MIRA
INFORM REPORT
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Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GENEQ CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
28.02.2007 |
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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, land transport, airfreight forwarding. |
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 96.3 millions |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
GENEQ CORPORATION
REGD NAME
KK Jenekku
MAIN OFFICE
Tel : 093-331-2101
Fax : 093-332-2112
URL : http://www.geneq.co.jp/
E-Mail
address: gsom@geneq.co.jp
ACTIVITIES
Freight
forwarding, stevedoring, ship operation, land transport, airfreight forwarding
BRANCHES
OVERSEAS
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)
MASAHIRO
AOYAMA, PRES Kaizo
Yamaguchi, s/mgn dir
Takahiro
Muromoto, mgn dir Toshitaka
Yasunaga, mgn dir
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES R/WEAK A/SALES Yen 15,660 M
PAYMENTS REGULAR CAPITAL Yen 242 M
TREND SLOW WORTH Yen
839 M
STARTED 1949 EMPLOYES 312
COMMENT
SHIPPING FIRM. FINANCIAL SITUATION CONSIDERED RATHER WEAK BUT SHOULD BE GOOD FOR MODERATE BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 96.3 MILLION, 30 DAYS
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 (plying Japan/Dalian route), airfreight forwarding, ship agency, and the related services. Operations are based in Fukuoka-Pref and vicinities.
FINANCIAL INFORMATION
Financials are only partially disclosed.
The sales volume for Feb/2006 fiscal term amounted to Yen
15,660 million, an almost similar turnover in the previous term. Cargo movement to and from
For the term ended Feb 2006 the net profit was projected and
believed posted at Yen 75 million, on a 5% rise in turnover, to Yen 16,500 million. Transport demand remained strong between
The financial situation is considered RATHER WEAK but should be good for MODERATE business engagements. Max credit limit is estimated at Yen 96.3 million, on 30 days normal 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)*(55), Muromoto Kosan KK (25), Taiheiyo Cement
(15),
Takahiro Muromoto (4)
*.. Nation’s largest shipping company, Tokyo, founded 1885, listed Tokyo, Osaka, Nagoya S/E’s, capital Yen 88,531 million, turnover Yen 2,164,279 million, recurring profit Yen 197,534 million, net profit Yen 65,037 million, total assets Yen 2,135,441 million, net worth Yen 657,088 million, employees 2,9841, 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
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
Airfreight
forwarding: acts as agent at
Ship
agency: at ports of Hakata, Kanmon, Saiki and Yatsushiro;
Others: container maintenance, container leasing including sales & purchase, real estate broking, non-life insurance broking, other related services.
Clients: [Mfrs, shipping lines] Nippon Yusen KK, Taiheiyo Cement, Kinkai Tanker, Panasonic Communications, Kao Corp, Shinyo Kaiun, Meiko Transport, other.
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
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
Bank References
Mizuho
Bank (
Shoko
Chukin Bank (
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
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28/02/2007 |
28/02/2006 |
28/02/2005 |
28/02/2004 |
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Annual
Sales |
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16,500 |
15,660 |
15,698 |
16,046 |
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Recur.
Profit |
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.. |
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365 |
.. |
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Net
Profit |
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75 |
69 |
-1,515 |
117 |
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Total
Assets |
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N/A |
N/A |
N/A |
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Net
Worth |
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839 |
774 |
2,222 |
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Capital,
Paid-Up |
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242 |
242 |
242 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
5.36 |
-0.24 |
-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 |
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4.19 |
10.71 |
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N.Profit/Sales |
0.45 |
0.44 |
-9.65 |
0.73 |
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Notes:
Financials are only partially disclosed.
Forecast
(or estimated) figures for the 28/02/2007 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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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%)