Uniparts India Beneish M-Score Historical Data
The historical data trend for Uniparts 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.
Uniparts India Beneish M-Score Chart
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Uniparts India Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.98 |
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Uniparts India Quarterly Data
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Mar20 |
Mar21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
-1.62 |
- |
- |
-1.98 |
Competitive Comparison of Uniparts India's Beneish M-Score
For the Farm & Heavy Construction Machinery subindustry, Uniparts 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.
Uniparts India's Beneish M-Score Distribution in the Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Uniparts India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Uniparts India's Beneish M-Score falls into.
Uniparts 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 Uniparts 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 * 1.0115 | + | 0.528 * 1.0228 | + | 0.404 * 0.9489 | + | 0.892 * 0.8342 | + | 0.115 * 0.9381 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.110465 | - | 0.327 * 1.1124 |
| = | -1.98 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹1,337 Mil.
Revenue was 2898.78 + 2592.09 + 2936.8 + 2967.68 = ₹11,395 Mil.
Gross Profit was 1853.08 + 1672.4 + 1824.17 + 1815.15 = ₹7,165 Mil.
Total Current Assets was ₹7,700 Mil.
Total Assets was ₹11,288 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,745 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹417 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,873 Mil.
Long-Term Debt & Capital Lease Obligation was ₹339 Mil.
Net Income was 286.29 + 259.53 + 329.97 + 371.09 = ₹1,247 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
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Total Receivables was ₹1,584 Mil.
Revenue was 3282.36 + 3311.81 + 3597.63 + 3468.41 = ₹13,660 Mil.
Gross Profit was 2026.25 + 2169.12 + 2354.58 + 2234.94 = ₹8,785 Mil.
Total Current Assets was ₹6,978 Mil.
Total Assets was ₹10,574 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,764 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹390 Mil.
Selling, General, & Admin. Expense(SGA) was ₹326 Mil.
Total Current Liabilities was ₹1,410 Mil.
Long-Term Debt & Capital Lease Obligation was ₹454 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) |
| = | (1337.01 / 11395.35) | / | (1584.48 / 13660.21) |
| = | 0.117329 | / | 0.115992 |
| | = | 1.0115 |
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) |
| = | (8784.89 / 13660.21) | / | (7164.8 / 11395.35) |
| = | 0.643101 | / | 0.628748 |
| | = | 1.0228 |
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 - (7699.97 + 2745.42) / 11287.53) | / | (1 - (6978.34 + 2763.81) / 10573.51) |
| = | 0.074608 | / | 0.078627 |
| | = | 0.9489 |
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 |
| = | 11395.35 | / | 13660.21 |
| | = | 0.8342 |
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)) |
| = | (390.27 / (390.27 + 2763.81)) | / | (417.16 / (417.16 + 2745.42)) |
| = | 0.123735 | / | 0.131905 |
| | = | 0.9381 |
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) |
| = | (0 / 11395.35) | / | (326.19 / 13660.21) |
| = | 0 | / | 0.023879 |
| | = | 0 |
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) |
| = | ((339.36 + 1873.39) / 11287.53) | / | ((453.62 + 1409.7) / 10573.51) |
| = | 0.196035 | / | 0.176225 |
| | = | 1.1124 |
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 |
| = | (1246.88 - 0 | - | 0) | / | 11287.53 |
| | = | 0.110465 |
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.
Uniparts India has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
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