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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 Caldwell Partners International Inc was -1.15. The lowest was -3.56. And the median was -2.66.
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 Caldwell Partners International 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 * 0.846||+||0.528 * 0.935||+||0.404 * 1.6872||+||0.892 * 1.2094||+||0.115 * 0.9495|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0157||+||4.679 * 0.0412||-||0.327 * 0.9857|
|This Year (Aug15) TTM:||Last Year (Aug14) TTM:|
|Accounts Receivable was C$8.33 Mil.|
Revenue was 15.404 + 14.814 + 11.874 + 12.436 = C$54.53 Mil.
Gross Profit was 3.972 + 4.012 + 3.023 + 3.264 = C$14.27 Mil.
Total Current Assets was C$28.00 Mil.
Total Assets was C$37.83 Mil.
Property, Plant and Equipment(Net PPE) was C$1.82 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.52 Mil.
Selling, General & Admin. Expense(SGA) was C$12.10 Mil.
Total Current Liabilities was C$21.92 Mil.
Long-Term Debt was C$0.00 Mil.
Net Income was 0.65 + 0.768 + 0.282 + 0.277 = C$1.98 Mil.
Non Operating Income was 0.005 + 0.034 + 0.011 + 0.013 = C$0.06 Mil.
Cash Flow from Operations was 3.79 + 4.035 + -5.085 + -2.386 = C$0.35 Mil.
|Accounts Receivable was C$8.14 Mil.
Revenue was 13.231 + 12.359 + 9.158 + 10.339 = C$45.09 Mil.
Gross Profit was 3.061 + 3.09 + 2.298 + 2.584 = C$11.03 Mil.
Total Current Assets was C$30.06 Mil.
Total Assets was C$36.22 Mil.
Property, Plant and Equipment(Net PPE) was C$1.61 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.43 Mil.
Selling, General & Admin. Expense(SGA) was C$9.85 Mil.
Total Current Liabilities was C$21.28 Mil.
Long-Term Debt was C$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)|
|=||(8.329 / 54.528)||/||(8.141 / 45.087)|
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)|
|=||(4.012 / 45.087)||/||(3.972 / 54.528)|
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 - (27.999 + 1.818) / 37.831)||/||(1 - (30.058 + 1.61) / 36.215)|
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))|
|=||(0.431 / (0.431 + 1.61))||/||(0.52 / (0.52 + 1.818))|
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)|
|=||(12.1 / 54.528)||/||(9.85 / 45.087)|
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 + 21.916) / 37.831)||/||((0 + 21.284) / 36.215)|
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|
|=||(1.977 - 0.063||-||0.354)||/||37.831|
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.
Caldwell Partners International Inc has a M-score of -2.00 signals that the company is likely to 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
Caldwell Partners International Inc Annual Data
Caldwell Partners International Inc Quarterly Data