MIRA INFORM REPORT

 

 

Report Date :

08.11.2013

 

IDENTIFICATION DETAILS

 

Name :

JAPAN TUNA FISHERIES CORPORATIVE ASSOCIATION

 

 

Registered Office :

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

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

February, 2006

 

 

Com. Reg. No.:

0106-05-001858 (Tokyo-Kotoku)

 

 

Legal Form :

Cooperative Association

 

 

Line of Business :

Non-Profit organization to promote the proper conservation & management of tuna stocks, coordination of tuna catches, coordination of membership corporations, other related operations & management (--100%).

 

 

No. of Employees :

16

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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.

 

ECGC Country Risk Classification List – March, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

JAPAN - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

 

Source : CIA

 

company name

 

JAPAN TUNA FISHERIES CORPORATIVE ASSOCIATION

 

 

REGD NAME 

 

Nihon Katsuo Maguro Gyogyo Kyodo Kumiai 

 

 

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  

 

Non-profit organization to manage tuna fisheries, tuna fishing boats;

The operation of the objects is conducted by profit-organization, Japan Tuna Fisheries Corporation, at the caption address

 

 

BRANCHES   

 

Nil

 

 

FACTORY

 

Yaizu (cold storage warehouse, operated by the subsidiary)

 

 

OFFICERS

 

MASAHIRO ISHIKAWA, MGN DIR

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                                         A/SALES          Yen 5,430 M

PAYMENTS      SLOW BUT CORRECT               CAPITAL           Yen 249 M*

TREND             STEADY                                   WORTH            Yen 264 M

STARTED         2006                                         EMPLOYES      16

*.. Invested from member companies

 

 

COMMENT    

 

NON PROFIT ORGANIZATION TO MANAGE TUNA FISHERIES, TUNA FISHING  BOATS, OTHER.

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR PROPER BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established originally in 1950 as a non-profit organization, named Federation of Japan Tuna Fisheries Cooperative Association, 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 renamed to Japan Tuna Fisheries Cooperative Association, and simultaneously founded Japan Tuna Fisheries Corporation, in order to implement the principle/objectives of the Association.  The restructuring was aimed to improve management and operation which were adversely affected by poor catches and rising fuel oil prices.  In Mar 2006, the whole operation activities of the former Federation ceased.  The subsidiary started operation in Apr 2006.  In Jul 2006, both Association and the subsidiary moved headquarters to the caption address.  The two are inseparable bodies, one is non-profit organization & the other profit organization, as the Association says.

 

 

FINANCIAL INFORMATION

           

The revenues volume for Mar/2013 fiscal term amounted to Yen 5,430 million, a 180% up from Yen 1,937 million in the previous term.  Fishing activities returned after affected by the Great East Earthquake in 2011, when fishing vessels/boats and activities were substantially damaged with number of ships sunk or lost.  The net profit was posted at 2 million, compared with Yen 3 million a year ago

 

For the current term ending Mar 2014 the net profit is projected at Yen 5 million, on a 3% rise in turnover, to Yen 5,600 million.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

 

REGISTRATION

 

Date Registered:                      Feb 2006

Regd No.:                                 0106-05-001858 (Tokyo-Kotoku)

Legal Status:                            Cooperative Association

Investments:                            Yen 249 million

Major shareholders (%):           Tuna fisheries firms, nationwide (--100%).

 

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

 

* Japan Tuna Fisheries Corporation, at the caption address, founded 2006, engaged in supply of bunkers/ship supplies for Japan Tuna Fisheries Cooperative Association membership fishermen & fishing boats, arranging ship repairs/maintenance services at foreign ports, including foreign crew arrangement, wholesales frozen/raw fishes, cold-storage operation; capital Yen 80 million, sales Yen 23,564 million, net profit Yen 43 million, employees 53, pres Jun Yamashita.

 

 

OPERATION

 

Activities: Non-Profit organization to promote the proper conservation & management of tuna stocks, coordination of tuna catches, coordination of membership corporations, other related operations & management (--100%).

 

Payment record: Slow but Correct

 

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

 

Bank References:

Norin Chukin Bank (H/O)

Relations: Satisfactory

 

 

FINANCES

 

 (In Million Yen)

Terms Ending:

　

31/03/2014

31/03/2013

31/03/2012

31/03/2011

Annual Sales

　

5,600

5,430

1,937

2,326

Recur. Profit

　

..

..

..

..

Net Profit

　

5

2

3

-3

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

264

262

259

Capital, Paid-Up

　

　

249

249

249

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

3.13

180.33

-16.72

32.23

    Current Ratio

 

 

..

..

..

    N.Worth Ratio

 

..

..

..

    N.Profit/Sales

0.09

0.04

0.15

-0.13

 

Notes: Financials are only partially disclosed.

Forecast (or estimated) figures for the 31/03/2014 fiscal term.

           


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.57

UK Pound

1

Rs.100.62

Euro

1

Rs.84.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.