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

Financial Timeline

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

Special note

Net Assets have increased 5consecutive terms. The fiscal base is getting better.

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

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

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -441 M) & Financial Cash Flow (¥ -231 M) is a minus, Operating Cash Flow (¥ 571 M) is a plus,

Dividend
Under the situation of Net Income (¥ 171 M) & Operating Cash Flow (¥ 571 M) , Dividend (¥ -60 M) is paid.

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

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

Management Risk (*Net Income is decrease )
Net Income (¥ 109 M) is first term Net Income (¥ 222 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.16％) is first term Net Profit Margin (2.21％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -141 M) & Financial Cash Flow (¥ -394 M) is a minus, Operating Cash Flow (¥ 311 M) is a plus,

Dividend
Under the situation of Net Income (¥ 109 M) & Operating Cash Flow (¥ 311 M) , Dividend (¥ -80 M) is paid.

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

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -775 M) & Financial Cash Flow (¥ -353 M) is a minus, Operating Cash Flow (¥ 762 M) is a plus,

Dividend
Under the situation of Net Income (¥ 222 M) & Operating Cash Flow (¥ 762 M) , Dividend (¥ -60 M) is paid.

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

Dividend
Under the situation of Net Income (¥ 187 M) & Operating Cash Flow (¥ 563 M) , Dividend (¥ -40 M) is paid.

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

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

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

Financial Timeline

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

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

Stated Capital less
As compared with the first term of Stated Capital (¥ 1 B), Stated Capital (-) is less than 10%, , there is a possibility that the management situation is extremely severe.

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

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

Management Risk (*Sales is decrease )
Sales (¥ 6 B) is first term Sales (¥ 7 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 3 M) is first term Net Income (¥ 120 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (0.04％) is first term Net Profit Margin (1.70％) less , there is a possibility that the profitability has deteriorated.

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

Dividend
Under the situation of Net Income (¥ 120 M) & Operating Cash Flow (-) , Dividend (¥ -60 M) is paid.

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

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

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

Dividend
Under the situation of Net Income (¥ 59 M) & Operating Cash Flow (-) , Dividend (¥ -40 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 597 M) is Sales first term ratio (¥ -765 M) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -65 M) is minus or 0, so , there is a possibility that the management situation is severe.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -675 M) & Financial Cash Flow (¥ -282 M) is a minus, Operating Cash Flow (¥ 613 M) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -65 M) & Operating Cash Flow (¥ 613 M), Dividend (¥ -107 M) is paid.

Non-performing asset Risk
Net Income (¥ -65 M) is a minus, Other Current Assets (¥ 5 B) - more than 50% of Total Assets (¥ 10 B) is occupied , there is a possibility of holding the non-performing asset.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -65 M) is a minus, the cashflow of Operating Cash Flow (¥ 613 M) is smaller than Investment Cash Flow (¥ -675 M) , there is a possibility of the overinvestment.