Automotive Stampings & Assemblies Beneish M-Score Historical Data
The historical data trend for Automotive Stampings & Assemblies'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.
Automotive Stampings & Assemblies Beneish M-Score Chart
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Automotive Stampings & Assemblies Annual Data
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Mar14 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.60 |
-3.36 |
-3.62 |
-1.73 |
-1.93 |
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Automotive Stampings & Assemblies Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
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Dec23 |
| Beneish M-Score |
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-1.93 |
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Competitive Comparison of Automotive Stampings & Assemblies's Beneish M-Score
For the Auto Parts subindustry, Automotive Stampings & Assemblies'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.
Automotive Stampings & Assemblies's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Automotive Stampings & Assemblies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Automotive Stampings & Assemblies's Beneish M-Score falls into.
Automotive Stampings & Assemblies 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 Automotive Stampings & Assemblies 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 * 1.8117 | + | 0.528 * 0.9875 | + | 0.404 * 0.5555 | + | 0.892 * 1.363 | + | 0.115 * 0.8103 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9278 | + | 4.679 * -0.07373 | - | 0.327 * 0.9374 |
| = | -1.93 |
* 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 ₹569 Mil.
Revenue was ₹8,282 Mil.
Gross Profit was ₹1,540 Mil.
Total Current Assets was ₹1,264 Mil.
Total Assets was ₹2,257 Mil.
Property, Plant and Equipment(Net PPE) was ₹937 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹138 Mil.
Selling, General, & Admin. Expense(SGA) was ₹143 Mil.
Total Current Liabilities was ₹2,150 Mil.
Long-Term Debt & Capital Lease Obligation was ₹339 Mil.
Net Income was ₹83 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹250 Mil.
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Total Receivables was ₹231 Mil.
Revenue was ₹6,076 Mil.
Gross Profit was ₹1,116 Mil.
Total Current Assets was ₹795 Mil.
Total Assets was ₹1,809 Mil.
Property, Plant and Equipment(Net PPE) was ₹932 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹108 Mil.
Selling, General, & Admin. Expense(SGA) was ₹113 Mil.
Total Current Liabilities was ₹1,762 Mil.
Long-Term Debt & Capital Lease Obligation was ₹367 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) |
| = | (569.496 / 8282.314) | / | (230.62 / 6076.371) |
| = | 0.06876 | / | 0.037954 |
| | = | 1.8117 |
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) |
| = | (1115.865 / 6076.371) | / | (1540.148 / 8282.314) |
| = | 0.18364 | / | 0.185956 |
| | = | 0.9875 |
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 - (1263.991 + 936.556) / 2256.876) | / | (1 - (795.47 + 932.211) / 1808.952) |
| = | 0.024959 | / | 0.044927 |
| | = | 0.5555 |
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 |
| = | 8282.314 | / | 6076.371 |
| | = | 1.363 |
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)) |
| = | (108.441 / (108.441 + 932.211)) | / | (138.207 / (138.207 + 936.556)) |
| = | 0.104205 | / | 0.128593 |
| | = | 0.8103 |
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) |
| = | (143.008 / 8282.314) | / | (113.088 / 6076.371) |
| = | 0.017267 | / | 0.018611 |
| | = | 0.9278 |
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) |
| = | ((339.425 + 2149.787) / 2256.876) | / | ((366.691 + 1761.663) / 1808.952) |
| = | 1.102946 | / | 1.176567 |
| | = | 0.9374 |
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 |
| = | (83.253 - 0 | - | 249.653) | / | 2256.876 |
| | = | -0.07373 |
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.
Automotive Stampings & Assemblies has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.
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