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

Financial Timeline

Financial Statement Risk Analysis: GRO-BELS (Annual ) (Consolidated )

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

Management Risk (*Sales is decrease )
Sales (¥ 10 B) is first term Sales (¥ 11 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 9 B) is first term Gross Income (¥ 10 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -111 M) & Financial Cash Flow (¥ -138 M) is a minus, Operating Cash Flow (¥ 955 M) is a plus,

Dividend
Under the situation of Net Income (¥ 188 M) & Operating Cash Flow (¥ 955 M) , Dividend (¥ -66 M) is paid.

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

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -886 M) is a minus, Other Current Assets (¥ 7 B) - more than 66% of Total Assets (¥ 9 B) is occupied , the possibility of holding the non-performing asset is very high.

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 365 M) is a plus, Issuance of new shares (¥ 280 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 (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -886 M) is a minus, Financial Cash Flow (¥ 391 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -886 M) is minus, Investment Cash Flow (¥ 365 M) is plus. Because the main occupation was dull, stock property may have been sold off.

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

Financial Timeline

Financial Statement Risk Analysis: GRO-BELS (Annual ) (Non-Consolidated )

Special note

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

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

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 9 B) , Sales (¥ 11 B) is less than 80%, and As compared with the first term of Net Income (¥ 123 M) , Net Income (¥ 5 M) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 9 B) is first term Sales (¥ 11 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 5 M) is first term Net Income (¥ 123 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (0.05％) is first term Net Profit Margin (1.06％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ 5 M) & Operating Cash Flow (-) , Dividend (¥ -66 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -746 M) is Sales first term ratio (¥ -2 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.06％) is first term Net Profit Margin (1.20％) less , there is a possibility that the profitability has deteriorated.

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

Management Risk (*Sales is decrease )
Sales (¥ 8 B) is first term Sales (¥ 14 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 7 B) is first term Gross Income (¥ 14 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 (¥ -1 B) is Sales first term ratio (¥ -5 B) more , there is a possibility that the non-performing asset was increased.

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

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Net Income (¥ -724 M) is a minus, Other Current Assets (¥ 7 B) - more than 66% of Total Assets (¥ 9 B) is occupied , the possibility of holding the non-performing asset is very high.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -724 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Gross Income is decrease )
Gross Income (¥ 14 B) is first term Gross Income (¥ 14 B) less , there is a possibility that the management situation has stagnated and deteriorated

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

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Net Income (¥ -5 B) is a minus, Other Current Assets (¥ 15 B) - more than 66% of Total Assets (¥ 18 B) is occupied , the possibility of holding the non-performing asset is very high.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -5 B) is minus or 0, so , there is a possibility that the management situation is severe.

Dividend Risk
Under the situation of Net Income (¥ -5 B) & Operating Cash Flow (¥ 3 B), Dividend (¥ -348 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 15 B) is Net Income (¥ -5 B) is a minus, Sales (¥ 11 B) more , there is a possibility of holding the non-performing asset.