iGate Beneish M-Score Historical Data
The historical data trend for iGate'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.
iGate Beneish M-Score Chart
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iGate Annual Data
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Trend |
Dec05 |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
| Beneish M-Score |
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-2.38 |
-0.47 |
-2.59 |
-2.69 |
-2.15 |
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iGate Quarterly Data
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Jun10 |
Sep10 |
Dec10 |
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
| Beneish M-Score |
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-2.67 |
-2.33 |
-2.08 |
-2.15 |
-1.91 |
Competitive Comparison of iGate's Beneish M-Score
For the Information Technology Services subindustry, iGate'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.
iGate's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, iGate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where iGate's Beneish M-Score falls into.
iGate 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 iGate 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 * 1.1578 | + | 0.528 * 1.1067 | + | 0.404 * 1.3039 | + | 0.892 * 1.201 | + | 0.115 * 1.2485 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9745 | + | 4.679 * 0.013892 | - | 0.327 * 0.8255 |
| = | -1.82 |
* 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 (Mar15) TTM: | Last Year (Mar14) TTM: |
Total Receivables was €253 Mil.
Revenue was 297.567 + 268.844 + 250.473 + 229.444 = €1,046 Mil.
Gross Profit was 104.508 + 93.49 + 88.443 + 83.913 = €370 Mil.
Total Current Assets was €459 Mil.
Total Assets was €1,310 Mil.
Property, Plant and Equipment(Net PPE) was €294 Mil.
Depreciation, Depletion and Amortization(DDA) was €32 Mil.
Selling, General, & Admin. Expense(SGA) was €165 Mil.
Total Current Liabilities was €224 Mil.
Long-Term Debt & Capital Lease Obligation was €517 Mil.
Net Income was 35.13 + 30.795 + 28.951 + 2.293 = €97 Mil.
Non Operating Income was 7.592 + 5.431 + 5.633 + -33.556 = €-15 Mil.
Cash Flow from Operations was 0.32 + 42.321 + 31.956 + 19.276 = €94 Mil.
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Total Receivables was €182 Mil.
Revenue was 218.495 + 218.513 + 219.468 + 214.717 = €871 Mil.
Gross Profit was 82.007 + 86.997 + 90.765 + 81.483 = €341 Mil.
Total Current Assets was €779 Mil.
Total Assets was €1,434 Mil.
Property, Plant and Equipment(Net PPE) was €187 Mil.
Depreciation, Depletion and Amortization(DDA) was €26 Mil.
Selling, General, & Admin. Expense(SGA) was €141 Mil.
Total Current Liabilities was €787 Mil.
Long-Term Debt & Capital Lease Obligation was €195 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) |
| = | (253.051 / 1046.328) | / | (181.985 / 871.193) |
| = | 0.241847 | / | 0.208892 |
| | = | 1.1578 |
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) |
| = | (341.252 / 871.193) | / | (370.354 / 1046.328) |
| = | 0.391707 | / | 0.353956 |
| | = | 1.1067 |
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 - (459.131 + 294.003) / 1309.811) | / | (1 - (779.343 + 187.49) / 1434.385) |
| = | 0.425006 | / | 0.32596 |
| | = | 1.3039 |
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 |
| = | 1046.328 | / | 871.193 |
| | = | 1.201 |
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)) |
| = | (26.222 / (26.222 + 187.49)) | / | (32.044 / (32.044 + 294.003)) |
| = | 0.122698 | / | 0.09828 |
| | = | 1.2485 |
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) |
| = | (164.693 / 1046.328) | / | (140.722 / 871.193) |
| = | 0.157401 | / | 0.161528 |
| | = | 0.9745 |
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) |
| = | ((516.516 + 224.077) / 1309.811) | / | ((195.21 + 787.234) / 1434.385) |
| = | 0.56542 | / | 0.684924 |
| | = | 0.8255 |
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 |
| = | (97.169 - -14.9 | - | 93.873) | / | 1309.811 |
| | = | 0.013892 |
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.
iGate has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
iGate (FRA:MS4) Business Description
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Igate Corp was founded in 1986. The Company is an outsourcing provider of integrated end-to-end offshore centric information technology (IT) and IT-enabled operations solutions and services. The Company delivers various IT services through international integrated onsite and offshore delivery locations mainly in India. The Company provides its services to customers through industry focused practices, including insurance and healthcare (IHC), manufacturing, retail and logistics (MRDL), banking and financial services (BFS"), communications and utilities (CEU), and media and entertainment (MELT) and through technology focused practices. It offers services to customers through industry focused practices, including insurance and healthcare, life sciences, manufacturing, retail and logistics, banking and financial services, communications, energy and utilities, product and engineering solutions, government solutions and media and entertainment. Its IT and IT-enabled services include application development, application management, verification and validation, enterprise application solutions, business intelligence and data warehousing, infrastructure management services, enterprise mobility, cloud services, embedded systems development, engineering design services, IT consulting, IT governance and customized learning solutions, business process outsourcing ("BPO") and customer interaction services. The Company has operations in India, Canada, the United States, Europe, Mexico, Singapore, Malaysia, Japan, Australia, the United Arab Emirates, South Africa, Turkey, South Korea, China, Switzerland and the United Kingdom. The Company delivers effective solutions to more than 360 Fortune 1000 clients. The Company's main competitors in the IT and IT enabled outsourcing industry include IT outsourcing firms, consulting firms, systems integration-firms and general management consulting firms such as Tata Consultancy Services Limited, Infosys Technologies Limited, Cognizant Technology Solutions Corporation, Wipro Limited, Genpact Limited, WNS (Holdings) Limited, EXLService Holdings Inc., Syntel Inc., Mindtree Limited, and Hexaware Technologies Limited. The Company is subject to numerous, and sometimes conflicting, legal regimes on matters as diverse as anticorruption, import/export controls, content requirements, trade restrictions, tariffs, taxation, sanctions, immigration, internal and disclosure control obligations, securities regulation, anti-competition, data privacy and labor relations.
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