Muthoot Capital Services Beneish M-Score Historical Data
The historical data trend for Muthoot Capital Services'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.
Muthoot Capital Services Beneish M-Score Chart
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Muthoot Capital Services Annual Data
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Mar14 |
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Mar23 |
| Beneish M-Score |
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-1.11 |
-2.38 |
-3.86 |
-2.47 |
-2.13 |
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Muthoot Capital Services Quarterly Data
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Dec23 |
| Beneish M-Score |
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-2.13 |
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Competitive Comparison of Muthoot Capital Services's Beneish M-Score
For the Credit Services subindustry, Muthoot Capital Services'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.
Muthoot Capital Services's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Muthoot Capital Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Muthoot Capital Services's Beneish M-Score falls into.
Muthoot Capital Services 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 Muthoot Capital Services 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 * 0.9691 | + | 0.528 * 0.9662 | + | 0.404 * 1.0639 | + | 0.892 * 1.086 | + | 0.115 * 1.4327 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0031 | + | 4.679 * 0.051365 | - | 0.327 * 0.9977 |
| = | -2.13 |
* 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 ₹16,807 Mil.
Revenue was ₹4,311 Mil.
Gross Profit was ₹2,110 Mil.
Total Current Assets was ₹22,338 Mil.
Total Assets was ₹24,353 Mil.
Property, Plant and Equipment(Net PPE) was ₹20 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹58 Mil.
Total Current Liabilities was ₹1,466 Mil.
Long-Term Debt & Capital Lease Obligation was ₹17,873 Mil.
Net Income was ₹787 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-464 Mil.
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Total Receivables was ₹15,970 Mil.
Revenue was ₹3,970 Mil.
Gross Profit was ₹1,877 Mil.
Total Current Assets was ₹19,352 Mil.
Total Assets was ₹20,985 Mil.
Property, Plant and Equipment(Net PPE) was ₹18 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹10 Mil.
Selling, General, & Admin. Expense(SGA) was ₹54 Mil.
Total Current Liabilities was ₹2,264 Mil.
Long-Term Debt & Capital Lease Obligation was ₹14,440 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) |
| = | (16807.026 / 4311.13) | / | (15970.1 / 3969.8) |
| = | 3.89852 | / | 4.022898 |
| | = | 0.9691 |
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) |
| = | (1877.2 / 3969.8) | / | (2109.874 / 4311.13) |
| = | 0.47287 | / | 0.489402 |
| | = | 0.9662 |
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 - (22338.454 + 20.442) / 24353.421) | / | (1 - (19351.5 + 18.2) / 20985.2) |
| = | 0.081899 | / | 0.076983 |
| | = | 1.0639 |
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 |
| = | 4311.13 | / | 3969.8 |
| | = | 1.086 |
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)) |
| = | (9.6 / (9.6 + 18.2)) | / | (6.492 / (6.492 + 20.442)) |
| = | 0.345324 | / | 0.241034 |
| | = | 1.4327 |
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) |
| = | (58.391 / 4311.13) | / | (53.6 / 3969.8) |
| = | 0.013544 | / | 0.013502 |
| | = | 1.0031 |
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) |
| = | ((17872.562 + 1466.443) / 24353.421) | / | ((14439.8 + 2263.5) / 20985.2) |
| = | 0.794098 | / | 0.795956 |
| | = | 0.9977 |
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 |
| = | (786.795 - 0 | - | -464.121) | / | 24353.421 |
| | = | 0.051365 |
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.
Muthoot Capital Services has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.
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