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Credit Rating Analysis: 高砂鐵工 (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): 高砂鐵工 (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 9 B -22.85%	¥ -164 M 78.64%	¥ -216 M 83.08%

Financial Timeline

Date	2012-12-31  (Third quarter )	2013-03-31  (Annual )	2013-06-30  (First quarter )	2013-09-30  (Second quarter )
Credit Rating	C	C	CC	CC
Total Assets	¥ 10 B	¥ 10 B	¥ 10 B	¥ 10 B
Net Assets	¥ 1 B	¥ 1 B	¥ 1 B	¥ 1 B

Financial Statement Risk Analysis: 高砂鐵工 (Annual ) (Consolidated )

Special note

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

Current Profit is minus 5 consecutive terms. The business have very high risk.

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

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

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -464 M) 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 (¥ 9 B) , Sales (¥ 12 B) is less than 80%, and As compared with the first term of Net Income (¥ -1 B) , Net Income (¥ -216 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 (¥ 12 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 8 B) is first term Gross Income (¥ 11 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 (¥ -2 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -247 M) 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 (¥ -512 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 (¥ 12 B) , Sales (¥ 17 B) is less than 80%, and As compared with the first term of Net Income (¥ 755 M) , Net Income (¥ -1 B) is less than 10%, Operating Cash Flow (¥ -512 M) is compensated for Investment Cash Flow (¥ 905 M) etc. , there is a possibility that the financing is extremely severe.

Management Risk (*Sales is decrease )
Sales (¥ 12 B) is first term Sales (¥ 17 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -1 B) is first term Net Income (¥ 755 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-10.11％) is first term Net Profit Margin (4.42％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -512 M) is minus, Investment Cash Flow (¥ 905 M) 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 (¥ -2 B) is Sales first term ratio (¥ -4 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Current Profit & Operating Cash Flow is minus or 0 )
Current Profit(¥ -1 B) & Operating Cash Flow (¥ -922 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 17 B) is first term Sales (¥ 18 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 16 B) is first term Gross Income (¥ 17 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Operating Cash Flow is minus or 0 ＆Sales is decrease )
Sales (¥ 17 B) is first term Sales (¥ 18 B) less, however Operating Cash Flow (¥ -922 M) is compensated for Investment Cash Flow (¥ 1 B) etc. , there is a possibility that the financing is severe.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -922 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
Operating Cash Flow (¥ -922 M) is a minus, Other Current Assets (¥ 7 B) - more than 50% of Total Assets (¥ 14 B) is occupied , there is a possibility of holding the non-performing asset.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -339 M) & Operating Cash Flow (¥ -786 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 (¥ 18 B) , Sales (¥ 27 B) is less than 80%, and As compared with the first term of Net Income (¥ -2 B) , Net Income (¥ -339 M) is less than 10%, Operating Cash Flow (¥ -786 M) is compensated for Investment Cash Flow (¥ 5 B) etc. , there is a possibility that the financing is extremely severe.

Management Risk (*Sales is decrease )
Sales (¥ 18 B) is first term Sales (¥ 27 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 17 B) is first term Gross Income (¥ 26 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend Risk
Under the situation of Net Income (¥ -339 M) & Operating Cash Flow (¥ -786 M), Dividend (¥ -30 M) is paid.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -786 M) is minus, Investment Cash Flow (¥ 5 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 (¥ -857 M) is Sales first term ratio (¥ -8 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -2 B) & Operating Cash Flow (¥ -1 B) 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 (¥ -1 B) is a minus, Financial Cash Flow (¥ 3 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 (¥ -2 B) & Operating Cash Flow (¥ -1 B), Dividend (¥ -90 M) is paid.

Non-performing asset Risk
Net Income (¥ -2 B) Operating Cash Flow (¥ -1 B) is a minus, Other Current Assets (¥ 11 B) - more than 50% of Total Assets (¥ 22 B) is occupied , there is a possibility of holding the non-performing asset.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -1 B) and Investment Cash Flow (¥ -932 M) is minus, so , there is a possibility of the overinvestment.

Credit Rating (Bankruptcy Risk): 高砂鐵工 (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 5 B -33.97%	¥ -208 M 61.97%	¥ -258 M 76.11%

Financial Timeline

Date	-  (First quarter )	-  (Second quarter )	-  (Third quarter )	2013-03-31  (Annual )
Credit Rating	-	-	-	C
Total Assets	-	-	-	¥ 8 B
Net Assets	-	-	-	¥ 1 B

Financial Statement Risk Analysis: 高砂鐵工 (Annual ) (Non-Consolidated )

Special note

Current Profit is minus 5 consecutive terms. The business have very high risk.

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

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -150 M) 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 (¥ 5 B) , Sales (¥ 9 B) is less than 80%, and As compared with the first term of Net Income (¥ -1 B) , Net Income (¥ -258 M) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 5 B) is first term Sales (¥ 9 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 (¥ 8 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 (¥ -3 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 & Sales is sharp decrease )
As compared with the first term of Sales (¥ 9 B) , Sales (¥ 12 B) is less than 80%, and As compared with the first term of Net Income (¥ 588 M) , Net Income (¥ -1 B) 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 (¥ 12 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -1 B) is first term Net Income (¥ 588 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-11.99％) is first term Net Profit Margin (4.87％) less , there is a possibility that the profitability has 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 (¥ -3 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Current Profit is minus or 0 )
Current Profit (¥ -924 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Gross Income is decrease )
Gross Income (¥ 11 B) is first term Gross Income (¥ 12 B) less , there is a possibility that the management situation has stagnated and deteriorated

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

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 11 B) , Sales (¥ 18 B) is less than 80%, and As compared with the first term of Net Income (¥ -1 B) , Net Income (¥ -313 M) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 11 B) is first term Sales (¥ 18 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 12 B) is first term Gross Income (¥ 19 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ -313 M) & Operating Cash Flow (-) , Dividend (¥ -30 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -417 M) is Sales first term ratio (¥ -7 B) 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 (¥ -1 B) is minus or 0, so , there is a possibility that the management situation is severe.

Dividend
Under the situation of Net Income (¥ -1 B) & Operating Cash Flow (-) , Dividend (¥ -90 M) is paid.

Related Information: 高砂鐵工 (Annual )

Statement Type

Annual : 高砂鐵工

First quarter : 高砂鐵工

Second quarter : 高砂鐵工

Third quarter : 高砂鐵工

Analysis Menu

Outline : 高砂鐵工

Statement : 高砂鐵工

Rating : 高砂鐵工

Indicator : 高砂鐵工

Download : 高砂鐵工

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Iron & Steel - EDIUNET Industry Rankings

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Related company's newest statement

Date	Company	Credit Rating	Date
11/14	SNT	A	2013-09-30 (Q2)
11/14	TDF	BB→CC	2013-09-30 (Q2)
11/14	Daiwa Heavy Industry	CCC	2013-09-30 (Q3)
11/13	日新製鋼	CCC→BB	2013-09-30 (Q2)
11/12	Pacific Metals	A→BB	2013-09-30 (Q2)
11/12	ENVIPRO HOLDINGS	-	2013-09-30 (Q1)
11/12	ITEC	C	2013-09-30 (Q2)
11/12	CHUO MALLEABLE IRON	BBB→BB	2013-09-30 (Q2)
11/8	日新製鋼ホールディングス	-	2013-09-30 (Q2)
11/8	Maruichi Steel Tube	AA	2013-09-30 (Q2)

EDIUNET Investment News (Iron & Steel)

11/14 Iron & Steel (SNT:A etc.2 Co..

11/13 Iron & Steel (日新製鋼:CCC→BB)

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11/8 Iron & Steel (日新製鋼ホール..

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11/6 Iron & Steel (トピー工業:BBB..

11/5 Iron & Steel (日本製鋼所:A→B..

11/1 Iron & Steel (サンユウ:CC→CC..

10/31 Iron & Steel (Daido Steel:BB..

10/30 Iron & Steel (NIPPON STEEL:-..

Company Information

Ticker	Market	Industry	Month	report	Rating
高砂鐵工	5458	TSE 2st	Iron & Steel	3	Annual	C

Related Company

SHINHOKOKU STEEL (Sales ¥ 4 B)

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