Olympic Industries Beneish M-Score Historical Data
The historical data trend for Olympic 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.
Olympic Industries Beneish M-Score Chart
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Olympic Industries Annual Data
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Olympic Industries Quarterly Data
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Competitive Comparison of Olympic Industries's Beneish M-Score
For the Confectioners subindustry, Olympic 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.
Olympic Industries's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Olympic Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Olympic Industries's Beneish M-Score falls into.
Olympic 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 Olympic 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 * | + | 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was BDT397 Mil.
Revenue was 7366.775 + 7535.842 + 6516.032 + 6554.076 = BDT27,973 Mil.
Gross Profit was 1832.702 + 1894.239 + 1235.599 + 1603.949 = BDT6,566 Mil.
Total Current Assets was BDT9,454 Mil.
Total Assets was BDT15,550 Mil.
Property, Plant and Equipment(Net PPE) was BDT6,096 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT527 Mil.
Selling, General, & Admin. Expense(SGA) was BDT2,978 Mil.
Total Current Liabilities was BDT3,911 Mil.
Long-Term Debt & Capital Lease Obligation was BDT0 Mil.
Net Income was 598.3 + 564.84 + 258.607 + 423.166 = BDT1,845 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 833.049 + 616.611 + 2118.75 + 753.422 = BDT4,322 Mil.
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Total Receivables was BDT197 Mil.
Revenue was 6524.957 + 6333.751 + 5996.727 + 6114.921 = BDT24,970 Mil.
Gross Profit was 1699.887 + 1631.304 + 1247.025 + 1450.559 = BDT6,029 Mil.
Total Current Assets was BDT9,809 Mil.
Total Assets was BDT15,462 Mil.
Property, Plant and Equipment(Net PPE) was BDT5,653 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT505 Mil.
Selling, General, & Admin. Expense(SGA) was BDT2,160 Mil.
Total Current Liabilities was BDT5,139 Mil.
Long-Term Debt & Capital Lease Obligation was BDT185 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) |
| = | (396.612 / 27972.725) | / | (197.059 / 24970.356) |
| = | 0.014179 | / | 0.007892 |
| | = | |
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) |
| = | (6028.775 / 24970.356) | / | (6566.489 / 27972.725) |
| = | 0.241437 | / | 0.234746 |
| | = | |
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 - (9453.702 + 6096.496) / 15550.198) | / | (1 - (9809.424 + 5652.77) / 15462.194) |
| = | 0 | / | -0 |
| | = | |
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 |
| = | 27972.725 | / | 24970.356 |
| | = | |
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)) |
| = | (504.588 / (504.588 + 5652.77)) | / | (526.785 / (526.785 + 6096.496)) |
| = | 0.081949 | / | 0.079535 |
| | = | |
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) |
| = | (2978.398 / 27972.725) | / | (2160.111 / 24970.356) |
| = | 0.106475 | / | 0.086507 |
| | = | |
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) |
| = | ((0.439 + 3911.434) / 15550.198) | / | ((184.656 + 5139.495) / 15462.194) |
| = | 0.251564 | / | 0.344333 |
| | = | |
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 |
| = | (1844.913 - 0 | - | 4321.832) | / | 15550.198 |
| | = | -0.159285 |
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.
Olympic Industries Business Description
Traded in Other Exchanges
N/A
Address
Amin Court, 6th Floor, 62-63, Motijheel Commercial Area, Dhaka, BGD, 1000
Olympic Industries Ltd is a manufacturer, distributor, and marketer of biscuits and fast-moving consumer goods in Bangladesh. The company's products are distributed into biscuits including Energy Plus, Coconut Plus, First Choice, Crack Jack, Tim Tim, Marie Gold, and Namkin among others; cookies and bakery including Badami cookies, dry cake, and daily toast; confectionery including Green Mango, Ripe Mango, cool, energy, among others and batteries that include Olympic Gold, Olympic Laser, Olympic Heavy Duty, among others. It has two business units namely Battery and Biscuit, confectionery, bakery & snacks. The majority of its revenue is derived from the Biscuit, confectionery, bakery & snacks division.
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