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Credit Rating (Bankruptcy Risk): AVIX. (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: AVIX. (Annual ) (Non-Consolidated )

Special note

Net sales has increased 5 consecutive terms. The performance is good.

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

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

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

Stated Capital less
As compared with the first term of Stated Capital (¥ 921 M), Stated Capital (¥ 921 K) is less than 10%, , there is a possibility that the management situation is extremely severe.

Management Risk (*Net Income is decrease )
Net Income (¥ 31 M) is first term Net Income (¥ 40 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (2.37％) is first term Net Profit Margin (3.27％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -5 M) & Financial Cash Flow (¥ -146 M) is a minus, Operating Cash Flow (¥ 219 M) is a plus,

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

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -473 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 1 B) is first term (¥ 1 B) more, however Operating Cash Flow (¥ 143 M) is first term (¥ 200 M) less , there is a possibility that the financing has deteriorated very much.

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

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -513 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -86 M) is a minus, Issuance of new shares (¥ 197 M) is plus. Because a possibility of having appropriated the capital-increase fund for repayment of borrowed money is high , there is a possibility that the financing is extremely severe.

Management Risk (*Current Profit is minus or 0 )
Current Profit (¥ -17 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Gross Income is decrease )
Gross Income (¥ 553 M) is first term Gross Income (¥ 564 M) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 742 K) is a plus, Issuance of new shares (¥ 197 M) is plus. Because it is thought that the circulating fund is gained by sale and new issue of stocks of stock property , there is a possibility that the financing is severe.

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

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -598 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -346 M) is a minus, Issuance of new shares (¥ 599 M) is plus. Because a possibility of having appropriated the capital-increase fund for repayment of borrowed money is high , there is a possibility that the financing is extremely severe.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -164 M) is minus or 0, so , there is a possibility that the management situation is severe.

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 36 M) is a plus, Issuance of new shares (¥ 599 M) is plus. Because it is thought that the circulating fund is gained by sale and new issue of stocks of stock property , there is a possibility that the financing is severe.

Non-performing asset Risk
Net Income (¥ -164 M) is a minus, Other Current Assets (¥ 786 M) - more than 50% of Total Assets (¥ 1 B) is occupied , there is a possibility of holding the non-performing asset.

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

Management Risk (*Liabilities in excess of assets)
Net Assets (¥ -211 M) is minus, so Liabilities in excess of assets , the management situation is extremely severe.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -880 M) is minus or 0, so , there is a possibility that the management situation is severe.