Nitta Gelatin India Beneish M-Score Historical Data
The historical data trend for Nitta Gelatin 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.
Nitta Gelatin India Beneish M-Score Chart
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Nitta Gelatin India Annual Data
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Trend |
Mar15 |
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.13 |
-1.92 |
-1.93 |
-2.85 |
-2.43 |
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Nitta Gelatin India Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-2.85 |
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-2.43 |
Competitive Comparison of Nitta Gelatin India's Beneish M-Score
For the Specialty Chemicals subindustry, Nitta Gelatin 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.
Nitta Gelatin India's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Nitta Gelatin India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nitta Gelatin India's Beneish M-Score falls into.
Nitta Gelatin 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 Nitta Gelatin 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 * 0.9905 | + | 0.528 * 0.909 | + | 0.404 * 1.0174 | + | 0.892 * 0.9423 | + | 0.115 * 0.9495 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.026993 | - | 0.327 * 0.6543 |
| = | -2.43 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹854 Mil.
Revenue was ₹5,327 Mil.
Gross Profit was ₹3,066 Mil.
Total Current Assets was ₹2,704 Mil.
Total Assets was ₹4,227 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,210 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹151 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹633 Mil.
Long-Term Debt & Capital Lease Obligation was ₹41 Mil.
Net Income was ₹826 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹941 Mil.
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Total Receivables was ₹914 Mil.
Revenue was ₹5,654 Mil.
Gross Profit was ₹2,957 Mil.
Total Current Assets was ₹2,211 Mil.
Total Assets was ₹3,674 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,195 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹141 Mil.
Selling, General, & Admin. Expense(SGA) was ₹156 Mil.
Total Current Liabilities was ₹827 Mil.
Long-Term Debt & Capital Lease Obligation was ₹69 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) |
| = | (853.537 / 5327.33) | / | (914.471 / 5653.664) |
| = | 0.160219 | / | 0.161748 |
| | = | 0.9905 |
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) |
| = | (2957.325 / 5653.664) | / | (3065.564 / 5327.33) |
| = | 0.523081 | / | 0.575441 |
| | = | 0.909 |
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 - (2704.456 + 1209.629) / 4227.302) | / | (1 - (2211.449 + 1195.441) / 3674.487) |
| = | 0.074094 | / | 0.072826 |
| | = | 1.0174 |
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 |
| = | 5327.33 | / | 5653.664 |
| | = | 0.9423 |
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)) |
| = | (141.238 / (141.238 + 1195.441)) | / | (151.46 / (151.46 + 1209.629)) |
| = | 0.105663 | / | 0.111279 |
| | = | 0.9495 |
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 / 5327.33) | / | (155.504 / 5653.664) |
| = | 0 | / | 0.027505 |
| | = | 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) |
| = | ((40.912 + 632.918) / 4227.302) | / | ((68.544 + 826.575) / 3674.487) |
| = | 0.1594 | / | 0.243604 |
| | = | 0.6543 |
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 |
| = | (826.428 - 0 | - | 940.535) | / | 4227.302 |
| | = | -0.026993 |
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.
Nitta Gelatin India has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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