MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	OKINAWA CONVENTION AND VISITORS BUREAU
Registered Office :	1831-1, Oroku, Naha-shi, Okinawa pref. 901-0152
Country :	Japan
Financials (as on) :	31.03.2014
Date of Incorporation :	08.05.1972
Com. Reg. No.:	3600-05-000170
Legal Form :	Private
Line of Business :	Service Provider of Event Promotion and Tourism
No. of Employee :	41

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 :	US$ 1 Million
Status :	Moderate
Payment Behaviour :	No Complaints
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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. Prime Minister Shinzo ABE has declared the economy his government's top priority; he has overturned his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus, monetary easing, and structural reform. Japan joined the Trans Pacific Partnership negotiations in 2013, a pact that would open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2013 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 is exceeding 230% of GDP. To help raise government revenue and reduce public debt, Japan decided in 2013 to gradually increase the consumption tax to a total of 10% by the year 2015. Japan is making progress on ending deflation due to a weaker yen and higher energy costs, but reliance on exports to drive growth and an aging, shrinking population pose other major long-term challenges for the economy.

Source : CIA

COMPANY NAME

OKINAWA CONVENTION AND VISITORS BUREAU

OUTLINE

========

Country: Japan

Company name: OKINAWA CONVENTION AND VISITORS BUREAU

Name in local language: IPPAN ZAIDAN HOUJIN OKINAWA KANKO CONVENTION BUREAU

Office address: 1831-1, Oroku, Naha-shi, Okinawa pref. 901-0152

Office tel: 098-859-6123

Office fax: 098-859-6221

Website: www.ocvb.or.jp

Business type: Service

Industry: Event promotion and tourism

Established: May 8, 1972

Capital: Not required for general foundational juridical person

Employees: 41

Corporate formation: Private

Corporation No.: 3600-05-000170 (Naha Regional Legal Affairs Bureau)

MAJOR SHAREHOLDERS

=====================

Paid in capital : Not required for this business entity

Number of authorized shares : ditto

Shares issued : ditto

Number of shareholder : ditto

DETAILED PRODUCT CLASSFICATION & ACTIVITY

===========================================

Activity Product/Service Description

-------------------------------------------------------------------------------

Service Event promotion in Okinawa Prefecture

Service Tourism promotion in Okinawa Prefecture

COMPANY MANAGEMENT

======================

Chairman Mr. Yoshiyuki Uehara (Representative director)

Nationality: Japan

Councilor Mr. Masatoshi Asato

Nationality: Japan

Councilor Mr. Masahide Wakugawa

Nationality: Japan

Councilor Mr. Yoshiaki Nishizato

Nationality: Japan

Councilor Mr. Yutaka Kudaka

Nationality: Japan

Councilor Mr. Tetsuo Hirashiki

Nationality: Japan

Councilor Mr. Yoshikazu Higashi

Nationality: Japan

Councilor Mr. Ichiro Miyazato

Nationality: Japan

Councilor Mr. Yoshiaki Tamaki

Nationality: Japan

Councilor Mr. Yukoh Inamine

Nationality: Japan

Councilor Mr. Seijun Wakugawa

Nationality: Japan

25 other officers are registered as of December 2014

Auditor Mr. Tadashi Kaneshiro

Nationality: Japan

Auditor Mr. Mitsuyuki Kawamitsu

Nationality: Japan

Note: The names of director(s) and auditor(s) are phonetically spelt.

*Key Personnel*

==============

Mr. Yoshiyuki Uehara

Chairman and representative director

Born on February 8, 1950

Education: Graduated from Ryukyu University

Business career:

June 12, 2013: Became the chairman and representative director

Home address: 3-5-25, Gushi, Naha-shi, Okinawa pref. 901-0146

FINANCIALS

===========

Currency: (local currency - Jp. yen)

-------------------------------------------------------------------------------------

Year | Sales | Net Income

-------------------------------------------------------------------------------------

2009	3,820,000,000	131,565,000
2010	2,200,000,000	100,000,000
2011	2,495,000,000	131,301,000
2012	3,518,000,000	177,658,000
2013	5,792,000,000	100,417,000
2014	4,885,000,000	43,136,000

FINANCIAL DESCRIPTION

=======================

*Book Closing*

============

March 31st

*Financials*

==========

Balance Sheet
Unit: thousands of JP yen
	3/31/2014
Current assets	1,240,821
Cash & deposits	357,442
Account receivables	7,020
Inventories	536
Others	875,823
Fixed assets	1,597,681
Total Assets	2,838,502
Current liabilities	351,352
Outstanding accounts	187,959
Outstanding taxes	122,897
Others	40,496
Fixed liabilities	238,047
Long term loans	42,124
Retirement benefits	195,923
Equity	2,249,103
Total Liabilities & Equity	2,838,502

*Bank Details*

============

Bank Name : Okinawa Bank, Ltd.

Branch : Tawara

Bank Name : Ryukyu Bank, Ltd.

Branch : Naha Port

Bank Name : Okinawa Kaiho Bank, Ltd.

Branch : Head office

*Credit Opinion*

=============

The subject is a kind of NPO business entity, which is referred to as “General Foundational Juridical Person” or “Ippan Zaidan Houjin.”

This body is usually supported by some fund-raisers, donors and subsidies from the central government and local municipalities.

The subject in turn is requested to report the results of activities usually ending on March 31^st every fiscal year.

The most of directors and councilors of the subject are concurrently acting as staff of each local municipalities.

Our rating is based on the latest available financial report in its own style.

Our standard suggestion would be up to US$ 1 million on terms of 90 days.

LOCAL BRANCHES & MANAGEMENT

===============================

Branch name: Tokyo office

Branch address: Chiyoda-ku, Tokyo

----------------------------------------------------------------------------------------------------

Branch name: Nishi-Nippon office

Branch address: Kita-ku, Osaka-shi, Osaka pref.

----------------------------------------------------------------------------------------------------

Branch name: Naha Airport office

Branch address: Naha-shi, Okinawa pref.

----------------------------------------------------------------------------------------------------

Four other domestic offices are in Okinawa Prefecture.

Two overseas offices are in Seoul(R.O.K.) and Taipei(Taiwan).

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

========================================

*Main Products & Services*

======================

As an NPO entity the subject is promoting various events, conventions and tourism attractions to be held in Okinawa Prefecture.

ORGANIZATION STRUCTURE

======================

*Address*

=========

Registered address is the same as the operational address.

*Company History*

================

Date Development

-----------------------------------------------------------------------------------------------

January 1968 Initial body was founded under the occupation by The U.S. Forces.

May 1972 The current body was founded as Okinawa was returned to Japan.

October 1979 Acquired the business assets from Okinawa Prefecture Resort

Development Corporation.

November 1994 Cooperation Agreement was concluded with Taiwan.

June 1996 Alliance was set up with Hawaii Visitors Bureau.

2011 Visitors of students on excursion from Japan topped 450,000(2,500

schools), the highest ever.

April 2012 Founded Planning, Domestic and Overseas Divisions for more

businesses.

TRADE REFERENCES

================

*Suppliers*

==========

Marsuho Printing Co., Ltd.

Kobundo Comminications Inc.

Kindai Bijutsu Co., Ltd.

Sun Printing Co., Ltd.

Dentsu Okinawa Ltd.

*Customers*

==========

Okinawa Prefecture

General corporations

Local municipalities

General public

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.46
UK Pound	1	Rs.98.51
Euro	1	Rs.77.31

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TPT

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.