Imi Co., Beneish M-Score Historical Data
The historical data trend for Imi Co.,'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.
Imi Co., Beneish M-Score Chart
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Imi Co., Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
| Beneish M-Score |
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- |
- |
- |
- |
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Imi Co., Quarterly Data
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Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
| Beneish M-Score |
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- |
- |
- |
-2.34 |
-2.32 |
Competitive Comparison of Imi Co.,'s Beneish M-Score
For the Medical Distribution subindustry, Imi Co.,'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.
Imi Co.,'s Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Imi Co.,'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Imi Co.,'s Beneish M-Score falls into.
Imi Co., 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 Imi Co., 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 * 0.8954 | + | 0.528 * 1.1893 | + | 0.404 * 0.9553 | + | 0.892 * 1.1963 | + | 0.115 * 1.1119 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8219 | + | 4.679 * 0.036566 | - | 0.327 * 0.9786 |
| = | -2.10 |
* 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 (Jun13) TTM: | Last Year (Jun12) TTM: |
Total Receivables was 円1,424 Mil.
Revenue was 1778.785 + 3736.5 + 2034.074 + 1798.888 = 円9,348 Mil.
Gross Profit was 840.803 + 1184.893 + 1021.308 + 889.365 = 円3,936 Mil.
Total Current Assets was 円10,384 Mil.
Total Assets was 円14,140 Mil.
Property, Plant and Equipment(Net PPE) was 円1,501 Mil.
Depreciation, Depletion and Amortization(DDA) was 円151 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,207 Mil.
Total Current Liabilities was 円1,673 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 180.869 + 347.071 + 241.525 + 211.244 = 円981 Mil.
Non Operating Income was -13.863 + -32.711 + -18.896 + -0.174 = 円-66 Mil.
Cash Flow from Operations was 529.301 + 0 + 0 + 0 = 円529 Mil.
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Total Receivables was 円1,329 Mil.
Revenue was 1709.19 + 2395.297 + 1996.966 + 1712.645 = 円7,814 Mil.
Gross Profit was 853.735 + 1227.329 + 997.543 + 834.525 = 円3,913 Mil.
Total Current Assets was 円9,516 Mil.
Total Assets was 円13,233 Mil.
Property, Plant and Equipment(Net PPE) was 円1,508 Mil.
Depreciation, Depletion and Amortization(DDA) was 円171 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,244 Mil.
Total Current Liabilities was 円1,600 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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) |
| = | (1423.528 / 9348.247) | / | (1328.862 / 7814.098) |
| = | 0.152278 | / | 0.17006 |
| | = | 0.8954 |
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) |
| = | (3913.132 / 7814.098) | / | (3936.369 / 9348.247) |
| = | 0.500778 | / | 0.421081 |
| | = | 1.1893 |
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 - (10384.445 + 1501.103) / 14140.293) | / | (1 - (9516.285 + 1507.905) / 13232.98) |
| = | 0.159455 | / | 0.166916 |
| | = | 0.9553 |
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 |
| = | 9348.247 | / | 7814.098 |
| | = | 1.1963 |
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)) |
| = | (171.13 / (171.13 + 1507.905)) | / | (151.485 / (151.485 + 1501.103)) |
| = | 0.101922 | / | 0.091665 |
| | = | 1.1119 |
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) |
| = | (2206.603 / 9348.247) | / | (2244.153 / 7814.098) |
| = | 0.236045 | / | 0.287193 |
| | = | 0.8219 |
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 + 1672.757) / 14140.293) | / | ((0 + 1599.655) / 13232.98) |
| = | 0.118297 | / | 0.120884 |
| | = | 0.9786 |
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 |
| = | (980.709 - -65.644 | - | 529.301) | / | 14140.293 |
| | = | 0.036566 |
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.
Imi Co., has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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