MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	GREENPACKS CORPORATION
Registered Office :	Ohtsuka FT Bldg. 4F, 3-20-6, Minami-ohtsuka, Toshima-ku, Tokyo 170-0005
Country :	Japan
Date of Incorporation :	15.11.2005
Com. Reg. No.:	0114-01-011595
Legal Form :	Private Company
Line of Business :	Trader of Packaging, resins, sundries and marine products
No. of Employees :	17

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 and address

GREENPACKS CORPORATION

Country: Japan

Company name: GREENPACKS CORPORATION

Name in local language: GREENPACKS, K.K. (株式会社グリーンパックス)

Office address: Ohtsuka FT Bldg. 4F, 3-20-6, Minami-ohtsuka,

Toshima-ku, Tokyo 170-0005

Office tel: 03-5396-8851

Website: www.greenpacks-corp.com/

Business type: Trader

Industry: Packaging, resins, sundries and marine products

Established: November 15, 2005

Capital: Jp. 91,500,000 yen

Employees: 17

Corporate formation: Private

Corporation No.: 0114-01-011595 (Tokyo Legal Affairs Bureau)

MAJOR SHAREHOLDERS

Paid in capital Jp. 91,500,000 yen

Number of authorized shares 6,400 shares

Number of outstanding shares 1,830 shares

Number of shareholders 12

Major shareholders Number of shares (%)

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

Mr. Kunitake Kobayashi, president 310 shares (16.9)

Mr. Kunihiro Kobayashi, senior director 300 shares (16.4)

Super Bag Co., Ltd. n. a.

Nakagawa Bag Making Co., Ltd. n. a.

Takami Packaging Co., Ltd. n. a.

Mr. keigo Ishimoto n. a.

DETAILED PRODUCT CLASSFICATION & ACTIVITY

Activity Product/Service Description

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

Trading Packaging materials

Trading Plastic resins

Trading Daily use sundries

Trading Marine products

COMPANY MANAGEMENT

President Mr. Kunitake Kobayashi

Nationality: Japan

Senior Managing Director Mr. Kunihiro Kobayashi

Nationality: Japan

Auditor Mr. Koji Nishida

Nationality: Japan

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

*Key Personnel*

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

Mr. Kunitake Kobayashi

Representative director

Born on June 7, 1946

Education: graduated from Keio University

Business career:

1969: Employed by Mitsubishi Petrochemicals

1987: Senior managing director of J Film Co., Ltd.(former Plus Industries Co.)

1989: President of Hokkaido J Film.

1999: Employed by Mitsubishi Shoji Plastic Corp.

2005: Founded Greenpacks Corporation.

Home address: 3-9-2-309, Sakashita, Itabashi-ku, Tokyo

FINANCIALS

Currency: (local currency - Jp. yen)

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

Year | Sales | Net Income

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

2008	3,874,577,000	25,309,000
2009	4,624,094,000	63,125,000
2010	2,519,352,000	1,626,000	(six months)
2011	6,296,036,000	loss 2,663,000
2012	7,032,478,000	loss 46,419,000
2013	7,135,329,000	21,996,000
2014	7,951,585,000	6,364,000

FINANCIAL DESCRIPTION

*Book Closing*

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

June 30th

Remarks: In 2010 the subject changed the end of fiscal year from December 31st to June 30th.

*Financials*

==========

As a private limited company, no official financial statement is required to be disclosed publicly.

*Bank Details*

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

Bank Name: Mizuho Bank, Ltd.

Branch: Shinagawa

Bank Name: Resona Bank, Ltd.

Branch: Ikebukuro

Bank Name: Bank of Tokyo-Mitsubishi UFJ, Ltd.

Branch: Akabane-ekimae

Bank Name: Sumitomo Mitsui Banking Corp.

Branch: Ohtsuka

Bank Name: Aozora Bank, Ltd.

Branch: Head office

*Credit Opinion*

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

The subject is a Tokyo-based relatively new firm specializing in imports and sales of packaging materials, synthetic resins and others.

The owner has a long business experience in the relating industries.

The shareholders are also business partners.

Despite of a harsh market situation and a newly-founded company, the sales had been growing

rapidly as well as the net profit until 2010, except for June 2011 term caused by currency exchange loss.

A big loss, however, was posted for June 2012 term, of which reason has not been disclosed.

Sales still keeps growing with some turnaround being made recently.

One senior managing director resigned in August 2014.

Negative factors are not observed in particular though the exact financial condition is not available due to non disclosure of its financial statements.

PRODUCT, TECHNOLOGY, SERVICE DESCRIPTION

*Main Business*

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

Imports and wholesale of the following products:

- Polyethylene bags

- Plastic films

- Garments

- Synthetic resins

- Various types of packaging materials

- Eco-friendly products

- Marine food and processed food

Also providing the following services:

- Financial advisory services

- Technical consulting services in the plastic industries

ORGANIZATION STRUCTURE

*Addresses*

==========

Registered address: 3-9-2-309, Sakashita, Itabashi-ku, Tokyo

(The residence of the president)

Operational address: Ohtsuka FT Bldg. 4F, 3-20-6, Minami-ohtsuka, Toshima-ku,

Tokyo

*Company History*

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

Date Development

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

November 15, 2005 Incorporated at the following address:

3-9-2-309, Sakashita, Itabashi-ku, Tokyo

TRADE REFERENCES

*Suppliers*

=========

Imports from overseas countries such as Europe, Latin America and Africa

*Customers*

=========

Super Bag Co., Ltd.

Nakagawa Bag Making & Processing Co., Ltd.

Takami Packaging Products Co., Ltd.

Ishimoto & Co., Ltd.

The Pack Corporation

SUBSIDIARIES, JOINT-VENTURES & AFFILIATES

Company name: GREENPACKS USA INC.

Country: USA

Status: Affiliate

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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.