（株）サイネックス (Annual ): Credit Rating Analysis

Credit Rating Analysis: （株）サイネックス (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	AA	Credit is very high, slightly 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	AA	BBB	AA
Total Assets	¥ 7 B	¥ 8 B	¥ 7 B	¥ 7 B
Net Assets	¥ 4 B	¥ 4 B	¥ 4 B	¥ 4 B

Special note: Net sales and net income has increased 5 consecutive terms, and, because of positive operating cash flow. The performance is good.

[Date: 2013-03-31] Danger : Warning : Caution : Good: Management Risk (*Gross Income is decrease )
Gross Income (¥ 3 B) is first term Gross Income (¥ 3 B) less , there is a possibility that the management situation has stagnated and deteriorated; Dividend
Under the situation of Net Income (¥ 401 M) & Operating Cash Flow (¥ 833 M) , Dividend (¥ -27 M) is paid.; Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 9 B) is first term (¥ 9 B) more, however Operating Cash Flow (¥ 833 M) is first term (¥ 985 M) 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 (¥ -336 M) & Financial Cash Flow (¥ -101 M) is a minus, Operating Cash Flow (¥ 985 M) is a plus,; Dividend
Under the situation of Net Income (¥ 298 M) & Operating Cash Flow (¥ 985 M) , Dividend (¥ -27 M) is paid.

[Date: 2011-03-31] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -453 M) & Financial Cash Flow (¥ -98 M) is a minus, Operating Cash Flow (¥ 742 M) is a plus,; Dividend
Under the situation of Net Income (¥ 248 M) & Operating Cash Flow (¥ 742 M) , Dividend (¥ -27 M) is paid.

[Date: 2010-03-31] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -180 M) & Financial Cash Flow (¥ -303 M) is a minus, Operating Cash Flow (¥ 625 M) is a plus,; Dividend
Under the situation of Net Income (¥ 151 M) & Operating Cash Flow (¥ 625 M) , Dividend (¥ -30 M) is paid.

[Date: 2009-03-31] Danger : Warning : Caution : Good: Dividend
Under the situation of Net Income (¥ 103 M) & Operating Cash Flow (¥ 299 M) , Dividend (¥ -32 M) is paid.

Date	Credit Rating	Comment
2013-03-31	CCC	Credit is fragile, and depended on biz environs.

Date	- (First quarter )	- (Second quarter )	- (Third quarter )	2013-03-31 (Annual )
Credit Rating	-	-	-	CCC
Total Assets	-	-	-	¥ 6 B
Net Assets	-	-	-	¥ 4 B

Statement Type: Annual : （株）サイネックス; First quarter : （株）サイネックス; Second quarter : （株）サイネックス; Third quarter : （株）サイネックス

Analysis Menu: Outline : （株）サイネックス; Statement : （株）サイネックス; Rating : （株）サイネックス; Indicator : （株）サイネックス; Download : （株）サイネックス

Industry Comparison Ranking: Publishing & Printing - EDIUNET Industry Rankings; Publishing & Printing - EDIUNET Credit Rating; Publishing & Printing - EDIUNET Industry Avg

Comparison with a neighboring company: Osaka - EDIUNET Prefectures; Osaka大阪市 - EDIUNET Prefectures

Date	Company	Credit Rating	Date
12/26	TAKARA PRINTING	AA	2013-11-30 (Q2)
12/26	FUKUSHIMA PRINTING CO .	CCC→CC	2013-11-20 (Q1)
12/25	TOYO KEIZAI	CC→BBB	2013-09-30
12/13	Wellco	C	2013-10-31
12/12	SOUGOU SHOUKEN	C	2013-10-31 (Q1)
12/6	MATSUMOTO	BB	2013-10-31 (Q2)
11/15	Wedge Holdings	CCC→CC	2013-09-30
11/14	GAKKEN HOLDINGS	BBB	2013-09-30
11/14	KOYOSHA-	C→CC	2013-09-30 (Q2)
11/14	VIA Holdings	B→BB	2013-09-30 (Q2)

EDIUNET Investment News (Publishing & Printing): 12/26 Publishing & Printing (TAKAR..; 12/25 Publishing & Printing (TOYO ..; 12/13 Publishing & Printing (Wellc..; 12/12 Publishing & Printing (SOUGO..; 12/6 Publishing & Printing (MATSU..; 11/15 Publishing & Printing (Wedge..; 11/14 Publishing & Printing (GAKKE..; 11/13 Publishing & Printing (SANKO..; 11/12 Publishing & Printing (Start..; 11/11 Publishing & Printing (ASAHI..

Ticker	Market	Industry	Month	report	Rating
（株）サイネックス	2376	OSE JASDAQ	Publishing & Printing	3	Annual	AA

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

*This site has obtained the information from the FSA's EDINET, Tokyo Stock Exchange's TDnet and Pay statistical data services, Fukuoka stock Exchange's Stock market capitalization, Center for Spatial Information Science's CSV Geocoding Service. The copyright of the information belongs to each corporation etc. .