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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 -2.38 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Neptune Technologies & Bioressources Inc was 19.82. The lowest was -5.88. And the median was -2.57.
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 * 1.2945||+||0.528 * 1.9965||+||0.404 * 0.6296||+||0.892 * 0.6213||+||0.115 * 3.552|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.8212||+||4.679 * -0.0648||-||0.327 * 1.1839|
|This Year (May14) TTM:||Last Year (May13) TTM:|
|Accounts Receivable was $10.27 Mil.|
Revenue was 3.4081255771 + 3.29882988299 + 4.13157894737 + 5.17021276596 = $16.01 Mil.
Gross Profit was 0.482917820868 + 0.662466246625 + 0.501879699248 + 0.625725338491 = $2.27 Mil.
Total Current Assets was $74.90 Mil.
Total Assets was $117.73 Mil.
Property, Plant and Equipment(Net PPE) was $41.10 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.36 Mil.
Selling, General & Admin. Expense(SGA) was $33.77 Mil.
Total Current Liabilities was $14.85 Mil.
Long-Term Debt was $9.38 Mil.
Net Income was -4.32409972299 + 0.172817281728 + -8.26785714286 + -3.45261121857 = $-15.87 Mil.
Non Operating Income was -0.539242843952 + -0.486948694869 + 0.0883458646617 + 0.112185686654 = $-0.83 Mil.
Cash Flow from Operations was 1.06463527239 + -2.62826282628 + -7.60714285714 + 1.75531914894 = $-7.42 Mil.
|Accounts Receivable was $12.77 Mil.
Revenue was 5.90688651794 + 4.3994140625 + 7.17777777778 + 8.28118609407 = $25.77 Mil.
Gross Profit was 0.586808923375 + 0.1396484375 + 3.45353535354 + 3.12372188139 = $7.30 Mil.
Total Current Assets was $46.13 Mil.
Total Assets was $63.46 Mil.
Property, Plant and Equipment(Net PPE) was $15.86 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.50 Mil.
Selling, General & Admin. Expense(SGA) was $29.85 Mil.
Total Current Liabilities was $9.18 Mil.
Long-Term Debt was $1.85 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)|
|=||(10.2723915051 / 16.0087471734)||/||(12.7720659554 / 25.7652644523)|
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)|
|=||(0.662466246625 / 25.7652644523)||/||(0.482917820868 / 16.0087471734)|
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 - (74.9021237304 + 41.0997229917) / 117.729455217)||/||(1 - (46.1270611057 + 15.8564500485) / 63.462657614)|
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))|
|=||(0.500668940805 / (0.500668940805 + 15.8564500485))||/||(0.357249009407 / (0.357249009407 + 41.0997229917))|
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)|
|=||(33.7731082875 / 16.0087471734)||/||(29.8466300045 / 25.7652644523)|
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)|
|=||((9.3758079409 + 14.8476454294) / 117.729455217)||/||((1.85063045587 + 9.17846750727) / 63.462657614)|
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|
|=||(-15.8717508027 - -0.825659987506||-||-7.4154512621)||/||117.729455217|
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 -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
Neptune Technologies & Bioressources Inc Annual Data
Neptune Technologies & Bioressources Inc Quarterly Data