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VSF Projects (BOM:519331) Beneish M-Score : 0.00 (As of Dec. 13, 2024)


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What is VSF Projects 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.

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

During the past 13 years, the highest Beneish M-Score of VSF Projects was 1.70. The lowest was -1.00. And the median was 0.41.


VSF Projects Beneish M-Score Historical Data

The historical data trend for VSF Projects'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.

VSF Projects Beneish M-Score Chart

VSF Projects Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
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VSF Projects Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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Competitive Comparison of VSF Projects's Beneish M-Score

For the Engineering & Construction subindustry, VSF Projects'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.


VSF Projects's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, VSF Projects's Beneish M-Score distribution charts can be found below:

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



VSF Projects 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 VSF Projects 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 ₹0.00 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹0.00 Mil.
Total Current Assets was ₹69.13 Mil.
Total Assets was ₹912.42 Mil.
Property, Plant and Equipment(Net PPE) was ₹842.44 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.63 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.59 Mil.
Total Current Liabilities was ₹95.07 Mil.
Long-Term Debt & Capital Lease Obligation was ₹315.36 Mil.
Net Income was ₹353.45 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹38.85 Mil.
Total Receivables was ₹0.00 Mil.
Revenue was ₹0.00 Mil.
Gross Profit was ₹-5.63 Mil.
Total Current Assets was ₹20.78 Mil.
Total Assets was ₹672.22 Mil.
Property, Plant and Equipment(Net PPE) was ₹650.57 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.61 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.32 Mil.
Total Current Liabilities was ₹233.16 Mil.
Long-Term Debt & Capital Lease Obligation was ₹149.34 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 / 0) / (0 / 0)
= /
=

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)
=(-5.629 / 0) / (0 / 0)
= /
=

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 - (69.127 + 842.436) / 912.417) / (1 - (20.781 + 650.573) / 672.219)
=0.000936 / 0.001287
=

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 / 0
=

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))
=(0.607 / (0.607 + 650.573)) / (0.626 / (0.626 + 842.436))
=0.000932 / 0.000743
=

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)
=(0.588 / 0) / (0.318 / 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)
=((315.356 + 95.074) / 912.417) / ((149.339 + 233.163) / 672.219)
=0.449827 / 0.569014
=

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
=(353.452 - 0 - 38.846) / 912.417
=0.344805

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.


VSF Projects Beneish M-Score Related Terms

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VSF Projects Business Description

Traded in Other Exchanges
N/A
Address
Vasavi MPM Grand, 1018, 9th Floor, Ameerpet, Hyderabad, TG, IND, 500 073
VSF Projects Ltd operates as an integrated construction, infrastructure development, and execution company in India. It operates through one segment: Construction and Infrastructure development and aquaculture. The company offers engineering and construction services for various projects, including thermal, solar, irrigation, water supply, and industrial projects, as well as roads and bridges.

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