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Credit Rating (Bankruptcy Risk): SHOEI (Annual ) Non-Consolidated

Financial Timeline

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

Special note

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

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

Stated Capital less
As compared with the first term of Stated Capital (¥ 229 M), Stated Capital (-) is less than 10%, , there is a possibility that the management situation is extremely severe.

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

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -64 M) and Investment Cash Flow (¥ -380 M) is minus, Net Income (¥ 62 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.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -64 M) is a minus, Financial Cash Flow (¥ 450 M) 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 (¥ 62 M) & Operating Cash Flow (¥ -64 M), Dividend (¥ -51 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -64 M) is a minus, Interest-bearing Debt (¥ 1 B) is first term Interest-bearing Debt (¥ 612 M) more , there is a possibility that the financing has deteriorated very much.

Non-performing asset Risk
Operating Cash Flow (¥ -64 M) is a minus, Other Current Assets (¥ 2 B) - more than 50% of Total Assets (¥ 3 B) is occupied , there is a possibility of holding the non-performing asset.

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

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -1 B) & Operating Cash Flow (¥ -418 M) is a minus, Interest-bearing Debt (¥ 612 M) is first term Interest-bearing Debt (¥ 402 M) 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 (¥ -418 M) and Investment Cash Flow (¥ -62 M) is minus, Net Income (¥ 33 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 (¥ 8 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 (¥ 33 M) is first term Net Income (¥ 132 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (0.40％) is first term Net Profit Margin (1.44％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -418 M) is a minus, Financial Cash Flow (¥ 136 M) 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 (¥ 33 M) & Operating Cash Flow (¥ -418 M), Dividend (¥ -51 M) is paid.

Non-performing asset Risk
Operating Cash Flow (¥ -418 M) is a minus, Other Current Assets (¥ 1 B) - more than 50% of Total Assets (¥ 3 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 (¥ -41 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 (¥ 9 B) is first term Sales (¥ 11 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 132 M) is first term Net Income (¥ 134 M) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -58 M) & Financial Cash Flow (¥ -159 M) is a minus, Operating Cash Flow (¥ 237 M) is a plus,

Dividend
Under the situation of Net Income (¥ 132 M) & Operating Cash Flow (¥ 237 M) , Dividend (¥ -51 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -325 M) 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 (¥ -22 M) is a minus, Issuance of new shares (¥ 82 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.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -63 M) & Financial Cash Flow (¥ -22 M) is a minus, Operating Cash Flow (¥ 184 M) is a plus,

Dividend
Under the situation of Net Income (¥ 134 M) & Operating Cash Flow (¥ 184 M) , Dividend (¥ -48 M) is paid.