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Credit Rating Analysis: Kokusai Kogyo Holdings (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): Kokusai Kogyo Holdings (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2012-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 54 B 7.49%	¥ -670 M -175.78%	¥ -3 B -63.12%

Financial Timeline

Date	2011-06-30  (First quarter )	2011-09-30  (Second quarter )	2011-12-31  (Third quarter )	2012-03-31  (Annual )
Credit Rating	C	C	C	C
Total Assets	¥ 53 B	¥ 58 B	¥ 59 B	¥ 64 B
Net Assets	¥ 27 B	¥ 25 B	¥ 23 B	¥ 24 B

Financial Statement Risk Analysis: Kokusai Kogyo Holdings (Annual ) (Consolidated )

Special note

Net sales has increased 4 consecutive terms. The performance is good.

Net income is minus 4 consecutive terms. The business have very high risk.

The change of Operating cash flow is going too far. The management situation is unstable.

Net Assets have dropped 4 consecutive terms. The fiscal base is getting worse.

Operating cash flow has dropped 4 consecutive terms. The business have very high risk.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -3 B) & Operating Cash Flow (¥ -1 B) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -3 B) is first term Net Income (¥ -2 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-6.58％) is first term Net Profit Margin (-4.34％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Net Income is decrease )
Net Income (¥ -3 B) is first term Net Income (¥ -2 B) less, however Operating Cash Flow (¥ -1 B) is compensated for Investment Cash Flow (¥ 1 B) etc. , there is a possibility that the financing is severe.

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 1 B) is a plus, Issuance of new shares (¥ 4 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.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -1 B) is a minus, Financial Cash Flow (¥ 1 B) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -1 B) is a minus, Interest-bearing Debt (¥ 26 B) is first term Interest-bearing Debt (¥ 25 B) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 54 B) is first term (¥ 50 B) more, however Operating Cash Flow (¥ -1 B) is first term (¥ -996 M) less , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -1 B) is minus, Investment Cash Flow (¥ 1 B) is plus. Because the main occupation was dull, stock property may have been sold off.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -2 B) & Operating Cash Flow (¥ -996 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -2 B) is first term Net Income (¥ -449 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-4.34％) is first term Net Profit Margin (-0.91％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -996 M) is a minus, Financial Cash Flow (¥ 2 B) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -996 M) is a minus, Interest-bearing Debt (¥ 25 B) is first term Interest-bearing Debt (¥ 25 B) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 50 B) is first term (¥ 49 B) more, however Operating Cash Flow (¥ -996 M) is first term (¥ -470 M) less , there is a possibility that the financing has deteriorated very much.

Non-performing asset Risk
Net Income (¥ -2 B) Operating Cash Flow (¥ -996 M) is a minus, Other Current Assets (¥ 33 B) - more than 50% of Total Assets (¥ 66 B) is occupied , there is a possibility of holding the non-performing asset.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -996 M) and Investment Cash Flow (¥ -3 B) is minus, so , there is a possibility of the overinvestment.

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

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -449 M) & Operating Cash Flow (¥ -470 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Gross Income is decrease )
Gross Income (¥ 38 B) is first term Gross Income (¥ 38 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -470 M) is a minus, Financial Cash Flow (¥ 4 B) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -470 M) is a minus, Interest-bearing Debt (¥ 25 B) is first term Interest-bearing Debt (¥ 21 B) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 49 B) is first term (¥ 49 B) more, however Operating Cash Flow (¥ -470 M) is first term (¥ 606 M) less , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -470 M) is minus, Investment Cash Flow (¥ 657 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk
Net Income (¥ -449 M) Operating Cash Flow (¥ -470 M) is a minus, Other Current Assets (¥ 37 B) - more than 50% of Total Assets (¥ 71 B) is occupied , there is a possibility of holding the non-performing asset.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 2 B) is Sales first term ratio (¥ 156 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 (¥ -730 M) is minus or 0, so , there is a possibility that the management situation is severe.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -8 B) & Financial Cash Flow (¥ -272 M) is a minus, Operating Cash Flow (¥ 606 M) is a plus,

Non-performing asset Risk
Net Income (¥ -730 M) is a minus, Other Current Assets (¥ 35 B) - more than 50% of Total Assets (¥ 67 B) is occupied , there is a possibility of holding the non-performing asset.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -730 M) is a minus, the cashflow of Operating Cash Flow (¥ 606 M) is smaller than Investment Cash Flow (¥ -8 B) , there is a possibility of the overinvestment.

Credit Rating (Bankruptcy Risk): Kokusai Kogyo Holdings (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2012-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 1 B -14.91%	¥ -1 B -223.28%	¥ -5 B -545.75%

Financial Timeline

Date	-  (First quarter )	-  (Second quarter )	-  (Third quarter )	2012-03-31  (Annual )
Credit Rating	-	-	-	C
Total Assets	-	-	-	¥ 43 B
Net Assets	-	-	-	¥ 24 B

Financial Statement Risk Analysis: Kokusai Kogyo Holdings (Annual ) (Non-Consolidated )

Special note

Net income is minus 4 consecutive terms. The business have very high risk.

Net Assets have dropped 4 consecutive terms. The fiscal base is getting worse.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -5 B) is minus or 0, so , there is a possibility that the management situation is severe.

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

Management Risk (*Net Income is decrease )
Net Income (¥ -5 B) is first term Net Income (¥ -823 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-368.66％) is first term Net Profit Margin (-48.57％) less , there is a possibility that the profitability has deteriorated.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 2 B) is Net Income (¥ -5 B) is a minus, Sales (¥ 1 B) more , there is a possibility of holding the non-performing asset.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -823 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -823 M) is first term Net Income (¥ -64 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-48.57％) is first term Net Profit Margin (-4.67％) less , there is a possibility that the profitability has deteriorated.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 3 B) is Net Income (¥ -823 M) is a minus, Sales (¥ 1 B) more , there is a possibility of holding the non-performing asset.

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -64 M) is minus or 0, so , there is a possibility that the management situation is severe.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 3 B) is Sales first term ratio (¥ 741 M) 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 (¥ 4 B) is Net Income (¥ -64 M) is a minus, Sales (¥ 1 B) more , there is a possibility of holding the non-performing asset.

[Date: 2009-03-31]  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.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 938 M) is Net Income (¥ -1 B) is a minus, Sales (¥ 636 M) more , there is a possibility of holding the non-performing asset.

Related Information: Kokusai Kogyo Holdings (Annual )

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Annual : Kokusai Kogyo Holdings

First quarter : Kokusai Kogyo Holdings

Second quarter : Kokusai Kogyo Holdings

Third quarter : Kokusai Kogyo Holdings

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Related company's newest statement

Date	Company	Credit Rating	Date
11/8	アジア航測	BBB→BB	2013-09-30
11/1	Star Flyer	-→B	2013-09-30 (Q2)
11/1	Skymark Airlines	AA→A	2013-09-30 (Q2)
10/31	Japan Airlines	B→BB	2013-09-30 (Q2)
10/30	ALL NIPPON AIRWAYS	A→BBB	2013-09-30 (Q2)
8/9	アジア航測	BBB	2013-06-30 (Q3)
7/31	Japan Airlines	-	2013-06-30 (Q1)
7/31	Star Flyer	-→BB	2013-06-30 (Q1)
7/31	Skymark Airlines	B	2013-06-30 (Q1)
7/30	ALL NIPPON AIRWAYS	BB→CCC	2013-06-30 (Q1)

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Company Information

Ticker	Market	Industry	Month	report	Rating
Kokusai Kogyo Holdings	9234	TSE 1st	Air Transportation	3	Annual	C

Related Company

Japan Airlines (Sales ¥ 1.2 T)

アジア航測 (Sales ¥ 20 B)

Kokusai Kogyo Holdings (Sales ¥ 54 B)

NIPPON CARGO AIRLINES (Sales ¥ 77 B)

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