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Credit Rating (Bankruptcy Risk): kikuchi seisakusho (Second quarter ) Consolidated

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Financial Statement Risk Analysis: kikuchi seisakusho (Second quarter ) (Consolidated )

Special note

Net income has dropped 3 consecutive terms. The business have high risk.

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

[Date: 2013-10-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income is decrease )
Net Income (¥ 32 M) is first term Net Income (¥ 96 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (1.10％) is first term Net Profit Margin (3.44％) less , there is a possibility that the profitability has deteriorated.

[Date: 2012-10-31]  Danger : Warning : Caution : Good

Financing Risk (*Interest-bearing Debt more)
Sales first term ratio (¥ -483 M) & Operating Cash Flow (¥ -113 M) is a minus, Interest-bearing Debt (¥ 983 M) is first term Interest-bearing Debt (¥ 555 M) more , there is a possibility that the financing is very severe.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -113 M) and Investment Cash Flow (¥ -321 M) is minus, Net Income (¥ 96 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.

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

Management Risk (*Net Income is decrease )
Net Income (¥ 96 M) is first term Net Income (¥ 111 M) less , there is a possibility that the management situation has stagnated and deteriorated

Financing Risk (*Financial Cash Flow is plus )
Operating Cash Flow (¥ -113 M) is a minus, Financial Cash Flow (¥ 108 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -122 M) is Sales first term ratio (¥ -483 M) more , there is a possibility that the non-performing asset was increased.

[Date: 2011-10-31]  Danger : Warning : Caution : Good

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -236 M) and Investment Cash Flow (¥ -373 M) is minus, Net Income (¥ 111 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 (¥ -236 M) is a minus, Financial Cash Flow (¥ 185 M) is a plus. Because sale is inactive, it may depend for financing on loan from banks, capital increase, etc.