Ultramarine & Pigments Beneish M-Score Historical Data
The historical data trend for Ultramarine & Pigments'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.
Ultramarine & Pigments Beneish M-Score Chart
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Ultramarine & Pigments Annual Data
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Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.81 |
-2.15 |
-1.72 |
-2.64 |
-2.18 |
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Ultramarine & Pigments Quarterly Data
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Dec19 |
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Sep24 |
| Beneish M-Score |
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-2.18 |
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Competitive Comparison of Ultramarine & Pigments's Beneish M-Score
For the Specialty Chemicals subindustry, Ultramarine & Pigments'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.
Ultramarine & Pigments's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ultramarine & Pigments's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ultramarine & Pigments's Beneish M-Score falls into.
Ultramarine & Pigments 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 Ultramarine & Pigments 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 * 1.3001 | + | 0.528 * 1.0692 | + | 0.404 * 1.0828 | + | 0.892 * 1.0078 | + | 0.115 * 0.8937 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8039 | + | 4.679 * -0.019039 | - | 0.327 * 0.9503 |
| = | -2.18 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹621 Mil.
Revenue was ₹5,585 Mil.
Gross Profit was ₹1,508 Mil.
Total Current Assets was ₹2,691 Mil.
Total Assets was ₹10,756 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,107 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹221 Mil.
Selling, General, & Admin. Expense(SGA) was ₹197 Mil.
Total Current Liabilities was ₹914 Mil.
Long-Term Debt & Capital Lease Obligation was ₹631 Mil.
Net Income was ₹576 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹781 Mil.
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Total Receivables was ₹474 Mil.
Revenue was ₹5,542 Mil.
Gross Profit was ₹1,600 Mil.
Total Current Assets was ₹2,383 Mil.
Total Assets was ₹8,812 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,677 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹169 Mil.
Selling, General, & Admin. Expense(SGA) was ₹243 Mil.
Total Current Liabilities was ₹707 Mil.
Long-Term Debt & Capital Lease Obligation was ₹624 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) |
| = | (620.737 / 5584.89) | / | (473.773 / 5541.777) |
| = | 0.111146 | / | 0.085491 |
| | = | 1.3001 |
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) |
| = | (1599.64 / 5541.777) | / | (1507.687 / 5584.89) |
| = | 0.288651 | / | 0.269958 |
| | = | 1.0692 |
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 - (2690.751 + 3107.328) / 10755.589) | / | (1 - (2383.241 + 2677.464) / 8811.59) |
| = | 0.460924 | / | 0.425676 |
| | = | 1.0828 |
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 |
| = | 5584.89 | / | 5541.777 |
| | = | 1.0078 |
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)) |
| = | (169.002 / (169.002 + 2677.464)) | / | (221.116 / (221.116 + 3107.328)) |
| = | 0.059373 | / | 0.066432 |
| | = | 0.8937 |
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) |
| = | (197.023 / 5584.89) | / | (243.201 / 5541.777) |
| = | 0.035278 | / | 0.043885 |
| | = | 0.8039 |
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) |
| = | ((630.854 + 913.81) / 10755.589) | / | ((624.222 + 707.46) / 8811.59) |
| = | 0.143615 | / | 0.151128 |
| | = | 0.9503 |
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 |
| = | (575.951 - 0 | - | 780.728) | / | 10755.589 |
| | = | -0.019039 |
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.
Ultramarine & Pigments has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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