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Credit Rating (Bankruptcy Risk): Macnica (Third quarter ) Consolidated

Financial Timeline

Financial Statement Risk Analysis: Macnica (Third quarter ) (Consolidated )

Special note

Net sales has increased 3 consecutive terms. The performance is good.

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

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

[Date: 2011-12-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income is decrease )
Net Income (¥ 2 B) is first term Net Income (¥ 3 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.87％) is first term Net Profit Margin (2.28％) 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 (¥ -1 B) is a minus, Operating Cash Flow (¥ 11 B) is a plus,

[Date: 2010-12-31]  Danger : Warning : Caution : Good

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -9 B) and Investment Cash Flow (¥ -4 B) is minus, Net Income (¥ 3 B) 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.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -9 B) is a minus, Other Current Assets (¥ 90 B) - more than 66% of Total Assets (¥ 114 B) is occupied , the possibility of holding the non-performing asset is very high.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -9 B) is a minus, Financial Cash Flow (¥ 9 B) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Financing Risk (*Interest-bearing Debt more)
Operating Cash Flow (¥ -9 B) is a minus, Interest-bearing Debt (¥ 20 B) is first term Interest-bearing Debt (¥ 10 B) more , there is a possibility that the financing has deteriorated very much.

Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 142 B) is first term (¥ 110 B) more, however Operating Cash Flow (¥ -9 B) is first term (¥ -7 B) less , there is a possibility that the financing has deteriorated very much.

[Date: 2009-12-31]  Danger : Warning : Caution : Good

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -7 B) and Investment Cash Flow (¥ -720 M) is minus, Net Income (¥ 1 B) 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.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -7 B) is a minus, Other Current Assets (¥ 63 B) - more than 66% of Total Assets (¥ 88 B) is occupied , the possibility of holding the non-performing asset is very high.