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

Financial Timeline

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

[Date: 2011-12-31]  Danger : Warning : Caution : Good

Management Risk (*Liabilities in excess of assets)
Net Assets (¥ -1 B) 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(¥ -37 M) & Operating Cash Flow (¥ -24 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -24 M) and Investment Cash Flow (¥ -113 M) is minus, so , there is a possibility of the overinvestment.

[Date: 2010-12-31]  Danger : Warning : Caution : Good

Management Risk (*Liabilities in excess of assets)
Net Assets (¥ -1 B) 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(¥ -1 B) & Operating Cash Flow (¥ -490 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 (¥ -490 M) is a minus, Financial Cash Flow (¥ 700 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -490 M) and Investment Cash Flow (¥ -18 M) is minus, so , there is a possibility of the overinvestment.