NEPT has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
Beneish M-Score -0.60 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.
Neptune Technologies & Bioressources Inc. has a M-score of -0.69 signals that the company is a manipulator.
During the past 13 years, the highest Beneish M-Score of Neptune Technologies & Bioressources Inc. was 19.82. The lowest was -5.80. And the median was -2.47.
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 * 1.105||+||0.528 * 4.9022||+||0.404 * 1.451||+||0.892 * 0.7363||+||0.115 * 3.7211|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.4085||+||4.679 * -0.1228||-||0.327 * 0.9355|
|This Year (Nov13) TTM:||Last Year (Nov12) TTM:|
|Accounts Receivable was $10.92 Mil.|
Revenue was 4.13157894737 + 5.17021276596 + 5.90688651794 + 4.4833984375 = $19.69 Mil.
Gross Profit was 0.501879699248 + 0.625725338491 + 0.586808923375 + 0.22265625 = $1.94 Mil.
Total Current Assets was $31.84 Mil.
Total Assets was $59.90 Mil.
Property, Plant and Equipment(Net PPE) was $26.28 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.30 Mil.
Selling, General & Admin. Expense(SGA) was $27.21 Mil.
Total Current Liabilities was $11.92 Mil.
Long-Term Debt was $1.87 Mil.
Net Income was -8.26785714286 + -3.45261121857 + -4.33171677983 + -0.21875 = $-16.27 Mil.
Non Operating Income was 0.0883458646617 + 0.112185686654 + -0.00387972841901 + 0.5009765625 = $0.70 Mil.
Cash Flow from Operations was -7.60714285714 + 1.75531914894 + -8.74393792435 + 4.982421875 = $-9.61 Mil.
|Accounts Receivable was $13.43 Mil.
Revenue was 7.09797979798 + 8.27914110429 + 5.98054474708 + 5.38631790744 = $26.74 Mil.
Gross Profit was 3.37373737374 + 3.12167689162 + 3.51070038911 + 2.89034205231 = $12.90 Mil.
Total Current Assets was $57.48 Mil.
Total Assets was $75.64 Mil.
Property, Plant and Equipment(Net PPE) was $16.61 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.73 Mil.
Selling, General & Admin. Expense(SGA) was $26.24 Mil.
Total Current Liabilities was $14.60 Mil.
Long-Term Debt was $4.01 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)|
|=||(10.9248120301 / 19.6920766688)||/||(13.4272727273 / 26.7439835568)|
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)|
|=||(0.625725338491 / 26.7439835568)||/||(0.501879699248 / 19.6920766688)|
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 - (31.837406015 + 26.2791353383) / 59.8994360902)||/||(1 - (57.4787878788 + 16.6050505051) / 75.6353535354)|
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))|
|=||(0.726836769925 / (0.726836769925 + 16.6050505051))||/||(0.29953820693 / (0.29953820693 + 26.2791353383))|
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)|
|=||(27.2098620357 / 19.6920766688)||/||(26.2372767548 / 26.7439835568)|
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)|
|=||((1.87312030075 + 11.9154135338) / 59.8994360902)||/||((4.00909090909 + 14.603030303) / 75.6353535354)|
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|
|=||(-16.2709351413 - 0.697628385396||-||-9.61333975755)||/||59.8994360902|
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 -0.69 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