    05-07 03-12 NET 30  0        0        0   0   0   0   0   CUST 10 YR

 TELECOM    07-01 00-00 NET 30  0        0        0   0   0   0   0

 TRUCK DLR  05-06 00-00 CONTRCT 1500     0        0   0   0   0   0

 CURRENT QUARTER                3700     1800     99  0   1   0   0

 

 Payment Trends

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

 --------  ---    ---       ---          -------- --- --- --- --- ---

 20070700  0      12        0            1000     99  1   0   0   0

 20070600  0      11        0            1300     100 0   0   0   0

 20070500  0      12        0            900      100 0   0   0   0

 20070400  0      8         8            900      49  51  0   0   0

 20070300  0      9         4            1700     75  25  0   0   0

 20070200  0      7         4            1700     74  26  0   0   0

 

 Payment History - Quarterly Averages

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

 -------- ------            ---          -------- --- --- --- --- ---

 Second   2007              0            1100     100 0   0   0   0

 First    2007              6            1200     62  38  0   0   0

 Fourth   2006              0            1800     100 0   0   0   0

 Third    2006              0            1700     100 0   0   0   0

 Second   2006              3            2000     79  21  0   0   0

 

 

 

 

 

FINANCIAL INFORMATION

 

The Company would not disclose any financial information when contacted. Outside sources reports annual sales of $1,100 million US dollars, however this could not be confirmed.

 

 

CURRENT OPERATIONS

 

NAICS Code:   42191     Sporting and Recreational Goods and Supplies Whole

SIC Code:     5091

 

Number of Employees : 90  

 

Business Activity:

The Subject is engaged as a manufacturer and marketer of powerboats.  Genmar Holdings owns a line of yachts, recreational powerboats, and fishing boats. The company builds more than 400 different boat models ranging in size from 60-foot yachts to fishing skiffs. Its brands include Glastron, Ranger, and Wellcraft. Genmar markets its boats through about 1,800 independent dealers in the US and 30 other countries.

 

 

The Company is a manufacturer of recreational boats made by brands such as Aquasport, Carver, Champion, Four Winns, Glastron, Glastron Sport Fisherman Series, Hydra-Sports, Larson, Marquis, Nuvari by Carver, Ranger, Seaswirl, Stratos, Triumph, Wellcraft and Windsor Craft. Genmar maintains approximately 1,000 independent authorized dealers on an international basis. The heading address is a leased sole location and Company's headquarters.

 

 

PUBLIC RECORD

 

Filing Number:  41804444

Filing Date:  06/29/2004

Filing Time:  12:41PM

Filing Type:  ORIGINAL

Filing Office:  SECRETARY OF STATE/UCC DIVISION

 

FEDERAL &  DUKE OF YORK STS

DOVER, DE 19901

 

DEBTOR INFORMATION

Debtor(s):  GENMAR HOLDINGS, INC.

80 SOUTH SIXTH STREET

MINNEAPOLIS, MN 55402

 

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  U.S. BANK NATIONAL ASSOCIATION

800 NICOLLET MALL

MINNEAPOLIS, MN 55402-4302

--

Filing Number:  51950824

Filing Date:  06/24/2005

Filing Time:  1:58PM

Filing Type:  ORIGINAL

Filing Office:  SECRETARY OF STATE/UCC DIVISION

FEDERAL &  DUKE OF YORK STS

DOVER, DE 19901

 

DEBTOR INFORMATION

Debtor(s):  GENMAR HOLDINGS, INC.

80 SOUTH 8TH STREET

MINNEAPOLIS, MN 55402

 

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  WELLS FARGO BUSINESS CREDIT, INC.

MAC N9305-052 SIXTH AND MARQUETTE

MINNEAPOLIS, MN 55479

--

Filing Number:  51950824

Filing Date:  06/24/2005

Filing Time:  1:58PM

Filing Type:  ORIGINAL

Filing Office:  SECRETARY OF STATE/UCC DIVISION

FEDERAL &  DUKE OF YORK STS

DOVER, DE 19901

DEBTOR INFORMATION

Debtor(s):  GENMAR HOLDINGS, INC.

80 SOUTH 8TH STREET

MINNEAPOLIS, MN 55402

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  WELLS FARGO BUSINESS CREDIT, INC.

MAC N9305-052 SIXTH AND MARQUETTE

MINNEAPOLIS, MN 55479

--

Filing Number:  61058478

Filing Date:  03/29/2006

Filing Time:  2:43PM

Filing Type:  ORIGINAL

Filing Office:  SECRETARY OF STATE/UCC DIVISION

FEDERAL &  DUKE OF YORK STS

DOVER, DE 19901

 

DEBTOR INFORMATION

Debtor(s):  GENMAR HOLDINGS, INC.

405 2ND AVE S

MINNEAPOLIS, MN 55401

 

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  LES SCHWAB TIRE CENTERS OF PORTLAND, INC.

PO BOX Q

MADRAS, OR 97441

--

Filing Number:  20071733149

Filing Date:  06/27/2007

Filing Time:  2:14PM

Expiration Date:  12/20/2012

Filing Type:  CONTINUATION

Filing Date of Related Filing:  12/20/2002

Filing Office:  SECRETARY OF STATE/UCC DIVISION

180 STATE OFFICE BUILDING

SAINT PAUL, MN 55155

 

DEBTOR INFORMATION

Debtor(s):  GENMAR HOLDINGS INC

80 SOUTH 8TH STR #2900 IDS CTR

MINNEAPOLIS, MN 55402

 

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  MARSHALL INVESTMENTS CORPORATION

150 SOUTH FIFTH STR #3000

MINNEAPOLIS, MN 55402

--

Filing Number:  31794497

Filing Date:  07/15/2003

Filing Time:  12:05PM

Filing Type:  ORIGINAL

Filing Office:  SECRETARY OF STATE/UCC DIVISION

FEDERAL &  DUKE OF YORK STS

DOVER, DE 19901

 

DEBTOR INFORMATION

Debtor(s):  GENMAR HOLDINGS, INC.

2900 IDS CENTER, 80 SOUTH 8TH STREET

MINNEAPOLIS, MN 55402

 

SECURED PARTY OR CREDITOR INFORMATION

Secured Party(s):  MARSHALL INVESTMENTS CORPORATION

150 SOUTH FIFTH STREET, SUITE 3000

MINNEAPOLIS, MN 55402

--

A search of bankruptcy courts revealed no record of the Company filing for bankruptcy.

 

 

GENERAL COMMENTS

 

Genmar Holdings, Inc was incorporated in 1994.  The Company manufactures recreational boats.  Payment are satisfactory and a search of public records returned no derogatory information.  The Subject is considered reliable for normal trade relations.

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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