Uniply Industries Beneish M-Score Historical Data
The historical data trend for Uniply 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.
Uniply Industries Beneish M-Score Chart
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Uniply Industries Annual Data
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Trend |
Mar11 |
Mar12 |
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Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
| Beneish M-Score |
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-3.32 |
-0.66 |
-0.16 |
-0.71 |
1.83 |
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Uniply Industries Quarterly Data
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Sep15 |
Dec15 |
Mar16 |
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Mar17 |
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
| Beneish M-Score |
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0.00 |
0.00 |
0.00 |
1.83 |
0.00 |
NSE:UNIPLY vs UFPI, BCC, EVA: Beneish M-Score Comparison
For the Lumber & Wood Production subindustry, Uniply 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.
Uniply Industries Beneish M-Score vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Uniply Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Uniply Industries's Beneish M-Score falls into.
Uniply 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 Uniply 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 * 2.3568 | + | 0.528 * 2.4399 | + | 0.404 * 1.739 | + | 0.892 * 0.6434 | + | 0.115 * 0.9249 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6324 | + | 4.679 * 0.069422 | - | 0.327 * 1.3018 |
| = | -0.21 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was ₹4,645 Mil.
Revenue was ₹3,015 Mil.
Gross Profit was ₹339 Mil.
Total Current Assets was ₹5,702 Mil.
Total Assets was ₹12,828 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,250 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹43 Mil.
Selling, General, & Admin. Expense(SGA) was ₹43 Mil.
Total Current Liabilities was ₹5,178 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,347 Mil.
Net Income was ₹-284 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,175 Mil.
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Total Receivables was ₹3,063 Mil.
Revenue was ₹4,686 Mil.
Gross Profit was ₹1,284 Mil.
Total Current Assets was ₹6,589 Mil.
Total Assets was ₹10,735 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,318 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹42 Mil.
Selling, General, & Admin. Expense(SGA) was ₹106 Mil.
Total Current Liabilities was ₹2,434 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,761 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) |
| = | (4645.186 / 3014.928) | / | (3063.304 / 4685.754) |
| = | 1.540729 | / | 0.653748 |
| | = | 2.3568 |
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) |
| = | (1283.966 / 4685.754) | / | (338.588 / 3014.928) |
| = | 0.274015 | / | 0.112304 |
| | = | 2.4399 |
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 - (5702.078 + 1249.712) / 12827.522) | / | (1 - (6589.151 + 1318.499) / 10735.305) |
| = | 0.458057 | / | 0.263398 |
| | = | 1.739 |
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 |
| = | 3014.928 | / | 4685.754 |
| | = | 0.6434 |
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)) |
| = | (41.946 / (41.946 + 1318.499)) | / | (43.1 / (43.1 + 1249.712)) |
| = | 0.030833 | / | 0.033338 |
| | = | 0.9249 |
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) |
| = | (43.07 / 3014.928) | / | (105.847 / 4685.754) |
| = | 0.014286 | / | 0.022589 |
| | = | 0.6324 |
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) |
| = | ((1347.094 + 5177.596) / 12827.522) | / | ((1760.761 + 2433.762) / 10735.305) |
| = | 0.508648 | / | 0.390722 |
| | = | 1.3018 |
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 |
| = | (-284.33 - 0 | - | -1174.839) | / | 12827.522 |
| | = | 0.069422 |
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.
Uniply Industries has a M-score of -0.21 signals that the company is likely to be a manipulator.
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