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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 TSR Inc was 0.67. The lowest was -10000000.00. And the median was -2.59.
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 TSR 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 * 0.8295||+||0.528 * 1.0104||+||0.404 * 0.3553||+||0.892 * 1.1306||+||0.115 * 1.3431|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9408||+||4.679 * -0.1077||-||0.327 * 1.0828|
|This Year (Nov14) TTM:||Last Year (Nov13) TTM:|
|Accounts Receivable was $8.51 Mil.|
Revenue was 14.534 + 13.686 + 13.149 + 12.128 = $53.50 Mil.
Gross Profit was 2.454 + 2.299 + 2.186 + 1.929 = $8.87 Mil.
Total Current Assets was $13.80 Mil.
Total Assets was $13.90 Mil.
Property, Plant and Equipment(Net PPE) was $0.03 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General & Admin. Expense(SGA) was $8.64 Mil.
Total Current Liabilities was $4.77 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was 0.141 + 0.025 + -0.038 + -0.091 = $0.04 Mil.
Non Operating Income was 0.002 + 0.006 + 0.002 + 0.001 = $0.01 Mil.
Cash Flow from Operations was -0.694 + 1.376 + 0.185 + 0.655 = $1.52 Mil.
|Accounts Receivable was $9.07 Mil.
Revenue was 12.166 + 12.087 + 12.55 + 10.515 = $47.32 Mil.
Gross Profit was 2.066 + 2.098 + 2.12 + 1.641 = $7.93 Mil.
Total Current Assets was $13.02 Mil.
Total Assets was $13.19 Mil.
Property, Plant and Equipment(Net PPE) was $0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General & Admin. Expense(SGA) was $8.12 Mil.
Total Current Liabilities was $4.18 Mil.
Long-Term Debt was $0.00 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)|
|=||(8.507 / 53.497)||/||(9.071 / 47.318)|
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)|
|=||(2.299 / 47.318)||/||(2.454 / 53.497)|
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 - (13.803 + 0.034) / 13.895)||/||(1 - (13.023 + 0.014) / 13.192)|
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))|
|=||(0.013 / (0.013 + 0.014))||/||(0.019 / (0.019 + 0.034))|
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)|
|=||(8.64 / 53.497)||/||(8.123 / 47.318)|
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 + 4.765) / 13.895)||/||((0 + 4.178) / 13.192)|
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|
|=||(0.037 - 0.011||-||1.522)||/||13.895|
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.
TSR Inc has a M-score of -3.26 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
TSR Inc Annual Data
TSR Inc Quarterly Data