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Credit Rating (Bankruptcy Risk): ＺＯＡ (Annual ) Non-Consolidated

Financial Timeline

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

Special note

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

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

Management Risk (*Sales is decrease )
Sales (¥ 12 B) is first term Sales (¥ 12 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 10 B) is first term Gross Income (¥ 10 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -7 M) & Financial Cash Flow (¥ -104 M) is a minus, Operating Cash Flow (¥ 197 M) is a plus,

Dividend
Under the situation of Net Income (¥ 42 M) & Operating Cash Flow (¥ 197 M) , Dividend (¥ -41 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -447 M) is Sales first term ratio (¥ -534 M) 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 decrease )
Net Income (¥ 31 M) is first term Net Income (¥ 36 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (0.25％) is first term Net Profit Margin (0.29％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Net Income is decrease )
Net Income (¥ 31 M) is first term Net Income (¥ 36 M) less, however Operating Cash Flow (¥ -18 M) is compensated for Investment Cash Flow (¥ 3 M) etc. , there is a possibility that the financing is severe.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -18 M) is a minus, Financial Cash Flow (¥ 190 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Dividend Risk
Under the situation of Net Income (¥ 31 M) & Operating Cash Flow (¥ -18 M), Dividend (¥ -41 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -18 M) is a minus, Interest-bearing Debt (¥ 1 B) is first term Interest-bearing Debt (¥ 1 B) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 12 B) is first term (¥ 12 B) more, however Operating Cash Flow (¥ -18 M) is first term (¥ 151 M) less , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -18 M) is minus, Investment Cash Flow (¥ 3 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk
Operating Cash Flow (¥ -18 M) is a minus, Other Current Assets (¥ 2 B) - more than 50% of Total Assets (¥ 5 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 (¥ 370 M) is Sales first term ratio (¥ 79 M) more , there is a possibility that the non-performing asset was increased.

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

Dividend
Under the situation of Net Income (¥ 36 M) & Operating Cash Flow (¥ 151 M) , Dividend (¥ -42 M) is paid.

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

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -843 M) & Operating Cash Flow (¥ -216 M) is a minus, Interest-bearing Debt (¥ 1 B) is first term Interest-bearing Debt (¥ 1 B) more , there is a possibility that the financing is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 12 B) is first term Sales (¥ 13 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 10 B) is first term Gross Income (¥ 10 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Operating Cash Flow is minus or 0 ＆Sales is decrease )
Sales (¥ 12 B) is first term Sales (¥ 13 B) less, however Operating Cash Flow (¥ -216 M) is compensated for Investment Cash Flow (¥ 48 M) etc. , there is a possibility that the financing is severe.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -216 M) is a minus, Financial Cash Flow (¥ 400 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Dividend Risk
Under the situation of Net Income (¥ 26 M) & Operating Cash Flow (¥ -216 M), Dividend (¥ -54 M) is paid.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -216 M) is minus, Investment Cash Flow (¥ 48 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 12 M) is Sales first term ratio (¥ -843 M) 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 (¥ 4 M) & Operating Cash Flow (¥ 559 M) , Dividend (¥ -111 M) is paid.