CERX (Colombia Energy Resources) Beneish M-Score : 0.00 (As of Sep. 21, 2024)

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What is Colombia Energy Resources 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 Colombia Energy Resources's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Colombia Energy Resources was 0.00. The lowest was 0.00. And the median was 0.00.

Colombia Energy Resources Beneish M-Score Historical Data

The historical data trend for Colombia Energy Resources'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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Colombia Energy Resources Beneish M-Score Chart

Colombia Energy Resources Annual Data

Trend

Dec03

Dec04

Dec05

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Beneish M-Score

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Colombia Energy Resources Quarterly Data
	Dec07	Mar08	Jun08	Sep08	Dec08	Mar09	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Colombia Energy Resources's Beneish M-Score

For the Thermal Coal subindustry, Colombia Energy Resources'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.

Colombia Energy Resources's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, Colombia Energy Resources's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Colombia Energy Resources's Beneish M-Score falls into.

Colombia Energy Resources 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 Colombia Energy Resources 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Sep12) TTM:

Last Year (Sep11) TTM:

Total Receivables was $0.22 Mil.
Revenue was 0.219 + 0.001 + 0 + 0 = $0.22 Mil.
Gross Profit was 0.053 + 0 + 0 + 0 = $0.05 Mil.
Total Current Assets was $1.39 Mil.
Total Assets was $12.45 Mil.
Property, Plant and Equipment(Net PPE) was $10.83 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.22 Mil.
Selling, General, & Admin. Expense(SGA) was $13.42 Mil.
Total Current Liabilities was $2.30 Mil.
Long-Term Debt & Capital Lease Obligation was $0.80 Mil.
Net Income was -3.37 + -3.424 + -3.04 + -3.032 = $-12.87 Mil.
Non Operating Income was 0.123 + 0.181 + -0.004 + -0.003 = $0.30 Mil.
Cash Flow from Operations was -1.864 + -5.237 + -2.343 + -4.291 = $-13.74 Mil.

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $16.76 Mil.
Total Assets was $23.07 Mil.
Property, Plant and Equipment(Net PPE) was $5.81 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.04 Mil.
Selling, General, & Admin. Expense(SGA) was $8.19 Mil.
Total Current Liabilities was $2.52 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)
	=	(0.221 / 0.22)	/	(0 / 0)
	=	1.004545	/
	=

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 / 0)	/	(0.053 / 0.22)
	=		/	0.240909
	=

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 - (1.389 + 10.828) / 12.447)	/	(1 - (16.761 + 5.808) / 23.069)
	=	0.018478	/	0.021674
	=

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
	=	0.22	/	0
	=

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))
	=	(0.035 / (0.035 + 5.808))	/	(0.218 / (0.218 + 10.828))
	=	0.00599	/	0.019736
	=

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)
	=	(13.418 / 0.22)	/	(8.188 / 0)
	=	60.990909	/
	=

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)
	=	((0.8 + 2.297) / 12.447)	/	((0 + 2.523) / 23.069)
	=	0.248815	/	0.109368
	=

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
	=	(-12.866 - 0.297	-	-13.735)	/	12.447
	=	0.045955

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.

Colombia Energy Resources Beneish M-Score Related Terms

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Colombia Energy Resources Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » Colombia Energy Resources Inc (OTCPK:CERX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

One Embarcadero Center, Suite 500, San Francisco, CA, USA, 94111

Website

Colombia Energy Resources Inc. is engaged in the business of acquiring and developing metallurgical coal mines in Colombia, South America. The Company owns and controls mining concessions in the provinces of Boyaca and Santander regions.

Executives

Watsa V Prem Et Al	10 percent owner	95 WELLINGTON STREET WEST, SUITE 800, TORONTO A6 M5J 2N7
Fairfax Financial Holdings Ltd/ Can	10 percent owner	FAIRFAX FINANCIAL HOLDINGS LTD, 95 WELLINGTON ST WEST STE 800, TORONTO A6 M5J 2N7
Sixty Two Investment Co Ltd	10 percent owner	1600 CATHEDRAL PLACE, 925 W GEORGIA ST, VANCOUVER BC CANADA A1 V6C3L3
Second 1109 Holdco Ltd.	10 percent owner	95 WELLINGTON ST W STE 800, TORONTO A6 M5J 2N7
810679 Ontario Ltd	10 percent owner	95 WELLINGTON STREET WEST SUITE 800, TORONTO ONTARIO CANADA A6 00000
Odyssey America Reinsurance Corp	10 percent owner	300 FIRST STAMFORD PLACE, STAMFORD CT 06902
Steelhead Partners Llc	other: See footnotes (1) (2) (3)	800 FIFTH AVENUE, SUITE 3700, SEATTLE WA 98104
James Michael Johnston	other: See footnotes (1) (2) (3)	333 108TH AVENUE NE, SUITE 2010, BELLEVUE WA 98004
Brian Katz Klein	other: See footnotes (1) (2) (3)	333 108TH AVENUE NE, SUITE 2010, BELLEVUE WA 98004
Steelhead Navigator Master, L.p.	10 percent owner	C/O MAPLES CORPORATE SERVICES LIMITED, UGLAND HOUSE, PO BOX 309, GRAND CAYMAN E9 KY1-1104
Peter B Lilly	other: Former Director	4501 GULF SHORE BLVD N, ARIA 1203, NAPLES FL 34103
Ronald G Stovash	other: Former Officer	16496 FELICITA COURT, NAPLES FL 34110-3264

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