Credit Rating (Bankruptcy Risk): Rasa (Annual ) Consolidated | Non-Consolidated

Financial Timeline

Financial Statement Risk Analysis: Rasa (Annual ) (Consolidated )

[Date: 2013-03-31]  Danger : Warning : Caution : Good

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -1 B) and Investment Cash Flow (¥ -398 M) is minus, Net Income (¥ 772 M) is plus. Because it is unnatural that profits have come out in this situation, the possibility of holding the non-performing asset is very high.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -1 B) is a minus, Financial Cash Flow (¥ 1 B) 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 (¥ 772 M) & Operating Cash Flow (¥ -1 B), Dividend (¥ -199 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -1 B) is a minus, Interest-bearing Debt (¥ 8 B) is first term Interest-bearing Debt (¥ 6 B) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 28 B) is first term (-) more, however Operating Cash Flow (¥ -1 B) is first term (-) less , there is a possibility that the financing has deteriorated very much.

Non-performing asset Risk
Operating Cash Flow (¥ -1 B) is a minus, Other Current Assets (¥ 14 B) - more than 50% of Total Assets (¥ 25 B) is occupied , there is a possibility of holding the non-performing asset.

[Date: 2012-03-31]  Danger : Warning : Caution : Good

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

Credit Rating (Bankruptcy Risk): Rasa (Annual ) Consolidated | Non-Consolidated

Financial Timeline

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

Special note

Net Assets have increased 5consecutive terms. The fiscal base is getting better.

[Date: 2013-03-31]  Danger : Warning : Caution : Good

Management Risk (*Sales is decrease )
Sales (¥ 19 B) is first term Sales (¥ 25 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ 711 M) is first term Net Income (¥ 870 M) less , there is a possibility that the management situation has stagnated and deteriorated

Dividend
Under the situation of Net Income (¥ 711 M) & Operating Cash Flow (-) , Dividend (¥ -199 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -885 M) is Sales first term ratio (¥ -6 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2012-03-31]  Danger : Warning : Caution : Good

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -1 B) and Investment Cash Flow (¥ -2 B) is minus, Net Income (¥ 870 M) is plus. Because it is unnatural that profits have come out in this situation, the possibility of holding the non-performing asset is very high.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -1 B) is a minus, Financial Cash Flow (¥ 2 B) 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 (¥ 870 M) & Operating Cash Flow (¥ -1 B), Dividend (¥ -134 M) is paid.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -1 B) is a minus, Interest-bearing Debt (¥ 5 B) is first term Interest-bearing Debt (¥ 2 B) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 25 B) is first term (¥ 24 B) more, however Operating Cash Flow (¥ -1 B) is first term (¥ 1 B) less , there is a possibility that the financing has deteriorated very much.

Non-performing asset Risk
Operating Cash Flow (¥ -1 B) is a minus, Other Current Assets (¥ 12 B) - more than 50% of Total Assets (¥ 20 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 (¥ 4 B) is Sales first term ratio (¥ 1 B) more , there is a possibility that the non-performing asset was increased.

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

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -533 M) & Financial Cash Flow (¥ -995 M) is a minus, Operating Cash Flow (¥ 1 B) is a plus,

Dividend
Under the situation of Net Income (¥ 656 M) & Operating Cash Flow (¥ 1 B) , Dividend (¥ -92 M) is paid.

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

Management Risk (*Sales is decrease )
Sales (¥ 22 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 (¥ 403 M) is first term Net Income (¥ 736 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.76％) is first term Net Profit Margin (2.32％) less , there is a possibility that the profitability has deteriorated.

Dividend
Under the situation of Net Income (¥ 403 M) & Operating Cash Flow (¥ 960 M) , Dividend (¥ -142 M) is paid.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -1 B) is Sales first term ratio (¥ -8 B) more , there is a possibility that the non-performing asset was increased.

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

Dividend
Under the situation of Net Income (¥ 736 M) & Operating Cash Flow (¥ 475 M) , Dividend (¥ -191 M) is paid.