北陸瓦斯 (Annual ): Credit Rating Analysis

Credit Rating Analysis: 北陸瓦斯 (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	A	Credit is high, but affected 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	A	A	A
Total Assets	¥ 56 B	¥ 58 B	¥ 56 B	¥ 56 B
Net Assets	¥ 41 B	¥ 42 B	¥ 43 B	¥ 42 B

Special note: Net income has increased 5 consecutive terms. The performance is good.; Net Assets have increased 5consecutive terms. The fiscal base is getting better.

[Date: 2013-03-31] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -5 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 7 B) is a plus,; Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 7 B) , Dividend (¥ -335 M) is paid.; Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 48 B) is first term (¥ 46 B) more, however Operating Cash Flow (¥ 7 B) is first term (¥ 8 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 (¥ -6 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 8 B) is a plus,; Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 8 B) , Dividend (¥ -335 M) is paid.; Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 46 B) is first term (¥ 44 B) more, however Operating Cash Flow (¥ 8 B) is first term (¥ 8 B) less , there is a possibility that the financing has deteriorated very much.

[Date: 2011-03-31] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -7 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 8 B) is a plus,; Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 8 B) , Dividend (¥ -335 M) is paid.

[Date: 2010-03-31] Danger : Warning : Caution : Good: Management Risk (*Sales is decrease )
Sales (¥ 42 B) is first term Sales (¥ 43 B) less , there is a possibility that the management situation has stagnated and deteriorated; Management Risk (*Gross Income is decrease )
Gross Income (¥ 25 B) is first term Gross Income (¥ 27 B) less , there is a possibility that the management situation has stagnated and deteriorated; Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 8 B) , Dividend (¥ -335 M) is paid.

[Date: 2009-03-31] Danger : Warning : Caution : Good: Dividend
Under the situation of Net Income (¥ 493 M) & Operating Cash Flow (¥ 6 B) , Dividend (¥ -383 M) is paid.

Date	Credit Rating	Comment
2013-03-31	AA	Credit is very high, slightly affected by biz environs.

Date	- (First quarter )	- (Second quarter )	- (Third quarter )	2013-03-31 (Annual )
Credit Rating	-	-	-	AA
Total Assets	-	-	-	¥ 47 B
Net Assets	-	-	-	¥ 35 B

Statement Type: Annual : 北陸瓦斯; First quarter : 北陸瓦斯; Second quarter : 北陸瓦斯; Third quarter : 北陸瓦斯

Analysis Menu: Outline : 北陸瓦斯; Statement : 北陸瓦斯; Rating : 北陸瓦斯; Indicator : 北陸瓦斯; Download : 北陸瓦斯

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

Comparison with a neighboring company: Niigata - EDIUNET Prefectures; Niigata新潟市 - EDIUNET Prefectures

Date	Company	Credit Rating	Date
11/11	KEIYO GAS	A	2013-09-30 (Q3)
11/8	HIROSHIMA GAS	BBB	2013-09-30 (Q2)
11/7	Shizuokagas	BBB	2013-09-30 (Q3)
11/7	Otaki Gas	AA→A	2013-09-30 (Q3)
11/7	中部瓦斯	A	2013-09-30 (Q3)
11/5	北陸瓦斯	A	2013-09-30 (Q2)
10/31	ＴＯＫＡＩホールディン..	A→B	2013-09-30 (Q2)
10/30	東京瓦斯	BBB	2013-09-30 (Q2)
10/30	OSAKA GAS	A	2013-09-30 (Q2)
10/30	TOHO GAS	BBB	2013-09-30 (Q2)

EDIUNET Investment News (Gas): 11/11 Gas (KEIYO GAS:A); 11/8 Gas (HIROSHIMA GAS:BBB); 11/7 Gas (Shizuokagas:BBB etc.2 C..; 11/5 Gas (北陸瓦斯:A); 10/31 Gas (ＴＯＫＡＩホールディン..; 10/30 Gas (東京瓦斯:BBB etc.4 Comp..; 10/29 Gas (西部瓦斯:BB→BBB etc.1 C..; 8/9 Gas (HIROSHIMA GAS:BBB); 8/8 Gas (Otaki Gas:A→BBB); 8/7 Gas (Shizuokagas:BBB→BB etc...

Ticker	Market	Industry	Month	report	Rating
北陸瓦斯	9537	TSE 2st	Gas	3	Annual	A

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

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