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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.
China Petroleum & Chemical Corp has a M-score of -2.92 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of China Petroleum & Chemical Corp was 0.16. The lowest was -3.37. And the median was -2.43.
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 China Petroleum & Chemical Corp 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 * 0.8514||+||0.528 * 0.9637||+||0.404 * 1.1552||+||0.892 * 1.0275||+||0.115 * 0.91|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0704||+||4.679 * -0.0719||-||0.327 * 1.0506|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $17,133 Mil.|
Revenue was 102982.329317 + 122357.7921 + 118741.602491 + 117325.236387 = $461,407 Mil.
Gross Profit was 19987.7911647 + 21747.4797554 + 21705.8823529 + 18601.07597 = $82,042 Mil.
Total Current Assets was $65,206 Mil.
Total Assets was $226,244 Mil.
Property, Plant and Equipment(Net PPE) was $131,349 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,685 Mil.
Selling, General & Admin. Expense(SGA) was $20,623 Mil.
Total Current Liabilities was $92,941 Mil.
Long-Term Debt was $23,412 Mil.
Net Income was 2268.43373494 + 2285.9031565 + 3607.8977552 + 2217.80241278 = $10,380 Mil.
Non Operating Income was -348.915662651 + 494.298463064 + 214.320825823 + 626.344962504 = $986 Mil.
Cash Flow from Operations was 2027.46987952 + 11945.2982978 + 7653.44912338 + 4041.73459407 = $25,668 Mil.
|Accounts Receivable was $19,584 Mil.
Revenue was 112442.774006 + 122352.780456 + 108046.303688 + 106200.094162 = $449,042 Mil.
Gross Profit was 19826.2204979 + 20935.3905497 + 18711.0011177 + 17471.7514124 = $76,944 Mil.
Total Current Assets was $64,736 Mil.
Total Assets was $210,809 Mil.
Property, Plant and Equipment(Net PPE) was $122,127 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,471 Mil.
Selling, General & Admin. Expense(SGA) was $18,750 Mil.
Total Current Liabilities was $87,748 Mil.
Long-Term Debt was $15,451 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)|
|=||(17133.1726908 / 461406.960296)||/||(19584.2224378 / 449041.952313)|
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)|
|=||(21747.4797554 / 449041.952313)||/||(19987.7911647 / 461406.960296)|
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 - (65205.9437751 + 131349.236948) / 226243.694779)||/||(1 - (64735.6935015 + 122127.384416) / 210809.408341)|
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))|
|=||(11470.8947319 / (11470.8947319 + 122127.384416))||/||(13684.6048338 / (13684.6048338 + 131349.236948))|
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)|
|=||(20623.0365488 / 461406.960296)||/||(18750.0750416 / 449041.952313)|
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)|
|=||((23411.5662651 + 92941.3654618) / 226243.694779)||/||((15450.5334627 + 87747.6559974) / 210809.408341)|
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|
|=||(10380.0370594 - 986.048588741||-||25667.9518948)||/||226243.694779|
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.
China Petroleum & Chemical Corp has a M-score of -2.92 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
China Petroleum & Chemical Corp Annual Data
China Petroleum & Chemical Corp Quarterly Data