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Credit Rating (Bankruptcy Risk): Tri-stage (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: Tri-stage (Annual ) (Non-Consolidated )

Special note

Net income has dropped 4 consecutive terms. The business have high risk.

Net Assets have increased 4consecutive terms. The fiscal base is getting better.

[Date: 2013-02-28]  Danger : Warning : Caution : Good

Stated Capital less
As compared with the first term of Stated Capital (¥ 635 M), Stated Capital (-) is less than 10%, , there is a possibility that the management situation is extremely severe.

Management Risk (*Sales is decrease )
Sales (¥ 30 B) is first term Sales (¥ 34 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 269 M) is first term Net Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (0.87％) is first term Net Profit Margin (3.29％) less , there is a possibility that the profitability has 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 (¥ -3 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2012-02-29]  Danger : Warning : Caution : Good

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -294 M) is a minus, Issuance of new shares (¥ 3 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 (¥ 34 B) is first term Sales (¥ 37 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 (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (3.29％) is first term Net Profit Margin (5.08％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -768 M) & Financial Cash Flow (¥ -294 M) is a minus, Operating Cash Flow (¥ 980 M) is a plus,

Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 980 M) , Dividend (¥ -150 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -490 M) is Sales first term ratio (¥ -2 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2011-02-28]  Danger : Warning : Caution : Good

Management Risk (*Net Income is decrease )
Net Income (¥ 1 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 (5.08％) is first term Net Profit Margin (6.16％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 37 B) is first term (¥ 34 B) more, however Operating Cash Flow (¥ 1 B) is first term (¥ 2 B) less , there is a possibility that the financing has deteriorated very much.

[Date: 2010-02-28]

*Financial Statement Risk was not found.