Tohpe Beneish M-Score Historical Data
The historical data trend for Tohpe'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.
Tohpe Beneish M-Score Chart
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Tohpe Annual Data
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Trend |
Mar08 |
Mar09 |
Mar10 |
Mar11 |
Mar12 |
Mar13 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.76 |
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Tohpe Quarterly Data
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Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.76 |
Competitive Comparison of Tohpe's Beneish M-Score
For the Specialty Chemicals subindustry, Tohpe'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.
Tohpe's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Tohpe's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tohpe's Beneish M-Score falls into.
Tohpe 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 Tohpe 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 * 0.923 | + | 0.528 * 0.8612 | + | 0.404 * 1.0462 | + | 0.892 * 1.0142 | + | 0.115 * 0.947 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0015 | + | 4.679 * 0.002483 | - | 0.327 * 0.9804 |
| = | -2.58 |
* 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 (Mar13) TTM: | Last Year (Mar12) TTM: |
Total Receivables was 円4,702 Mil.
Revenue was 3746.743 + 3690.554 + 3911.295 + 3783.157 = 円15,132 Mil.
Gross Profit was 692.782 + 693.33 + 781.267 + 726.387 = 円2,894 Mil.
Total Current Assets was 円8,278 Mil.
Total Assets was 円15,343 Mil.
Property, Plant and Equipment(Net PPE) was 円5,913 Mil.
Depreciation, Depletion and Amortization(DDA) was 円153 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,675 Mil.
Total Current Liabilities was 円11,058 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,083 Mil.
Net Income was 35.822 + 11.561 + 70.579 + -47.808 = 円70 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 0 + 32.06 + 0 = 円32 Mil.
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Total Receivables was 円5,022 Mil.
Revenue was 3823.048 + 3646.512 + 3838.191 + 3611.88 = 円14,920 Mil.
Gross Profit was 650.811 + 595.266 + 649.701 + 561.535 = 円2,457 Mil.
Total Current Assets was 円8,028 Mil.
Total Assets was 円14,993 Mil.
Property, Plant and Equipment(Net PPE) was 円5,889 Mil.
Depreciation, Depletion and Amortization(DDA) was 円144 Mil.
Selling, General, & Admin. Expense(SGA) was 円2,633 Mil.
Total Current Liabilities was 円7,600 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,501 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) |
| = | (4701.502 / 15131.749) | / | (5022.392 / 14919.631) |
| = | 0.310704 | / | 0.33663 |
| | = | 0.923 |
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) |
| = | (2457.313 / 14919.631) | / | (2893.766 / 15131.749) |
| = | 0.164703 | / | 0.191238 |
| | = | 0.8612 |
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 - (8277.86 + 5912.995) / 15343.076) | / | (1 - (8027.723 + 5889.484) / 14993.428) |
| = | 0.075097 | / | 0.07178 |
| | = | 1.0462 |
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 |
| = | 15131.749 | / | 14919.631 |
| | = | 1.0142 |
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)) |
| = | (144.125 / (144.125 + 5889.484)) | / | (153.003 / (153.003 + 5912.995)) |
| = | 0.023887 | / | 0.025223 |
| | = | 0.947 |
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) |
| = | (2674.748 / 15131.749) | / | (2633.186 / 14919.631) |
| = | 0.176764 | / | 0.176491 |
| | = | 1.0015 |
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) |
| = | ((1082.949 + 11058.215) / 15343.076) | / | ((4500.71 + 7600.383) / 14993.428) |
| = | 0.791312 | / | 0.807093 |
| | = | 0.9804 |
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 |
| = | (70.154 - 0 | - | 32.06) | / | 15343.076 |
| | = | 0.002483 |
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.
Tohpe has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.
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