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Credit Rating Analysis: SMK (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): SMK (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	B	Credit is not enough, easily undermined by biz environs.	¥ 54 B -1.56%	¥ 1 B 245.52%	¥ -198 M 75.21%

Financial Timeline

Date	2012-12-31  (Third quarter )	2013-03-31  (Annual )	2013-06-30  (First quarter )	2013-09-30  (Second quarter )
Credit Rating	CCC	B	BBB	BBB
Total Assets	¥ 53 B	¥ 52 B	¥ 56 B	¥ 59 B
Net Assets	¥ 27 B	¥ 28 B	¥ 29 B	¥ 30 B

Financial Statement Risk Analysis: SMK (Annual ) (Consolidated )

Special note

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

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -198 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Sales is decrease )
Sales (¥ 54 B) is first term Sales (¥ 55 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 47 B) is first term Gross Income (¥ 48 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -2 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 4 B) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -198 M) & Operating Cash Flow (¥ 4 B), Dividend (¥ -432 M) is paid.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -799 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Sales is decrease )
Sales (¥ 55 B) is first term Sales (¥ 61 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -799 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 (-1.44％) is first term Net Profit Margin (1.67％) less , there is a possibility that the profitability has deteriorated.

Dividend Risk
Under the situation of Net Income (¥ -799 M) & Operating Cash Flow (¥ 2 B), Dividend (¥ -291 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -6 B) & Operating Cash Flow first term ratio (¥ -4 B) is a minus, Interest-bearing Debt (¥ 12 B) is first term Interest-bearing Debt (¥ 8 B) more , there is a possibility that the financing has deteriorated very much.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 601 M) is Sales first term ratio (¥ -6 B) more , there is a possibility that the non-performing asset was increased.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -799 M) is a minus, the cashflow of Operating Cash Flow (¥ 2 B) is smaller than Investment Cash Flow (¥ -3 B) , there is a possibility of the overinvestment.

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

Management Risk (*Sales is decrease )
Sales (¥ 61 B) is first term Sales (¥ 64 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 (¥ 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 (1.67％) is first term Net Profit Margin (2.89％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -4 B) & Financial Cash Flow (¥ -3 B) 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 (¥ -960 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -810 M) is Sales first term ratio (¥ -2 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Sales is decrease )
Sales (¥ 64 B) is first term Sales (¥ 72 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 54 B) is first term Gross Income (¥ 63 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -2 B) & Financial Cash Flow (¥ -6 B) is a minus, Operating Cash Flow (¥ 9 B) is a plus,

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 9 B) , Dividend (¥ -222 M) is paid.

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

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -4 B) & Financial Cash Flow (¥ -3 B) is a minus, Operating Cash Flow (¥ 9 B) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -1 B) & Operating Cash Flow (¥ 9 B), Dividend (¥ -981 M) is paid.

Credit Rating (Bankruptcy Risk): SMK (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	CCC	Credit is fragile, and depended on biz environs.	¥ 45 B -4.38%	¥ 2 B 882.85%	¥ 598 M 2.39%

Financial Timeline

Date	-  (First quarter )	-  (Second quarter )	-  (Third quarter )	2013-03-31  (Annual )
Credit Rating	-	-	-	CCC
Total Assets	-	-	-	¥ 37 B
Net Assets	-	-	-	¥ 27 B

Financial Statement Risk Analysis: SMK (Annual ) (Non-Consolidated )

Special note

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

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

Stated Capital less
As compared with the first term of Stated Capital (¥ 7 B), Stated Capital (-) is less than 10%, , there is a possibility that the management situation is extremely severe.

Management Risk (*Sales is decrease )
Sales (¥ 45 B) is first term Sales (¥ 47 B) less , there is a possibility that the management situation has stagnated and deteriorated

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

Management Risk (*Sales is decrease )
Sales (¥ 47 B) is first term Sales (¥ 52 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 584 M) is first term Net Income (¥ 795 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.23％) is first term Net Profit Margin (1.52％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ 584 M) & Operating Cash Flow (-) , Dividend (¥ -291 M) is paid.

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 (*Sales is decrease )
Sales (¥ 52 B) is first term Sales (¥ 53 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 795 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 (1.52％) is first term Net Profit Margin (2.06％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ 795 M) & Operating Cash Flow (-) , Dividend (¥ -960 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -45 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Sales is decrease )
Sales (¥ 53 B) is first term Sales (¥ 59 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 48 B) is first term Gross Income (¥ 54 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (-) , Dividend (¥ -222 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 (¥ -5 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 (¥ 127 M) & Operating Cash Flow (-) , Dividend (¥ -981 M) is paid.

Related Information: SMK (Annual )

Statement Type

Annual : SMK

First quarter : SMK

Second quarter : SMK

Third quarter : SMK

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Outline : SMK

Statement : SMK

Rating : SMK

Indicator : SMK

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Industry Comparison Ranking

Electric Appliances - EDIUNET Industry Rankings

Electric Appliances - EDIUNET Credit Rating

Electric Appliances - EDIUNET Industry Avg

Comparison with a neighboring company

Tokyo - EDIUNET Prefectures

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Related company's newest statement

Date	Company	Credit Rating	Date
1/10	Newtech	CC→B	2013-11-30 (Q3)
12/26	Optoelectronics	BB	2013-11-30
12/12	石井表記	C	2013-10-31 (Q3)
12/11	COSEL	A	2013-11-20 (Q2)
12/11	SANNO	CCC→B	2013-10-31 (Q1)
12/11	CCS	B→BB	2013-10-31 (Q1)
12/10	SAMCO	A→BB	2013-10-31 (Q1)
12/10	TOMITA ELECTRIC.	BB→BBB	2013-10-31 (Q3)
12/6	SUMCO	CCC→B	2013-10-31 (Q3)
12/6	OSG CORPORATION	BBB→A	2013-10-31 (Q3)

EDIUNET Investment News (Electric Appliances)

1/10 Electric Appliances (Newtech..

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Company Information

Ticker	Market	Industry	Month	report	Rating
SMK	6798	TSE 1st	Electric Appliances	3	Annual	B

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