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Credit Rating (Bankruptcy Risk): TOKYO STEEL MFG. (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: TOKYO STEEL MFG. (Annual ) (Non-Consolidated )

Special note

Net income has dropped 5 consecutive terms. The business have high risk.

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 (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -146 B) & Operating Cash Flow (¥ -3 B) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 137 B) is first term Sales (¥ 166 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -146 B) is first term Net Income (¥ -14 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-106.81％) is first term Net Profit Margin (-8.56％) 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 (¥ 137 B) is first term Sales (¥ 166 B) less Net Income (¥ -146 B) is first term Net Income (¥ -14 B) less, however Operating Cash Flow (¥ -3 B) is compensated for Investment Cash Flow (¥ 10 B) etc. , there is a possibility that the financing is severe.

Dividend Risk
Under the situation of Net Income (¥ -146 B) & Operating Cash Flow (¥ -3 B), Dividend (¥ -595 M) is paid.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -3 B) is minus, Investment Cash Flow (¥ 10 B) 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 (¥ -28 B) is Sales first term ratio (¥ -29 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -14 B) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -14 B) is first term Net Income (¥ -10 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-8.56％) is first term Net Profit Margin (-7.00％) less , there is a possibility that the profitability has deteriorated.

Dividend Risk
Under the situation of Net Income (¥ -14 B) & Operating Cash Flow (¥ 8 B), Dividend (¥ -893 M) is paid.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -14 B) is a minus, the cashflow of Operating Cash Flow (¥ 8 B) is smaller than Investment Cash Flow (¥ -12 B) , there is a possibility of the overinvestment.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -10 B) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -10 B) is first term Net 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 (-7.00％) is first term Net Profit Margin (-6.42％) less , there is a possibility that the profitability has deteriorated.

Dividend Risk
Under the situation of Net Income (¥ -10 B) & Operating Cash Flow (¥ 6 B), Dividend (¥ -1 B) is paid.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -10 B) is a minus, the cashflow of Operating Cash Flow (¥ 6 B) is smaller than Investment Cash Flow (¥ -35 B) , there is a possibility of the overinvestment.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -6 B) & Operating Cash Flow (¥ -5 B) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -172 B) & Operating Cash Flow (¥ -5 B) is a minus, Interest-bearing Debt (¥ 20 B) is first term Interest-bearing Debt (-) more , there is a possibility that the financing is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 105 B) is first term Sales (¥ 278 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -6 B) is first term Net Income (¥ 32 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-6.42％) is first term Net Profit Margin (11.58％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -5 B) is a minus, Financial Cash Flow (¥ 17 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 (¥ -6 B) & Operating Cash Flow (¥ -5 B), Dividend (¥ -2 B) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -46 B) is Sales first term ratio (¥ -172 B) more , there is a possibility that the non-performing asset was increased.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -5 B) and Investment Cash Flow (¥ -74 B) is minus, so , there is a possibility of the overinvestment.

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

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -40 B) & Financial Cash Flow (¥ -2 B) is a minus, Operating Cash Flow (¥ 38 B) is a plus,

Dividend
Under the situation of Net Income (¥ 32 B) & Operating Cash Flow (¥ 38 B) , Dividend (¥ -2 B) is paid.