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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 Corporation has a M-score of -2.71 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of China Petroleum & Chemical Corporation was 0.69. The lowest was -3.37. And the median was -2.37.
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 Corporation 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 * 1.0242||+||0.528 * 0.9545||+||0.404 * 1.145||+||0.892 * 1.0627||+||0.115 * 0.9538|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0759||+||4.679 * -0.0662||-||0.327 * 1.0301|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $17,744 Mil.|
Revenue was 122357.7921 + 118741.602491 + 117325.236387 + 112442.774006 = $470,867 Mil.
Gross Profit was 21747.4797554 + 21705.8823529 + 18601.07597 + 19826.2204979 = $81,881 Mil.
Total Current Assets was $61,644 Mil.
Total Assets was $228,543 Mil.
Property, Plant and Equipment(Net PPE) was $137,205 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,289 Mil.
Selling, General & Admin. Expense(SGA) was $20,542 Mil.
Total Current Liabilities was $94,500 Mil.
Long-Term Debt was $24,060 Mil.
Net Income was 2285.9031565 + 3607.8977552 + 2217.80241278 + 2695.92628516 = $10,808 Mil.
Non Operating Income was 349.36374153 + 214.320825823 + 626.344962504 + -195.441319108 = $995 Mil.
Cash Flow from Operations was 11945.2982978 + 7653.44912338 + 4041.73459407 + 1311.18655027 = $24,952 Mil.
|Accounts Receivable was $16,303 Mil.
Revenue was 122352.780456 + 108046.303688 + 106200.094162 + 106498.255076 = $443,097 Mil.
Gross Profit was 18981.517197 + 19553.2492416 + 17220.9667294 + 17787.7538071 = $73,543 Mil.
Total Current Assets was $58,665 Mil.
Total Assets was $203,583 Mil.
Property, Plant and Equipment(Net PPE) was $121,817 Mil.
Depreciation, Depletion and Amortization(DDA) was $11,204 Mil.
Selling, General & Admin. Expense(SGA) was $17,968 Mil.
Total Current Liabilities was $82,509 Mil.
Long-Term Debt was $20,013 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)|
|=||(17743.6787308 / 470867.404984)||/||(16303.4394086 / 443097.433383)|
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)|
|=||(21705.8823529 / 443097.433383)||/||(21747.4797554 / 470867.404984)|
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 - (61644.3563047 + 137204.594282) / 228543.381259)||/||(1 - (58665.2201864 + 121817.100611) / 203582.931533)|
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))|
|=||(11203.9801561 / (11203.9801561 + 121817.100611))||/||(13289.1362476 / (13289.1362476 + 137204.594282))|
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)|
|=||(20542.2938572 / 470867.404984)||/||(17967.6390923 / 443097.433383)|
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)|
|=||((24060.4858701 + 94500.4131549) / 228543.381259)||/||((20012.536162 + 82509.3217615) / 203582.931533)|
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|
|=||(10807.5296096 - 994.58821075||-||24951.6685655)||/||228543.381259|
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 Corporation has a M-score of -2.71 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 Corporation Annual Data
China Petroleum & Chemical Corporation Quarterly Data