Company Name Year 1 Year 2 Year 3 Year 4 Year 5

Accounts Receivable
Current Assets
Prop. Plant & Eq-Net
Total Assets
Current Liabilities
Long-term Debt
Sales
Cost of Goods Sold
Selling & Admin. Exp.
Income fropm Cont. Oper.
Cash Flow from Oper.
Depreciation
Weighted Predictor Ratios Year 2 Year 3 Year 4 Year 5
Days Receivables Index #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross Margin Index #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Asset Quality Index #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sales Growth Index #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation Index #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Sell. & Admin. Exp. Index #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Leverage Index #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Total Accruals/Total Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Constant -4.84 -4.84 -4.84 -4.84
Value of y #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Probability of Manipulaton #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Beneish M-Score
http://investexcel.net

Parameters Glossary
Year 2008 2009 SGA Selling, General and Administrative Expenses
Net Sales 93823 93685 CA Current Assets
Cost of Goods 52155 49193 DSRI Days Sales in Receivables Index
Net Receivables 1174 1373 GMI Gross Margin Index
Current Assets 73717 67991 AQI Asset Quality Index
Property, Plant and Equipment 2532 2058 SGI Sales Growth Index
Depreciation 1696 1716 DEPI Depreciation Index
Total Assets 86291 84832 SGAI Sales, General and Administrative Expenses Ind
SGA Expense 32426 33013 LVGI Leverage Index
Net Income 5741 9888 TATA Total Accruals to Total Assets
Cash Flow from Operations 8416 2877
Current Liabilities 26297 26275
Long-term Debt 1232 1470

Derived Variables
Other L/T Assets [TA-(CA+PPE)] 10042 14783
DSRI 1.171
GMI 1.069
AQI 1.497
SGI 0.999
DEPI 1.134
SGAI 1.020
TATA -0.031
LVGI 1.025

M-score
5 variable model -2.41 if M > -2.22, firm is likely to be a manipulator
8 variable model -2.23

Notes
5 variable equation M = -6.065+ .823 DSRI + .906 GMI + .593 AQI + .717 SGI + .107 DEPI
8 variable equation M = -4.84 + .920 DSRI + .528 GMI + .404 AQI + .892 SGI + .115 DEPI -.172 SGAI + 4.679 Accrual to TA - .32
 and Administrative Expenses

ceivables Index

nd Administrative Expenses Index

o Total Assets

GAI + 4.679 Accrual to TA - .327 Leverage