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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.
Poseidon Concepts Corp has a M-score of 6.78 signals that the company is a manipulator.
During the past 5 years, the highest Beneish M-Score of Poseidon Concepts Corp was 0.00. The lowest was 0.00. And the median was 0.00.
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 Poseidon Concepts 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 * 0.2635||+||0.528 * 1.2907||+||0.404 * 0.2666||+||0.892 * 11.8623||+||0.115 * 1.0814|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * -2.3956||+||4.679 * 0.0004||-||0.327 * 1.6276|
|This Year (Sep12) TTM:||Last Year (Sep11) TTM:|
|Accounts Receivable was C$125.52 Mil.|
Revenue was 41.116 + 54.875 + 52.129 + 33.824 = C$181.94 Mil.
Gross Profit was 32.047 + 51.546 + 47.42 + 30.547 = C$161.56 Mil.
Total Current Assets was C$139.85 Mil.
Total Assets was C$201.78 Mil.
Property, Plant and Equipment(Net PPE) was C$59.45 Mil.
Depreciation, Depletion and Amortization(DDA) was C$5.38 Mil.
Selling, General & Admin. Expense(SGA) was C$24.13 Mil.
Total Current Liabilities was C$37.11 Mil.
Long-Term Debt was C$55.54 Mil.
Net Income was 7.832 + 31.183 + 29.639 + -38.936 = C$29.72 Mil.
Non Operating Income was -3.305 + 0.383 + 0 + 0 = C$-2.92 Mil.
Cash Flow from Operations was 5.646 + 7.94 + 13.539 + 5.43 = C$32.56 Mil.
|Accounts Receivable was C$40.16 Mil.
Revenue was 23.969 + 9.647 + 11.327 + -29.605 = C$15.34 Mil.
Gross Profit was 21.311 + 7.887 + 9.399 + -21.018 = C$17.58 Mil.
Total Current Assets was C$43.97 Mil.
Total Assets was C$319.70 Mil.
Property, Plant and Equipment(Net PPE) was C$260.97 Mil.
Depreciation, Depletion and Amortization(DDA) was C$25.72 Mil.
Selling, General & Admin. Expense(SGA) was C$-0.85 Mil.
Total Current Liabilities was C$90.19 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)|
|=||(125.516 / 181.944)||/||(40.163 / 15.338)|
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)|
|=||(51.546 / 15.338)||/||(32.047 / 181.944)|
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 - (139.846 + 59.451) / 201.781)||/||(1 - (43.972 + 260.967) / 319.699)|
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))|
|=||(25.722 / (25.722 + 260.967))||/||(5.379 / (5.379 + 59.451))|
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)|
|=||(24.126 / 181.944)||/||(-0.849 / 15.338)|
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)|
|=||((55.544 + 37.107) / 201.781)||/||((0 + 90.193) / 319.699)|
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|
|=||(29.718 - -2.922||-||32.555)||/||201.781|
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.
Poseidon Concepts Corp has a M-score of 6.78 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
Poseidon Concepts Corp Annual Data
Poseidon Concepts Corp Quarterly Data