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Credit Rating (Bankruptcy Risk): Kawagishi Bridge Works (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: Kawagishi Bridge Works (Annual ) (Non-Consolidated )

Special note

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

[Date: 2013-09-30]  Danger : Warning : Caution : Good

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -1 B) & Operating Cash Flow (¥ -2 B) is minus or 0, so , there is a possibility that the management situation is very severe.

Dividend Risk
Under the situation of Net Income (¥ -1 B) & Operating Cash Flow (¥ -2 B), Dividend (¥ -72 M) is paid.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 12 B) is first term (¥ 11 B) more, however Operating Cash Flow (¥ -2 B) is first term (¥ 866 M) less , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -2 B) is minus, Investment Cash Flow (¥ 251 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk
Net Income (¥ -1 B) Operating Cash Flow (¥ -2 B) is a minus, Other Current Assets (¥ 10 B) - more than 50% of Total Assets (¥ 19 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 (¥ 1 B) is Sales first term ratio (¥ 1 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2012-09-30]  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 (¥ -1 B) 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 (¥ 11 B) is first term Gross Income (¥ 19 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-9.42％) is first term Net Profit Margin (-8.40％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -322 M) & Financial Cash Flow (¥ -193 M) is a minus, Operating Cash Flow (¥ 866 M) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -1 B) & Operating Cash Flow (¥ 866 M), Dividend (¥ -116 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -1 B) is Sales first term ratio (¥ -7 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2011-09-30]  Danger : Warning : Caution : Good

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -1 B) & Operating Cash Flow (¥ -2 B) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 18 B) is first term Sales (¥ 19 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 (¥ 317 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-8.40％) is first term Net Profit Margin (1.64％) less , there is a possibility that the profitability has deteriorated.

Dividend Risk
Under the situation of Net Income (¥ -1 B) & Operating Cash Flow (¥ -2 B), Dividend (¥ -116 M) is paid.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -2 B) and Investment Cash Flow (¥ -233 M) is minus, so , there is a possibility of the overinvestment.

[Date: 2010-09-30]  Danger : Warning : Caution : Good

Management Risk (*Sales is decrease )
Sales (¥ 19 B) is first term Sales (¥ 22 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 317 M) is first term Net Income (¥ 409 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.64％) is first term Net Profit Margin (1.83％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ 317 M) & Operating Cash Flow (¥ 5 B) , Dividend (¥ -116 M) is paid.

[Date: 2009-09-30]  Danger : Warning : Caution : Good

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -644 M) and Investment Cash Flow (¥ -32 M) is minus, Net Income (¥ 409 M) is plus. Because it is unnatural that profits have come out in this situation, the possibility of holding the non-performing asset is very high.

Dividend Risk
Under the situation of Net Income (¥ 409 M) & Operating Cash Flow (¥ -644 M), Dividend (¥ -116 M) is paid.

Non-performing asset Risk
Operating Cash Flow (¥ -644 M) is a minus, Other Current Assets (¥ 18 B) - more than 50% of Total Assets (¥ 28 B) is occupied , there is a possibility of holding the non-performing asset.