eFleets (eFleets) Beneish M-Score : 0.00 (As of Jun. 22, 2024)

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

During the past 5 years, the highest Beneish M-Score of eFleets was 0.00. The lowest was 0.00. And the median was 0.00.

eFleets Beneish M-Score Historical Data

The historical data trend for eFleets'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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eFleets Beneish M-Score Chart

eFleets Annual Data

Trend

May09

May10

May11

May12

Dec13

Beneish M-Score

eFleets Quarterly Data
	Aug09	Nov09	Feb10	May10	Aug10	Nov10	Feb11	May11	Aug11	Nov11	Feb12	May12	Aug12	Nov12	Feb13	Jun13	Sep13	Dec13	Mar14	Jun14
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-1.07

Competitive Comparison of eFleets's Beneish M-Score

For the Auto Manufacturers subindustry, eFleets'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.

eFleets's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, eFleets's Beneish M-Score distribution charts can be found below:

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

eFleets 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 eFleets 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 * 0.469

0.528 * 2.103

0.404 * 23.7234

0.892 * 4.1176

0.115 * 0.1036

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8557

4.679 * -1.916042

0.327 * 1.654

0.32

This Year (Jun14) TTM:

Last Year (Jun13) TTM:

Total Receivables was $0.17 Mil.
Revenue was 0.26 + 0 + 0.126 + 0.104 = $0.49 Mil.
Gross Profit was -0.145 + 0 + 0.017 + -0.385 = $-0.51 Mil.
Total Current Assets was $0.39 Mil.
Total Assets was $0.67 Mil.
Property, Plant and Equipment(Net PPE) was $0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.07 Mil.
Selling, General, & Admin. Expense(SGA) was $1.86 Mil.
Total Current Liabilities was $5.47 Mil.
Long-Term Debt & Capital Lease Obligation was $2.01 Mil.
Net Income was -1.533 + -0.905 + -0.97 + -1.17 = $-4.58 Mil.
Non Operating Income was -0.295 + -0.223 + 0 + 0 = $-0.52 Mil.
Cash Flow from Operations was -1.059 + -0.813 + -0.648 + -0.262 = $-2.78 Mil.

Total Receivables was $0.09 Mil.
Revenue was 0.119 + 0 + 0 + 0 = $0.12 Mil.
Gross Profit was -0.262 + 0 + 0 + 0 = $-0.26 Mil.
Total Current Assets was $0.48 Mil.
Total Assets was $0.69 Mil.
Property, Plant and Equipment(Net PPE) was $0.21 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $0.53 Mil.
Total Current Liabilities was $2.33 Mil.
Long-Term Debt & Capital Lease Obligation was $2.36 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)
	=	(0.168 / 0.49)	/	(0.087 / 0.119)
	=	0.342857	/	0.731092
	=	0.469

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)
	=	(-0.262 / 0.119)	/	(-0.513 / 0.49)
	=	-2.201681	/	-1.046939
	=	2.103

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 - (0.391 + 0.139) / 0.667)	/	(1 - (0.482 + 0.205) / 0.693)
	=	0.205397	/	0.008658
	=	23.7234

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
	=	0.49	/	0.119
	=	4.1176

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))
	=	(0.007 / (0.007 + 0.205))	/	(0.065 / (0.065 + 0.139))
	=	0.033019	/	0.318627
	=	0.1036

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)
	=	(1.864 / 0.49)	/	(0.529 / 0.119)
	=	3.804082	/	4.445378
	=	0.8557

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)
	=	((2.007 + 5.472) / 0.667)	/	((2.364 + 2.334) / 0.693)
	=	11.212894	/	6.779221
	=	1.654

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
	=	(-4.578 - -0.518	-	-2.782)	/	0.667
	=	-1.916042

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.

eFleets has a M-score of 0.32 signals that the company is likely to be a manipulator.

eFleets Beneish M-Score Related Terms

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eFleets (eFleets) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » eFleets Corp (GREY:EFLT) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

7660 Pebble Drive, Fort Worth, TX, USA, 76118

Website

eFleets Corp is focused on the design, development and manufacturing of an all-electric fleet vehicle for the essential services market. The company's all-electric vehicles are designed for use in traffic control/parking enforcement, security, small package delivery, military, maintenance, airport services, warehouses, and other comparable utility application. Its electric vehicles offer a zero-emission, high performance, low-maintenance and affordable alternative to specifically meet the needs of fleet vehicles in the essential services market. The company is focused on developing technology for its battery management and integrated drive system, which maximizes energy efficiency to satisfy the needs of its customers.

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