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Credit Rating (Bankruptcy Risk): Onkyo (Annual ) Consolidated

Financial Timeline

Financial Statement Risk Analysis: Onkyo (Annual ) (Consolidated )

Special note

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

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

[Date: 2013-03-31]  Danger : Warning : Caution : Good

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Operating Cash Flow (¥ -150 M) and Investment Cash Flow (¥ -1 B) is minus, Net Income (¥ 437 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 (¥ 35 B) is first term Sales (¥ 43 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Gross Income is decrease )
Gross Income (¥ 25 B) is first term Gross Income (¥ 32 B) less , there is a possibility that the management situation has stagnated and deteriorated

Non-performing asset Risk (*Accounts Receivable and Inventory, etc. confirmed content)
Other Current Assets first term ratio (¥ -1 B) is Sales first term ratio (¥ -7 B) more , there is a possibility that the non-performing asset was increased.

[Date: 2012-03-31]  Danger : Warning : Caution : Good

Management Risk (*Net Income & Operating Cash Flow is minus or 0 )
Net Income(¥ -3 B) & Operating Cash Flow (¥ -450 M) is minus or 0, so , there is a possibility that the management situation is very severe.

Financing Risk (*Issuance of new shares)
Financial Cash Flow (¥ -752 M) is a minus, Issuance of new shares (¥ 1 B) 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 (*Sales is decrease )
Sales (¥ 43 B) is first term Sales (¥ 52 B) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Income is decrease )
Net Income (¥ -3 B) is first term Net Income (¥ 58 M) less , there is a possibility that the management situation has stagnated and deteriorated

Management Risk (*Net Profit Margin is decrease )
Net Profit Margin (-7.82％) is first term Net Profit Margin (0.11％) 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 (¥ -57 M) is Sales first term ratio (¥ -9 B) more , there is a possibility that the non-performing asset was increased.

Overinvestment Risk (*Intangible Assets confirmed content)
Operating Cash Flow (¥ -450 M) and Investment Cash Flow (¥ -1 B) is minus, so , there is a possibility of the overinvestment.

[Date: 2011-03-31]  Danger : Warning : Caution : Good

Dividend
Under the situation of Net Income (¥ 58 M) & Operating Cash Flow (¥ 2 B) , Dividend (¥ -47 M) is paid.