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Beneish M-Score -0.27 higher than -2.22, which implies that it might have manipulated its financial results.
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.
During the past 13 years, the highest Beneish M-Score of Neptune Technologies & Bioressources Inc was 19.85. The lowest was -5.26. And the median was -2.53.
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 Neptune Technologies & Bioressources Inc 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 * 0.4449||+||0.528 * -1.0482||+||0.404 * 8.2165||+||0.892 * 2.2425||+||0.115 * 0.8734|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3897||+||4.679 * -0.0586||-||0.327 * 1.4874|
|This Year (Aug16) TTM:||Last Year (Aug15) TTM:|
|Accounts Receivable was $5.71 Mil.|
Revenue was 8.91675642407 + 8.69602162997 + 7.26969631079 + 4.15693952858 = $29.04 Mil.
Gross Profit was 1.99338359748 + 2.719196601 + 2.22077263173 + 1.2433165148 = $8.18 Mil.
Total Current Assets was $27.06 Mil.
Total Assets was $74.91 Mil.
Property, Plant and Equipment(Net PPE) was $34.93 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.24 Mil.
Selling, General & Admin. Expense(SGA) was $10.87 Mil.
Total Current Liabilities was $11.58 Mil.
Long-Term Debt was $15.60 Mil.
Net Income was -0.916294814587 + -2.95403630745 + 0.445749075886 + -1.33745010919 = $-4.76 Mil.
Non Operating Income was 0.277735036159 + -0.359984550019 + 0.126839167935 + 0.375781308833 = $0.42 Mil.
Cash Flow from Operations was 2.59347591937 + -0.905368868289 + -2.70058708415 + 0.219143007757 = $-0.79 Mil.
|Accounts Receivable was $5.73 Mil.
Revenue was 3.33003727086 + 2.22158344284 + 3.21705736459 + 4.18101545254 = $12.95 Mil.
Gross Profit was 0.528637712026 + -0.691524310118 + -4.0467237379 + 0.387637969095 = $-3.82 Mil.
Total Current Assets was $31.01 Mil.
Total Assets was $67.61 Mil.
Property, Plant and Equipment(Net PPE) was $35.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.95 Mil.
Selling, General & Admin. Expense(SGA) was $12.44 Mil.
Total Current Liabilities was $7.13 Mil.
Long-Term Debt was $9.36 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)|
|=||(5.71395599323 / 29.0394138934)||/||(5.72754240511 / 12.9496935308)|
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)|
|=||(-3.8219723669 / 12.9496935308)||/||(8.17666934501 / 29.0394138934)|
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 - (27.0557008771 + 34.9330666256) / 74.9099861517)||/||(1 - (31.011637636 + 35.1783676884) / 67.609340534)|
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))|
|=||(1.95236844652 / (1.95236844652 + 35.1783676884))||/||(2.23789300953 / (2.23789300953 + 34.9330666256))|
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)|
|=||(10.8706653148 / 29.0394138934)||/||(12.4403376875 / 12.9496935308)|
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)|
|=||((15.5954762271 + 11.5756270195) / 74.9099861517)||/||((9.36031033696 + 7.12634061003) / 67.609340534)|
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|
|=||(-4.76203215535 - 0.420370962909||-||-0.793337025309)||/||74.9099861517|
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.
Neptune Technologies & Bioressources Inc has a M-score of -0.39 signals that the company is likely to 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
Neptune Technologies & Bioressources Inc Annual Data
Neptune Technologies & Bioressources Inc Quarterly Data