Sundaram Clayton Beneish M-Score Historical Data
The historical data trend for Sundaram Clayton'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.
Sundaram Clayton Beneish M-Score Chart
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Sundaram Clayton Annual Data
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Sundaram Clayton Quarterly Data
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Competitive Comparison of Sundaram Clayton's Beneish M-Score
For the Metal Fabrication subindustry, Sundaram Clayton'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.
Sundaram Clayton's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Sundaram Clayton's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sundaram Clayton's Beneish M-Score falls into.
Sundaram Clayton 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 Sundaram Clayton 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₹2,327 Mil.
Revenue was 5626 + 5804.3 + 5543.2 + 5508 = ₹22,482 Mil.
Gross Profit was 2668.8 + 2688.8 + 2089 + 2461.7 = ₹9,908 Mil.
Total Current Assets was ₹8,029 Mil.
Total Assets was ₹29,816 Mil.
Property, Plant and Equipment(Net PPE) was ₹20,247 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,606 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹15,647 Mil.
Long-Term Debt & Capital Lease Obligation was ₹8,792 Mil.
Net Income was -542 + -558.5 + -473.5 + -629 = ₹-2,203 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
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Total Receivables was ₹0 Mil.
Revenue was 2967.3 + 5154.9 + 0 + 0 = ₹8,122 Mil.
Gross Profit was 1367 + 2223.2 + 0 + 0 = ₹3,590 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹0 Mil.
Property, Plant and Equipment(Net PPE) was ₹0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹212 Mil.
Selling, General, & Admin. Expense(SGA) was ₹256 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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) |
| = | (2327.2 / 22481.5) | / | (0 / 8122.2) |
| = | 0.103516 | / | 0 |
| | = | |
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) |
| = | (3590.2 / 8122.2) | / | (9908.3 / 22481.5) |
| = | 0.442023 | / | 0.440731 |
| | = | |
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 - (8028.5 + 20246.5) / 29816.4) | / | (1 - (0 + 0) / 0) |
| = | 0.051696 | / | |
| | = | |
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 |
| = | 22481.5 | / | 8122.2 |
| | = | |
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)) |
| = | (212 / (212 + 0)) | / | (1606.4 / (1606.4 + 20246.5)) |
| = | 1 | / | 0.07351 |
| | = | |
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 / 22481.5) | / | (256.4 / 8122.2) |
| = | 0 | / | 0.031568 |
| | = | |
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) |
| = | ((8791.6 + 15647) / 29816.4) | / | ((0 + 0) / 0) |
| = | 0.819636 | / | |
| | = | |
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 |
| = | (-2203 - 0 | - | 0) | / | 29816.4 |
| | = | -0.073886 |
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.
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