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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 -2.38 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 -2.66. And the median was -1.90.
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 * 1.536||+||0.528 * 1.0475||+||0.404 * 0.9349||+||0.892 * 0.7046||+||0.115 * 1.7483|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0979||+||4.679 * 0.0053||-||0.327 * 1.6649|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $188.3 Mil.|
Revenue was 81.6379650971 + 78.7254901961 + 57.1938376263 + 48.4505229284 = $266.0 Mil.
Gross Profit was 22.2737899243 + 21.3977124183 + 15.6343332246 + 12.6810941271 = $72.0 Mil.
Total Current Assets was $274.8 Mil.
Total Assets was $397.3 Mil.
Property, Plant and Equipment(Net PPE) was $93.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.9 Mil.
Selling, General & Admin. Expense(SGA) was $50.9 Mil.
Total Current Liabilities was $22.0 Mil.
Long-Term Debt was $8.0 Mil.
Net Income was 3.57013500165 + 2.99967320261 + 2.54499510923 + 1.59098954143 = $10.7 Mil.
Non Operating Income was 0.318241685874 + 0 + 0 + 0 = $0.3 Mil.
Cash Flow from Operations was -14.1791241357 + -27.0379084967 + -7.08069775024 + 56.5798873693 = $8.3 Mil.
|Accounts Receivable was $174.0 Mil.
Revenue was 59.9611743944 + 87.5401898734 + 88.3179317932 + 141.700776176 = $377.5 Mil.
Gross Profit was 16.3544039788 + 24.0419303797 + 25.4623605218 + 41.1557104388 = $107.0 Mil.
Total Current Assets was $282.0 Mil.
Total Assets was $363.5 Mil.
Property, Plant and Equipment(Net PPE) was $53.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.9 Mil.
Selling, General & Admin. Expense(SGA) was $65.8 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)|
|=||(188.322686862 / 266.007815848)||/||(173.998876945 / 377.520072237)|
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)|
|=||(21.3977124183 / 377.520072237)||/||(22.2737899243 / 266.007815848)|
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 - (274.817089233 + 93.451926243) / 397.301119526)||/||(1 - (282.010267929 + 53.0906465586) / 363.51243382)|
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))|
|=||(2.92202791593 / (2.92202791593 + 53.0906465586))||/||(2.87421797827 / (2.87421797827 + 93.451926243))|
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)|
|=||(50.930373389 / 266.007815848)||/||(65.8357357931 / 377.520072237)|
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)|
|=||((8.02551860389 + 22.0055976292) / 397.301119526)||/||((0 + 16.5039306915) / 363.51243382)|
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|
|=||(10.7057928549 - 0.318241685874||-||8.28215698663)||/||397.301119526|
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 -2.38 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