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Credit Rating (Bankruptcy Risk): ネツレン（高周波熱錬） (Annual ) Consolidated | Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: ネツレン（高周波熱錬） (Annual ) (Consolidated )

Special note

Net Assets have increased 5consecutive terms. The fiscal base is getting better.

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

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -4 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 5 B) is a plus,

Dividend
Under the situation of Net Income (¥ 2 B) & Operating Cash Flow (¥ 5 B) , Dividend (¥ -554 M) is paid.

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

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (5.29％) is first term Net Profit Margin (5.70％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -2 B) & Financial Cash Flow (¥ -558 M) is a minus, Operating Cash Flow (¥ 3 B) is a plus,

Dividend
Under the situation of Net Income (¥ 2 B) & Operating Cash Flow (¥ 3 B) , Dividend (¥ -469 M) is paid.

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

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -63 M) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 3 B) is a plus,

Dividend
Under the situation of Net Income (¥ 2 B) & Operating Cash Flow (¥ 3 B) , Dividend (¥ -430 M) is paid.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 38 B) is first term (¥ 30 B) more, however Operating Cash Flow (¥ 3 B) is first term (¥ 4 B) less , there is a possibility that the financing has deteriorated very much.

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

Management Risk (*Sales is decrease )
Sales (¥ 30 B) is first term Sales (¥ 40 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 324 M) is first term Net Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.06％) is first term Net Profit Margin (3.31％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -3 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 4 B) is a plus,

Dividend
Under the situation of Net Income (¥ 324 M) & Operating Cash Flow (¥ 4 B) , Dividend (¥ -435 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -138 M) is Sales first term ratio (¥ -10 B) more , there is a possibility that the non-performing asset was increased.

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

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -4 B) & Financial Cash Flow (¥ -422 M) is a minus, Operating Cash Flow (¥ 6 B) is a plus,

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 6 B) , Dividend (¥ -838 M) is paid.

Credit Rating (Bankruptcy Risk): ネツレン（高周波熱錬） (Annual ) Consolidated | Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: ネツレン（高周波熱錬） (Annual ) (Non-Consolidated )

Special note

Net sales and net income has dropped 3 consecutive terms. The business have high risk.

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

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (-) , Dividend (¥ -430 M) is paid.

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

Management Risk (*Sales is decrease )
Sales (¥ 44 B) is first term Sales (¥ 63 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 356 M) is first term Net Income (¥ 389 M) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 356 M) & Operating Cash Flow (-) , Dividend (¥ -435 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -233 M) is Sales first term ratio (¥ -18 B) more , there is a possibility that the non-performing asset was increased.

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

Dividend
Under the situation of Net Income (¥ 389 M) & Operating Cash Flow (-) , Dividend (¥ -838 M) is paid.