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Credit Rating (Bankruptcy Risk): LAND BUSINESS　 (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: LAND BUSINESS　 (Annual ) (Non-Consolidated )

Special note

Net sales has dropped 5 consecutive terms. The business have high risk.

[Date: 2013-09-30]  Danger : Warning : Caution : Good

Management Risk (*Sales is decrease )
Sales (¥ 4 B) is first term Sales (¥ 5 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 (¥ 3 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 327 M) & Operating Cash Flow (¥ 975 M) , Dividend (¥ -50 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 138 M) is Sales first term ratio (¥ -117 M) more , there is a possibility that the non-performing asset was increased.

[Date: 2012-09-30]  Danger : Warning : Caution : Good

Management Risk (*Sales is decrease )
Sales (¥ 5 B) is first term Sales (¥ 5 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 3 B) is first term Gross Income (¥ 3 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 189 M) & Operating Cash Flow (¥ 833 M) , Dividend (¥ -50 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -299 M) & Operating Cash Flow first term ratio (¥ -1 B) is a minus, Interest-bearing Debt (¥ 30 B) is first term Interest-bearing Debt (¥ 25 B) more , there is a possibility that the financing has deteriorated very much.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 467 M) is Sales first term ratio (¥ -299 M) more , there is a possibility that the non-performing asset was increased.

[Date: 2011-09-30]  Danger : Warning : Caution : Good

Management Risk (*Sales is decrease )
Sales (¥ 5 B) is first term Sales (¥ 8 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 3 B) is first term Gross Income (¥ 6 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 156 M) & Operating Cash Flow (¥ 1 B) , Dividend (¥ -52 M) is paid.

[Date: 2010-09-30]  Danger : Warning : Caution : Good

Management Risk (*Sales is decrease )
Sales (¥ 8 B) is first term Sales (¥ 17 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 62 M) is first term Net Income (¥ 172 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (0.75％) is first term Net Profit Margin (0.99％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Sales & Net Income is decrease )
Sales (¥ 8 B) is first term Sales (¥ 17 B) less Net Income (¥ 62 M) is first term Net Income (¥ 172 M) less, however Operating Cash Flow (¥ -643 M) is compensated for Investment Cash Flow (¥ 1 B) etc. , there is a possibility that the financing is severe.

Dividend Risk
Under the situation of Net Income (¥ 62 M) & Operating Cash Flow (¥ -643 M), Dividend (¥ -65 M) is paid.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -643 M) 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 (¥ 3 B) is Sales first term ratio (¥ -9 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 (¥ 15 B) is Operating Cash Flow (¥ -643 M) is a minus, Sales (¥ 8 B) more , there is a possibility of holding the non-performing asset.

[Date: 2009-09-30]  Danger : Warning : Caution : Good

Dividend
Under the situation of Net Income (¥ 172 M) & Operating Cash Flow (¥ 9 B) , Dividend (¥ -396 M) is paid.