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Credit Rating Analysis: Marusan Securities (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): Marusan Securities (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.	¥ 17 B 22.24%	¥ 3 B 1,125.96%	¥ 2 B 460.47%

Financial Timeline

Date	2012-12-31  (Third quarter )	2013-03-31  (Annual )	2013-06-30  (First quarter )	2013-09-30  (Second quarter )
Credit Rating	BBB	CCC	BB	BBB
Total Assets	¥ 75 B	¥ 84 B	¥ 96 B	¥ 102 B
Net Assets	¥ 41 B	¥ 46 B	¥ 48 B	¥ 49 B

Financial Statement Risk Analysis: Marusan Securities (Annual ) (Consolidated )

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

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -4 B) and Investment Cash Flow (¥ -67 M) is minus, Net Income (¥ 2 B) is plus. Because it is unnatural that profits have come out in this situation, the possibility of holding the non-performing asset is very high.

Management Risk (*Gross Income is decrease )
Gross Income (¥ 100 M) is first term Gross Income (¥ 107 M) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend Risk
Under the situation of Net Income (¥ 2 B) & Operating Cash Flow (¥ -4 B), Dividend (¥ -339 M) is paid.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 17 B) is first term (¥ 14 B) more, however Operating Cash Flow (¥ -4 B) is first term (¥ 6 B) less , there is a possibility that the financing has deteriorated very much.

Non-performing asset Risk
Operating Cash Flow (¥ -4 B) is a minus, Other Current Assets (¥ 53 B) - more than 50% of Total Assets (¥ 84 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 (¥ 14 B) is Sales first term ratio (¥ 3 B) more , there is a possibility that the non-performing asset was increased.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 53 B) is Operating Cash Flow (¥ -4 B) is a minus, Sales (¥ 17 B) more , there is a possibility of holding the non-performing asset.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -797 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Sales is decrease )
Sales (¥ 14 B) is first term Sales (¥ 14 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -797 M) is first term Net Income (¥ -92 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-5.51％) is first term Net Profit Margin (-0.62％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 6 B) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -797 M) & Operating Cash Flow (¥ 6 B), Dividend (¥ -349 M) is paid.

Non-performing asset Risk
Net Income (¥ -797 M) is a minus, Other Current Assets (¥ 38 B) - more than 50% of Total Assets (¥ 70 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 (¥ 38 B) is Net Income (¥ -797 M) is a minus, Sales (¥ 14 B) more , there is a possibility of holding the non-performing asset.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -92 M) & Operating Cash Flow (¥ -3 B) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 14 B) is first term Sales (¥ 16 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -92 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 (-0.62％) is first term Net Profit Margin (8.96％) less , there is a possibility that the profitability has deteriorated.

Dividend Risk
Under the situation of Net Income (¥ -92 M) & Operating Cash Flow (¥ -3 B), Dividend (¥ -721 M) is paid.

Non-performing asset Risk
Net Income (¥ -92 M) Operating Cash Flow (¥ -3 B) is a minus, Other Current Assets (¥ 46 B) - more than 50% of Total Assets (¥ 75 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 (¥ 2 B) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 46 B) is Net Income (¥ -92 M) Operating Cash Flow (¥ -3 B) is a minus, Sales (¥ 14 B) more , there is a possibility of holding the non-performing asset.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -3 B) and Investment Cash Flow (¥ -73 M) is minus, so , there is a possibility of the overinvestment.

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

Management Risk (*Gross Income is decrease )
Gross Income (¥ 179 M) is first term Gross Income (¥ 249 M) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -421 M) & Financial Cash Flow (¥ -387 M) is a minus, Operating Cash Flow (¥ 3 B) is a plus,

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 3 B) , Dividend (¥ -361 M) is paid.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 16 B) is first term (¥ 13 B) more, however Operating Cash Flow (¥ 3 B) is first term (¥ 18 B) less , there is a possibility that the financing has deteriorated very much.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -2 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 (¥ -108 M) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 18 B) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -2 B) & Operating Cash Flow (¥ 18 B), Dividend (¥ -730 M) is paid.

Non-performing asset Risk
Net Income (¥ -2 B) is a minus, Other Current Assets (¥ 42 B) - more than 50% of Total Assets (¥ 75 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 (¥ 42 B) is Net Income (¥ -2 B) is a minus, Sales (¥ 13 B) more , there is a possibility of holding the non-performing asset.

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

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	CC	Credit is very vulnerable.	- -100.00%	¥ 3 B 4,088.00%	¥ 2 B 1,897.46%

Financial Timeline

Date	-  (First quarter )	-  (Second quarter )	-  (Third quarter )	2013-03-31  (Annual )
Credit Rating	-	-	-	CC
Total Assets	-	-	-	¥ 64 B
Net Assets	-	-	-	¥ 45 B

Financial Statement Risk Analysis: Marusan Securities (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 (¥ 10 B), Stated Capital (-) is less than 10%, , there is a possibility that the management situation is extremely severe.

Management Risk (*Sales is decrease )
Sales (-) is first term Sales (¥ 14 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ -2 B) is first term Gross Income (¥ 137 M) less , there is a possibility that the management situation has stagnated and deteriorated

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -158 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Sales is decrease )
Sales (¥ 14 B) is first term Sales (¥ 16 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -158 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 (8.82％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ -158 M) & Operating Cash Flow (-) , Dividend (¥ -721 M) is paid.

Non-performing asset Risk
Net Income (¥ -158 M) is a minus, Other Current Assets (¥ 46 B) - more than 50% of Total Assets (¥ 75 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 (¥ 2 B) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 46 B) is Net Income (¥ -158 M) is a minus, Sales (¥ 14 B) more , there is a possibility of holding the non-performing asset.

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

Management Risk (*Gross Income is decrease )
Gross Income (¥ 187 M) is first term Gross Income (¥ 256 M) 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 (¥ -361 M) is paid.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -2 B) is minus or 0, so , there is a possibility that the management situation is severe.

Dividend
Under the situation of Net Income (¥ -2 B) & Operating Cash Flow (-) , Dividend (¥ -730 M) is paid.

Non-performing asset Risk
Net Income (¥ -2 B) is a minus, Other Current Assets (¥ 41 B) - more than 50% of Total Assets (¥ 74 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 (¥ 41 B) is Net Income (¥ -2 B) is a minus, Sales (¥ 13 B) more , there is a possibility of holding the non-performing asset.

Related Information: Marusan Securities (Annual )

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Annual : Marusan Securities

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Related company's newest statement

Date	Company	Credit Rating	Date
11/14	エース証券	-→BBB	2013-09-30 (Q2)
11/14	Dreamvisor Holdings	BB	2013-09-30 (Q2)
11/13	STAR HOLDINGS	C→BB	2013-09-30 (Q2)
11/5	Traders Holdings	C→CC	2013-09-30 (Q2)
10/31	Sawada Holdings	A	2013-09-30 (Q2)
10/30	OKASAN SECURITIES GROUP	C→BB	2013-09-30 (Q2)
10/30	極東証券	BBB	2013-09-30 (Q2)
10/30	TAKAGI SECURITIES	B→BB	2013-09-30 (Q2)
10/30	Maruhachi Securities	A→BB	2013-09-30 (Q2)
10/30	Astmax	-	2013-09-30 (Q2)

EDIUNET Investment News (Securities)

11/14 Securities (エース証券:-→BBB..

11/13 Securities (STAR HOLDINGS:C→..

11/5 Securities (Traders Holdings..

10/31 Securities (Sawada Holdings:A)

10/30 Securities (OKASAN SECURITIE..

10/29 Securities (Daiwa Securities..

10/28 Securities (TOYO SECURITIES:..

10/25 Securities (Tokai Tokyo Fina..

10/24 Securities (MATSUI SECURITIE..

10/23 Securities (Osaka Securities..

Company Information

Ticker	Market	Industry	Month	report	Rating
Marusan Securities	8613	TSE 1st	Securities	3	Annual	CCC

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