MIRA INFORM REPORT
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Report Date : |
20.05.2006 |
IDENTIFICATION DETAILS
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Name : |
GENEQ CORPORATION |
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Registered Office : |
Retro Square Center Bldg,
9-11 Minatomachi Mojiku Kitakyushu Fukuoka-Pref 801-0852 JAPAN |
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Date of Incorporation : |
Mar 1949 |
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Legal Form : |
Limited
Company (Kabushiki Kaisha) |
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Line of Business : |
Freight forwarding,
stevedoring, ship operation, airfreight forwarding |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
NAME
GENEQ CORPORATION
REGD NAME
KK Jenekku
MAIN OFFICE
Retro Square Center Bldg, 9-11 Minatomachi Mojiku Kitakyushu Fukuoka-Pref 801-0852 JAPAN
Tel : 093-331-2101
Fax : 093-332-2112
FUKUOKA HEAD OFFICE:
Hakata Eight Bldg, 4-3-2 Sumiyoshi Hakataku Fukuoka, as given.
URL : http://www.geneq.co.jp/
E-Mail address : gsom@geneq.co.jp
ACTIVITIES
Freight forwarding, stevedoring, ship operation, airfreight forwarding
BRANCHES
Tokyo, Saiki, Fukuoka, Oomura, Yatsushiro, other (Tot 10)
OVERSEAS
Dalian, Hong Kong, Singapore, and Malaysia
SUBSIDIARIES
Geneq Shipping (Dalian) Co Ltd; Dalian Youyi Container Freight (Station) Co Inc; KTC (Hongkong) Ltd; MKTC Industrial Supply (M) SDN; AKTC Inc (USA);
Kitakyushu Transportation Co Pte (Singapore)
OFFICER(S)
Tadatoshi Mamiya, ch KAZUHIKO FUKUO, PRES
Takahiro Muramoto, mgn dir Kaizo Yamaguchi, mgn dir
Toshitaka Yasunaga, mgn dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 15,698 M
PAYMENTS REGULAR CAPITAL Yen 242 M
TREND SLOW WORTH Yen 774 M
STARTED 1949 EMPLOYES 315
COMMENT
SHIPPING FIRM. FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 39.1 MILLION, NORMAL 30 DAYS TERMS.
HIGHLIGHTS
The subject company was established originally as Kitakyushu Transportation KK and renamed as captioned in Oct 2002. Originally started as a freight forwarding agent with stevedoring and customs clearance operations, and has gradually expanded operations into a wide area of transportation business. In addition to stevedoring services, the firm operates cement tankers exclusively for Taiheiyo Cement Corp, container ship operation, airfreight forwarding, ship agency, and the related services. Operations are based in Fukuoka-Pref and vicinities. The firm released limited financials as attached.
The sales volume for Feb/2005 fiscal term amounted to Yen 15,698 million, a 2% down from Yen 16,046 million in the previous term. Cargo movement to and from China decreased affecting its container cargo operations. The operations, in the meantime, plunged into the red to register Yen 1,515 million net losses for the term, reportedly posting about Yen 1,800 million extraordinary losses. The details of the losses are not made clear but are thought (and reported, too) to have arisen from some NC’s.
For the term ended Feb 2006 the operations are believed to have come back to the black with Yen 110 million net profit heard, on a 2% rise in turnover, to Yen 16,000 million. Final results are yet to be made available.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 39.1 million, on normal 30 days terms.
REGISTRATION
Date Registered: Mar 1949
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 19 million shares
Issued: 4.84 million shares
Sum: Yen 242 million
Major shareholders (%): Nippon Yusen Kaisha Ltd (NYK Lines)*(54.17), Muramoto Kosan KK (24.58), Taiheiyo Cement (15), Takahiro Muramoto (3.3)
*.. Nation’s largest shipping company, Tokyo, founded 1885, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 88,531 million, turnover Yen 1,606,098 million, employees 975, pres Koji Miyahara.
No. of shareholders: 9
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Shipping & freight
forwarding company (100%)
(Breakdown of operations):
Freight forwarding & customs broking,
including stevedoring, warehousing, distribution, other related operations at
ports of Kanmon, Hakata, Saiki, Yatsushiro, and Fukuoka Airport;
Coastal transport services: operates cement tankers
exclusively for carrying bulk cement for Taiheiyo Cement Corp, also engaged in
transport of other coastal cargoes;
Ocean transport services: operates container ships between
Japan and China: regular, weekly services between Dalian, Tsingtao/Moji, Hakata
and Dalian/Kobe, Osaka;
Airfreight forwarding: acts as agent at Fukuoka Airport
for 23 airfreight forwarders;
Ship agency: at ports of Hakata, Kanmon, Saiki and
Yatsushiro;
Others: container maintenance, container
leasing including sales & purchase, real estate broking, other related
services.
Clients
[Mfrs, shipping lines] Nippon Yusen KK, Taiheiyo Cement, Kinkai Tanker, Panasonic Communications, Kao Corp, Shinyo Kaiun, Meiko Trans, other.
No. of accounts: 1,000
Domestic areas of activities: Centered in Kyushu area.
Suppliers
[Shipyards, freight forwarders, shipping lines] Muramoto Kosan, Kamigumi Co, Sankyu Inc, Taiheiyo Materials, Kanmon Container Terminal, Kyokuyo Shipyard, Naikai Zosen Corp, Machine Shokai, other.
Payment record: Regular
Location
Business area in Kitakyushu City. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Kitakyushu)
Shoko Chukin Bank (Kitakyushu)
Relations: Satisfactory
FINANCES
(In Million Yen)
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Terms Ending: |
28/02/2006 |
28/02/2005 |
28/02/2004 |
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Annual
Sales |
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16,000
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15,698
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16,046
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Recur.
Profit |
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365 |
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Net
Profit |
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110 |
-1,515
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117 |
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Total
Assets |
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18,475
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20,751
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Current
Assets |
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6,353 |
5,593 |
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Current
Liabs |
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8,061 |
8,248 |
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Net
Worth |
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774 |
2,222 |
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Capital,
Paid-Up |
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242 |
242 |
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Div.P.Share(¥) |
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<Analytical
Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
1.92 |
-2.17 |
5.82 |
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Current Ratio |
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.. |
78.81 |
67.81 |
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N.Worth Ratio |
.. |
4.19 |
10.71 |
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R.Profit/Sales |
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.. |
2.33 |
.. |
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N.Profit/Sales |
0.69 |
-9.65 |
0.73 |
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Return On Equity |
.. |
-195.74
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5.27 |
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Notes: Forecast (or estimated) figures
for the 28/02/2006 fiscal term.
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |