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Beneish M-Score -0.76 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 16.76. The lowest was -5.26. And the median was -2.36.
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 * 1.2885||+||0.528 * -2.6395||+||0.404 * 8.6017||+||0.892 * 1.2875||+||0.115 * 0.6779|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.3961||+||4.679 * 0.0014||-||0.327 * 1.5342|
|This Year (Feb16) TTM:||Last Year (Feb15) TTM:|
|Accounts Receivable was $6.48 Mil.|
Revenue was 7.26969631079 + 4.15693952858 + 3.33003727086 + 2.22158344284 = $16.98 Mil.
Gross Profit was 2.22077263173 + 1.2433165148 + 0.528637712026 + -0.691524310118 = $3.30 Mil.
Total Current Assets was $31.22 Mil.
Total Assets was $76.86 Mil.
Property, Plant and Equipment(Net PPE) was $33.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.97 Mil.
Selling, General & Admin. Expense(SGA) was $10.71 Mil.
Total Current Liabilities was $13.33 Mil.
Long-Term Debt was $14.61 Mil.
Net Income was 0.445749075886 + -1.33745010919 + -1.42618087777 + -3.64159001314 = $-5.96 Mil.
Non Operating Income was 0.126839167935 + 0.375781308833 + 0.902867574352 + 1.2458935611 = $2.65 Mil.
Cash Flow from Operations was -2.70058708415 + 0.219143007757 + -3.80390963718 + -2.43101182654 = $-8.72 Mil.
|Accounts Receivable was $3.91 Mil.
Revenue was 3.21705736459 + 4.18101545254 + 2.4006955885 + 3.38810354323 = $13.19 Mil.
Gross Profit was -4.0467237379 + 0.387637969095 + -3.58868753432 + 0.48008077841 = $-6.77 Mil.
Total Current Assets was $40.24 Mil.
Total Assets was $79.25 Mil.
Property, Plant and Equipment(Net PPE) was $37.50 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.49 Mil.
Selling, General & Admin. Expense(SGA) was $20.99 Mil.
Total Current Liabilities was $7.57 Mil.
Long-Term Debt was $11.21 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)|
|=||(6.48256867435 / 16.9782565531)||/||(3.90751260101 / 13.1868719489)|
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)|
|=||(-6.76769252472 / 13.1868719489)||/||(3.30120254844 / 16.9782565531)|
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 - (31.2205551932 + 33.0129738349) / 76.8616365877)||/||(1 - (40.2368189455 + 37.499799984) / 79.2503400272)|
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))|
|=||(1.48576954886 / (1.48576954886 + 37.499799984))||/||(1.96650628999 / (1.96650628999 + 33.0129738349))|
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)|
|=||(10.7051621627 / 16.9782565531)||/||(20.9913833983 / 13.1868719489)|
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)|
|=||((14.6075233746 + 13.3275349714) / 76.8616365877)||/||((11.2064965197 + 7.56780542443) / 79.2503400272)|
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|
|=||(-5.95947192422 - 2.65138161222||-||-8.71636554012)||/||76.8616365877|
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 -0.91 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