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Credit Rating (Bankruptcy Risk): Ｌｏｎｇ　Ｔａｉｌ　Ｌｉｖｅ　Ｓｔａｔｉｏｎ (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: Ｌｏｎｇ　Ｔａｉｌ　Ｌｉｖｅ　Ｓｔａｔｉｏｎ (Annual ) (Non-Consolidated )

Special note

Net income is minus 4 consecutive terms. The business have very high risk.

Operating cash flow minus 4 consecutive terms. The business have very high risk.

4 consecutive terms, Cumulative loss. The fiscal base is unstable.

Net Assets have dropped 4 consecutive terms. The fiscal base is getting worse.

[Date: 2013-04-30]  Danger : Warning : Caution : Good

Management Risk (*Liabilities in excess of assets)
Net Assets (¥ -188 M) is minus, so Liabilities in excess of assets , the management situation is extremely severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -13 M) & Operating Cash Flow (¥ -11 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -11 M) is a minus, Financial Cash Flow (¥ 12 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -11 M) is a minus, Interest-bearing Debt (¥ 195 M) is first term Interest-bearing Debt (¥ 182 M) more , there is a possibility that the financing has deteriorated very much.

[Date: 2012-04-30]  Danger : Warning : Caution : Good

Management Risk (*Liabilities in excess of assets)
Net Assets (¥ -175 M) is minus, so Liabilities in excess of assets , the management situation is extremely severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -56 M) & Operating Cash Flow (¥ -51 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -25 M) & Operating Cash Flow (¥ -51 M) is a minus, Interest-bearing Debt (¥ 182 M) is first term Interest-bearing Debt (¥ 130 M) more , there is a possibility that the financing is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 7 K) is first term Sales (¥ 25 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-813,514.29％) is first term Net Profit Margin (-872.01％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -51 M) is a minus, Financial Cash Flow (¥ 51 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -4 M) is Sales first term ratio (¥ -25 M) more , there is a possibility that the non-performing asset was increased.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 1 M) is Net Income (¥ -56 M) Operating Cash Flow (¥ -51 M) is a minus, Sales (¥ 7 K) more , there is a possibility of holding the non-performing asset.

[Date: 2011-04-30]  Danger : Warning : Caution : Good

Management Risk (*Liabilities in excess of assets)
Net Assets (¥ -118 M) is minus, so Liabilities in excess of assets , the management situation is extremely severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -220 M) & Operating Cash Flow (¥ -133 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -220 M) is first term Net Income (¥ -125 M) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -133 M) is a minus, Financial Cash Flow (¥ 318 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -133 M) is a minus, Interest-bearing Debt (¥ 130 M) is first term Interest-bearing Debt (¥ 59 M) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 25 M) is first term (-) more, however Operating Cash Flow (¥ -133 M) is first term (¥ -104 M) less , there is a possibility that the financing has deteriorated very much.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -133 M) and Investment Cash Flow (¥ -197 M) is minus, so , there is a possibility of the overinvestment.

[Date: 2010-04-30]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -25 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -125 M) & Operating Cash Flow (¥ -104 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -104 M) is a minus, Financial Cash Flow (¥ 288 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 15 M) is Net Income (¥ -125 M) Operating Cash Flow (¥ -104 M) is a minus, Sales (-) more , there is a possibility of holding the non-performing asset.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -104 M) and Investment Cash Flow (¥ -170 M) is minus, so , there is a possibility of the overinvestment.