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Credit Rating (Bankruptcy Risk): Japan New Energy Explorer (Annual ) Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: Japan New Energy Explorer (Annual ) (Non-Consolidated )

Special note

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

The change of Net income is going too far. The management situation is unstable.

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

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

[Date: 2012-05-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -89 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(¥ -20 M) & Operating Cash Flow (¥ -83 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 78 M) is first term Sales (¥ 84 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -20 M) is first term Net Income (¥ 9 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-25.94％) is first term Net Profit Margin (10.97％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Sales & Net Income is decrease )
Sales (¥ 78 M) is first term Sales (¥ 84 M) less Net Income (¥ -20 M) is first term Net Income (¥ 9 M) less, however Operating Cash Flow (¥ -83 M) is compensated for Investment Cash Flow (¥ 289 M) etc. , there is a possibility that the financing is severe.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -83 M) is minus, Investment Cash Flow (¥ 289 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk
Net Income (¥ -20 M) Operating Cash Flow (¥ -83 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.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 2 B) is Net Income (¥ -20 M) Operating Cash Flow (¥ -83 M) is a minus, Sales (¥ 78 M) more , there is a possibility of holding the non-performing asset.

[Date: 2011-05-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -69 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Sales is decrease )
Sales (¥ 84 M) is first term Sales (¥ 106 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 16 M) is first term Gross Income (¥ 46 M) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Operating Cash Flow is minus or 0 ＆Sales is decrease )
Sales (¥ 84 M) is first term Sales (¥ 106 M) less, however Operating Cash Flow (¥ -23 M) is compensated for Investment Cash Flow (¥ 975 M) etc. , there is a possibility that the financing is severe.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -23 M) is minus, Investment Cash Flow (¥ 975 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk
Operating Cash Flow (¥ -23 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.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 2 B) is Operating Cash Flow (¥ -23 M) is a minus, Sales (¥ 84 M) more , there is a possibility of holding the non-performing asset.

[Date: 2010-05-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -78 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(¥ -56 M) & Operating Cash Flow (¥ -145 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 106 M) , Sales (¥ 322 M) is less than 80%, and As compared with the first term of Net Income (¥ -18 M) , Net Income (¥ -56 M) is less than 10%, Operating Cash Flow (¥ -145 M) is compensated for Investment Cash Flow (¥ 532 M) etc. , there is a possibility that the financing is extremely severe.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Net Income (¥ -56 M) Operating Cash Flow (¥ -145 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 (*Sales is decrease )
Sales (¥ 106 M) is first term Sales (¥ 322 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -56 M) is first term Net Income (¥ -18 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-52.90％) is first term Net Profit Margin (-5.83％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -145 M) is minus, Investment Cash Flow (¥ 532 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets (¥ 3 B) is Net Income (¥ -56 M) Operating Cash Flow (¥ -145 M) is a minus, Sales (¥ 106 M) more , there is a possibility of holding the non-performing asset.

[Date: 2009-05-31]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -22 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(¥ -18 M) & Operating Cash Flow (¥ -5 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Net Income (¥ -18 M) Operating Cash Flow (¥ -5 M) is a minus, Other Current Assets (¥ 5 B) - more than 66% of Total Assets (¥ 5 B) is occupied , the possibility of holding the non-performing asset is very high.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -5 M) is a minus, Financial Cash Flow (¥ 1 B) 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 (¥ 5 B) is Net Income (¥ -18 M) Operating Cash Flow (¥ -5 M) is a minus, Sales (¥ 322 M) more , there is a possibility of holding the non-performing asset.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -5 M) and Investment Cash Flow (¥ -1 B) is minus, so , there is a possibility of the overinvestment.