S & T (BOM:514197) Beneish M-Score : -2.09 (As of Dec. 14, 2024)

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What is S & T 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 -2.09 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for S & T's Beneish M-Score or its related term are showing as below:

BOM:514197' s Beneish M-Score Range Over the Past 10 Years
Min: -14.41 Med: -1.84 Max: 1885.51
Current: -2.09

During the past 13 years, the highest Beneish M-Score of S & T was 1885.51. The lowest was -14.41. And the median was -1.84.

S & T Beneish M-Score Historical Data

The historical data trend for S & T'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.

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S & T Beneish M-Score Chart

S & T Annual Data

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Mar15

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Mar24

Beneish M-Score

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-5.53

-1.84

S & T Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-14.41	-6.09	-	21.18	-2.09

Competitive Comparison of S & T's Beneish M-Score

For the Real Estate - Development subindustry, S & T'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.

S & T's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, S & T's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where S & T's Beneish M-Score falls into.

S & T 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 S & T for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 3.566

0.528 * 0.0232

0.404 * 0.8804

0.892 * 0.3086

0.115 * 1.0064

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 3.5398

4.679 * 0.018163

0.327 * 2.3422

-2.09

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₹0.18 Mil.
Revenue was 0.425 + 0.425 + -1.144 + 0.419 = ₹0.13 Mil.
Gross Profit was 5.695 + 0.425 + -1.144 + 0.419 = ₹5.40 Mil.
Total Current Assets was ₹58.77 Mil.
Total Assets was ₹206.19 Mil.
Property, Plant and Equipment(Net PPE) was ₹30.92 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.18 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.16 Mil.
Total Current Liabilities was ₹72.30 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.
Net Income was 4.988 + -0.725 + 0.132 + -0.65 = ₹3.75 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0.00 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0.00 Mil.

Total Receivables was ₹0.16 Mil.
Revenue was 0.405 + 0 + 0 + 0 = ₹0.41 Mil.
Gross Profit was 0.405 + 0 + 0 + 0 = ₹0.41 Mil.
Total Current Assets was ₹24.10 Mil.
Total Assets was ₹153.51 Mil.
Property, Plant and Equipment(Net PPE) was ₹30.90 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.18 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.98 Mil.
Total Current Liabilities was ₹22.98 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 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)
	=	(0.175 / 0.125)	/	(0.159 / 0.405)
	=	1.4	/	0.392593
	=	3.566

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)
	=	(0.405 / 0.405)	/	(5.395 / 0.125)
	=	1	/	43.16
	=	0.0232

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 - (58.773 + 30.921) / 206.193)	/	(1 - (24.096 + 30.897) / 153.508)
	=	0.565	/	0.641758
	=	0.8804

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
	=	0.125	/	0.405
	=	0.3086

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))
	=	(0.176 / (0.176 + 30.897))	/	(0.175 / (0.175 + 30.921))
	=	0.005664	/	0.005628
	=	1.0064

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)
	=	(2.161 / 0.125)	/	(1.978 / 0.405)
	=	17.288	/	4.883951
	=	3.5398

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)
	=	((0 + 72.302) / 206.193)	/	((0 + 22.982) / 153.508)
	=	0.350652	/	0.149712
	=	2.3422

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
	=	(3.745 - 0	-	0)	/	206.193
	=	0.018163

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.

S & T has a M-score of -2.09 suggests that the company is unlikely to be a manipulator.

S & T Beneish M-Score Related Terms

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S & T Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » S & T Corp Ltd (BOM:514197) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

195, Walkeshwar Road, Teen Batti, Near Bank of India, Mumbai, MH, IND, 400006

Website

http://www.stcl.co.in

S & T Corp Ltd is engaged in the real estate development business. The Company is in the modern stage of taking a few redevelopment projects in Maharashtra.

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