Nissha Co Beneish M-Score Historical Data
The historical data trend for Nissha 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.
Nissha Co Beneish M-Score Chart
|
Nissha Co Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.81 |
-2.74 |
-2.77 |
-2.46 |
-2.50 |
|
Nissha Co Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.56 |
-2.51 |
-2.53 |
-2.50 |
-2.42 |
Competitive Comparison of Nissha Co's Beneish M-Score
For the Electronic Components subindustry, Nissha 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.
Nissha Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Nissha Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nissha Co's Beneish M-Score falls into.
Nissha 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 Nissha 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 * 1.2852 | + | 0.528 * 1.0002 | + | 0.404 * 1.2983 | + | 0.892 * 0.8822 | + | 0.115 * 1.0749 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2039 | + | 4.679 * -0.042521 | - | 0.327 * 0.9825 |
| = | -2.42 |
* 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 円36,648 Mil.
Revenue was 46719 + 43841 + 40879 + 40574 = 円172,013 Mil.
Gross Profit was 10156 + 9683 + 7683 + 8082 = 円35,604 Mil.
Total Current Assets was 円109,231 Mil.
Total Assets was 円236,168 Mil.
Property, Plant and Equipment(Net PPE) was 円55,366 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,156 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,894 Mil.
Total Current Liabilities was 円57,306 Mil.
Long-Term Debt & Capital Lease Obligation was 円46,924 Mil.
Net Income was 1240 + -3563 + -225 + 1585 = 円-963 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 5207 + 2162 + 606 + 1104 = 円9,079 Mil.
|
Total Receivables was 円32,322 Mil.
Revenue was 42430 + 52581 + 53165 + 46804 = 円194,980 Mil.
Gross Profit was 7174 + 10818 + 11136 + 11238 = 円40,366 Mil.
Total Current Assets was 円119,054 Mil.
Total Assets was 円223,848 Mil.
Property, Plant and Equipment(Net PPE) was 円52,542 Mil.
Depreciation, Depletion and Amortization(DDA) was 円9,457 Mil.
Selling, General, & Admin. Expense(SGA) was 円31,912 Mil.
Total Current Liabilities was 円53,672 Mil.
Long-Term Debt & Capital Lease Obligation was 円46,878 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) |
| = | (36648 / 172013) | / | (32322 / 194980) |
| = | 0.213054 | / | 0.165771 |
| | = | 1.2852 |
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) |
| = | (40366 / 194980) | / | (35604 / 172013) |
| = | 0.207026 | / | 0.206984 |
| | = | 1.0002 |
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 - (109231 + 55366) / 236168) | / | (1 - (119054 + 52542) / 223848) |
| = | 0.303051 | / | 0.233426 |
| | = | 1.2983 |
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 |
| = | 172013 | / | 194980 |
| | = | 0.8822 |
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)) |
| = | (9457 / (9457 + 52542)) | / | (9156 / (9156 + 55366)) |
| = | 0.152535 | / | 0.141905 |
| | = | 1.0749 |
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) |
| = | (33894 / 172013) | / | (31912 / 194980) |
| = | 0.197043 | / | 0.163668 |
| | = | 1.2039 |
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) |
| = | ((46924 + 57306) / 236168) | / | ((46878 + 53672) / 223848) |
| = | 0.441338 | / | 0.449189 |
| | = | 0.9825 |
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 |
| = | (-963 - 0 | - | 9079) | / | 236168 |
| | = | -0.042521 |
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.
Nissha Co has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:7915 has been successfully added to your