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Beneish M-Score -0.78 higher than -2.22, which implies that it might have manipulated its financial results.
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 130.54. The lowest was -10000000.00. And the median was -2.71.
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 * 1.3892||+||0.528 * 0.9915||+||0.404 * 2.827||+||0.892 * 1.2776||+||0.115 * 1.1966|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9605||+||4.679 * 0.0778||-||0.327 * 1.0936|
|This Year (Feb15) TTM:||Last Year (Feb14) TTM:|
|Accounts Receivable was C$8.17 Mil.|
Revenue was 11.874 + 12.436 + 13.231 + 12.359 = C$49.90 Mil.
Gross Profit was 3.023 + 3.264 + 3.061 + 3.09 = C$12.44 Mil.
Total Current Assets was C$21.35 Mil.
Total Assets was C$30.16 Mil.
Property, Plant and Equipment(Net PPE) was C$1.76 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.46 Mil.
Selling, General & Admin. Expense(SGA) was C$10.75 Mil.
Total Current Liabilities was C$13.99 Mil.
Long-Term Debt was C$0.00 Mil.
Net Income was 0.282 + 0.277 + 0.892 + 0.639 = C$2.09 Mil.
Non Operating Income was 0.011 + 0.013 + 0.013 + 0.006 = C$0.04 Mil.
Cash Flow from Operations was -5.085 + -2.386 + 6.306 + 0.865 = C$-0.30 Mil.
|Accounts Receivable was C$4.61 Mil.
Revenue was 9.158 + 10.339 + 10.338 + 9.223 = C$39.06 Mil.
Gross Profit was 2.298 + 2.584 + 2.731 + 2.04 = C$9.65 Mil.
Total Current Assets was C$20.60 Mil.
Total Assets was C$23.94 Mil.
Property, Plant and Equipment(Net PPE) was C$1.36 Mil.
Depreciation, Depletion and Amortization(DDA) was C$0.45 Mil.
Selling, General & Admin. Expense(SGA) was C$8.76 Mil.
Total Current Liabilities was C$10.15 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)|
|=||(8.173 / 49.9)||/||(4.605 / 39.058)|
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)|
|=||(3.264 / 39.058)||/||(3.023 / 49.9)|
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 - (21.352 + 1.759) / 30.159)||/||(1 - (20.603 + 1.358) / 23.94)|
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))|
|=||(0.449 / (0.449 + 1.358))||/||(0.461 / (0.461 + 1.759))|
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)|
|=||(10.752 / 49.9)||/||(8.762 / 39.058)|
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 + 13.988) / 30.159)||/||((0 + 10.153) / 23.94)|
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|
|=||(2.09 - 0.043||-||-0.3)||/||30.159|
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 -0.78 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