BWVI (Blue Water Ventures International) Beneish M-Score : 0.00 (As of Sep. 22, 2024)

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What is Blue Water Ventures International Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Blue Water Ventures International's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of Blue Water Ventures International was 0.00. The lowest was 0.00. And the median was 0.00.

Blue Water Ventures International Beneish M-Score Historical Data

The historical data trend for Blue Water Ventures International's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Blue Water Ventures International Beneish M-Score Chart

Blue Water Ventures International Annual Data

Trend

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Beneish M-Score

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-4.89

2.13

-4.54

Blue Water Ventures International Quarterly Data
	Jun07	Sep07	Dec07	Mar08	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12
Beneish M-Score	Get a 7-Day Free Trial															-0.13	-4.31	-4.64	-4.54	-4.60

Competitive Comparison of Blue Water Ventures International's Beneish M-Score

For the Specialty Business Services subindustry, Blue Water Ventures International's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Blue Water Ventures International's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Blue Water Ventures International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Blue Water Ventures International's Beneish M-Score falls into.

Blue Water Ventures International Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Blue Water Ventures International for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.526

0.528 * 0.5981

0.404 * 0.6599

0.892 * 1.0557

0.115 * 0.9835

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.46

4.679 * -0.202454

0.327 * 1.1548

-4.29

This Year (Mar12) TTM:

Last Year (Mar11) TTM:

Total Receivables was $0.39 Mil.
Revenue was 0.319 + 0.36 + 0.243 + 0.235 = $1.16 Mil.
Gross Profit was 0.269 + 0.26 + 0.061 + 0.109 = $0.70 Mil.
Total Current Assets was $1.46 Mil.
Total Assets was $1.96 Mil.
Property, Plant and Equipment(Net PPE) was $0.02 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.14 Mil.
Selling, General, & Admin. Expense(SGA) was $0.67 Mil.
Total Current Liabilities was $1.52 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was 0.116 + 0.017 + -0.158 + -0.124 = $-0.15 Mil.
Non Operating Income was 0.059 + -0.005 + 0.005 + 0.005 = $0.06 Mil.
Cash Flow from Operations was 0.17 + 0.154 + -0.053 + -0.088 = $0.18 Mil.

Total Receivables was $0.70 Mil.
Revenue was 0.178 + 0.227 + 0.231 + 0.46 = $1.10 Mil.
Gross Profit was 0.076 + 0.013 + 0.088 + 0.219 = $0.40 Mil.
Total Current Assets was $1.04 Mil.
Total Assets was $1.71 Mil.
Property, Plant and Equipment(Net PPE) was $0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.20 Mil.
Selling, General, & Admin. Expense(SGA) was $0.44 Mil.
Total Current Liabilities was $1.15 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0.387 / 1.157)	/	(0.697 / 1.096)
	=	0.334486	/	0.635949
	=	0.526

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.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(0.396 / 1.096)	/	(0.699 / 1.157)
	=	0.361314	/	0.604149
	=	0.5981

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (1.457 + 0.024) / 1.956)	/	(1 - (1.044 + 0.038) / 1.712)
	=	0.242843	/	0.367991
	=	0.6599

4. SGI = Sales Growth Index

Ratio of Revenue 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.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	1.157	/	1.096
	=	1.0557

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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))
	=	(0.204 / (0.204 + 0.038))	/	(0.144 / (0.144 + 0.024))
	=	0.842975	/	0.857143
	=	0.9835

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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)
	=	(0.672 / 1.157)	/	(0.436 / 1.096)
	=	0.580812	/	0.39781
	=	1.46

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 in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 1.516) / 1.956)	/	((0 + 1.149) / 1.712)
	=	0.775051	/	0.671145
	=	1.1548

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-0.149 - 0.064	-	0.183)	/	1.956
	=	-0.202454

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Blue Water Ventures International has a M-score of -4.29 suggests that the company is unlikely to be a manipulator.

Blue Water Ventures International Beneish M-Score Related Terms

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Blue Water Ventures International Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Blue Water Ventures International Inc (OTCPK:BWVI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

515 E. Las Olas Boulevard, Suite 120, Fort Lauderdale, FL, USA, 33301

Website

https://www.bwvint.com

Blue Water Ventures International Inc, through its subsidiary, is engaged in the archaeologically sensitive exploration, discovery and recovery of historical cultural artifacts, intrinsically valuable cargo and treasure from ocean shipwrecks. The company designs treasure and nautical-themed jewelry and re-creations with the part of treasure and artifacts that it has recovered in it. It also leases its crew and vessels to other entities involved in discovery and recovery from ocean shipwrecks. The firm markets its treasure and artifacts through auction houses, websites, retail and distribution outlets, and directly to the public.