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Credit Rating Analysis: 日本商業開発 (Annual )

The details of credit rating (bankruptcy risk) can be checked. A credit rating in nine stages (AAA-C).

【Analysis Menu】 Outline Statement Rating Indicator Download

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Credit Rating (Bankruptcy Risk): 日本商業開発 (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	CCC	Credit is fragile, and depended on biz environs.	¥ 6 B -34.10%	¥ 462 M -36.53%	¥ 317 M -19.33%

Financial Timeline

Date	2012-12-31  (Third quarter )	2013-03-31  (Annual )	2013-06-30  (First quarter )	2013-09-30  (Second quarter )
Credit Rating	CC	CCC	CC	BBB
Total Assets	¥ 6 B	¥ 6 B	¥ 7 B	¥ 12 B
Net Assets	¥ 999 M	¥ 1 B	¥ 1 B	¥ 1 B

Financial Statement Risk Analysis: 日本商業開発 (Annual ) (Consolidated )

Special note

Net Assets have increased 5consecutive terms. The fiscal base is getting better.

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

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -3 B) & Operating Cash Flow (¥ -2 B) is a minus, Interest-bearing Debt (¥ 4 B) is first term Interest-bearing Debt (¥ 1 B) more , there is a possibility that the financing is very severe.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -2 B) and Investment Cash Flow (¥ -13 M) is minus, Net Income (¥ 317 M) is plus. Because it is unnatural that profits have come out in this situation, the possibility of holding the non-performing asset is very high.

Management Risk (*Sales is decrease )
Sales (¥ 6 B) is first term Sales (¥ 9 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 317 M) is first term Net Income (¥ 393 M) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -2 B) 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.

Dividend Risk
Under the situation of Net Income (¥ 317 M) & Operating Cash Flow (¥ -2 B), Dividend (¥ -44 M) is paid.

Non-performing asset Risk
Operating Cash Flow (¥ -2 B) is a minus, Other Current Assets (¥ 4 B) - more than 50% of Total Assets (¥ 6 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 (¥ -3 B) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (3.94％) is first term Net Profit Margin (27.78％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -11 M) & Financial Cash Flow (¥ -2 B) is a minus, Operating Cash Flow (¥ 3 B) is a plus,

Dividend
Under the situation of Net Income (¥ 393 M) & Operating Cash Flow (¥ 3 B) , Dividend (¥ -11 M) is paid.

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

Management Risk (*Sales is decrease )
Sales (¥ 1 B) is first term Sales (¥ 7 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 365 M) is first term Gross Income (¥ 6 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -21 M) & Financial Cash Flow (¥ -316 M) is a minus, Operating Cash Flow (¥ 43 M) is a plus,

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 172 M) is Sales first term ratio (¥ -6 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 (¥ 7 B) is first term Sales (¥ 11 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 6 B) is first term Gross Income (¥ 10 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -7 M) & Financial Cash Flow (¥ -5 B) is a minus, Operating Cash Flow (¥ 5 B) is a plus,

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

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Net Income (¥ -917 M) is a minus, Other Current Assets (¥ 9 B) - more than 66% of Total Assets (¥ 10 B) is occupied , the possibility of holding the non-performing asset is very high.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -917 M) is minus or 0, so , there is a possibility that the management situation is severe.

Dividend Risk
Under the situation of Net Income (¥ -917 M) & Operating Cash Flow (¥ 3 B), Dividend (¥ -44 M) is paid.

Credit Rating (Bankruptcy Risk): 日本商業開発 (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2013-03-31	BBB	Credit is enough, but be decreased potential by biz environs.	¥ 6 B 14.35%	¥ 470 M 158.24%	¥ 700 M 455.55%

Financial Timeline

Date	-  (First quarter )	-  (Second quarter )	-  (Third quarter )	2013-03-31  (Annual )
Credit Rating	-	-	-	BBB
Total Assets	-	-	-	¥ 6 B
Net Assets	-	-	-	¥ 1 B

Financial Statement Risk Analysis: 日本商業開発 (Annual ) (Non-Consolidated )

Special note

Net Assets have increased 5consecutive terms. The fiscal base is getting better.

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

Dividend
Under the situation of Net Income (¥ 700 M) & Operating Cash Flow (-) , Dividend (¥ -44 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 2 B) is Sales first term ratio (¥ 825 M) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Net Income is decrease )
Net Income (¥ 126 M) is first term Net Income (¥ 250 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (2.19％) is first term Net Profit Margin (29.45％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ 126 M) & Operating Cash Flow (-) , Dividend (¥ -11 M) is paid.

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

Management Risk (*Sales is decrease )
Sales (¥ 849 M) 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 (¥ 351 M) is first term Gross Income (¥ 4 B) less , there is a possibility that the management situation has stagnated and deteriorated

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 180 M) is Sales first term ratio (¥ -4 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 (¥ 5 B) is first term Sales (¥ 15 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 (¥ 15 B) less , there is a possibility that the management situation has stagnated and deteriorated

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -3 B) is Sales first term ratio (¥ -10 B) more , there is a possibility that the non-performing asset was increased.

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

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Net Income (¥ -886 M) is a minus, Other Current Assets (¥ 3 B) - more than 66% of Total Assets (¥ 4 B) is occupied , the possibility of holding the non-performing asset is very high.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -886 M) is minus or 0, so , there is a possibility that the management situation is severe.

Dividend
Under the situation of Net Income (¥ -886 M) & Operating Cash Flow (-) , Dividend (¥ -44 M) is paid.

Related Information: 日本商業開発 (Annual )

Statement Type

Annual : 日本商業開発

First quarter : 日本商業開発

Second quarter : 日本商業開発

Third quarter : 日本商業開発

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Outline : 日本商業開発

Statement : 日本商業開発

Rating : 日本商業開発

Indicator : 日本商業開発

Download : 日本商業開発

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Company Information

Ticker	Market	Industry	Month	report	Rating
日本商業開発	3252	NSE 2st	Other Services	3	Annual	CCC

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