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

Financial Timeline

Financial Statement Risk Analysis: Echigokotsu (Annual ) (Consolidated )

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

Management Risk (*Gross Income is decrease )
Gross Income (¥ 20 B) is first term Gross Income (¥ 20 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -640 M) & Financial Cash Flow (¥ -278 M) is a minus, Operating Cash Flow (¥ 1 B) is a plus,

Dividend
Under the situation of Net Income (¥ 747 M) & Operating Cash Flow (¥ 1 B) , Dividend (¥ -20 M) is paid.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 24 B) is first term (¥ 24 B) more, however Operating Cash Flow (¥ 1 B) is first term (¥ 1 B) less , there is a possibility that the financing has deteriorated very much.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -747 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Sales is decrease )
Sales (¥ 24 B) is first term Sales (¥ 25 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -747 M) is first term Net Income (¥ 379 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-3.07％) is first term Net Profit Margin (1.51％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -510 M) & Financial Cash Flow (¥ -349 M) is a minus, Operating Cash Flow (¥ 1 B) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -747 M) & Operating Cash Flow (¥ 1 B), Dividend (¥ -40 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 816 M) is Sales first term ratio (¥ -731 M) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Sales is decrease )
Sales (¥ 25 B) is first term Sales (¥ 25 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 20 B) is first term Gross Income (¥ 21 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 379 M) & Operating Cash Flow (¥ 370 M) , Dividend (¥ -40 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -725 M) & Operating Cash Flow first term ratio (¥ -1 B) is a minus, Interest-bearing Debt (¥ 7 B) is first term Interest-bearing Debt (¥ 7 B) more , there is a possibility that the financing has deteriorated very much.

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

Management Risk (*Gross Income is decrease )
Gross Income (¥ 21 B) is first term Gross Income (¥ 21 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -487 M) is a minus, Operating Cash Flow (¥ 1 B) is a plus,

Dividend
Under the situation of Net Income (¥ 244 M) & Operating Cash Flow (¥ 1 B) , Dividend (¥ -15 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 978 M) is Sales first term ratio (¥ 181 M) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -12 M) is minus or 0, so , there is a possibility that the management situation is severe.

Dividend Risk
Under the situation of Net Income (¥ -12 M) & Operating Cash Flow (¥ 150 M), Dividend (¥ -25 M) is paid.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -12 M) is a minus, the cashflow of Operating Cash Flow (¥ 150 M) is smaller than Investment Cash Flow (¥ -370 M) , there is a possibility of the overinvestment.

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

Financial Timeline

Financial Statement Risk Analysis: Echigokotsu (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

Dividend
Under the situation of Net Income (¥ 241 M) & Operating Cash Flow (-) , Dividend (¥ -20 M) is paid.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -1 B) is minus or 0, so , there is a possibility that the management situation is severe.

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

Management Risk (*Net Income is decrease )
Net Income (¥ -1 B) is first term Net Income (¥ 81 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-20.96％) is first term Net Profit Margin (1.08％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ -1 B) & Operating Cash Flow (-) , Dividend (¥ -40 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -50 M) is Sales first term ratio (¥ -572 M) more , there is a possibility that the non-performing asset was increased.

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

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

Management Risk (*Net Income is decrease )
Net Income (¥ 81 M) is first term Net Income (¥ 185 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.08％) is first term Net Profit Margin (2.38％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ 81 M) & Operating Cash Flow (-) , Dividend (¥ -40 M) is paid.

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

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

Dividend
Under the situation of Net Income (¥ 185 M) & Operating Cash Flow (-) , Dividend (¥ -15 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 848 M) is Sales first term ratio (¥ 408 M) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -96 M) is minus or 0, so , there is a possibility that the management situation is severe.

Dividend
Under the situation of Net Income (¥ -96 M) & Operating Cash Flow (-) , Dividend (¥ -25 M) is paid.