MIRA INFORM REPORT

 

 

Report Date :           

29.06.2011

 

IDENTIFICATION DETAILS

 

Name :

JAPAN TUNA FISHERIES COOPERATION

 

 

Registered Office :

COI Eitai Bldg, 2-31-1 Eitai Kotoku Tokyo 135-0034

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

February  2006

 

 

Com. Reg. No.:

(Tokyo, Kotoku) 032360

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, wholesale of tuna fisheries, tuna fishing boats; fuel supply

 

RATING & COMMENTS

 

MIRA’s Rating :

B 

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

Yen 169.5 Million

Status :

Moderate

Payment Behaviour :

Regular

Litigation :

----

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Japan

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name

 

JAPAN TUNA FISHERIES COOPERATION

 

 

REGD NAME

 

Nihon Katsuo Maguro Gyogyo Kyodo KK, 

 

 

MAIN OFFICE

 

COI Eitai Bldg, 2-31-1 Eitai Kotoku Tokyo 135-0034 JAPAN

Tel: 03-5646-2380     Fax: 03-5646-2653

 

URL:                             http://www.japantuna.net

E-Mail address:                        info@japantuna.or.jp

 

 

ACTIVITIES

 

Import, wholesale of tuna fisheries, tuna fishing boats; fuel supply

 

 

BRANCHES   

 

Shizuoka, Yaizu (warehousing)

 

 

FACTORY

 

Yaizu (cold storage warehouse, operated by the subsidiary)

 

 

OFFICERS

 

MASAHIRO ISHIKAWA, MGN DIR          Manae Horiuchi, s/mgn dir

Nori Nakashima, dir                                Kentaro Iwasa, dir

Shin’ichi Watanabe, dir

 

Yen Amount:     In million Yen, unless otherwise stated

 

SUMMARY    

 

FINANCES                    FAIR                             A/SALES          Yen 25,438 M

PAYMENTS                  REGULAR                     CAPITAL           Yen 40 M

TREND             SLOW                          WORTH            Yen 488 M

STARTED                     2006                             EMPLOYES      55

 

 

COMMENT 

 

TRADING DIVISION OF JAPAN TUNA FISHERIES COOPERATIVE ASSN, NON-PROFIT ORGANIZATION

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR PROPER BUSINESS ENGAGEMENTS.

                       

MAX CREDIT LIMIT: ESTIMATED AT YEN 169.5 MILLION, 30 DAYS NOMAL TERMS

 

 

HIGHLIGHTS

           

The subject company was established by Japan Tuna Fisheries Cooperative Association, non-profit organization, management of fishing boats, memberships, at the caption address.  The Association was established in 1950 as a non-profit organization, under the Ministry of Agriculture, Forestry & Fisheries, in order to engage in management, operation, supervision and control of tuna fisheries of small/medium fisheries firms, nationwide from Hokkaido down to Kyushu.  It also promotes restraint of the increase in the number of large-scale tuna longliners in the world to prevent over exploitation of tuna resources.  In Feb 2006, the subject firm restructured and simultaneously founded Japan Tuna Fisheries Corporation, in order to implement the principle/objectives of the Association.  In Mar 2006, the whole operation activities of the former Federation were transferred to the subject and the subject started operations in Mar 2006.  In Jul 2006, both Association and the subsidiary moved headquarters to the caption address. 

 

 

FINANCIAL INFORMATION

           

Sales volume for Mar/2010 fiscal term amounted to Yen 25,438 million, a 22% down from Yen 32,681 million in the previous term.  Catch of tuna considerably decreased, due principally to the protection of species.  The recurring profit was posted at Yen 122 million and the net profit at Yen 77 million, respectively, compared with Yen 255 million recurring profit and Yen 88 million net profit, respectively, a year ago

 

For the fiscal term that ended Mar/2011 the recurring profit was projected at Yen 130 million and profit at Yen 80 million, respectively, on a 2% rise in turnover, to Yen 26,000 million.  Final results are yet to be released.

 

The financial situation is considered FAIR and good for ORDINARY business engagements.  Max credit limit is estimated at Yen 169.5 million, on 30 days normal terms.

 

 

 

REGISTRATION

 

Date Registered:  Feb 2006

Regd No.:         (Tokyo, Kotoku) 032360

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:       3,200

Issued:                 800

Capital:                  Yen 40 million

Major shareholders (%): Japan Tuna Fisheries Cooperative Association* (100).

 

*.. The Association was established in 1950 as a non-profit organization, under the Ministry of Agriculture, Forestry & Fisheries, in order to engage in management, operation, supervision and control of tuna fisheries of small/medium fisheries firms, nationwide from Hokkaido down to Kyushu.  It also promotes restraint of the increase in the number of large-scale tuna longliners in the world to prevent over exploitation of tuna resources.

           

Nothing detrimental is known as to the commercial morality of executives.

 

           

OPERATION

 

Activities: A trading division of Japan Tuna Fisheries Cooperative Association, offering: supply of fishing boats to the Association memberships, arranging ship repairs/maintenance services at foreign ports, including foreign crew arrangement, wholesales frozen/raw fishes, cold-storage, import/export of fishes, others (--100%)

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

Norin Chukin Bank (H/O)

MUFG (Kojimachi-Chuo)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2011

31/03/2010

31/03/2009

31/03/2008

Annual Sales

　

26,000

25,438

32,681

35,001

Recur. Profit

　

130

122

255

295

Net Profit

　

80

77

88

148

Total Assets

　

　

5,741

5,970

6,394

Current Assets

　

　

5,088

5,295

5,889

Current Liabs

　

　

4,846

5,244

8,758

Net Worth

　

　

488

411

322

Capital, Paid-Up

　

 

40

40

40

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.21

-22.16

-6.63

9.61

    Current Ratio

 

..

104.99

100.97

67.24

    N.Worth Ratio

..

8.50

6.88

5.04

    R.Profit/Sales

 

0.50

0.48

0.78

0.84

    N.Profit/Sales

0.31

0.30

0.27

0.42

    Return On Equity

..

15.78

21.41

45.96

 

Notes: Forecast (or estimated) figures for the 31/03/2011 fiscal term.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.05

UK Pound

1

Rs.71.92

Euro

1

Rs.64.37

 

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.