Clara Industries Beneish M-Score Historical Data
The historical data trend for Clara Industries'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.
Clara Industries Beneish M-Score Chart
|
Clara Industries Annual Data
|
|
Trend |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
|
- |
- |
0.45 |
|
Clara Industries Semi-Annual Data
|
|
Mar22 |
Sep22 |
Mar23 |
Sep23 |
Mar24 |
Sep24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
- |
- |
- |
0.45 |
- |
Competitive Comparison of Clara Industries's Beneish M-Score
For the Packaging & Containers subindustry, Clara Industries'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.
Clara Industries's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Clara Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Clara Industries's Beneish M-Score falls into.
Clara Industries 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 Clara Industries 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 * 1.021 | + | 0.528 * 0.9198 | + | 0.404 * 1.92 | + | 0.892 * 1.114 | + | 0.115 * 0.3541 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2623 | + | 4.679 * 0.502247 | - | 0.327 * 0.2499 |
| = | 0.45 |
* 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.
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) |
| = | (82.444 / 126.813) | / | (72.483 / 113.832) |
| = | 0.650123 | / | 0.636754 |
| | = | 1.021 |
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) |
| = | (58.448 / 113.832) | / | (70.793 / 126.813) |
| = | 0.513458 | / | 0.558247 |
| | = | 0.9198 |
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 - (389.26 + 68.704) / 457.986) | / | (1 - (136.132 + 21.054) / 157.19) |
| = | 4.8E-5 | / | 2.5E-5 |
| | = | 1.92 |
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 |
| = | 126.813 | / | 113.832 |
| | = | 1.114 |
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)) |
| = | (0.957 / (0.957 + 21.054)) | / | (9.617 / (9.617 + 68.704)) |
| = | 0.043478 | / | 0.12279 |
| | = | 0.3541 |
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) |
| = | (0.606 / 126.813) | / | (0.431 / 113.832) |
| = | 0.004779 | / | 0.003786 |
| | = | 1.2623 |
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) |
| = | ((0.96 + 45.443) / 457.986) | / | ((0.96 + 62.765) / 157.19) |
| = | 0.10132 | / | 0.405401 |
| | = | 0.2499 |
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 |
| = | (41.967 - 0 | - | -188.055) | / | 457.986 |
| | = | 0.502247 |
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.
Clara Industries has a M-score of 0.45 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BOM:543435 has been successfully added to your