Tri Chemical Laboratories (Annual ): Credit Rating Analysis

Credit Rating Analysis: Tri Chemical Laboratories (Annual )

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

Date	Credit Rating	Comment
2012-01-31	AA	Credit is very high, slightly affected by biz environs.

Date	2011-04-30 (First quarter )	2011-07-31 (Second quarter )	2011-10-31 (Third quarter )	2012-01-31 (Annual )
Credit Rating	BB	AA	AA	AA
Total Assets	¥ 4 B	¥ 4 B	¥ 4 B	¥ 4 B
Net Assets	¥ 2 B	¥ 2 B	¥ 2 B	¥ 2 B

Special note: Net sales and net income has increased 3 consecutive terms, and, because of positive operating cash flow. The performance is good.; Net Assets have increased 3consecutive terms. The fiscal base is getting better.

[Date: 2012-01-31] Danger : Warning : Caution : Good: Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (4.51％) is first term Net Profit Margin (4.86％) less , there is a possibility that the profitability has deteriorated.; Dividend
Under the situation of Net Income (¥ 181 M) & Operating Cash Flow (¥ 528 M) , Dividend (¥ -35 M) is paid.; Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 4 B) is first term (¥ 3 B) more, however Operating Cash Flow (¥ 528 M) is first term (¥ 610 M) less , there is a possibility that the financing has deteriorated very much.

[Date: 2011-01-31] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -151 M) & Financial Cash Flow (¥ -191 M) is a minus, Operating Cash Flow (¥ 610 M) is a plus,

[Date: 2010-01-31] Danger : Warning : Caution : Good: Management Risk (*Net Income is minus or 0 )
Net Income (¥ -153 M) is minus or 0, so , there is a possibility that the management situation is severe.; Dividend Risk
Under the situation of Net Income (¥ -153 M) & Operating Cash Flow (¥ 111 M), Dividend (¥ -21 M) is paid.; Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -153 M) is a minus, the cashflow of Operating Cash Flow (¥ 111 M) is smaller than Investment Cash Flow (¥ -391 M) , there is a possibility of the overinvestment.

Date	Credit Rating	Comment
2013-01-31	BBB	Credit is enough, but be decreased potential by biz environs.

Date	2013-01-31 (Annual )	2013-04-30 (First quarter )	2013-07-31 (Second quarter )	2013-10-31 (Third quarter )
Credit Rating	BBB	B	CCC	CCC
Total Assets	¥ 4 B	¥ 4 B	¥ 4 B	¥ 4 B
Net Assets	¥ 2 B	¥ 2 B	¥ 2 B	¥ 2 B

Statement Type: Annual : Tri Chemical Laboratories; First quarter : Tri Chemical Laboratories; Second quarter : Tri Chemical Laboratories; Third quarter : Tri Chemical Laboratories

Analysis Menu: Outline : Tri Chemical Laboratories; Statement : Tri Chemical Laboratories; Rating : Tri Chemical Laboratories; Indicator : Tri Chemical Laboratories; Download : Tri Chemical Laboratories

Industry Comparison Ranking: Other Products - EDIUNET Industry Rankings; Other Products - EDIUNET Credit Rating; Other Products - EDIUNET Industry Avg

Comparison with a neighboring company: Yamanashi - EDIUNET Prefectures; Yamanashi上野原市 - EDIUNET Prefectures

Date	Company	Credit Rating	Date
1/20	Kurogane Kosakusho	C→CCC	2013-11-30
1/15	MARUZEN	AA	2013-11-30 (Q3)
1/15	ミクロン精密	BB→BBB	2013-11-30 (Q1)
1/15	グラファイトデザイン	-	2013-11-30 (Q3)
1/10	TRANSACTION	AA→A	2013-11-30 (Q1)
1/10	BROCCOLI	A→AA	2013-11-30 (Q3)
12/25	ZOJIRUSHI	BBB→BB	2013-11-20
12/13	TASAKI	C	2013-10-31
12/13	YA-MAN	BB→CC	2013-10-31 (Q2)
12/13	Miroku	A	2013-10-31

EDIUNET Investment News (Other Products): 1/20 Other Products (Kurogane Kos..; 1/15 Other Products (MARUZEN:AA e..; 1/10 Other Products (TRANSACTION:..; 12/25 Other Products (ZOJIRUSHI:BB..; 12/13 Other Products (TASAKI:C etc..; 12/12 Other Products (Pharma Foods..; 12/11 Other Products (光彩工芸:-→A); 12/9 Other Products (ミライアル:AA); 12/6 Other Products (3-D Matrix:B..; 12/3 Other Products (General Pack..

Ticker	Market	Industry	Month	report	Rating
Tri Chemical Laboratories	4369	OSE JASDAQ	Other Products	1	Annual	AA

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

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