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Infrastructure Developments Beneish M-Score

: 0.00 (As of Today)
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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 Infrastructure Developments's Beneish M-Score or its related term are showing as below:

During the past 10 years, the highest Beneish M-Score of Infrastructure Developments was 0.00. The lowest was 0.00. And the median was 0.00.


Infrastructure Developments Beneish M-Score Historical Data

The historical data trend for Infrastructure Developments'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.

* Premium members only.

Infrastructure Developments Annual Data
Trend Jun06 Jun07 Jun08 Jun09 Jun10 Jun11 Dec12 Dec13 Dec14 Dec15
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -77.20 - - - -

Infrastructure Developments Quarterly Data
Dec11 Mar12 Jun12 Sep12 Dec12 Mar13 Jun13 Sep13 Dec13 Mar14 Jun14 Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - - - -

Competitive Comparison

For the Engineering & Construction subindustry, Infrastructure Developments'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.

   

Infrastructure Developments Beneish M-Score Distribution

For the Construction industry and Industrials sector, Infrastructure Developments's Beneish M-Score distribution charts can be found below:

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



Infrastructure Developments 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 Infrastructure Developments 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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.

This Year (Sep16) TTM:Last Year (Sep15) TTM:
Total Receivables was $0.03 Mil.
Revenue was 0 + 0.09 + 0 + 0.03 = $0.12 Mil.
Gross Profit was 0 + 0.022 + 0 + 0.015 = $0.04 Mil.
Total Current Assets was $0.04 Mil.
Total Assets was $0.04 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $0.13 Mil.
Total Current Liabilities was $0.05 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.014 + 0.016 + -0.01 + 0.157 = $0.15 Mil.
Non Operating Income was 0 + 0.013 + 0 + 0.242 = $0.26 Mil.
Cash Flow from Operations was 0 + -0.258 + -0.006 + 0.011 = $-0.25 Mil.
Total Receivables was $0.00 Mil.
Revenue was 0 + 0.013 + 0.017 + 0.057 = $0.09 Mil.
Gross Profit was 0 + 0.007 + 0.008 + 0.01 = $0.03 Mil.
Total Current Assets was $0.01 Mil.
Total Assets was $0.09 Mil.
Property, Plant and Equipment(Net PPE) was $0.08 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.01 Mil.
Selling, General, & Admin. Expense(SGA) was $0.24 Mil.
Total Current Liabilities was $0.27 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)
=(0.031 / 0.12) / (0 / 0.087)
=0.25833333 / 0
=

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)
=(0.025 / 0.087) / (0.037 / 0.12)
=0.28735632 / 0.30833333
=

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 - (0.036 + 0) / 0.036) / (1 - (0.008 + 0.081) / 0.089)
=0 / 0
=

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
=0.12 / 0.087
=

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))
=(0.006 / (0.006 + 0.081)) / (0.016 / (0.016 + 0))
=0.06896552 / 1
=

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)
=(0.126 / 0.12) / (0.238 / 0.087)
=1.05 / 2.73563218
=

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 + 0.05) / 0.036) / ((0 + 0.27) / 0.089)
=1.38888889 / 3.03370787
=

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 - 0.255 - -0.253) / 0.036
=4.0833

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.


Infrastructure Developments Beneish M-Score Related Terms

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Infrastructure Developments Business Description

Infrastructure Developments logo
Traded in Other Exchanges
N/A
Address
299 South Main Street, 13th Floor, Salt Lake City, UT, USA, 84111
Infrastructure Developments Corp is a project management and engineering firm. The company provides services through a network of consultants and subsidiaries. It is also engaged in the marketing of alternative energy products such as solar panel, battery backup systems, and magnetic transducer generators. Its primary operations are conducted through joint venture partners and consultants in the Middle East, Africa, Asia, and Oceania. The firm generates revenue from project and construction management, sales of wing houses, and miscellaneous services.

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