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Credit Rating (Bankruptcy Risk): E-WAVE (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: E-WAVE (Annual ) (Non-Consolidated )

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -2 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -2 M) is first term Net Income (¥ 35 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-0.03％) is first term Net Profit Margin (0.55％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -762 M) & Financial Cash Flow (¥ -24 M) is a minus, Operating Cash Flow (¥ 231 M) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -2 M) & Operating Cash Flow (¥ 231 M), Dividend (¥ -94 M) is paid.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -2 M) is a minus, the cashflow of Operating Cash Flow (¥ 231 M) is smaller than Investment Cash Flow (¥ -762 M) , there is a possibility of the overinvestment.

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

Dividend
Under the situation of Net Income (¥ 35 M) & Operating Cash Flow (-) , Dividend (¥ -94 M) is paid.