Lanka Tiles Beneish M-Score Historical Data
The historical data trend for Lanka Tiles'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.
Lanka Tiles Beneish M-Score Chart
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Lanka Tiles Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.47 |
-2.42 |
-2.99 |
-3.09 |
1.37 |
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Lanka Tiles Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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0.20 |
1.37 |
-1.33 |
-2.14 |
-2.99 |
Competitive Comparison of Lanka Tiles's Beneish M-Score
For the Building Products & Equipment subindustry, Lanka Tiles'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.
Lanka Tiles's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Lanka Tiles's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lanka Tiles's Beneish M-Score falls into.
Lanka Tiles 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 Lanka Tiles 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 * 0.7645 | + | 0.528 * 1.0114 | + | 0.404 * 0.7745 | + | 0.892 * 1.0512 | + | 0.115 * 1.1612 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.216 | + | 4.679 * -0.048822 | - | 0.327 * 1.0132 |
| = | -2.99 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was රු3,589 Mil.
Revenue was 5669.179 + 4399.27 + 3453.359 + 5065.672 = රු18,587 Mil.
Gross Profit was 2660.721 + 2097.597 + 1439.662 + 2206.499 = රු8,404 Mil.
Total Current Assets was රු11,499 Mil.
Total Assets was රු20,667 Mil.
Property, Plant and Equipment(Net PPE) was රු7,593 Mil.
Depreciation, Depletion and Amortization(DDA) was රු506 Mil.
Selling, General, & Admin. Expense(SGA) was රු2,958 Mil.
Total Current Liabilities was රු3,823 Mil.
Long-Term Debt & Capital Lease Obligation was රු283 Mil.
Net Income was 1084.339 + 810.232 + 387.002 + 851.929 = රු3,134 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = රු0 Mil.
Cash Flow from Operations was 2182.931 + 850.328 + 277.961 + 831.288 = රු4,143 Mil.
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Total Receivables was රු4,466 Mil.
Revenue was 4646.839 + 4851.209 + 4120.322 + 4063.882 = රු17,682 Mil.
Gross Profit was 1970.325 + 2164.184 + 2086.638 + 1865.229 = රු8,086 Mil.
Total Current Assets was රු10,796 Mil.
Total Assets was රු19,179 Mil.
Property, Plant and Equipment(Net PPE) was රු6,496 Mil.
Depreciation, Depletion and Amortization(DDA) was රු508 Mil.
Selling, General, & Admin. Expense(SGA) was රු2,314 Mil.
Total Current Liabilities was රු3,261 Mil.
Long-Term Debt & Capital Lease Obligation was රු500 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) |
| = | (3588.877 / 18587.48) | / | (4465.994 / 17682.252) |
| = | 0.19308 | / | 0.252569 |
| | = | 0.7645 |
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) |
| = | (8086.376 / 17682.252) | / | (8404.479 / 18587.48) |
| = | 0.457316 | / | 0.452158 |
| | = | 1.0114 |
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 - (11499.133 + 7592.772) / 20667.17) | / | (1 - (10796.318 + 6495.542) / 19179.49) |
| = | 0.076221 | / | 0.098419 |
| | = | 0.7745 |
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 |
| = | 18587.48 | / | 17682.252 |
| | = | 1.0512 |
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)) |
| = | (507.608 / (507.608 + 6495.542)) | / | (505.502 / (505.502 + 7592.772)) |
| = | 0.072483 | / | 0.062421 |
| | = | 1.1612 |
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) |
| = | (2957.983 / 18587.48) | / | (2314.118 / 17682.252) |
| = | 0.159138 | / | 0.130872 |
| | = | 1.216 |
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) |
| = | ((283.033 + 3823.277) / 20667.17) | / | ((500.297 + 3260.606) / 19179.49) |
| = | 0.198688 | / | 0.19609 |
| | = | 1.0132 |
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 |
| = | (3133.502 - 0 | - | 4142.508) | / | 20667.17 |
| | = | -0.048822 |
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.
Lanka Tiles has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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