Crocodile Garments Beneish M-Score Historical Data
The historical data trend for Crocodile Garments'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.
Crocodile Garments Beneish M-Score Chart
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Crocodile Garments Annual Data
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| Beneish M-Score |
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-2.85 |
-2.09 |
-2.81 |
-3.33 |
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Crocodile Garments Semi-Annual Data
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| Beneish M-Score |
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-2.81 |
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-3.33 |
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Competitive Comparison of Crocodile Garments's Beneish M-Score
For the Apparel Manufacturing subindustry, Crocodile Garments'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.
Crocodile Garments's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Crocodile Garments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Crocodile Garments's Beneish M-Score falls into.
Crocodile Garments 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 Crocodile Garments 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 * 0.5967 | + | 0.528 * 0.8644 | + | 0.404 * 1.0609 | + | 0.892 * 0.8411 | + | 0.115 * 0.721 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1725 | + | 4.679 * -0.052458 | - | 0.327 * 0.9356 |
| = | -3.33 |
* 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 (Jul23) TTM: | Last Year (Jul22) TTM: |
Total Receivables was HK$7.81 Mil.
Revenue was HK$86.88 Mil.
Gross Profit was HK$72.83 Mil.
Total Current Assets was HK$387.20 Mil.
Total Assets was HK$2,343.86 Mil.
Property, Plant and Equipment(Net PPE) was HK$140.80 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$14.89 Mil.
Selling, General, & Admin. Expense(SGA) was HK$94.82 Mil.
Total Current Liabilities was HK$272.55 Mil.
Long-Term Debt & Capital Lease Obligation was HK$557.58 Mil.
Net Income was HK$-108.79 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$14.17 Mil.
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Total Receivables was HK$15.56 Mil.
Revenue was HK$103.29 Mil.
Gross Profit was HK$74.85 Mil.
Total Current Assets was HK$486.51 Mil.
Total Assets was HK$2,415.39 Mil.
Property, Plant and Equipment(Net PPE) was HK$165.07 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$12.22 Mil.
Selling, General, & Admin. Expense(SGA) was HK$96.14 Mil.
Total Current Liabilities was HK$350.24 Mil.
Long-Term Debt & Capital Lease Obligation was HK$564.10 Mil.
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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) |
| = | (7.81 / 86.876) | / | (15.561 / 103.288) |
| = | 0.089898 | / | 0.150656 |
| | = | 0.5967 |
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) |
| = | (74.852 / 103.288) | / | (72.832 / 86.876) |
| = | 0.724692 | / | 0.838344 |
| | = | 0.8644 |
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 - (387.201 + 140.797) / 2343.864) | / | (1 - (486.508 + 165.069) / 2415.39) |
| = | 0.774732 | / | 0.730239 |
| | = | 1.0609 |
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 |
| = | 86.876 | / | 103.288 |
| | = | 0.8411 |
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)) |
| = | (12.221 / (12.221 + 165.069)) | / | (14.885 / (14.885 + 140.797)) |
| = | 0.068932 | / | 0.095612 |
| | = | 0.721 |
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) |
| = | (94.815 / 86.876) | / | (96.143 / 103.288) |
| = | 1.091383 | / | 0.930824 |
| | = | 1.1725 |
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) |
| = | ((557.577 + 272.549) / 2343.864) | / | ((564.1 + 350.235) / 2415.39) |
| = | 0.35417 | / | 0.378545 |
| | = | 0.9356 |
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 |
| = | (-108.786 - 0 | - | 14.169) | / | 2343.864 |
| | = | -0.052458 |
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.
Crocodile Garments has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
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