Oman Refreshment CoOG (MUS:ORCI) Beneish M-Score : 0.00 (As of Jun. 19, 2024)

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

During the past 13 years, the highest Beneish M-Score of Oman Refreshment CoOG was 0.00. The lowest was 0.00. And the median was 0.00.

Oman Refreshment CoOG Beneish M-Score Historical Data

The historical data trend for Oman Refreshment CoOG'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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Oman Refreshment CoOG Beneish M-Score Chart

Oman Refreshment CoOG Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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-2.99

-1.97

-2.82

-1.62

-2.66

Oman Refreshment CoOG Semi-Annual Data
	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14	Dec15	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21
Beneish M-Score	Get a 7-Day Free Trial											-2.99	-1.97	-2.82	-1.62	-2.66

Competitive Comparison of Oman Refreshment CoOG's Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, Oman Refreshment CoOG'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.

Oman Refreshment CoOG's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, Oman Refreshment CoOG's Beneish M-Score distribution charts can be found below:

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

Oman Refreshment CoOG 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 Oman Refreshment CoOG 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 * 0.9914

0.528 * 1.1725

0.404 * 0.4445

0.892 * 1.152

0.115 * 0.9412

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8964

4.679 * -0.011145

0.327 * 1.3971

-2.66

This Year (Dec21) TTM:

Last Year (Dec20) TTM:

Total Receivables was ر.ع11.99 Mil.
Revenue was ر.ع73.69 Mil.
Gross Profit was ر.ع26.51 Mil.
Total Current Assets was ر.ع72.60 Mil.
Total Assets was ر.ع130.01 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع43.32 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع4.01 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع7.31 Mil.
Total Current Liabilities was ر.ع53.46 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع1.63 Mil.
Net Income was ر.ع7.07 Mil.
Gross Profit was ر.ع0.00 Mil.
Cash Flow from Operations was ر.ع8.52 Mil.

Total Receivables was ر.ع10.50 Mil.
Revenue was ر.ع63.96 Mil.
Gross Profit was ر.ع26.98 Mil.
Total Current Assets was ر.ع49.37 Mil.
Total Assets was ر.ع101.06 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع27.03 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع2.34 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع7.08 Mil.
Total Current Liabilities was ر.ع27.92 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع2.73 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)
	=	(11.988 / 73.686)	/	(10.496 / 63.962)
	=	0.16269	/	0.164097
	=	0.9914

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)
	=	(26.976 / 63.962)	/	(26.505 / 73.686)
	=	0.42175	/	0.359702
	=	1.1725

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 - (72.596 + 43.315) / 130.012)	/	(1 - (49.374 + 27.026) / 101.062)
	=	0.108459	/	0.244028
	=	0.4445

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
	=	73.686	/	63.962
	=	1.152

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))
	=	(2.342 / (2.342 + 27.026))	/	(4.01 / (4.01 + 43.315))
	=	0.079747	/	0.084733
	=	0.9412

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)
	=	(7.311 / 73.686)	/	(7.08 / 63.962)
	=	0.099218	/	0.110691
	=	0.8964

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)
	=	((1.626 + 53.46) / 130.012)	/	((2.732 + 27.918) / 101.062)
	=	0.423699	/	0.303279
	=	1.3971

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
	=	(7.07 - 0	-	8.519)	/	130.012
	=	-0.011145

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.

Oman Refreshment CoOG has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Oman Refreshment CoOG Beneish M-Score Related Terms

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Oman Refreshment CoOG (MUS:ORCI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » Oman Refreshment Co SAOG (MUS:ORCI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Al Ghubra, C.P.O. Airport, P.O. Box 30, Muscat, OMN, 111

Website

https://www.pepsioman.com

Oman Refreshment Co SAOG is engaged in the business of filling and distribution of soft drinks, water, juices, and trading in consumer-packaged goods. The company holds franchise rights to produce, fill and distribute PepsiCo range of soft drinks and Aquafina water. It also trades in new edge beverages, and Frito Lays range of snacks and Quaker range of Oat products throughout the Sultanate of Oman. In addition, the group also produces and distributes juices under its own brand name Top Fruit. It generates most of the revenue from the sales of carbonated soft drinks products.

Oman Refreshment CoOG (MUS:ORCI) Headlines

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