Rain Industries Beneish M-Score Historical Data
The historical data trend for Rain Industries'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.
Rain Industries Beneish M-Score Chart
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Rain Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.21 |
-2.74 |
-2.22 |
-2.03 |
-3.45 |
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Rain Industries Semi-Annual Data
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Mar05 |
Mar06 |
Mar07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.21 |
-2.74 |
-2.22 |
-2.03 |
-3.45 |
Competitive Comparison of Rain Industries's Beneish M-Score
For the Chemicals subindustry, Rain Industries'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.
Rain Industries's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Rain Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rain Industries's Beneish M-Score falls into.
Rain Industries 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 Rain Industries 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 * 1.0107 | + | 0.528 * 1.2022 | + | 0.404 * 0.9941 | + | 0.892 * 0.8635 | + | 0.115 * 1.0035 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1602 | + | 4.679 * -0.199981 | - | 0.327 * 1.0021 |
| = | -3.45 |
* 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 ₹22,026 Mil.
Revenue was ₹180,518 Mil.
Gross Profit was ₹65,933 Mil.
Total Current Assets was ₹79,088 Mil.
Total Assets was ₹200,089 Mil.
Property, Plant and Equipment(Net PPE) was ₹55,953 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7,763 Mil.
Selling, General, & Admin. Expense(SGA) was ₹16,203 Mil.
Total Current Liabilities was ₹32,420 Mil.
Long-Term Debt & Capital Lease Obligation was ₹77,216 Mil.
Net Income was ₹-9,379 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹30,635 Mil.
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Total Receivables was ₹25,239 Mil.
Revenue was ₹209,062 Mil.
Gross Profit was ₹91,797 Mil.
Total Current Assets was ₹92,482 Mil.
Total Assets was ₹221,734 Mil.
Property, Plant and Equipment(Net PPE) was ₹56,741 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7,903 Mil.
Selling, General, & Admin. Expense(SGA) was ₹16,174 Mil.
Total Current Liabilities was ₹39,184 Mil.
Long-Term Debt & Capital Lease Obligation was ₹82,053 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) |
| = | (22025.52 / 180518.14) | / | (25239.34 / 209061.97) |
| = | 0.122013 | / | 0.120727 |
| | = | 1.0107 |
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) |
| = | (91797.46 / 209061.97) | / | (65933.21 / 180518.14) |
| = | 0.439092 | / | 0.365244 |
| | = | 1.2022 |
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 - (79087.9 + 55952.92) / 200088.94) | / | (1 - (92482.279 + 56740.92) / 221734.09) |
| = | 0.325096 | / | 0.327017 |
| | = | 0.9941 |
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 |
| = | 180518.14 | / | 209061.97 |
| | = | 0.8635 |
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)) |
| = | (7903.1 / (7903.1 + 56740.92)) | / | (7762.68 / (7762.68 + 55952.92)) |
| = | 0.122256 | / | 0.121833 |
| | = | 1.0035 |
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) |
| = | (16203.11 / 180518.14) | / | (16174.38 / 209061.97) |
| = | 0.089759 | / | 0.077366 |
| | = | 1.1602 |
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) |
| = | ((77216.08 + 32419.78) / 200088.94) | / | ((82053.33 + 39183.56) / 221734.09) |
| = | 0.547936 | / | 0.546767 |
| | = | 1.0021 |
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 |
| = | (-9379.06 - 0 | - | 30634.88) | / | 200088.94 |
| | = | -0.199981 |
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.
Rain Industries has a M-score of -3.45 suggests that the company is unlikely to be a manipulator.
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