MIRA INFORM REPORT

 

 

Report No. :

315223

Report Date :

14.04.2015

 

IDENTIFICATION DETAILS

 

Name :

BUDGET MARINE NV

 

 

Registered Office :

Waterfront Road 25B, Cole Bay

 

 

Country :

St. Maarten

 

 

Year of Establishment :

1982

 

 

Com. Reg. No.:

6315

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is retailer and wholesaler of pleasure boat marine equipment in the Caribbean.

 

 

No. of Employee :

65

 

 

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 150,000

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

REGISTERED NAME & COMPANY SUMMARY

 

IDENTIFICATION

Legal Name:

BUDGET MARINE NV

Legal Address

Waterfront Road 25B,

Postal Town

Cole Bay

Post Code

 

Primary Geographic Area

 

Country

SX

Location Status

Headquarters,Legal Address,

Operative Address

Waterfront Road 25B, Cole Bay, St. Maarten

Mailing Address

P.O. Box 434, Philipsburg, Cole Bay, St. Maarten

Telephone:

+1 (721) 544-3134, 4409, 5466

Registration Number :

6315

Fax:

+1 (721) 544-4409

Legal Form:

Limited Liability Company

Email:

vice.legrand@budgetmarine.com, sales@budmar.an

Registered in:

SX

Website:

www.budgetmarine.com

Date Created:

1982

MANAGERS:

Robbie Ferron

Date Incorporated:

January 11th, 1990

Staff:

65

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Commercialization of marine supplies and hardware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTORS/MANAGEMENT

 

Management:

 

Robbie Ferron, Managing Director

Alfred Koolen, Director

David de Vries, Director

Pauline Xuyst, Accountant

 

 

NEGATIVE INFORMATION

 

Legal Filings

The sources consulted record no detrimental legal or labor court information.

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders - MANAGERS - RELATED COMPANIES

Listed at the stock exchange:

 

NO

 

PAYMENT INFORMATION

 

PAYMENTS

 

Made on a 20 days basis - monitored over the last 12 months

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Shareholders Parent Company(ies):

BUDGET MARINE NV is a private company where Mr. Robbie Ferron is the major shareholder.

 

 

RELATED COMPANIES

The company has the following locations around the Caribbean region:

Budget Marine Antigua

Jolly Harbour Boatyard, Bolans, Antigua and Barbuda

T: 268-462-8753

T: 268-460-8625

F: 268-462-7727

Budget Marine Bonaire

Kaya Carlos A. Nicolaas 4, Kralendijk, Bonaire

T: 599-717-3710

F: 599-717-3523

Budget Marine Curacao

Caracasbaaiweg 202, Curacao

T: 5999-462-7733

F: 5999-462-7755

Budget Marine Curacao - Boatyard Supplies

Pletterijweg, Curacao

T: 5999-465-5686

F: 5999-465-5600

Budget Marine Grenada

P.O. Box 3618, True Blue Bay, True Blue, St. Georges, Grenada

T: 473-439-1983

F: 473-439-2037

Budget Marine St. Thomas

Estate Frydenhoj, St. Thomas, U.S. Virgin Islands, 00802

T: 340-779-2219

F: 340-714-0466

Budget Marine Trinidad

Western Main Road, Chaguaramas, Trinidad and Tobago

T: 868-634-2006

F: 868-634-4382

Budget Marine Rigging

Western Main Road, Chaguaramas, Trinidad and Tobago

T: 868-634-1110

F: 868-634-1607

Nautique Collection

25 Waterfront Road, Cole Bay, St. Maarten

Budget Marine Tortola

PO Box 281, Road Town, Tortola, British Virgin Islands

T: 284-494-2512 ext. 2335

F: 284-494-3288

 

 

FINANCIAL INFORMATION

 

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted Gabrielle Administrative Assistant who refused to provide us any financial data on grounds of confidentiality/without knowing the name of the inquiring party.

Currency

DATE

 

USD

2013

 

Turnover

12 700 000

 

Operating Income

321 000

 

Net Income

285 000

 

Net worth

4 000 000

 

Bank liabilities

650 000

 

The cash flow is

good

 

 

Currency

DATE

USD

2011

Turnover

12 000 000

The cash flow is

normal

 

Currency

DATE

USD

2009

Turnover

11 500 000

The cash flow is

normal

 

Currency

DATE

USD

2008

Turnover

10 400 000

Operating Income

1 000 000

Net Income

876 000

Net worth

2 600 000

Liabilities

560 000

The cash flow is

normal

 

 

Comments on the financial data: The figures had not been disclosed by the company. They were conciliated with our private sources and from a particular analysis of the companys structure.

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Special Municipality of The Netherlands
Economic Risk: Low

Currency: 100.00 ANG = 56.46 USD

Branch Situation:Stable

 

BANKS

 

Name of the Bank

FirstCaribbean Bank

Location                      

St. Maarten

Comments

We could not verify this information with the company.

 

BUSINESS

 

HISTORY

 

 

Budget Marine was started in 1982 and it is based and incorproated in St. Maarten.

 

PRINCIPAL ACTIVITY

 

 

The company operates as a retailer and wholesaler of pleasure boat marine equipment in the Caribbean.

Products/Services description:

 

The company offers the following products:

 

Anchoring & Docking

Deck Hardware

Rigging & Sail Control

Electronics

Electrical & Lighting

Plumbing

Engine

Watersports, Dinghies & Outboards

Cruising & Sailing Gear

Fishing

Navigation, Books & Guides

Interior & Galley

Safety & Survival Gear

Boat Building & Maintenance

Sales are:

 

Wholesale, Retail

Clients:

 

The company serves to the general public and companies related to the market where they develop.

Suppliers:

 

The person contacted refused to provide us with this information as it is considered as confidential.

 

Through export and import directories we could find the following:

 

WORLD COLOR COLOMBIA S.A.

Calle 17 # 41 - 34 Bogota Bogota

+5712086030

Operations area:

 

National, International, Local

The company imports from US, Canada, UK, Holland, France, Italy, Germany, Denmark, Sweden, Venezuela, Colombia  and T

The company exports to Eastern Caribbean Islands.

Trade References:

 

WORLD COLOR COLOMBIA S.A.

We have contactaded the company and the receptionist Ms. Patricia transferred our call to Mr. Gallegos (Sales Manager) voicemail. We left a message but it has not been answered yet.

The subject employs 65 employee(s)

Comments on staff:

 

The amount of employees was not provided by the contact. We obtained an estimate using third sources.

 

LOCATION

 

Headquarters

 

Waterfront Road 25B, Philipsburg, Cole Bay, St. Maarten.

Comments on location:

 

At their main location the company has the headquarters, warehouse and sales point.

Branches:

The company has the following extra location in St. Marteen:

 

L ile Marine

Sandy Ground Bridge

Rue Lady Fish

Saint-Martin

T: (0590) 0-590-29-08-60

F: (0590) 0-590-29-08-96

 

RATING

Local credit bureau gave a correct credit rate.

 

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

 

SUMMARY


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

CORRECT

Public

NO

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

Cash

GOOD

 

 

 

 

 

 

NOTES & COMMENTS

 

 

 Final Opinion

 

Budget Marine was founded in 1982 and it is based and incorporated in St. Maarten.

 

It is a medium size, privately-held company, which is a retailer and wholesaler of pleasure boat marine equipment in the Caribbean.

 

This company operates as both retail and wholesale (Sales 80% retail and 20% wholesale).

 

This company has 32 years of experience in the market where they develop.

 

BUDGET MARINE NV, operates with 12 locations in Antigua, Aruba, Bonaire, Curacao, Grenada, St. Croix, St. Maarten, St. Martin, St. Thomas, Tortola and Trinidad. They are comprised of 12 Chandleries, a Marine Lifestyle Boutique, and a Rigging Specialist. Therefore they export products around the Caribbean region as well as get some products from different countries around the world.

 

There were no legal filings found against the company.

 

We recommend a credit line for the maximum amount of USD 150,000 based on its size, experience and line of business.

 

APPENDIX

 

Person Interviewed

 

Gabrielle

Position

 

Administrative Assistant

Comments

 

She refused to provide information about the company due to confidentiality.

 

We asked for Robbie Ferron Managing Director or Pauline Xuyst accountant but she said they are not available.

 

The information in this report was obtained using third sources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.91.05

Euro

1

Rs.66.16

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

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.