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Credit Rating (Bankruptcy Risk): Daiwa Heavy Industry (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: Daiwa Heavy Industry (Annual ) (Non-Consolidated )

Special note

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

[Date: 2012-12-31]  Danger : Warning : Caution : Good

Management Risk (*Sales is decrease )
Sales (¥ 4 B) is first term Sales (¥ 5 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 (¥ 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 (¥ -114 M) is Sales first term ratio (¥ -575 M) more , there is a possibility that the non-performing asset was increased.

[Date: 2011-12-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -140 M) is minus or 0, so , there is a possibility that the management situation is severe.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 5 B) is first term (¥ 3 B) more, however Operating Cash Flow (¥ 74 M) is first term (¥ 185 M) less , there is a possibility that the financing has deteriorated very much.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -140 M) is a minus, the cashflow of Operating Cash Flow (¥ 74 M) is smaller than Investment Cash Flow (¥ -285 M) , there is a possibility of the overinvestment.

[Date: 2010-12-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -491 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Sales is decrease )
Sales (¥ 3 B) is first term Sales (¥ 4 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -491 M) is first term Net Income (¥ -227 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-12.77％) is first term Net Profit Margin (-5.21％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -52 M) & Financial Cash Flow (¥ -302 M) is a minus, Operating Cash Flow (¥ 185 M) is a plus,

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -137 M) is Sales first term ratio (¥ -528 M) more , there is a possibility that the non-performing asset was increased.

[Date: 2009-12-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -227 M) & Operating Cash Flow (¥ -130 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -130 M) is a minus, Financial Cash Flow (¥ 421 M) 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 (¥ -227 M) & Operating Cash Flow (¥ -130 M), Dividend (¥ -67 M) is paid.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -130 M) and Investment Cash Flow (¥ -715 M) is minus, so , there is a possibility of the overinvestment.