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Lancor Holdings (BOM:509048) Beneish M-Score : -4.44 (As of Apr. 25, 2024)


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What is Lancor Holdings Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -4.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Lancor Holdings's Beneish M-Score or its related term are showing as below:

BOM:509048' s Beneish M-Score Range Over the Past 10 Years
Min: -4.44   Med: -2.1   Max: 6.72
Current: -4.44

During the past 13 years, the highest Beneish M-Score of Lancor Holdings was 6.72. The lowest was -4.44. And the median was -2.10.


Lancor Holdings Beneish M-Score Historical Data

The historical data trend for Lancor Holdings'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.

* Premium members only.

Lancor Holdings Beneish M-Score Chart

Lancor Holdings Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.37 -3.40 -1.60 -1.58 -4.44

Lancor Holdings Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -4.44 - - -

Competitive Comparison of Lancor Holdings's Beneish M-Score

For the Real Estate - Development subindustry, Lancor Holdings'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.


Lancor Holdings's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Lancor Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Lancor Holdings's Beneish M-Score falls into.



Lancor Holdings 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 Lancor Holdings 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 * 0.5141+0.528 * 0.5975+0.404 * 1.0494+0.892 * 1.1117+0.115 * 0.7956
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.3094+4.679 * -0.29035-0.327 * 0.9513
=-4.44

* 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 ₹178 Mil.
Revenue was ₹1,142 Mil.
Gross Profit was ₹398 Mil.
Total Current Assets was ₹2,263 Mil.
Total Assets was ₹3,053 Mil.
Property, Plant and Equipment(Net PPE) was ₹227 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹21 Mil.
Selling, General, & Admin. Expense(SGA) was ₹80 Mil.
Total Current Liabilities was ₹1,231 Mil.
Long-Term Debt & Capital Lease Obligation was ₹491 Mil.
Net Income was ₹-3 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹883 Mil.
Total Receivables was ₹311 Mil.
Revenue was ₹1,028 Mil.
Gross Profit was ₹214 Mil.
Total Current Assets was ₹2,508 Mil.
Total Assets was ₹3,322 Mil.
Property, Plant and Equipment(Net PPE) was ₹230 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹17 Mil.
Selling, General, & Admin. Expense(SGA) was ₹55 Mil.
Total Current Liabilities was ₹1,172 Mil.
Long-Term Debt & Capital Lease Obligation was ₹797 Mil.




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)
=(177.91 / 1142.288) / (311.281 / 1027.538)
=0.155749 / 0.302939
=0.5141

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)
=(213.949 / 1027.538) / (398.08 / 1142.288)
=0.208215 / 0.348494
=0.5975

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 - (2262.84 + 227.163) / 3053.259) / (1 - (2507.975 + 229.717) / 3321.621)
=0.184477 / 0.175796
=1.0494

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
=1142.288 / 1027.538
=1.1117

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))
=(16.666 / (16.666 + 229.717)) / (21.109 / (21.109 + 227.163))
=0.067643 / 0.085024
=0.7956

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)
=(80.277 / 1142.288) / (55.149 / 1027.538)
=0.070277 / 0.053671
=1.3094

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)
=((490.934 + 1231.319) / 3053.259) / ((797.008 + 1172.482) / 3321.621)
=0.56407 / 0.59293
=0.9513

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
=(-3.392 - 0 - 883.122) / 3053.259
=-0.29035

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.

Lancor Holdings has a M-score of -4.44 suggests that the company is unlikely to be a manipulator.


Lancor Holdings Beneish M-Score Related Terms

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Lancor Holdings (BOM:509048) Business Description

Traded in Other Exchanges
Address
Number 58, G.N. Chetty Road, Arihant VTN Square, 2nd Floor, T. Nagar, Chennai, TN, IND, 600017
Lancor Holdings Ltd operates as a property development company in India. The company is engaged in the construction and sale of residential and leasing of commercial properties. The company's business includes the development of residential, commercial, and allied activities like property rental, maintenance of property, and brokerage services to trade, sell and buy properties and leasing properties. The company projects include Kiruba Cirrus, TCP Lakefront, Corner Stone, Lumina, Town & Country, Townsville, and others.

Lancor Holdings (BOM:509048) Headlines

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