D & H India Beneish M-Score Historical Data
The historical data trend for D & H 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.
D & H India Beneish M-Score Chart
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D & H India Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.66 |
-2.59 |
-2.22 |
-1.95 |
-1.95 |
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D & H India Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.95 |
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Competitive Comparison of D & H India's Beneish M-Score
For the Tools & Accessories subindustry, D & H 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.
D & H India's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, D & H India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where D & H India's Beneish M-Score falls into.
D & H 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 D & H 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 * 1.0847 | + | 0.528 * 0.9544 | + | 0.404 * 1.5173 | + | 0.892 * 1.1379 | + | 0.115 * 1.2145 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.011 | + | 4.679 * 0.029243 | - | 0.327 * 1.0452 |
| = | -1.95 |
* 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 ₹347 Mil.
Revenue was ₹1,578 Mil.
Gross Profit was ₹325 Mil.
Total Current Assets was ₹675 Mil.
Total Assets was ₹1,009 Mil.
Property, Plant and Equipment(Net PPE) was ₹280 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹21 Mil.
Selling, General, & Admin. Expense(SGA) was ₹85 Mil.
Total Current Liabilities was ₹438 Mil.
Long-Term Debt & Capital Lease Obligation was ₹123 Mil.
Net Income was ₹27 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-2 Mil.
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Total Receivables was ₹282 Mil.
Revenue was ₹1,387 Mil.
Gross Profit was ₹273 Mil.
Total Current Assets was ₹627 Mil.
Total Assets was ₹848 Mil.
Property, Plant and Equipment(Net PPE) was ₹191 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹17 Mil.
Selling, General, & Admin. Expense(SGA) was ₹74 Mil.
Total Current Liabilities was ₹369 Mil.
Long-Term Debt & Capital Lease Obligation was ₹82 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) |
| = | (347.465 / 1578.216) | / | (281.502 / 1386.92) |
| = | 0.220163 | / | 0.202969 |
| | = | 1.0847 |
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) |
| = | (272.795 / 1386.92) | / | (325.238 / 1578.216) |
| = | 0.196691 | / | 0.20608 |
| | = | 0.9544 |
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 - (674.535 + 279.79) / 1008.819) | / | (1 - (626.944 + 190.593) / 847.717) |
| = | 0.054018 | / | 0.035602 |
| | = | 1.5173 |
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 |
| = | 1578.216 | / | 1386.92 |
| | = | 1.1379 |
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)) |
| = | (17.45 / (17.45 + 190.593)) | / | (20.757 / (20.757 + 279.79)) |
| = | 0.083877 | / | 0.069064 |
| | = | 1.2145 |
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) |
| = | (85.332 / 1578.216) | / | (74.172 / 1386.92) |
| = | 0.054069 | / | 0.05348 |
| | = | 1.011 |
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) |
| = | ((122.769 + 437.751) / 1008.819) | / | ((81.92 + 368.725) / 847.717) |
| = | 0.55562 | / | 0.531598 |
| | = | 1.0452 |
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 |
| = | (27.049 - 0 | - | -2.452) | / | 1008.819 |
| | = | 0.029243 |
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.
D & H India has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.
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