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

Financial Timeline

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

Special note

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

The change of Net income is going too far. The management situation is unstable.

Operating cash flow has dropped 5 consecutive terms. The business have very high risk.

Cash(¥ 3 B) is more than the total liabilities(¥ 1 B). It is a very steady fiscal base!

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

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -236 M) is minus or 0, so , there is a possibility that the management situation is severe.

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 (*Net Income is decrease )
Net Income (¥ -236 M) is first term Net Income (¥ 801 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-5.10％) is first term Net Profit Margin (15.42％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -508 M) is a minus, Operating Cash Flow (¥ 92 M) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -236 M) & Operating Cash Flow (¥ 92 M), Dividend (¥ -76 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -569 M) & Operating Cash Flow first term ratio (¥ -194 M) is a minus, Interest-bearing Debt (¥ 391 M) is first term Interest-bearing Debt (¥ 282 M) 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 (¥ 275 M) is Sales first term ratio (¥ -569 M) more , there is a possibility that the non-performing asset was increased.

Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -236 M) is a minus, the cashflow of Operating Cash Flow (¥ 92 M) is smaller than Investment Cash Flow (¥ -1 B) , there is a possibility of the overinvestment.

[Date: 2012-03-31]  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

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 58 M) is a plus, Issuance of new shares (¥ 900 K) 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.

Dividend
Under the situation of Net Income (¥ 801 M) & Operating Cash Flow (¥ 286 M) , Dividend (¥ -38 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -225 M) & Operating Cash Flow first term ratio (¥ -94 M) is a minus, Interest-bearing Debt (¥ 282 M) is first term Interest-bearing Debt (¥ 179 M) 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 (¥ -202 M) is Sales first term ratio (¥ -225 M) more , there is a possibility that the non-performing asset was increased.

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

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -250 M) is a minus, Issuance of new shares (¥ 21 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.

Management Risk (*Sales is decrease )
Sales (¥ 5 B) is first term Sales (¥ 6 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 181 M) is first term Net Income (¥ 520 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (3.34％) is first term Net Profit Margin (8.07％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -250 M) is a minus, Operating Cash Flow (¥ 380 M) is a plus,

Dividend
Under the situation of Net Income (¥ 181 M) & Operating Cash Flow (¥ 380 M) , Dividend (¥ -22 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -708 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Sales is decrease )
Sales (¥ 6 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 (¥ 4 B) is first term Gross Income (¥ 4 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 520 M) & Operating Cash Flow (¥ 992 M) , Dividend (¥ -8 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -1 B) is Sales first term ratio (¥ -2 B) more , there is a possibility that the non-performing asset was increased.

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

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -690 M) is a minus, Issuance of new shares (¥ 18 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.

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.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -690 M) is a minus, Operating Cash Flow (¥ 1 B) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -1 B) & Operating Cash Flow (¥ 1 B), Dividend (¥ -149 M) is paid.

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

Financial Timeline

Financial Statement Risk Analysis: UNITED (Annual ) (Non-Consolidated )

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

Stated Capital less
As compared with the first term of Stated Capital (¥ 1 B), Stated Capital (-) is less than 10%, , there is a possibility that the management situation is extremely severe.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -306 M) is minus or 0, so , there is a possibility that the management situation is severe.

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

Management Risk (*Net Income is decrease )
Net Income (¥ -306 M) is first term Net Income (¥ 918 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-10.92％) is first term Net Profit Margin (26.25％) less , there is a possibility that the profitability has deteriorated.

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

Dividend
Under the situation of Net Income (¥ 918 M) & Operating Cash Flow (-) , Dividend (¥ -38 M) is paid.

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

Management Risk (*Net Income is decrease )
Net Income (¥ 66 M) is first term Net Income (¥ 263 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (4.70％) is first term Net Profit Margin (22.94％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ 66 M) & Operating Cash Flow (-) , Dividend (¥ -22 M) is paid.

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

Management Risk (*Sales is decrease )
Sales (¥ 1 B) is first term Sales (¥ 4 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 190 M) is first term Gross Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 263 M) & Operating Cash Flow (-) , Dividend (¥ -8 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -1 B) is Sales first term ratio (¥ -3 B) more , there is a possibility that the non-performing asset was increased.

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

Dividend
Under the situation of Net Income (¥ 16 M) & Operating Cash Flow (-) , Dividend (¥ -149 M) is paid.