NDR Auto Components Beneish M-Score Historical Data
The historical data trend for NDR Auto Components'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.
NDR Auto Components Beneish M-Score Chart
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NDR Auto Components Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
- |
-1.67 |
-2.11 |
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NDR Auto Components Quarterly Data
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Mar19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.11 |
-2.11 |
-1.98 |
-1.32 |
-1.33 |
Competitive Comparison of NDR Auto Components's Beneish M-Score
For the Auto Parts subindustry, NDR Auto Components'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.
NDR Auto Components's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, NDR Auto Components's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where NDR Auto Components's Beneish M-Score falls into.
NDR Auto Components 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 NDR Auto Components 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 * 1.0087 | + | 0.528 * 1.078 | + | 0.404 * 1.1519 | + | 0.892 * 1.6236 | + | 0.115 * 0.7899 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.105407 | - | 0.327 * 0.9679 |
| = | -1.33 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₹699 Mil.
Revenue was 1402.662 + 1576.228 + 1276.3 + 1250.153 = ₹5,505 Mil.
Gross Profit was 325.935 + 359.136 + 297.556 + 180.615 = ₹1,163 Mil.
Total Current Assets was ₹1,327 Mil.
Total Assets was ₹3,517 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,537 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹139 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹880 Mil.
Long-Term Debt & Capital Lease Obligation was ₹298 Mil.
Net Income was 85.442 + 103.164 + 82.442 + 99.637 = ₹371 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 ₹427 Mil.
Revenue was 1057.328 + 937.563 + 630.398 + 765.44 = ₹3,391 Mil.
Gross Profit was 259.286 + 253.484 + 157.241 + 102.288 = ₹772 Mil.
Total Current Assets was ₹1,489 Mil.
Total Assets was ₹3,093 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,105 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹78 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹745 Mil.
Long-Term Debt & Capital Lease Obligation was ₹325 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) |
| = | (698.885 / 5505.343) | / | (426.743 / 3390.729) |
| = | 0.126947 | / | 0.125856 |
| | = | 1.0087 |
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) |
| = | (772.299 / 3390.729) | / | (1163.242 / 5505.343) |
| = | 0.227768 | / | 0.211293 |
| | = | 1.078 |
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 - (1326.6 + 1536.778) / 3516.689) | / | (1 - (1489.304 + 1104.843) / 3092.946) |
| = | 0.185774 | / | 0.16127 |
| | = | 1.1519 |
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 |
| = | 5505.343 | / | 3390.729 |
| | = | 1.6236 |
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)) |
| = | (77.684 / (77.684 + 1104.843)) | / | (139.401 / (139.401 + 1536.778)) |
| = | 0.065693 | / | 0.083166 |
| | = | 0.7899 |
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 / 5505.343) | / | (0 / 3390.729) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((297.587 + 879.723) / 3516.689) | / | ((324.845 + 744.921) / 3092.946) |
| = | 0.334778 | / | 0.345873 |
| | = | 0.9679 |
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 |
| = | (370.685 - 0 | - | 0) | / | 3516.689 |
| | = | 0.105407 |
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.
NDR Auto Components has a M-score of -1.33 signals that the company is likely to be a manipulator.
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