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

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 1 B -13.37%	¥ -565 M -572.61%	¥ -454 M -53.89%

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	C	C
Total Assets	¥ 1 B	¥ 1 B	¥ 1 B	¥ 2 B
Net Assets	¥ 867 M	¥ 661 M	¥ 612 M	¥ 2 B

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

Special note

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.

Net Assets have dropped 5 consecutive terms. The fiscal base is getting worse.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -454 M) & Operating Cash Flow (¥ -319 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -204 M) & Operating Cash Flow (¥ -319 M) is a minus, Interest-bearing Debt (¥ 503 M) is first term Interest-bearing Debt (-) more , there is a possibility that the financing is very severe.

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

Management Risk (*Net Income is decrease )
Net Income (¥ -454 M) is first term Net Income (¥ -295 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-34.37％) is first term Net Profit Margin (-19.34％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -319 M) is a minus, Financial Cash Flow (¥ 717 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -133 M) is Sales first term ratio (¥ -204 M) more , there is a possibility that the non-performing asset was increased.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -319 M) and Investment Cash Flow (¥ -468 M) is minus, so , there is a possibility of the overinvestment.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -295 M) is minus or 0, so , there is a possibility that the management situation is severe.

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

Management Risk (*Net Income is decrease )
Net Income (¥ -295 M) is first term Net Income (¥ -153 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-19.34％) is first term Net Profit Margin (-8.81％) less , there is a possibility that the profitability has deteriorated.

Non-performing asset Risk
Net Income (¥ -295 M) is a minus, Other Current Assets (¥ 692 M) - more than 50% of Total Assets (¥ 1 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 (¥ 21 M) is Sales first term ratio (¥ -211 M) more , there is a possibility that the non-performing asset was increased.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -295 M) is a minus, the cashflow of Operating Cash Flow (¥ 33 M) is smaller than Investment Cash Flow (¥ -77 M) , there is a possibility of the overinvestment.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -153 M) is minus or 0, so , there is a possibility that the management situation is severe.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -296 M) & Operating Cash Flow (¥ -742 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -296 M) is first term Net Income (-) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Operating Cash Flow is minus or 0 ＆Net Income is decrease )
Net Income (¥ -296 M) is first term Net Income (-) less, however Operating Cash Flow (¥ -742 M) is compensated for Investment Cash Flow (¥ 78 M) etc. , there is a possibility that the financing is severe.

Dividend Risk
Under the situation of Net Income (¥ -296 M) & Operating Cash Flow (¥ -742 M), Dividend (¥ -22 M) is paid.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -742 M) is minus, Investment Cash Flow (¥ 78 M) is plus. Because the main occupation was dull, stock property may have been sold off.

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

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

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

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 117 M -91.01%	¥ -183 M -92.63%	¥ -56 M 78.78%

Financial Timeline

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

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

Special note

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

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

Stated Capital less
As compared with the first term of Stated Capital (¥ 389 M), Stated Capital (-) is less than 10%, , there is a possibility that the management situation is extremely severe.

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 117 M) , Sales (¥ 1 B) is less than 80%, and As compared with the first term of Net Income (¥ -264 M) , Net Income (¥ -56 M) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 117 M) is first term Sales (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 173 M) is first term Gross Income (¥ 982 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-47.86％) is first term Net Profit Margin (-20.28％) 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 (¥ -739 M) is Sales first term ratio (¥ -1 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 is minus or 0 )
Net Income (¥ -264 M) is minus or 0, so , there is a possibility that the management situation is severe.

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

Management Risk (*Net Income is decrease )
Net Income (¥ -264 M) is first term Net Income (¥ -166 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-20.28％) is first term Net Profit Margin (-11.07％) less , there is a possibility that the profitability has deteriorated.

Non-performing asset Risk
Net Income (¥ -264 M) is a minus, Other Current Assets (¥ 739 M) - more than 50% of Total Assets (¥ 1 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 (¥ -13 M) is Sales first term ratio (¥ -198 M) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -166 M) is minus or 0, so , there is a possibility that the management situation is severe.

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

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 1 B) , Sales (¥ 2 B) is less than 80%, and As compared with the first term of Net Income (¥ 48 M) , Net Income (¥ -278 M) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 1 B) is first term Sales (¥ 2 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -278 M) is first term Net Income (¥ 48 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-18.96％) is first term Net Profit Margin (1.92％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ -278 M) & Operating Cash Flow (-) , Dividend (¥ -22 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -159 M) is Sales first term ratio (¥ -1 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 (¥ 48 M) & Operating Cash Flow (¥ 470 M) , Dividend (¥ -23 M) is paid.

Related Information: Syswave (Annual )

Statement Type

Annual : Syswave

First quarter : Syswave

Second quarter : Syswave

Third quarter : Syswave

Analysis Menu

Outline : Syswave

Statement : Syswave

Rating : Syswave

Indicator : Syswave

Download : Syswave

Industry Comparison Ranking

Electric Appliances - EDIUNET Industry Rankings

Electric Appliances - EDIUNET Credit Rating

Electric Appliances - EDIUNET Industry Avg

Comparison with a neighboring company

Kanagawa - EDIUNET Prefectures

Kanagawa川崎市 - EDIUNET Prefectures

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)

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Company Information

Ticker	Market	Industry	Month	report	Rating
Syswave	6636	OSE JASDAQ	Electric Appliances	3	Annual	C

Related Company

ニッポ電機 (Sales ¥ 8 B)

進工業 (Sales ¥ 3 B)

Syswave (Sales ¥ 1 B)

SHIBAURA MECHATRONICS (Sales ¥ 30 B)

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