CIK 842294

EXCEL MARITIME CARRIERS LTD

CIK 0000842294 · EDGAR ↗

cleanelevatedtriggeredno dataplanned

79.2

composite · 4 signals · ELEVATED

Every card below shows the score and the exact filing data it was computed from — no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded — never a guess.

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Signals

P-05 · FY 2010-12-31 · ELEVATED100.0

Tax arbitrage

ETR 0.3% vs 21% statutory — gap persistent across 2 of 2 years

trend: flat

Trend

Source: 20-F on SEC.gov (filed 2012-03-30) ↗

Evidence — inputs and thresholds

{
  "etr_by_year": {
    "2010-12-31": 0.003,
    "2009-12-31": 0.0019
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2010-12-31": 0.207,
    "2009-12-31": 0.2081
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": false,
  "latest_filing_period": "2011-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/842294/000091957412002595/0000919574-12-002595-index.htm",
    "form": "20-F",
    "filed": "2012-03-30"
  }
}

P-13 · FY 2011-12-31 · ELEVATED70.0

Zombie / distress

Interest coverage -4.35x below 1.0

trend: flat

Trend

Source: 20-F on SEC.gov (filed 2012-03-30) ↗

Evidence — inputs and thresholds

{
  "icr_by_year": {
    "2011-12-31": -4.349,
    "2010-12-31": 8.477,
    "2009-12-31": 6.964
  },
  "consecutive_years_below_1": 1,
  "altman_z_double_prime": 1.373,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": -161473000,
    "interest_expense_t": 37133000
  },
  "stale": false,
  "latest_filing_period": "2011-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/842294/000091957412002595/0000919574-12-002595-index.htm",
    "form": "20-F",
    "filed": "2012-03-30"
  }
}

P-01 · FY 2011-12-31 · CLEAN12.2

Earnings quality

Beneish M-Score -3.07 — no manipulation profile

trend: flat

Trend

Source: 20-F on SEC.gov (filed 2012-03-30) ↗

Evidence — inputs and thresholds

{
  "m_score": -3.074,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 1.69,
    "GMI": 1.09,
    "AQI": 0.28,
    "SGI": 0.521,
    "DEPI": 0.937,
    "SGAI": 1,
    "LVGI": 1.023,
    "TATA": -0.116
  },
  "defaulted_to_neutral": [
    "SGAI"
  ],
  "sloan_accruals": -0.1098,
  "inputs": {
    "revenue_t": 356889000,
    "revenue_t1": 685647000,
    "total_assets_t": 2721929000,
    "net_income_t": -211593000,
    "cfo_t": 104350000
  },
  "stale": false,
  "latest_filing_period": "2011-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/842294/000091957412002595/0000919574-12-002595-index.htm",
    "form": "20-F",
    "filed": "2012-03-30"
  }
}

P-12 · FY 2011-12-31 · CLEAN9.8

Restatement predictor

F-Score 0.30 — at or below the population base rate

trend: flat

Trend

Source: 20-F on SEC.gov (filed 2012-03-30) ↗

Evidence — inputs and thresholds

{
  "f_score": 0.295,
  "probability": 0.00109,
  "components": {
    "rsst": -0.1098,
    "drec": -0.0003,
    "dinv": 0.0002,
    "soft": 0.0323,
    "dcs": -0.4781,
    "droa": -0.1628,
    "issue": 1
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2011-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/842294/000091957412002595/0000919574-12-002595-index.htm",
    "form": "20-F",
    "filed": "2012-03-30"
  }
}