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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 -0.23. The lowest was -3.29. And the median was -2.80.
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||+||0.528 * 0.9501||+||0.404 * 0||+||0.892 * 0.7248||+||0.115 * 0.1299|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1116||+||4.679 *||-||0.327 * 0|
|This Year (Dec14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $0 Mil.|
Revenue was 0 + 114773.376561 + 103849.829904 + 121894.468225 = $340,518 Mil.
Gross Profit was 0 + 20288.0942445 + 20156.1639397 + 21665.1300626 = $62,109 Mil.
Total Current Assets was $0 Mil.
Total Assets was $0 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $25,189 Mil.
Selling, General & Admin. Expense(SGA) was $15,859 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $0 Mil.
Net Income was 0 + 2956.69758932 + 2287.54252389 + 2277.2472835 = $7,521 Mil.
Non Operating Income was 0 + 148.781818765 + -351.854851774 + 492.426736911 = $289 Mil.
Cash Flow from Operations was 23971.0112142 + 0 + 2044.54884173 + 11900.0658545 = $37,916 Mil.
|Accounts Receivable was $13,083 Mil.
Revenue was 118411.764706 + 117325.236387 + 111918.101368 + 122136.852238 = $469,792 Mil.
Gross Profit was 21645.5882353 + 18014.183241 + 20312.9525342 + 21440.0770095 = $81,413 Mil.
Total Current Assets was $61,558 Mil.
Total Assets was $215,586 Mil.
Property, Plant and Equipment(Net PPE) was $126,835 Mil.
Depreciation, Depletion and Amortization(DDA) was $18,936 Mil.
Selling, General & Admin. Expense(SGA) was $19,683 Mil.
Total Current Liabilities was $88,574 Mil.
Long-Term Debt was $17,267 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)|
|=||(0 / 340517.67469)||/||(13083.0065359 / 469791.954699)|
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)|
|=||(20288.0942445 / 469791.954699)||/||(0 / 340517.67469)|
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 - (0 + 0) / 0)||/||(1 - (61558.0065359 + 126834.640523) / 215585.784314)|
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))|
|=||(18936.110885 / (18936.110885 + 126834.640523))||/||(25188.7625173 / (25188.7625173 + 0))|
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)|
|=||(15859.3743562 / 340517.67469)||/||(19683.3328556 / 469791.954699)|
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)|
|=||((0 + 0) / 0)||/||((17267.4836601 + 88573.5294118) / 215585.784314)|
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|
|=||(7521.48739672 - 289.353703903||-||37915.6259104)||/||0|
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 -3.87 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