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Credit Rating (Bankruptcy Risk): SOWA JISHO (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: SOWA JISHO (Annual ) (Non-Consolidated )

[Date: 2010-02-28]  Danger : Warning : Caution : Good

Management Risk (*Liabilities in excess of assets)
Net Assets (¥ -3 B) is minus, so Liabilities in excess of assets , the management situation is extremely severe.

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -837 M) is a minus, Issuance of new shares (¥ 229 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.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Net Income (¥ -354 M) is a minus, Other Current Assets (¥ 663 M) - more than 66% of Total Assets (¥ 716 M) is occupied , the possibility of holding the non-performing asset is very high.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -354 M) is minus or 0, so , there is a possibility that the management situation is severe.

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 2 M) is a plus, Issuance of new shares (¥ 229 M) 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.