Banco Products (India) Beneish M-Score Historical Data
The historical data trend for Banco Products (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.
Banco Products (India) Beneish M-Score Chart
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Banco Products (India) Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.43 |
-2.26 |
-2.79 |
-2.00 |
-1.66 |
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Banco Products (India) Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.66 |
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Competitive Comparison of Banco Products (India)'s Beneish M-Score
For the Auto Parts subindustry, Banco Products (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.
Banco Products (India)'s Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Banco Products (India)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Banco Products (India)'s Beneish M-Score falls into.
Banco Products (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 Banco Products (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 * 1.0621 | + | 0.528 * 0.9398 | + | 0.404 * 0.7562 | + | 0.892 * 1.1939 | + | 0.115 * 1.0171 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.147078 | - | 0.327 * 1.4429 |
| = | -1.66 |
* 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 ₹4,135 Mil.
Revenue was ₹23,005 Mil.
Gross Profit was ₹9,628 Mil.
Total Current Assets was ₹14,555 Mil.
Total Assets was ₹18,837 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,690 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹564 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹6,502 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,471 Mil.
Net Income was ₹2,356 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-415 Mil.
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Total Receivables was ₹3,261 Mil.
Revenue was ₹19,269 Mil.
Gross Profit was ₹7,579 Mil.
Total Current Assets was ₹11,608 Mil.
Total Assets was ₹15,318 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,074 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹479 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,149 Mil.
Total Current Liabilities was ₹3,657 Mil.
Long-Term Debt & Capital Lease Obligation was ₹836 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) |
| = | (4134.9 / 23005.4) | / | (3260.813 / 19269.1) |
| = | 0.179736 | / | 0.169225 |
| | = | 1.0621 |
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) |
| = | (7578.9 / 19269.1) | / | (9627.9 / 23005.4) |
| = | 0.393319 | / | 0.418506 |
| | = | 0.9398 |
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 - (14555.2 + 3690) / 18836.9) | / | (1 - (11608.082 + 3074.013) / 15318.391) |
| = | 0.031412 | / | 0.041538 |
| | = | 0.7562 |
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 |
| = | 23005.4 | / | 19269.1 |
| | = | 1.1939 |
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)) |
| = | (478.7 / (478.7 + 3074.013)) | / | (563.5 / (563.5 + 3690)) |
| = | 0.134742 | / | 0.132479 |
| | = | 1.0171 |
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 / 23005.4) | / | (1149.094 / 19269.1) |
| = | 0 | / | 0.059634 |
| | = | 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) |
| = | ((1470.7 + 6501.9) / 18836.9) | / | ((836.243 + 3656.976) / 15318.391) |
| = | 0.423244 | / | 0.293322 |
| | = | 1.4429 |
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 |
| = | (2355.8 - 0 | - | -414.7) | / | 18836.9 |
| | = | 0.147078 |
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.
Banco Products (India) has a M-score of -1.66 signals that the company is likely to be a manipulator.
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