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Credit Rating Analysis: 和興エンジニアリング (Annual )

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

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Credit Rating (Bankruptcy Risk): 和興エンジニアリング (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2011-03-31	C	Credit is extremely vulnerable. The lowest rating.	¥ 29 B -6.04%	¥ 128 M 26.65%	¥ 61 M 115.24%

Financial Timeline

Date	-  (Second quarter )	2010-12-31  (Third quarter )	2011-03-31  (Annual )	2011-06-30  (First quarter )
Credit Rating	-	CCC	C	C
Total Assets	-	¥ 15 B	¥ 16 B	¥ 13 B
Net Assets	-	¥ 7 B	¥ 7 B	¥ 7 B

Financial Statement Risk Analysis: 和興エンジニアリング (Annual ) (Consolidated )

Special note

Net sales has dropped 3 consecutive terms. The business have high risk.

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

The change of Operating cash flow is going too far. The management situation is unstable.

Net Assets have dropped 3 consecutive terms. The fiscal base is getting worse.

Operating cash flow has dropped 3 consecutive terms. The business have very high risk.

[Date: 2011-03-31]  Danger : Warning : Caution : Good

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -1 B) & Operating Cash Flow (¥ -834 M) is a minus, Interest-bearing Debt (¥ 2 B) is first term Interest-bearing Debt (¥ 1 B) more , there is a possibility that the financing is very severe.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -834 M) is a minus, Other Current Assets (¥ 10 B) - more than 66% of Total Assets (¥ 16 B) is occupied , the possibility of holding the non-performing asset is very high.

Management Risk (*Sales is decrease )
Sales (¥ 29 B) is first term Sales (¥ 31 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 27 B) is first term Gross Income (¥ 29 B) 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 (¥ 29 B) is first term Sales (¥ 31 B) less, however Operating Cash Flow (¥ -834 M) is compensated for Investment Cash Flow (¥ 544 M) etc. , there is a possibility that the financing is severe.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -834 M) is a minus, Financial Cash Flow (¥ 284 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Dividend Risk
Under the situation of Net Income (¥ 61 M) & Operating Cash Flow (¥ -834 M), Dividend (¥ -95 M) is paid.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -834 M) is minus, Investment Cash Flow (¥ 544 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 first term ratio (¥ 296 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2010-03-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -402 M) & Operating Cash Flow (¥ -138 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -205 M) & Operating Cash Flow (¥ -138 M) is a minus, Interest-bearing Debt (¥ 1 B) is first term Interest-bearing Debt (¥ 1 B) more , there is a possibility that the financing is very severe.

Management Risk (*Sales is decrease )
Sales (¥ 31 B) is first term Sales (¥ 31 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -402 M) is first term Net Income (¥ -253 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-1.29％) is first term Net Profit Margin (-0.81％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -138 M) is a minus, Financial Cash Flow (¥ 444 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Dividend Risk
Under the situation of Net Income (¥ -402 M) & Operating Cash Flow (¥ -138 M), Dividend (¥ -79 M) is paid.

Non-performing asset Risk
Net Income (¥ -402 M) Operating Cash Flow (¥ -138 M) is a minus, Other Current Assets (¥ 10 B) - more than 50% of Total Assets (¥ 16 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 first term ratio (¥ 516 M) is Sales first term ratio (¥ -205 M) more , there is a possibility that the non-performing asset was increased.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -138 M) and Investment Cash Flow (¥ -290 M) is minus, so , there is a possibility of the overinvestment.

[Date: 2009-03-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -253 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 (¥ -65 M) & Financial Cash Flow (¥ -190 M) is a minus, Operating Cash Flow (¥ 389 M) is a plus,

Dividend Risk
Under the situation of Net Income (¥ -253 M) & Operating Cash Flow (¥ 389 M), Dividend (¥ -158 M) is paid.

Non-performing asset Risk
Net Income (¥ -253 M) is a minus, Other Current Assets (¥ 10 B) - more than 50% of Total Assets (¥ 15 B) is occupied , there is a possibility of holding the non-performing asset.

Credit Rating (Bankruptcy Risk): 和興エンジニアリング (Annual ) Consolidated | Non-Consolidated

Date	Credit Rating	Comment	Sales	Current Profit	Net Income
2011-03-31	B	Credit is not enough, easily undermined by biz environs.	¥ 28 B -4.35%	¥ 385 M 98.37%	¥ 222 M 162.58%

Financial Timeline

Date	-  (First quarter )	-  (Second quarter )	-  (Third quarter )	2011-03-31  (Annual )
Credit Rating	-	-	-	B
Total Assets	-	-	-	¥ 16 B
Net Assets	-	-	-	¥ 7 B

Financial Statement Risk Analysis: 和興エンジニアリング (Annual ) (Non-Consolidated )

Special note

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

[Date: 2011-03-31]  Danger : Warning : Caution : Good

Management Risk (*Sales is decrease )
Sales (¥ 28 B) is first term Sales (¥ 30 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 26 B) is first term Gross Income (¥ 28 B) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 222 M) & Operating Cash Flow (-) , Dividend (¥ -95 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 666 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2010-03-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -354 M) is minus or 0, so , there is a possibility that the management situation is severe.

Management Risk (*Net Income is decrease )
Net Income (¥ -354 M) is first term Net Income (¥ -114 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-1.18％) is first term Net Profit Margin (-0.39％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ -354 M) & Operating Cash Flow (-) , Dividend (¥ -79 M) is paid.

Non-performing asset Risk
Net Income (¥ -354 M) is a minus, Other Current Assets (¥ 10 B) - more than 50% of Total Assets (¥ 16 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 first term ratio (¥ 797 M) is Sales first term ratio (¥ 408 M) 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 (¥ -114 M) is minus or 0, so , there is a possibility that the management situation is severe.

Dividend
Under the situation of Net Income (¥ -114 M) & Operating Cash Flow (-) , Dividend (¥ -158 M) is paid.

Non-performing asset Risk
Net Income (¥ -114 M) is a minus, Other Current Assets (¥ 9 B) - more than 50% of Total Assets (¥ 15 B) is occupied , there is a possibility of holding the non-performing asset.

Related Information: 和興エンジニアリング (Annual )

Statement Type

Annual : 和興エンジニアリング

First quarter : 和興エンジニアリング

Third quarter : 和興エンジニアリング

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Outline : 和興エンジニアリング

Statement : 和興エンジニアリング

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Indicator : 和興エンジニアリング

Download : 和興エンジニアリング

Industry Comparison Ranking

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Comparison with a neighboring company

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Related company's newest statement

Date	Company	Credit Rating	Date
1/10	INTERLIFE HOLDINGS	BBB→BB	2013-11-30 (Q3)
1/10	mbs	CCC→BBB	2013-11-30 (Q2)
1/7	AKATSUKI EAZIMA	CCC→C	2013-11-30 (Q1)
12/13	Taiyo Kisokogyo	BBB→AAA	2013-10-31 (Q3)
12/10	OHMORI	C	2013-10-31 (Q1)
12/9	HIGASHI NIHON HOUSE	A	2013-10-31
12/6	TANSEISHA	BB	2013-10-31 (Q3)
12/5	SEKISUI HOUSE	BB	2013-10-31 (Q3)
12/5	土屋ホールディングス	BBB	2013-10-31
12/3	TOKEN	BB	2013-10-31 (Q2)

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1/10 Construction (INTERLIFE HOL..

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12/13 Construction (Taiyo Kisokogy..

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Company Information

Ticker	Market	Industry	Month	report	Rating
和興エンジニアリング	1756	OSE JASDAQ	Construction	3	Annual	C

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