MIRA
INFORM REPORT
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Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
GENELITE INC |
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Formerly Known As : |
AU –
FIEX CORPORATION |
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Registered Office : |
Akiyama Bldg 2F, 35
Kanda-Higashimatsushitacho Chiyodaku Tokyo 101-0042 |
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Country : |
Japan |
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Date of Incorporation : |
2003 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import and wholesale of White LED Chips. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 1.2 millions |
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Status : |
Moderate
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
GENELITE INC
(RENAMED ON 15/09/2006 FROM THE FORMER AS GIVEN)
REGD NAME
KK Genelite (Renamed as above)
MAIN OFFICE
Akiyama Bldg 2F, 35 Kanda-Higashimatsushitacho Chiyodaku Tokyo 101-0042 JAPAN
Tel : 03-3253-9300
Fax : 03-3253-9302
URL : http://www.myu-flex.co.jp/
E-Mail address: (thru the URL)
ACTIVITIES
Import, wholesale of white LED chips
BRANCHES
Nil
FACTORY(IES)
Taiwan (subcontracted)
OFFICERS
HIROYUKI KAJI, PRES
Yen Amount : In million Yen, unless otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 160 M
PAYMENTS REGULAR CAPITAL Yen 90 M
TREND UP WORTH Yen 74 M
STARTED 2003 EMPLOYES 5
COMMENT
IMPORTER AND WHOLESALER SPECIALIZING WHITE LED CHIPS. FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 1.2 MILLION, SECURED TERMS RECOM MENDED.
HIGHLIGHTS
The subject company was established by Hiroyuki Kaji in order to make most of his experience in the subject line of business. This is a trading house specializing in import and wholesale of while LED chips centrally, from subcontracted mfrs in Taiwan. The main product is described as: self-luminous (white) LED chips without transfer materials, such as fluorescent materials. The unique product enjoys good demand from LED mfrs and related industries. Clients include Sharp Corp, Nippon Chemi-Con Corp, and other major LED mfrs. Financials are only partially disclosed.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen 160 million, a 78% hike from Yen 90 million in the previous term. The business started on the right track with client networks expanded for its unique product of while LED chips. The operations, however, continued in the deficit to register Yen 4 million net losses for the term, compared with Yen 1 million net loss the previous year. This is due to outlays for the initial operation periods since inception, according to H Kaji. The accumulated losses are reported at Yen 19 million. The net worth is estimated at Yen 74 million, falling short of paid-in capital of Yen 90 million.
For the current term ending Mar 2007 the operations are projected to come back to profitability to post Yen 5 million net profit, on a 56% rise in turnover, to Yen 250 million. Business continues on the upswing. H Kaji, the president, says the firm targets sales to double to Yen 320 million. We have estimated rather conservatively.
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 1.2 million, on 30 days terms. We recommend fully guaranteed terms on new transactions.
REGISTRATION
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Date Registered |
Aug 2003 |
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Legal Status |
Limited Company (Kabushiki Kaisha) |
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Authorized |
7,200 shares |
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Issued |
1,800 shares |
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Sum |
Yen 90 million |
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Major shareholders (%) |
Hiroyuki Kaji (100) |
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Nothing detrimental is known as to his commercial morality. |
OPERATION
Activities: Imports and wholesales self-luminous (white) LED chips (without transfer materials such as fluorescent materials), cyan-white chips, soft color chips, green chips, blue chips, epi-wafer products, others (--100%).
Goods are imported from Taiwan (subcontracted mfrs and trading houses).
Clients
[LED mfrs, wholesalers] Sharp Corp, Nippon Chemi-Con Corp, other.
No. of accounts: 10 (rapidly increasing)
Domestic areas of activities: Centered in greater-Tokyo
Suppliers
[Mfrs] Imports from Genngreen (Taiwan), other subcontracted mfrs in Taiwan.
Payment record: Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
Mizuho Bank (Meguro)
SMBC (Meguro)
Relations: Money deposits & transfer only
FINANCES
(In Million Yen)
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Terms Ending: |
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31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual Sales |
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250 |
160 |
90 |
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Recur. Profit |
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.. |
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.. |
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Net Profit |
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5 |
-4 |
-1 |
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Total Assets |
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N/A |
N/A |
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Net Worth |
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74 |
78 |
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Capital, Paid-Up |
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90 |
90 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
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S.Growth Rate |
56.25 |
77.78 |
.. |
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Current Ratio |
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.. |
.. |
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N.Worth Ratio |
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.. |
.. |
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N.Profit/Sales |
2.00 |
-2.50 |
-1.11 |
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Notes: Financials are not disclosed only except the above partial
figures.
Forecast (or estimated) figures for 31/03/2007 fiscal term.
RATING EXPLANATIONS
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RATING |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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