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Silkflex Polymers (India) (NSE:SILKFLEX) Beneish M-Score : -2.31 (As of Dec. 14, 2024)


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What is Silkflex Polymers (India) Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Silkflex Polymers (India)'s Beneish M-Score or its related term are showing as below:

NSE:SILKFLEX' s Beneish M-Score Range Over the Past 10 Years
Min: -2.31   Med: -2.31   Max: -2.31
Current: -2.31

During the past 3 years, the highest Beneish M-Score of Silkflex Polymers (India) was -2.31. The lowest was -2.31. And the median was -2.31.


Silkflex Polymers (India) Beneish M-Score Historical Data

The historical data trend for Silkflex Polymers (India)'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.

* Premium members only.

Silkflex Polymers (India) Beneish M-Score Chart

Silkflex Polymers (India) Annual Data
Trend Mar21 Mar22 Mar23
Beneish M-Score
- - -2.31

Silkflex Polymers (India) Semi-Annual Data
Mar21 Mar22 Mar23 Sep23 Sep24
Beneish M-Score - - -2.31 - -

Competitive Comparison of Silkflex Polymers (India)'s Beneish M-Score

For the Specialty Chemicals subindustry, Silkflex Polymers (India)'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.


Silkflex Polymers (India)'s Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Silkflex Polymers (India)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Silkflex Polymers (India)'s Beneish M-Score falls into.



Silkflex Polymers (India) 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 Silkflex Polymers (India) 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 * 0.7737+0.528 * 1.1568+0.404 * 1.0208+0.892 * 1.2296+0.115 * 0.6249
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0353+4.679 * 0.032589-0.327 * 1.0504
=-2.31

* 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 (Mar23) TTM:Last Year (Mar22) TTM:
Total Receivables was ₹21.00 Mil.
Revenue was ₹342.13 Mil.
Gross Profit was ₹92.52 Mil.
Total Current Assets was ₹181.63 Mil.
Total Assets was ₹237.47 Mil.
Property, Plant and Equipment(Net PPE) was ₹39.33 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3.98 Mil.
Selling, General, & Admin. Expense(SGA) was ₹11.62 Mil.
Total Current Liabilities was ₹133.39 Mil.
Long-Term Debt & Capital Lease Obligation was ₹20.93 Mil.
Net Income was ₹7.86 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹0.12 Mil.
Total Receivables was ₹22.08 Mil.
Revenue was ₹278.25 Mil.
Gross Profit was ₹87.05 Mil.
Total Current Assets was ₹149.39 Mil.
Total Assets was ₹196.88 Mil.
Property, Plant and Equipment(Net PPE) was ₹34.08 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.08 Mil.
Selling, General, & Admin. Expense(SGA) was ₹9.13 Mil.
Total Current Liabilities was ₹102.03 Mil.
Long-Term Debt & Capital Lease Obligation was ₹19.78 Mil.




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)
=(21 / 342.133) / (22.075 / 278.247)
=0.06138 / 0.079336
=0.7737

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)
=(87.049 / 278.247) / (92.524 / 342.133)
=0.312848 / 0.270433
=1.1568

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 - (181.633 + 39.329) / 237.473) / (1 - (149.391 + 34.08) / 196.881)
=0.069528 / 0.068112
=1.0208

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
=342.133 / 278.247
=1.2296

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))
=(2.075 / (2.075 + 34.08)) / (3.977 / (3.977 + 39.329))
=0.057392 / 0.091835
=0.6249

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)
=(11.623 / 342.133) / (9.13 / 278.247)
=0.033972 / 0.032813
=1.0353

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)
=((20.927 + 133.392) / 237.473) / ((19.778 + 102.028) / 196.881)
=0.649838 / 0.618678
=1.0504

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
=(7.859 - 0 - 0.12) / 237.473
=0.032589

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.

Silkflex Polymers (India) has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.


Silkflex Polymers (India) Beneish M-Score Related Terms

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Silkflex Polymers (India) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Daga Complex, Sulati Jaladhulagori, Sankrail, Howrah, WB, IND, 711302
Silkflex Polymers (India) Ltd is engaged in the trading of textile printing inks and water-based wood coating polymer products of a Malaysian brand- "Silkflex" produced by Silkflex Polymers SDN BHD. The business is divided into two categories i.e., textile printing ink products and wood coating products. Textile printing ink products include screen coating, Glue, Machine grade non-pvc inks, Additives, and Specialty water-based non-pvc inks. Wood coating products include Base coat, Top coat, Stains, and Sealer.

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