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Credit Rating Analysis: MELX (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): MELX (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2012-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 3 B -8.06%	¥ -627 M -22.05%	¥ -651 M -24.09%

Financial Timeline

Date	2011-06-30  (First quarter )	2011-09-30  (Second quarter )	2011-12-31  (Third quarter )	2012-03-31  (Annual )
Credit Rating	C	C	C	C
Total Assets	¥ 5 B	¥ 5 B	¥ 5 B	¥ 6 B
Net Assets	¥ 482 M	¥ 327 M	¥ 139 M	¥ -14 M

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

Special note

Net income is minus 4 consecutive terms. The business have very high risk.

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

4 consecutive terms, Cumulative loss. The fiscal base is unstable.

Net Assets have dropped 4 consecutive terms. The fiscal base is getting worse.

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

Management Risk (*Liabilities in excess of assets)
Net Assets (¥ -14 M) is minus, so Liabilities in excess of assets , the management situation is extremely severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -651 M) & Operating Cash Flow (¥ -69 M) is minus or 0, so , there is a possibility that the management situation is very severe.

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

Management Risk (*Net Income is decrease )
Net Income (¥ -651 M) is first term Net Income (¥ -525 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-18.10％) is first term Net Profit Margin (-13.41％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Sales & Net Income is decrease )
Sales (¥ 3 B) is first term Sales (¥ 3 B) less Net Income (¥ -651 M) is first term Net Income (¥ -525 M) less, however Operating Cash Flow (¥ -69 M) is compensated for Investment Cash Flow (¥ 37 M) etc. , there is a possibility that the financing is severe.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -69 M) is minus, Investment Cash Flow (¥ 37 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk
Net Income (¥ -651 M) Operating Cash Flow (¥ -69 M) is a minus, Other Current Assets (¥ 1 B) - more than 50% of Total Assets (¥ 3 B) is occupied , there is a possibility of holding the non-performing asset.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -19 M) is Sales first term ratio (¥ -315 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. (¥ -2 B) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -525 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -525 M) is first term Net Income (¥ -519 M) less , there is a possibility that the management situation has stagnated and deteriorated

Non-performing asset Risk
Net Income (¥ -525 M) is a minus, Other Current Assets (¥ 1 B) - more than 50% of Total Assets (¥ 3 B) is occupied , there is a possibility of holding the non-performing asset.

[Date: 2010-03-31]  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(¥ -519 M) & Operating Cash Flow (¥ -166 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 (¥ 3 B) , Sales (¥ 6 B) is less than 80%, and As compared with the first term of Net Income (¥ -1 B) , Net Income (¥ -519 M) is less than 10%, Operating Cash Flow (¥ -166 M) is compensated for Investment Cash Flow (¥ 1 B) etc. , there is a possibility that the financing is extremely severe.

Management Risk (*Sales is decrease )
Sales (¥ 3 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 (¥ 3 B) is first term Gross Income (¥ 6 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -166 M) is minus, Investment Cash Flow (¥ 1 B) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk
Net Income (¥ -519 M) Operating Cash Flow (¥ -166 M) is a minus, Other Current Assets (¥ 2 B) - more than 50% of Total Assets (¥ 4 B) is occupied , there is a possibility of holding the non-performing asset.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -259 M) is Sales first term ratio (¥ -2 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2009-03-31]  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 (¥ -121 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -121 M) is minus, Investment Cash Flow (¥ 137 M) is plus. Because the main occupation was dull, stock property may have been sold off.

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

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2012-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 2 B -10.06%	¥ -552 M -7.28%	¥ -576 M -11.44%

Financial Timeline

Date	-  (First quarter )	-  (Second quarter )	-  (Third quarter )	2012-03-31  (Annual )
Credit Rating	-	-	-	C
Total Assets	-	-	-	¥ 5 B
Net Assets	-	-	-	¥ 433 M

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

Special note

Net income is minus 4 consecutive terms. The business have very high risk.

4 consecutive terms, Cumulative loss. The fiscal base is unstable.

Net Assets have dropped 4 consecutive terms. The fiscal base is getting worse.

[Date: 2012-03-31]  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 is minus or 0 )
Net Income (¥ -576 M) is minus or 0, so , there is a possibility that the management situation is 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 (*Net Income is decrease )
Net Income (¥ -576 M) is first term Net Income (¥ -517 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-22.11％) is first term Net Profit Margin (-17.84％) less , there is a possibility that the profitability has deteriorated.

[Date: 2011-03-31]  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 is minus or 0 )
Net Income (¥ -517 M) is minus or 0, so , there is a possibility that the management situation is severe.

[Date: 2010-03-31]  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 (¥ 4 B) is less than 80%, and As compared with the first term of Net Income (¥ -927 M) , Net Income (¥ -543 M) 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 (¥ 4 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 2 B) is first term Gross Income (¥ 4 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 (¥ -415 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -794 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -927 M) is minus or 0, so , there is a possibility that the management situation is severe.

Related Information: MELX (Annual )

Statement Type

Annual : MELX

First quarter : MELX

Second quarter : MELX

Third quarter : MELX

Analysis Menu

Outline : MELX

Statement : MELX

Rating : MELX

Indicator : MELX

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Industry Comparison Ranking

Leather Products - EDIUNET Industry Rankings

Leather Products - EDIUNET Credit Rating

Leather Products - EDIUNET Industry Avg

Comparison with a neighboring company

Tokyo - EDIUNET Prefectures

Tokyo墨田区 - EDIUNET Prefectures

Related company's newest statement

Date	Company	Credit Rating	Date
11/8	REGAL	BB→B	2013-09-30 (Q2)
11/7	Nippi	A→BBB	2013-09-30 (Q2)
8/7	Nippi	A	2013-06-30 (Q1)
8/2	REGAL	BBB	2013-06-30 (Q1)
5/15	Nippi	BBB→BB	2013-03-31
5/14	REGAL	BBB	2013-03-31
2/6	Nippi	A	2012-12-31 (Q3)
2/5	REGAL	BBB	2012-12-31 (Q3)
11/7	Nippi	A	2012-09-30 (Q2)
11/2	REGAL	BB	2012-09-30 (Q2)

EDIUNET Investment News (Leather Products)

11/8 Leather Products (REGAL:BB→B)

11/7 Leather Products (Nippi:A→BBB)

8/7 Leather Products (Nippi:A)

8/2 Leather Products (REGAL:BBB)

5/15 Leather Products (Nippi:BBB→..

5/14 Leather Products (REGAL:BBB)

2/6 Leather Products (Nippi:A)

2/5 Leather Products (REGAL:BBB)

11/7 Leather Products (Nippi:A)

11/2 Leather Products (REGAL:BB)

Company Information

Ticker	Market	Industry	Month	report	Rating
MELX	7934	TSE 2st	Leather Products	3	Annual	C

Related Company

MELX (Sales ¥ 3 B)

REGAL (Sales ¥ 36 B)

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EDIUNET Caution

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