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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.
During the past 13 years, the highest Beneish M-Score of China Petroleum & Chemical Corp was -0.22. The lowest was -3.61. And the median was -2.40.
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 * 0.8458||+||0.528 * 0.67||+||0.404 * 1.0984||+||0.892 * 0.7139||+||0.115 * 0.9386|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.373||+||4.679 * -0.122||-||0.327 * 0.9165|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $6,145 Mil.|
Revenue was 63633.567595 + 74746.2436619 + 77968.936491 + 90588.6998002 = $306,937 Mil.
Gross Profit was 19401.9407323 + 20444.5581554 + 19501.3819964 + 24268.0332624 = $83,616 Mil.
Total Current Assets was $47,296 Mil.
Total Assets was $214,940 Mil.
Property, Plant and Equipment(Net PPE) was $132,683 Mil.
Depreciation, Depletion and Amortization(DDA) was $15,333 Mil.
Selling, General & Admin. Expense(SGA) was $19,862 Mil.
Total Current Liabilities was $62,842 Mil.
Long-Term Debt was $21,171 Mil.
Net Income was 1024.65129869 + -533.407762323 + 670.58232301 + 3742.34512989 = $4,904 Mil.
Non Operating Income was 234.825534009 + 374.470856399 + -492.650292104 + 594.662541095 = $711 Mil.
Cash Flow from Operations was 5282.11358359 + 7632.84799429 + 7718.92078648 + 9791.78753304 = $30,426 Mil.
|Accounts Receivable was $10,177 Mil.
Revenue was 76658.384894 + 114770.06108 + 123729.432081 + 114773.376561 = $429,931 Mil.
Gross Profit was 19129.7727054 + 17406.6832563 + 20756.7365026 + 21179.1801753 = $78,472 Mil.
Total Current Assets was $57,286 Mil.
Total Assets was $230,188 Mil.
Property, Plant and Equipment(Net PPE) was $138,814 Mil.
Depreciation, Depletion and Amortization(DDA) was $14,951 Mil.
Selling, General & Admin. Expense(SGA) was $20,263 Mil.
Total Current Liabilities was $77,364 Mil.
Long-Term Debt was $20,810 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)|
|=||(6144.98592892 / 306937.447548)||/||(10177.1230725 / 429931.254616)|
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)|
|=||(78472.3726395 / 429931.254616)||/||(83615.9141465 / 306937.447548)|
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 - (47295.5849109 + 132682.885571) / 214939.640457)||/||(1 - (57285.9295355 + 138814.477607) / 230188.022954)|
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))|
|=||(14951.0710989 / (14951.0710989 + 138814.477607))||/||(15332.6909055 / (15332.6909055 + 132682.885571))|
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)|
|=||(19861.9993851 / 306937.447548)||/||(20262.6379771 / 429931.254616)|
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)|
|=||((21170.8982423 + 62841.896443) / 214939.640457)||/||((20809.6367775 + 77364.1522136) / 230188.022954)|
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|
|=||(4904.17098927 - 711.308639398||-||30425.6698974)||/||214939.640457|
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 -3.63 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