THE KEIHIN (Annual ): Credit Rating Analysis

Credit Rating Analysis: THE KEIHIN (Annual )

The details of credit rating (bankruptcy risk) can be checked. A credit rating in nine stages (AAA-C).

Date	Credit Rating	Comment
2013-03-31	BBB	Credit is enough, but be decreased potential by biz environs.

Date	2012-12-31 (Third quarter )	2013-03-31 (Annual )	2013-06-30 (First quarter )	2013-09-30 (Second quarter )
Credit Rating	A	BBB	BBB	BBB
Total Assets	¥ 43 B	¥ 43 B	¥ 44 B	¥ 44 B
Net Assets	¥ 13 B	¥ 13 B	¥ 13 B	¥ 13 B

[Date: 2013-03-31] Danger : Warning : Caution : Good: Management Risk (*Net Income is decrease )
Net Income (¥ 623 M) is first term Net Income (¥ 660 M) less , there is a possibility that the management situation has stagnated and deteriorated; Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.50％) is first term Net Profit Margin (1.62％) less , there is a possibility that the profitability has deteriorated.; Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -989 M) & Financial Cash Flow (¥ -884 M) is a minus, Operating Cash Flow (¥ 2 B) is a plus,; Dividend
Under the situation of Net Income (¥ 623 M) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -195 M) is paid.; Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 41 B) is first term (¥ 40 B) more, however Operating Cash Flow (¥ 2 B) is first term (¥ 2 B) less , there is a possibility that the financing has deteriorated very much.

[Date: 2012-03-31] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 2 B) is a plus,; Dividend
Under the situation of Net Income (¥ 660 M) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -65 M) is paid.

[Date: 2011-03-31] Danger : Warning : Caution : Good: Management Risk (*Net Income is decrease )
Net Income (¥ 10 M) is first term Net Income (¥ 347 M) less , there is a possibility that the management situation has stagnated and deteriorated; Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (0.03％) is first term Net Profit Margin (0.96％) less , there is a possibility that the profitability has deteriorated.; Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -929 M) & Financial Cash Flow (¥ -587 M) is a minus, Operating Cash Flow (¥ 1 B) is a plus,; Dividend
Under the situation of Net Income (¥ 10 M) & Operating Cash Flow (¥ 1 B) , Dividend (¥ -65 M) is paid.

[Date: 2010-03-31] Danger : Warning : Caution : Good: Management Risk (*Sales is decrease )
Sales (¥ 36 B) is first term Sales (¥ 41 B) less , there is a possibility that the management situation has stagnated and deteriorated; Management Risk (*Gross Income is decrease )
Gross Income (¥ 33 B) is first term Gross Income (¥ 38 B) less , there is a possibility that the management situation has stagnated and deteriorated; Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -522 M) is a minus, Operating Cash Flow (¥ 1 B) is a plus,; Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 629 M) is Sales first term ratio (¥ -4 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2009-03-31] Danger : Warning : Caution : Good: Management Risk (*Net Income is minus or 0 )
Net Income (¥ -45 M) is minus or 0, so , there is a possibility that the management situation is severe.; Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 2 B) is a plus,; Dividend Risk
Under the situation of Net Income (¥ -45 M) & Operating Cash Flow (¥ 2 B), Dividend (¥ -365 M) is paid.

Date	- (First quarter )	- (Second quarter )	- (Third quarter )	2013-03-31 (Annual )
Credit Rating	-	-	-	BBB
Total Assets	-	-	-	¥ 39 B
Net Assets	-	-	-	¥ 13 B

Statement Type: Annual : THE KEIHIN; First quarter : THE KEIHIN; Second quarter : THE KEIHIN; Third quarter : THE KEIHIN

Analysis Menu: Outline : THE KEIHIN; Statement : THE KEIHIN; Rating : THE KEIHIN; Indicator : THE KEIHIN; Download : THE KEIHIN

Industry Comparison Ranking: Warehousing - EDIUNET Industry Rankings; Warehousing - EDIUNET Credit Rating; Warehousing - EDIUNET Industry Avg

Comparison with a neighboring company: Tokyo - EDIUNET Prefectures; Tokyo港区 - EDIUNET Prefectures

Date	Company	Credit Rating	Date
1/15	Maruhachi Warehouse	A→BBB	2013-11-30
11/12	MITSUI-SOKO	AA→A	2013-09-30 (Q2)
11/11	住友倉庫	A→AA	2013-09-30 (Q2)
11/8	Japan Transcity	AA→A	2013-09-30 (Q2)
11/8	Yamatane	A	2013-09-30 (Q2)
11/8	THE KEIHIN	A→BBB	2013-09-30 (Q2)
11/8	中央倉庫	A	2013-09-30 (Q2)
11/8	東陽倉庫	A	2013-09-30 (Q2)
11/8	ジェイ・ブリッジ	BB	2013-09-30 (Q2)
11/7	澁澤倉庫	A	2013-09-30 (Q2)

EDIUNET Investment News (Warehousing): 1/15 Warehousing (Maruhachi Wareh..; 11/12 Warehousing (MITSUI-SOKO:AA→A); 11/11 Warehousing (住友倉庫:A→AA); 11/8 Warehousing (Japan Transcity..; 11/7 Warehousing (澁澤倉庫:A etc...; 11/6 Warehousing (安田倉庫:A etc...; 11/5 Warehousing (SANWA SOKO:A); 10/31 Warehousing (Mitsubishi Logi..; 10/30 Warehousing (Sugimura Wareho..; 10/11 Warehousing (Maruhachi Wareh..

Ticker	Market	Industry	Month	report	Rating
THE KEIHIN	9312	TSE 1st	Warehousing	3	Annual	BBB

*Financial data might be different from the actual one. Please confirm the original, and read Caution.

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