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Credit Rating Analysis: Sun Frontier Fudousan (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): Sun Frontier Fudousan (Annual ) Consolidated | Non-Consolidated

Date Credit Rating Comment Sales Current Profit Net Income
2013-03-31  BB  Credit is a little enough, but be insufficient potential by biz environs. ¥ 10 B
52.82%
¥ 2 B
155.19%
¥ 2 B
167.56%

Financial Timeline

Date  2012-12-31 
(Third quarter )
 2013-03-31 
(Annual )
 2013-06-30 
(First quarter )
 2013-09-30 
(Second quarter )
Credit Rating BBBBABB
Total Assets
¥ 12 B
¥ 21 B
¥ 21 B
¥ 25 B
Net Assets
¥ 7 B
¥ 14 B
¥ 14 B
¥ 16 B

Financial Statement Risk Analysis: Sun Frontier Fudousan (Annual ) (Consolidated )

Special note
The change of Net income is going too far. The management situation is unstable.
Cash(¥ 11 B) is more than the total liabilities(¥ 6 B). It is a very steady fiscal base!
[Date: 2013-03-31]  Danger : Warning : Caution : Good
Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 1 B) is a plus, Issuance of new shares (¥ 5 B) 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.
Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -2 B) is a minus, Financial Cash Flow (¥ 6 B) 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 (¥ 2 B) & Operating Cash Flow (¥ -2 B), Dividend (¥ -130 M) is paid.
Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -2 B) is a minus, Interest-bearing Debt (¥ 4 B) is first term Interest-bearing Debt (¥ 3 B) more , there is a possibility that the financing has deteriorated very much.
Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 10 B) is first term (¥ 6 B) more, however Operating Cash Flow (¥ -2 B) is first term (¥ 743 M) less , there is a possibility that the financing has deteriorated very much.
Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -2 B) is minus, Investment Cash Flow (¥ 1 B) 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 (¥ 5 B) is Sales first term ratio (¥ 3 B) more , there is a possibility that the non-performing asset was increased.
[Date: 2012-03-31]  Danger : Warning : Caution : Good
Stated Capital less
Stated Capital (¥ 5 B) is first term Stated Capital (¥ 7 B) less , there is a possibility that the management situation is very severe.
[Date: 2011-03-31]  Danger : Warning : Caution : Good
Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -2 B) is minus, so Cumulative loss , there is a possibility that the management situation is severe.
Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -722 M) and Investment Cash Flow (¥ -934 M) is minus, Net Income (¥ 363 M) 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 (*Sales is decrease )
Sales (¥ 4 B) 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 (¥ 16 B) less , there is a possibility that the management situation has stagnated and deteriorated
Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 1 B) is Sales first term ratio (¥ -10 B) more , there is a possibility that the non-performing asset was increased.
[Date: 2010-03-31]  Danger : Warning : Caution : Good
Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -2 B) is minus, so Cumulative loss , there is a possibility that the management situation is severe.
Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 14 B) , Sales (¥ 26 B) is less than 80%, and As compared with the first term of Net Income (¥ -17 B) , Net Income (¥ -3 B) is less than 10%, , there is a possibility that the management situation has deteriorated very much.
Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -10 B) is a minus, Issuance of new shares (¥ 1 B) 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 (¥ 14 B) is first term Sales (¥ 26 B) less , there is a possibility that the management situation has stagnated and deteriorated
Management Risk (*Gross Income is decrease )
Gross Income (¥ 16 B) is first term Gross Income (¥ 40 B) less , there is a possibility that the management situation has stagnated and deteriorated
Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -771 M) & Financial Cash Flow (¥ -10 B) is a minus, Operating Cash Flow (¥ 11 B) is a plus,
[Date: 2009-03-31]  Danger : Warning : Caution : Good
Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Net Income (¥ -17 B) is a minus, Other Current Assets (¥ 19 B) - more than 66% of Total Assets (¥ 27 B) is occupied , the possibility of holding the non-performing asset is very high.
Management Risk (*Net Income is minus or 0 )
Net Income (¥ -17 B) is minus or 0, so , there is a possibility that the management situation is severe.
Dividend Risk
Under the situation of Net Income (¥ -17 B) & Operating Cash Flow (¥ 5 B), Dividend (¥ -497 M) is paid.

Ticker Market Industry Month report Rating
@ Sun Frontier Fudousan 8934 TSE 1st Real Estate 3 Annual BB

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