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Credit Rating (Bankruptcy Risk): Star Flyer (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: Star Flyer (Annual ) (Non-Consolidated )

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

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -316 M) and Investment Cash Flow (¥ -4 B) is minus, Net Income (¥ 287 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 (*Net Income is decrease )
Net Income (¥ 287 M) is first term Net Income (¥ 966 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.14％) is first term Net Profit Margin (4.28％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -316 M) is a minus, Financial Cash Flow (¥ 3 B) 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 (¥ -316 M) is a minus, Interest-bearing Debt (¥ 6 B) is first term Interest-bearing Debt (¥ 2 B) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 25 B) is first term (¥ 22 B) more, however Operating Cash Flow (¥ -316 M) is first term (¥ 783 M) less , there is a possibility that the financing has deteriorated very much.

[Date: 2012-03-31]

*Financial Statement Risk was not found.