Mumias Sugar Co Beneish M-Score Historical Data
The historical data trend for Mumias Sugar Co'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.
Mumias Sugar Co Beneish M-Score Chart
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Mumias Sugar Co Annual Data
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Trend |
Jun09 |
Jun10 |
Jun11 |
Jun12 |
Jun13 |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
| Beneish M-Score |
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-2.91 |
-5.61 |
-2.93 |
-3.31 |
-8.54 |
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Mumias Sugar Co Semi-Annual Data
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Jun09 |
Jun10 |
Jun11 |
Jun12 |
Jun13 |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
| Beneish M-Score |
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-2.91 |
-5.61 |
-2.93 |
-3.31 |
-8.54 |
Mumias Sugar Co Beneish M-Score Competitor Comparison
For the Confectioners subindustry, Mumias Sugar Co'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.
Mumias Sugar Co Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Mumias Sugar Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mumias Sugar Co's Beneish M-Score falls into.
Mumias Sugar Co 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 Mumias Sugar Co 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 * 0.1718 | + | 0.528 * 0.8359 | + | 0.404 * 0.2492 | + | 0.892 * 0.6594 | + | 0.115 * 0.7606 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2617 | + | 4.679 * -0.928778 | - | 0.327 * 1.7367 |
| = | -8.59 |
* 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 (Jun18) TTM: | Last Year (Jun17) TTM: |
Total Receivables was KES108 Mil.
Revenue was KES1,379 Mil.
Gross Profit was KES-2,515 Mil.
Total Current Assets was KES628 Mil.
Total Assets was KES15,736 Mil.
Property, Plant and Equipment(Net PPE) was KES14,831 Mil.
Depreciation, Depletion and Amortization(DDA) was KES1,638 Mil.
Selling, General, & Admin. Expense(SGA) was KES1,985 Mil.
Total Current Liabilities was KES21,633 Mil.
Long-Term Debt & Capital Lease Obligation was KES4,806 Mil.
Net Income was KES-15,141 Mil.
Gross Profit was KES0 Mil.
Cash Flow from Operations was KES-526 Mil.
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Total Receivables was KES952 Mil.
Revenue was KES2,092 Mil.
Gross Profit was KES-3,188 Mil.
Total Current Assets was KES1,860 Mil.
Total Assets was KES24,091 Mil.
Property, Plant and Equipment(Net PPE) was KES20,531 Mil.
Depreciation, Depletion and Amortization(DDA) was KES1,681 Mil.
Selling, General, & Admin. Expense(SGA) was KES2,387 Mil.
Total Current Liabilities was KES17,021 Mil.
Long-Term Debt & Capital Lease Obligation was KES6,287 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) |
| = | (107.838 / 1379.223) | / | (952.096 / 2091.751) |
| = | 0.078188 | / | 0.455167 |
| | = | 0.1718 |
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) |
| = | (-3188.146 / 2091.751) | / | (-2514.742 / 1379.223) |
| = | -1.524152 | / | -1.823303 |
| | = | 0.8359 |
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 - (628.242 + 14830.751) / 15735.609) | / | (1 - (1860.291 + 20531.484) / 24091.095) |
| = | 0.017579 | / | 0.070537 |
| | = | 0.2492 |
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 |
| = | 1379.223 | / | 2091.751 |
| | = | 0.6594 |
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)) |
| = | (1680.631 / (1680.631 + 20531.484)) | / | (1638.379 / (1638.379 + 14830.751)) |
| = | 0.075663 | / | 0.099482 |
| | = | 0.7606 |
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) |
| = | (1985.348 / 1379.223) | / | (2386.549 / 2091.751) |
| = | 1.439468 | / | 1.140934 |
| | = | 1.2617 |
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) |
| = | ((4806.469 + 21632.991) / 15735.609) | / | ((6286.941 + 17021.245) / 24091.095) |
| = | 1.680231 | / | 0.967502 |
| | = | 1.7367 |
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 |
| = | (-15141.253 - 0 | - | -526.373) | / | 15735.609 |
| | = | -0.928778 |
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.
Mumias Sugar Co has a M-score of -8.59 suggests that the company is unlikely to be a manipulator.
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