ｅ－まちタウン (Annual ): Credit Rating Analysis

Credit Rating Analysis: ｅ－まちタウン (Annual )

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

Date	Credit Rating	Comment
2012-03-31	CCC	Credit is fragile, and depended on biz environs.

Date	2011-12-31 (Third quarter )	2012-03-31 (Annual )	2012-06-30 (First quarter )	2012-09-30 (Second quarter )
Credit Rating	B	CCC	BBB	BB
Total Assets	¥ 9 B	¥ 8 B	¥ 8 B	¥ 8 B
Net Assets	¥ 7 B	¥ 6 B	¥ 6 B	¥ 6 B

Special note: Net income has dropped 4 consecutive terms. The business have high risk.; The change of Net income is going too far. The management situation is unstable.

[Date: 2012-03-31] Danger : Warning : Caution : Good: Management Risk (*Net Income is minus or 0 )
Net Income (¥ -672 M) is minus or 0, so , there is a possibility that the management situation is severe.; Management Risk (*Net Income is decrease )
Net Income (¥ -672 M) is first term Net Income (¥ 34 M) less , there is a possibility that the management situation has stagnated and deteriorated; Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-5.06％) is first term Net Profit Margin (0.34％) less , there is a possibility that the profitability has deteriorated.; Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -588 M) & Financial Cash Flow (¥ -405 M) is a minus, Operating Cash Flow (¥ 458 M) is a plus,; Dividend Risk
Under the situation of Net Income (¥ -672 M) & Operating Cash Flow (¥ 458 M), Dividend (¥ -226 M) is paid.; Overinvestment Risk (*Investment Cash Flow confirmed content)
Net Income (¥ -672 M) is a minus, the cashflow of Operating Cash Flow (¥ 458 M) is smaller than Investment Cash Flow (¥ -588 M) , there is a possibility of the overinvestment.

[Date: 2011-03-31] Danger : Warning : Caution : Good: Stated Capital less
Stated Capital (¥ 1 B) is first term Stated Capital (¥ 1 B) less , there is a possibility that the management situation is very severe.; Management Risk (*Net Income is decrease )
Net Income (¥ 34 M) is first term Net Income (¥ 66 M) less , there is a possibility that the management situation has stagnated and deteriorated; Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (0.34％) is first term Net Profit Margin (1.90％) less , there is a possibility that the profitability has deteriorated.; Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -3 B) & Financial Cash Flow (¥ -162 M) is a minus, Operating Cash Flow (¥ 338 M) is a plus,; Dividend
Under the situation of Net Income (¥ 34 M) & Operating Cash Flow (¥ 338 M) , Dividend (¥ -226 M) is paid.; Financing Risk (*Operating Cash Flow is decrease )
Sales (¥ 10 B) is first term (¥ 3 B) more, however Operating Cash Flow (¥ 338 M) is first term (¥ 507 M) less , there is a possibility that the financing has deteriorated very much.

[Date: 2010-03-31] Danger : Warning : Caution : Good: Management Risk (*Sales is decrease )
Sales (¥ 3 B) is first term Sales (¥ 7 B) less , there is a possibility that the management situation has stagnated and deteriorated; Management Risk (*Net Income is decrease )
Net Income (¥ 66 M) is first term Net Income (¥ 381 M) less , there is a possibility that the management situation has stagnated and deteriorated; Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.90％) is first term Net Profit Margin (5.20％) less , there is a possibility that the profitability has deteriorated.; Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -311 M) & Financial Cash Flow (¥ -123 M) is a minus, Operating Cash Flow (¥ 507 M) is a plus,; Dividend
Under the situation of Net Income (¥ 66 M) & Operating Cash Flow (¥ 507 M) , Dividend (¥ -113 M) is paid.; Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ 111 M) is Sales first term ratio (¥ -3 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2009-09-30] Danger : Warning : Caution : Good: Financing Good (*Operating Cash Flow is plus )
Investment Cash Flow (¥ -1 B) & Financial Cash Flow (¥ -149 M) is a minus, Operating Cash Flow (¥ 580 M) is a plus,; Dividend
Under the situation of Net Income (¥ 381 M) & Operating Cash Flow (¥ 580 M) , Dividend (¥ -226 M) is paid.

Date	- (First quarter )	- (Second quarter )	- (Third quarter )	2012-03-31 (Annual )
Credit Rating	-	-	-	CCC
Total Assets	-	-	-	¥ 7 B
Net Assets	-	-	-	¥ 4 B

Statement Type: Annual : ｅ－まちタウン; First quarter : ｅ－まちタウン; Second quarter : ｅ－まちタウン; Third quarter : ｅ－まちタウン

Analysis Menu: Outline : ｅ－まちタウン; Statement : ｅ－まちタウン; Rating : ｅ－まちタウン; Indicator : ｅ－まちタウン; Download : ｅ－まちタウン

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

Comparison with a neighboring company: Tokyo - EDIUNET Prefectures; Tokyo豊島区 - EDIUNET Prefectures

Date	Company	Credit Rating	Date
1/21	Netindex.	CC	2013-11-30
1/20	川崎地質	BB→BBB	2013-11-30
1/20	KYOWA ENGINEERING CONSU..	B→BB	2013-11-30
1/20	KG Intelligence	AAA→AA	2013-12-20
1/16	アクトコール	-→B	2013-11-30
1/16	S-Pool	C→CC	2013-11-30
1/16	T&C HOLDINGS	C	2013-11-30
1/15	HITO	-→AAA	2013-11-30 (Q1)
1/15	Pasona Group	CC	2013-11-30 (Q2)
1/15	乃村工藝社	BB→BBB	2013-11-30 (Q3)

EDIUNET Investment News (Other Services): 1/21 Other Services (Netindex.:CC); 1/20 Other Services (川崎地質:BB→..; 1/16 Other Services (アクトコール..; 1/15 Other Services (HITO:-→AAA e..; 1/10 Other Services (JASTEC:BB→BB..; 1/9 Other Services (MEIKO NETWOR..; 1/7 Other Services (ジェイコム:A..; 1/6 Other Services (ダイヤモンド..; 12/27 Other Services (D Wonderland..; 12/26 Other Services (キャリアリン..

Ticker	Market	Industry	Month	report	Rating
ｅ－まちタウン	4747	TSE Mothers	Other Services	3	Annual	CCC

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

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