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

Financial Timeline

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

Special note

The change of Net income is going too far. The management situation is unstable.

[Date: 2013-06-30]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -195 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 304 M) , Sales (¥ 1 B) is less than 80%, and As compared with the first term of Net Income (¥ 41 M) , Net Income (¥ -71 M) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 304 M) is first term Sales (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -71 M) is first term Net Income (¥ 41 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-23.36％) is first term Net Profit Margin (2.55％) less , there is a possibility that the profitability has deteriorated.

Non-performing asset Risk
Net Income (¥ -71 M) is a minus, Other Current Assets (¥ 87 M) - more than 50% of Total Assets (¥ 151 M) 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 (¥ -133 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2012-06-30]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -124 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

[Date: 2011-06-30]  Danger : Warning : Caution : Good

Management Risk (*Cumulative loss)
Earned Surplus etc. (¥ -165 M) is minus, so Cumulative loss , there is a possibility that the management situation is severe.

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -281 M) & Operating Cash Flow (¥ -173 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Operating Cash Flow is minus or 0 ＆Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 295 M) , Sales (¥ 1 B) is less than 80%, and As compared with the first term of Net Income (¥ -437 M) , Net Income (¥ -281 M) is less than 10%, Operating Cash Flow (¥ -173 M) is compensated for Investment Cash Flow (¥ 32 M) etc. , there is a possibility that the financing is extremely severe.

Management Risk (*Sales is decrease )
Sales (¥ 295 M) is first term Sales (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 240 M) is first term Gross Income (¥ 1 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-95.25％) is first term Net Profit Margin (-36.05％) less , there is a possibility that the profitability has deteriorated.

Financing Risk (*Issuance of new shares)
Investment Cash Flow (¥ 32 M) is a plus, Issuance of new shares (¥ 124 M) is plus. Because it is thought that the circulating fund is gained by sale and new issue of stocks of stock property , there is a possibility that the financing is severe.

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -173 M) is a minus, Financial Cash Flow (¥ 63 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Financing Risk (*Sale of stock property)
Operating Cash Flow (¥ -173 M) is minus, Investment Cash Flow (¥ 32 M) is plus. Because the main occupation was dull, stock property may have been sold off.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -79 M) is Sales first term ratio (¥ -918 M) more , there is a possibility that the non-performing asset was increased.

[Date: 2010-06-30]  Danger : Warning : Caution : Good

Management Risk (*Net Income & Sales is sharp decrease )
As compared with the first term of Sales (¥ 1 B) , Sales (¥ 2 B) is less than 80%, and As compared with the first term of Net Income (¥ -268 M) , Net Income (¥ -437 M) is less than 10%, , there is a possibility that the management situation has deteriorated very much.

Management Risk (*Sales is decrease )
Sales (¥ 1 B) is first term Sales (¥ 2 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -437 M) is first term Net Income (¥ -268 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-36.05％) is first term Net Profit Margin (-9.56％) less , there is a possibility that the profitability has deteriorated.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -740 M) is Sales first term ratio (¥ -1 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2009-06-30]  Danger : Warning : Caution : Good

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -225 M) is a minus, Issuance of new shares (¥ 3 M) is plus. Because a possibility of having appropriated the capital-increase fund for repayment of borrowed money is high , there is a possibility that the financing is extremely severe.

Management Risk (*Net Income is minus or 0 )
Net Income (¥ -268 M) is minus or 0, so , there is a possibility that the management situation is severe.

Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -39 M) & Financial Cash Flow (¥ -225 M) is a minus, Operating Cash Flow (¥ 97 M) is a plus,

Non-performing asset Risk
Net Income (¥ -268 M) is a minus, Other Current Assets (¥ 954 M) - more than 50% of Total Assets (¥ 1 B) is occupied , there is a possibility of holding the non-performing asset.