Nakoda Beneish M-Score Historical Data
The historical data trend for Nakoda'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.
Nakoda Beneish M-Score Chart
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Nakoda Annual Data
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Trend |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
| Beneish M-Score |
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0.00 |
0.00 |
25.01 |
-19.73 |
0.72 |
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Nakoda Quarterly Data
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Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Dec13 |
Mar15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Jun19 |
| Beneish M-Score |
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0.72 |
0.00 |
0.00 |
0.00 |
0.00 |
Nakoda Beneish M-Score Competitor Comparison
For the Textile Manufacturing subindustry, Nakoda'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.
Nakoda Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Nakoda's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nakoda's Beneish M-Score falls into.
Nakoda 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 Nakoda 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 * 8.6491 | + | 0.528 * -0.254 | + | 0.404 * 1.8882 | + | 0.892 * 0.0677 | + | 0.115 * 0.6927 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.471588 | - | 0.327 * 1.4704 |
| = | 1.20 |
* 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 (Mar18) TTM: | Last Year (Mar17) TTM: |
Total Receivables was ₹5,555.99 Mil.
Revenue was ₹21.89 Mil.
Gross Profit was ₹-11.70 Mil.
Total Current Assets was ₹5,717.24 Mil.
Total Assets was ₹10,101.32 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,151.93 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹803.59 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.00 Mil.
Total Current Liabilities was ₹131.40 Mil.
Long-Term Debt & Capital Lease Obligation was ₹18,875.86 Mil.
Net Income was ₹-4,763.66 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹0.00 Mil.
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Total Receivables was ₹9,482.44 Mil.
Revenue was ₹323.10 Mil.
Gross Profit was ₹43.87 Mil.
Total Current Assets was ₹9,665.52 Mil.
Total Assets was ₹14,873.38 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,467.25 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹804.62 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4.17 Mil.
Total Current Liabilities was ₹158.10 Mil.
Long-Term Debt & Capital Lease Obligation was ₹18,875.90 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) |
| = | (5555.989 / 21.888) | / | (9482.441 / 323.098) |
| = | 253.837217 | / | 29.348498 |
| | = | 8.6491 |
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) |
| = | (43.867 / 323.098) | / | (-11.699 / 21.888) |
| = | 0.13577 | / | -0.534494 |
| | = | -0.254 |
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 - (5717.243 + 2151.928) / 10101.317) | / | (1 - (9665.52 + 3467.246) / 14873.38) |
| = | 0.220976 | / | 0.117029 |
| | = | 1.8882 |
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 |
| = | 21.888 | / | 323.098 |
| | = | 0.0677 |
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)) |
| = | (804.615 / (804.615 + 3467.246)) | / | (803.593 / (803.593 + 2151.928)) |
| = | 0.188352 | / | 0.271896 |
| | = | 0.6927 |
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) |
| = | (0 / 21.888) | / | (4.174 / 323.098) |
| = | 0 | / | 0.012919 |
| | = | 0 |
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) |
| = | ((18875.86 + 131.395) / 10101.317) | / | ((18875.904 + 158.096) / 14873.38) |
| = | 1.881661 | / | 1.279736 |
| | = | 1.4704 |
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 |
| = | (-4763.663 - 0 | - | 0) | / | 10101.317 |
| | = | -0.471588 |
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.
Nakoda has a M-score of 1.20 signals that the company is likely to be a manipulator.
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