New Century Logistics (BVI) Limited
NCEW Industrials Integrated Freight & Logistics
New Century Logistics (BVI) Limited’s revenue for fiscal 2025 (year ended September 2025) was $44.1 million, down 15.5% from fiscal 2024.
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New Century Logistics (BVI) Limited (NCEW) Beneish M-score
New Century Logistics (BVI) Limited's Beneish M-score for fiscal 2025 is 5.92; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 5.92 | 8.56 |
| FY2024 | −2.64 | (0.98) |
| FY2023 | −1.65 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 22.04 | — | 11.64 | |
| Asset quality index | 1.22 | — | 0.49 | |
| Sales growth index | 0.84 | — | 0.75 | |
| Depreciation index | 2.03 | — | 0.23 | |
| SG&A index | 3.45 | — | −0.59 | |
| Total accruals to total assets | (0.50) | — | −2.36 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Flagged by the model | 5.92 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CJMB Callan JMB Inc. compare | −5.5× |
| QNME Quanome Technologies, Inc. compare | −4.8× |
| CRGO Freightos Limited compare | −2.9× |
| PAL Proficient Auto Logistics, Inc. compare | −2.9× |
| SFWL Shengfeng Development Limited compare | −2.3× |
| ELOG Eastern International Ltd. compare | −2.0× |
| FLX BingEx Limited compare | −1.3× |
| NCEW New Century Logistics (BVI) Limited | 5.9× |
| PSIG PS International Group Ltd. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI