Flair Writing Industries Beneish M-Score Historical Data
The historical data trend for Flair Writing 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.
Flair Writing Industries Beneish M-Score Chart
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Flair Writing Industries Annual Data
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Trend |
Mar17 |
Mar18 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
-2.85 |
-1.87 |
-2.05 |
-1.05 |
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Flair Writing Industries Semi-Annual Data
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Mar17 |
Mar18 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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|
- |
-2.85 |
-1.87 |
-2.05 |
-1.05 |
Competitive Comparison of Flair Writing Industries's Beneish M-Score
For the Business Equipment & Supplies subindustry, Flair Writing 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.
Flair Writing Industries's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Flair Writing Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Flair Writing Industries's Beneish M-Score falls into.
Flair Writing 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 Flair Writing 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 * 1.2005 | + | 0.528 * 0.9137 | + | 0.404 * 2.8635 | + | 0.892 * 1.0383 | + | 0.115 * 0.9765 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.037296 | - | 0.327 * 0.5095 |
| = | -1.05 |
* 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 ₹2,149 Mil.
Revenue was ₹9,787 Mil.
Gross Profit was ₹4,930 Mil.
Total Current Assets was ₹7,153 Mil.
Total Assets was ₹11,078 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,454 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹368 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,409 Mil.
Long-Term Debt & Capital Lease Obligation was ₹509 Mil.
Net Income was ₹1,190 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹776 Mil.
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Total Receivables was ₹1,724 Mil.
Revenue was ₹9,427 Mil.
Gross Profit was ₹4,339 Mil.
Total Current Assets was ₹4,106 Mil.
Total Assets was ₹6,842 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,634 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹273 Mil.
Selling, General, & Admin. Expense(SGA) was ₹436 Mil.
Total Current Liabilities was ₹1,840 Mil.
Long-Term Debt & Capital Lease Obligation was ₹486 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) |
| = | (2149.32 / 9787.25) | / | (1724.41 / 9426.6) |
| = | 0.219604 | / | 0.18293 |
| | = | 1.2005 |
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) |
| = | (4338.91 / 9426.6) | / | (4930.3 / 9787.25) |
| = | 0.460284 | / | 0.503747 |
| | = | 0.9137 |
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 - (7152.55 + 3454.16) / 11078.34) | / | (1 - (4106.28 + 2633.83) / 6841.83) |
| = | 0.042572 | / | 0.014867 |
| | = | 2.8635 |
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 |
| = | 9787.25 | / | 9426.6 |
| | = | 1.0383 |
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)) |
| = | (273.41 / (273.41 + 2633.83)) | / | (368.1 / (368.1 + 3454.16)) |
| = | 0.094045 | / | 0.096304 |
| | = | 0.9765 |
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 / 9787.25) | / | (436.23 / 9426.6) |
| = | 0 | / | 0.046276 |
| | = | 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) |
| = | ((509.43 + 1409.17) / 11078.34) | / | ((485.73 + 1839.94) / 6841.83) |
| = | 0.173185 | / | 0.339919 |
| | = | 0.5095 |
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 |
| = | (1189.58 - 0 | - | 776.4) | / | 11078.34 |
| | = | 0.037296 |
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.
Flair Writing Industries has a M-score of -1.05 signals that the company is likely to be a manipulator.
Flair Writing Industries (BOM:544030) Business Description
Traded in Other Exchanges
Address
63 B/C, Government Industrial Estate, Charkop, Kandivali West, Mumbai, MH, IND, 400 067
Flair Writing Industries Ltd is engaged in manufacturing pens and other products. It manufactures and distributes several brands in India and due to its ability to manufacture quality products and its distribution and retail capabilities, It is able to partner with various international brands in the writing instruments industry. Its products are sold under its Flair brand, its principal brands Hauser and Pierre Cardin and It has recently introduced ZOOX in India. Its products include ball pens, fountain pens, gel pens, roller pens and metal pens, mechanical pencils, highlighters, correction pens, markers, gel crayons, colouring range, erasers, geometry boxes and kids stationery kits, and calculators.
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