Voltamp EnergyOG (MUS:VOES) Beneish M-Score : 0.00 (As of May. 22, 2024)

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

During the past 11 years, the highest Beneish M-Score of Voltamp EnergyOG was 0.00. The lowest was 0.00. And the median was 0.00.

Voltamp EnergyOG Beneish M-Score Historical Data

The historical data trend for Voltamp EnergyOG'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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Voltamp EnergyOG Beneish M-Score Chart

Voltamp EnergyOG Annual Data

Trend

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Beneish M-Score

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-1.85

-1.03

-2.33

-2.04

-2.08

Voltamp EnergyOG Quarterly Data
	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18
Beneish M-Score	Get a 7-Day Free Trial															-2.15	-2.49	-2.55	-2.08	-2.20

Competitive Comparison of Voltamp EnergyOG's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Voltamp EnergyOG'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.

Voltamp EnergyOG's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Voltamp EnergyOG's Beneish M-Score distribution charts can be found below:

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

Voltamp EnergyOG 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 Voltamp EnergyOG 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 * 0.7924

0.528 * 1.2625

0.404 * 0.7116

0.892 * 1.2687

0.115 * 0.9199

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0558

4.679 * 0.040066

0.327 * 1.0522

-2.26

This Year (Mar18) TTM:

Last Year (Mar17) TTM:

Total Receivables was ر.ع14.57 Mil.
Revenue was 9.532 + 12.492 + 20.845 + 10.63 = ر.ع53.50 Mil.
Gross Profit was 1.048 + 1.918 + 3.92 + 2.219 = ر.ع9.11 Mil.
Total Current Assets was ر.ع29.13 Mil.
Total Assets was ر.ع41.76 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع9.20 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع1.05 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع3.87 Mil.
Total Current Liabilities was ر.ع17.43 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع1.88 Mil.
Net Income was -0.152 + 0.958 + 1.335 + 0.866 = ر.ع3.01 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ر.ع0.00 Mil.
Cash Flow from Operations was 1.68 + -0.789 + 0.659 + -0.216 = ر.ع1.33 Mil.

Total Receivables was ر.ع14.49 Mil.
Revenue was 9.71 + 11.957 + 9.768 + 10.734 = ر.ع42.17 Mil.
Gross Profit was 2.106 + 2.614 + 2.077 + 2.264 = ر.ع9.06 Mil.
Total Current Assets was ر.ع25.07 Mil.
Total Assets was ر.ع39.00 Mil.
Property, Plant and Equipment(Net PPE) was ر.ع9.42 Mil.
Depreciation, Depletion and Amortization(DDA) was ر.ع0.98 Mil.
Selling, General, & Admin. Expense(SGA) was ر.ع2.89 Mil.
Total Current Liabilities was ر.ع14.79 Mil.
Long-Term Debt & Capital Lease Obligation was ر.ع2.34 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)
	=	(14.568 / 53.499)	/	(14.491 / 42.169)
	=	0.272304	/	0.343641
	=	0.7924

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)
	=	(9.061 / 42.169)	/	(9.105 / 53.499)
	=	0.214873	/	0.17019
	=	1.2625

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 - (29.127 + 9.195) / 41.756)	/	(1 - (25.068 + 9.421) / 38.996)
	=	0.08224	/	0.115576
	=	0.7116

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
	=	53.499	/	42.169
	=	1.2687

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))
	=	(0.977 / (0.977 + 9.421))	/	(1.046 / (1.046 + 9.195))
	=	0.09396	/	0.102138
	=	0.9199

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)
	=	(3.867 / 53.499)	/	(2.887 / 42.169)
	=	0.072282	/	0.068463
	=	1.0558

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)
	=	((1.875 + 17.431) / 41.756)	/	((2.343 + 14.793) / 38.996)
	=	0.462353	/	0.43943
	=	1.0522

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
	=	(3.007 - 0	-	1.334)	/	41.756
	=	0.040066

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.

Voltamp EnergyOG has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.

Voltamp EnergyOG Beneish M-Score Related Terms

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Voltamp EnergyOG (MUS:VOES) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Voltamp Energy SAOG (MUS:VOES) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Rusayl Industrial Estate, Road No. 7, P.O Box 75, Rusayl, OMN, 124

Website

http://www.voltampoman.com

Voltamp Energy SAOG together with its subsidiaries manufactures, distributes, and sells transformers, medium and low voltage switchgear, and packaged sub-stations. The firm also undertakes repairs and refurbishment of a complete range of transformers. Principally it operates in two units that is Transformers and Low-Voltage Switchgear and Panels. It offers power transformers; distribution transformers; special transformers; earthing transformers for the substations; The company also provides package substations comprising transformer ring main units and feeder pillars mounted on a common skid and complete enclosures; feeder pillars; distribution boards, such as MCC and PCC panels, and intelligent MCCs with motor control. The firm operates its activities in the Middle East and North Africa.

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