Otaki Gas (Annual ): Credit Rating Analysis

Credit Rating Analysis: Otaki Gas (Annual )

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

Date	Credit Rating	Comment
2012-12-31	AAA	Credit is extremely high. The highest rating.

Date	2012-12-31 (Annual )	2013-03-31 (First quarter )	2013-06-30 (Second quarter )	2013-09-30 (Third quarter )
Credit Rating	AAA	BBB	BBB	A
Total Assets	¥ 31 B	¥ 31 B	¥ 31 B	¥ 31 B
Net Assets	¥ 20 B	¥ 20 B	¥ 21 B	¥ 21 B

Special note: Net sales and net income has increased 4 consecutive terms, and, because of positive operating cash flow. The performance is good.; Net Assets have increased 4consecutive terms. The fiscal base is getting better.

[Date: 2012-12-31] Danger : Warning : Caution : Good: Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.89％) is first term Net Profit Margin (1.97％) less , there is a possibility that the profitability has deteriorated.; Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -2 B) & Financial Cash Flow (¥ -149 M) is a minus, Operating Cash Flow (¥ 2 B) is a plus,; Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -142 M) is paid.

[Date: 2011-12-31] Danger : Warning : Caution : Good: Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.97％) is first term Net Profit Margin (2.17％) 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 (¥ -171 M) is a minus, Operating Cash Flow (¥ 2 B) is a plus,; Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -158 M) is paid.; Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 58 B) is first term (¥ 47 B) more, however Operating Cash Flow (¥ 2 B) is first term (¥ 3 B) less , there is a possibility that the financing has deteriorated very much.

[Date: 2010-12-31] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -147 M) is a minus, Operating Cash Flow (¥ 3 B) is a plus,; Dividend
Under the situation of Net Income (¥ 1 B) & Operating Cash Flow (¥ 3 B) , Dividend (¥ -126 M) is paid.

[Date: 2009-12-31] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -2 B) & Financial Cash Flow (¥ -1 B) is a minus, Operating Cash Flow (¥ 2 B) is a plus,; Dividend
Under the situation of Net Income (¥ 864 M) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -149 M) is paid.

Date	Credit Rating	Comment
2012-12-31	AA	Credit is very high, slightly affected by biz environs.

Date	- (First quarter )	- (Second quarter )	- (Third quarter )	2012-12-31 (Annual )
Credit Rating	-	-	-	AA
Total Assets	-	-	-	¥ 30 B
Net Assets	-	-	-	¥ 19 B

Statement Type: Annual : Otaki Gas; First quarter : Otaki Gas; Second quarter : Otaki Gas; Third quarter : Otaki Gas

Analysis Menu: Outline : Otaki Gas; Statement : Otaki Gas; Rating : Otaki Gas; Indicator : Otaki Gas; Download : Otaki Gas

Industry Comparison Ranking: Gas - EDIUNET Industry Rankings; Gas - EDIUNET Credit Rating; Gas - EDIUNET Industry Avg

Comparison with a neighboring company: Chiba - EDIUNET Prefectures; Chiba茂原市 - EDIUNET Prefectures

Date	Company	Credit Rating	Date
11/11	KEIYO GAS	A	2013-09-30 (Q3)
11/8	HIROSHIMA GAS	BBB	2013-09-30 (Q2)
11/7	Shizuokagas	BBB	2013-09-30 (Q3)
11/7	Otaki Gas	AA→A	2013-09-30 (Q3)
11/7	中部瓦斯	A	2013-09-30 (Q3)
11/5	北陸瓦斯	A	2013-09-30 (Q2)
10/31	ＴＯＫＡＩホールディン..	A→B	2013-09-30 (Q2)
10/30	東京瓦斯	BBB	2013-09-30 (Q2)
10/30	OSAKA GAS	A	2013-09-30 (Q2)
10/30	TOHO GAS	BBB	2013-09-30 (Q2)

EDIUNET Investment News (Gas): 11/11 Gas (KEIYO GAS:A); 11/8 Gas (HIROSHIMA GAS:BBB); 11/7 Gas (Shizuokagas:BBB etc.2 C..; 11/5 Gas (北陸瓦斯:A); 10/31 Gas (ＴＯＫＡＩホールディン..; 10/30 Gas (東京瓦斯:BBB etc.4 Comp..; 10/29 Gas (西部瓦斯:BB→BBB etc.1 C..; 8/9 Gas (HIROSHIMA GAS:BBB); 8/8 Gas (Otaki Gas:A→BBB); 8/7 Gas (Shizuokagas:BBB→BB etc...

Ticker	Market	Industry	Month	report	Rating
Otaki Gas	9541	TSE 2st	Gas	12	Annual	AAA

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

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