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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Exceed Co Ltd has a M-score of -2.37 suggests that the company is not a manipulator.
During the past 8 years, the highest Beneish M-Score of Exceed Co Ltd was -0.47. The lowest was -2.64. And the median was -1.91.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Exceed Co Ltd for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 1.5388||+||0.528 * 1.0474||+||0.404 * 0.9349||+||0.892 * 0.7048||+||0.115 * 1.7483|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0978||+||4.679 * 0.005||-||0.327 * 1.6649|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $189.0 Mil.|
Revenue was 81.9482730127 + 78.9447812551 + 57.1938376263 + 48.6776592305 = $266.8 Mil.
Gross Profit was 22.3584531482 + 21.4573160741 + 15.6343332246 + 12.740543162 = $72.2 Mil.
Total Current Assets was $275.9 Mil.
Total Assets was $398.8 Mil.
Property, Plant and Equipment(Net PPE) was $93.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.9 Mil.
Selling, General & Admin. Expense(SGA) was $51.1 Mil.
Total Current Liabilities was $22.1 Mil.
Long-Term Debt was $8.1 Mil.
Net Income was 3.5837051727 + 3.00802883828 + 2.54499510923 + 1.59844810863 = $10.7 Mil.
Non Operating Income was 0.319451330359 + 0 + 0 + 0 = $0.3 Mil.
Cash Flow from Operations was -14.2330193356 + -27.1132230051 + -7.08069775024 + 56.8451341739 = $8.4 Mil.
|Accounts Receivable was $174.3 Mil.
Revenue was 60.0671809707 + 88.3368992496 + 88.1931889517 + 141.903077411 = $378.5 Mil.
Gross Profit was 16.3833172613 + 24.2607376657 + 25.4263967357 + 41.2144670051 = $107.3 Mil.
Total Current Assets was $282.5 Mil.
Total Assets was $364.2 Mil.
Property, Plant and Equipment(Net PPE) was $53.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.9 Mil.
Selling, General & Admin. Expense(SGA) was $66.0 Mil.
Total Current Liabilities was $16.5 Mil.
Long-Term Debt was $0.0 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(189.038506032 / 266.764551125)||/||(174.306493089 / 378.500346583)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(21.4573160741 / 378.500346583)||/||(22.3584531482 / 266.764551125)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (275.861675756 + 93.8071393158) / 398.811270864)||/||(1 - (282.508839601 + 53.1845065895) / 364.155094825)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(2.92719382835 / (2.92719382835 + 53.1845065895))||/||(2.88514295158 / (2.88514295158 + 93.8071393158))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(51.075246539 / 266.764551125)||/||(66.0141983832 / 378.500346583)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((8.05602379772 + 22.0892414477) / 398.811270864)||/||((0 + 16.5331083253) / 364.155094825)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(10.7351772288 - 0.319451330359||-||8.41819408297)||/||398.811270864|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Exceed Co Ltd has a M-score of -2.37 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Exceed Co Ltd Annual Data
Exceed Co Ltd Quarterly Data