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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.
Neptune Technologies & Bioressources Inc has a M-score of -4.81 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Neptune Technologies & Bioressources Inc was 19.85. The lowest was -5.69. And the median was -2.71.
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 * 1.0235||+||0.528 * -1.4501||+||0.404 * 0.4972||+||0.892 * 0.5859||+||0.115 * 1.1526|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.7208||+||4.679 * -0.0613||-||0.327 * 1.281|
|This Year (Aug14) TTM:||Last Year (Aug13) TTM:|
|Accounts Receivable was $5.92 Mil.|
Revenue was 2.4006955885 + 3.38810354323 + 3.31674208145 + 4.1906577693 = $13.30 Mil.
Gross Profit was -3.58868753432 + 0.48008077841 + 0.666063348416 + 0.509056244042 = $-1.93 Mil.
Total Current Assets was $63.74 Mil.
Total Assets was $107.93 Mil.
Property, Plant and Equipment(Net PPE) was $42.74 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.68 Mil.
Selling, General & Admin. Expense(SGA) was $32.42 Mil.
Total Current Liabilities was $13.30 Mil.
Long-Term Debt was $13.13 Mil.
Net Income was -11.64653121 + -4.2986965302 + 0.173755656109 + -8.38608198284 = $-24.16 Mil.
Non Operating Income was -0.000915248032217 + -0.536074903617 + -0.489592760181 + 0.0896091515729 = $-0.94 Mil.
Cash Flow from Operations was -7.29910305693 + 1.05838076005 + -2.64253393665 + -7.71591992374 = $-16.60 Mil.
|Accounts Receivable was $9.88 Mil.
Revenue was 5.13544668588 + 5.97058823529 + 4.4603960396 + 7.12738214644 = $22.69 Mil.
Gross Profit was 0.621517771374 + 0.593137254902 + 0.141584158416 + 3.42928786359 = $4.79 Mil.
Total Current Assets was $42.22 Mil.
Total Assets was $64.79 Mil.
Property, Plant and Equipment(Net PPE) was $20.81 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.38 Mil.
Selling, General & Admin. Expense(SGA) was $32.15 Mil.
Total Current Liabilities was $10.51 Mil.
Long-Term Debt was $1.87 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)|
|=||(5.92348526451 / 13.2961989825)||/||(9.87800192123 / 22.6938131072)|
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)|
|=||(0.48008077841 / 22.6938131072)||/||(-3.58868753432 / 13.2961989825)|
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 - (63.7424492037 + 42.7356763683) / 107.934285191)||/||(1 - (42.2199807877 + 20.8107588857) / 64.7886647454)|
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))|
|=||(0.382265566172 / (0.382265566172 + 20.8107588857))||/||(0.679386534368 / (0.679386534368 + 42.7356763683))|
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)|
|=||(32.4158288574 / 13.2961989825)||/||(32.1525636149 / 22.6938131072)|
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)|
|=||((13.1310635182 + 13.2976386601) / 107.934285191)||/||((1.87223823247 + 10.5120076849) / 64.7886647454)|
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|
|=||(-24.1575540669 - -0.936973760257||-||-16.5991761573)||/||107.934285191|
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 -4.81 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
Neptune Technologies & Bioressources Inc Annual Data
Neptune Technologies & Bioressources Inc Quarterly Data