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

Financial Timeline

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

Special note

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

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

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -741 M) is a minus, Issuance of new shares (¥ 905 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.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -2 B) & Financial Cash Flow (¥ -741 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 (¥ -228 M) is paid.

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

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

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -202 M) is paid.

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

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 (9.91％) is first term Net Profit Margin (10.44％) 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 (¥ 2 B) is a plus,

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -184 M) is paid.

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

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -2 B) is a minus, Issuance of new shares (¥ 512 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 (*Sales is decrease )
Sales (¥ 10 B) is first term Sales (¥ 10 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 7 B) is first term Gross Income (¥ 7 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -216 M) & Financial Cash Flow (¥ -2 B) is a minus, Operating Cash Flow (¥ 2 B) is a plus,

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -165 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -26 M) is Sales first term ratio (¥ -303 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 (¥ 1 B) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -279 M) is paid.