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AKIKAWA FOODS & FARMS

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Credit Rating Analysis: HOKKOKU (Annual )

The details of credit rating (bankruptcy risk) can be checked. A credit rating in nine stages (AAA-C).

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Credit Rating (Bankruptcy Risk): HOKKOKU (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 2 B -17.08%	¥ -227 M 33.58%	¥ -365 M 77.40%

Financial Timeline

Date	2012-06-30  (First quarter )	2012-09-30  (Second quarter )	2012-12-31  (Third quarter )	2013-03-31  (Annual )
Credit Rating	C	C	C	C
Total Assets	¥ 4 B	¥ 4 B	¥ 3 B	¥ 3 B
Net Assets	¥ 101 M	¥ 23 M	¥ 6 M	¥ 7 M

Financial Statement Risk Analysis: HOKKOKU (Annual ) (Consolidated )

Special note

The change of Net income is going too far. The management situation is unstable.

The change of Operating cash flow is going too far. The management situation is unstable.

Net Assets have dropped 5 consecutive terms. The fiscal base is getting worse.

[Date: 2013-03-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -2 B) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -365 M) & Operating Cash Flow (¥ -228 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -1 B) is a minus, Issuance of new shares (¥ 81 M) is plus. Because a possibility of having appropriated the capital-increase fund for repayment of borrowed money is high , there is a possibility that the financing is extremely severe.

Management Risk (*Sales is decrease )
Sales (¥ 2 B) is first term Sales (¥ 2 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 1 B) is first term Gross Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Operating Cash Flow is minus or 0 ＆Sales is decrease )
Sales (¥ 2 B) is first term Sales (¥ 2 B) less, however Operating Cash Flow (¥ -228 M) is compensated for Investment Cash Flow (¥ 673 M) etc. , there is a possibility that the financing is severe.

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 673 M) is a plus, Issuance of new shares (¥ 81 M) is plus. Because it is thought that the circulating fund is gained by sale and new issue of stocks of stock property , there is a possibility that the financing is severe.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -228 M) is minus, Investment Cash Flow (¥ 673 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -77 M) is Sales first term ratio (¥ -487 M) more , there is a possibility that the non-performing asset was increased.

[Date: 2012-03-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -1 B) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -1 B) & Operating Cash Flow (¥ -336 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 2 B) , Sales (¥ 9 B) is less than 80%, and As compared with the first term of Net Income (¥ -2 B) , Net Income (¥ -1 B) is less than 10%, Operating Cash Flow (¥ -336 M) is compensated for Investment Cash Flow (¥ 180 M) etc. , there is a possibility that the financing is extremely severe.

Management Risk (*Sales is decrease )
Sales (¥ 2 B) is first term Sales (¥ 9 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 1 B) is first term Gross Income (¥ 6 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-56.71％) is first term Net Profit Margin (-29.14％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -336 M) is minus, Investment Cash Flow (¥ 180 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -1 B) is Sales first term ratio (¥ -6 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2011-03-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -126 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -2 B) & Operating Cash Flow (¥ -683 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -15 M) is a minus, Issuance of new shares (¥ 399 M) is plus. Because a possibility of having appropriated the capital-increase fund for repayment of borrowed money is high , there is a possibility that the financing is extremely severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -2 B) is first term Net Income (¥ -942 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-29.14％) is first term Net Profit Margin (-13.47％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Net Income is decrease )
Net Income (¥ -2 B) is first term Net Income (¥ -942 M) less, however Operating Cash Flow (¥ -683 M) is compensated for Investment Cash Flow (¥ 912 M) etc. , there is a possibility that the financing is severe.

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 912 M) is a plus, Issuance of new shares (¥ 399 M) is plus. Because it is thought that the circulating fund is gained by sale and new issue of stocks of stock property , there is a possibility that the financing is severe.

Dividend Risk
Under the situation of Net Income (¥ -2 B) & Operating Cash Flow (¥ -683 M), Dividend (¥ -20 M) is paid.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -683 M) is minus, Investment Cash Flow (¥ 912 M) is plus. Because the main occupation was dull, stock property may have been sold off.

[Date: 2010-03-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -942 M) & Operating Cash Flow (¥ -737 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -942 M) is first term Net Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-13.47％) is first term Net Profit Margin (23.30％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -737 M) is a minus, Financial Cash Flow (¥ 1 B) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Dividend Risk
Under the situation of Net Income (¥ -942 M) & Operating Cash Flow (¥ -737 M), Dividend (¥ -41 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -737 M) is a minus, Interest-bearing Debt (¥ 2 B) is first term Interest-bearing Debt (¥ 977 M) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 7 B) is first term (¥ 4 B) more, however Operating Cash Flow (¥ -737 M) is first term (¥ 37 M) less , there is a possibility that the financing has deteriorated very much.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -737 M) and Investment Cash Flow (¥ -1 B) is minus, so , there is a possibility of the overinvestment.

[Date: 2009-03-31]  Danger : Warning : Caution : Good

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 37 M) , Dividend (¥ -42 M) is paid.

Credit Rating (Bankruptcy Risk): HOKKOKU (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 1 B -51.01%	¥ -191 M 0.06%	¥ -356 M 76.14%

Financial Timeline

Date	-  (First quarter )	-  (Second quarter )	-  (Third quarter )	2013-03-31  (Annual )
Credit Rating	-	-	-	C
Total Assets	-	-	-	¥ 3 B
Net Assets	-	-	-	¥ 146 M

Financial Statement Risk Analysis: HOKKOKU (Annual ) (Non-Consolidated )

Special note

The change of Net income is going too far. The management situation is unstable.

Net Assets have dropped 5 consecutive terms. The fiscal base is getting worse.

[Date: 2013-03-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -1 B) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 1 B) , Sales (¥ 2 B) is less than 80%, and As compared with the first term of Net Income (¥ -1 B) , Net Income (¥ -356 M) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 1 B) is first term Sales (¥ 2 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 550 M) is first term Gross Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -227 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2012-03-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -1 B) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 2 B) , Sales (¥ 3 B) is less than 80%, and As compared with the first term of Net Income (¥ -2 B) , Net Income (¥ -1 B) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 2 B) is first term Sales (¥ 3 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 1 B) is first term Gross Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -296 M) is Sales first term ratio (¥ -822 M) more , there is a possibility that the non-performing asset was increased.

[Date: 2011-03-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -148 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 3 B) , Sales (¥ 5 B) is less than 80%, and As compared with the first term of Net Income (¥ -824 M) , Net Income (¥ -2 B) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 3 B) is first term Sales (¥ 5 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -2 B) is first term Net Income (¥ -824 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-81.64％) is first term Net Profit Margin (-15.16％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ -2 B) & Operating Cash Flow (-) , Dividend (¥ -20 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -550 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2010-03-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -824 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -824 M) is first term Net Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-15.16％) is first term Net Profit Margin (35.44％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ -824 M) & Operating Cash Flow (-) , Dividend (¥ -41 M) is paid.

[Date: 2009-03-31]  Danger : Warning : Caution : Good

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (-) , Dividend (¥ -42 M) is paid.

Related Information: HOKKOKU (Annual )

Statement Type

Annual : HOKKOKU

First quarter : HOKKOKU

Second quarter : HOKKOKU

Third quarter : HOKKOKU

Analysis Menu

Outline : HOKKOKU

Statement : HOKKOKU

Rating : HOKKOKU

Indicator : HOKKOKU

Download : HOKKOKU

Industry Comparison Ranking

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Comparison with a neighboring company

Tokyo - EDIUNET Prefectures

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Related company's newest statement

Date	Company	Credit Rating	Date
1/15	S Foods	BB→BBB	2013-11-30 (Q3)
1/15	PICKLES	A	2013-11-30 (Q3)
1/15	GABAN	AA→CC	2013-11-30 (Q3)
1/10	キユーピー	A	2013-11-30
1/9	WARABEYA NICHIYO	A	2013-11-30 (Q3)
1/7	YONEKYU	BB→BBB	2013-11-30 (Q3)
1/6	CYBELE	C	2013-11-30 (Q1)
12/26	日本清酒	CCC→B	2013-09-30
12/10	アヲハタ	A→BBB	2013-10-31
12/10	SATO FOODS	C	2013-10-31 (Q2)

EDIUNET Investment News (Foods)

1/15 Foods (S Foods:BB→BBB etc.2 ..

1/10 Foods (キユーピー:A)

1/9 Foods (WARABEYA NICHIYO:A)

1/7 Foods (YONEKYU:BB→BBB)

1/6 Foods (CYBELE:C)

12/26 Foods (日本清酒:CCC→B)

12/10 Foods (アヲハタ:A→BBB etc.1 ..

12/6 Foods (ROCK FIELD:-→AA)

12/4 Foods (Morozoff:CCC)

12/2 Foods (ITO EN:AAA)

Company Information

Ticker	Market	Industry	Month	report	Rating
HOKKOKU	2906	OSE JASDAQ	Foods	3	Annual	C

Related Company

FIRST BAKING (Sales ¥ 24 B)

ボーソー油脂 (Sales ¥ 19 B)

AKIKAWA FOODS & FARMS (Sales ¥ 4 B)

コモ (Sales ¥ 5 B)

HOKUBUSEITO,CO; (Sales ¥ 2 B)

HOKKOKU (Sales ¥ 2 B)

TAKIZAWA HAM (Sales ¥ 28 B)

東福製粉 (Sales ¥ 3 B)

21LADY (Sales ¥ 2 B)

Ishii Food (Sales ¥ 10 B)

JAPAN FOOD&LIQUOR ALLIANCE (Sales ¥ 25 B)

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