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

Financial Timeline

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

Special note

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

Net Assets have increased 3consecutive terms. The fiscal base is getting better.

Cash(¥ 4 B) is more than the total liabilities(¥ 3 B). It is a very steady fiscal base!

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

Management Risk (*Sales is decrease )
Sales (¥ 9 B) is first term Sales (¥ 10 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 182 M) is first term Net Income (¥ 224 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.86％) is first term Net Profit Margin (2.20％) less , there is a possibility that the profitability has deteriorated.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -108 M) is a minus, Operating Cash Flow (¥ 352 M) is a plus,

Dividend
Under the situation of Net Income (¥ 182 M) & Operating Cash Flow (¥ 352 M) , Dividend (¥ -107 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 22 M) is Sales first term ratio (¥ -405 M) more , there is a possibility that the non-performing asset was increased.

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

Management Risk (*Sales is decrease )
Sales (¥ 10 B) is first term Sales (¥ 10 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 6 B) is first term Gross Income (¥ 6 B) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -123 M) & Financial Cash Flow (¥ -72 M) is a minus, Operating Cash Flow (¥ 365 M) is a plus,

Dividend
Under the situation of Net Income (¥ 224 M) & Operating Cash Flow (¥ 365 M) , Dividend (¥ -72 M) is paid.

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

Dividend
Under the situation of Net Income (¥ 197 M) & Operating Cash Flow (¥ 265 M) , Dividend (¥ -72 M) is paid.