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Indo Count Industries (BOM:521016) Beneish M-Score : -2.14 (As of Mar. 14, 2025)


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What is Indo Count Industries 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:521016' s Beneish M-Score Range Over the Past 10 Years
Min: -3.59   Med: -2.24   Max: 4.22
Current: -2.14

During the past 13 years, the highest Beneish M-Score of Indo Count Industries was 4.22. The lowest was -3.59. And the median was -2.24.


Indo Count Industries Beneish M-Score Historical Data

The historical data trend for Indo Count Industries'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.

Indo Count Industries Beneish M-Score Chart

Indo Count Industries Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.68 -1.54 4.22 -3.59 -2.14

Indo Count Industries Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 - -2.14 - - -

Competitive Comparison of Indo Count Industries's Beneish M-Score

For the Textile Manufacturing subindustry, Indo Count Industries'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.


Indo Count Industries's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Indo Count Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Indo Count Industries's Beneish M-Score falls into.



Indo Count Industries 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 Indo Count Industries 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 * 1.0865+0.528 * 0.9396+0.404 * 0.7727+0.892 * 1.1759+0.115 * 0.8474
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0787+4.679 * 0.053839-0.327 * 0.9851
=-2.14

* 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 ₹6,114 Mil.
Revenue was ₹32,715 Mil.
Gross Profit was ₹15,008 Mil.
Total Current Assets was ₹21,397 Mil.
Total Assets was ₹35,686 Mil.
Property, Plant and Equipment(Net PPE) was ₹13,575 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹826 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,695 Mil.
Total Current Liabilities was ₹11,802 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,673 Mil.
Net Income was ₹3,379 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,458 Mil.
Total Receivables was ₹4,786 Mil.
Revenue was ₹27,822 Mil.
Gross Profit was ₹11,993 Mil.
Total Current Assets was ₹17,015 Mil.
Total Assets was ₹30,478 Mil.
Property, Plant and Equipment(Net PPE) was ₹12,674 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹647 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,124 Mil.
Total Current Liabilities was ₹9,458 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,225 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)
=(6114.33 / 32714.535) / (4785.818 / 27821.65)
=0.186899 / 0.172018
=1.0865

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)
=(11992.816 / 27821.65) / (15008.108 / 32714.535)
=0.431061 / 0.45876
=0.9396

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 - (21397.319 + 13574.948) / 35686.022) / (1 - (17015.198 + 12674.148) / 30478.198)
=0.020001 / 0.025883
=0.7727

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
=32714.535 / 27821.65
=1.1759

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))
=(647.321 / (647.321 + 12674.148)) / (825.813 / (825.813 + 13574.948))
=0.048592 / 0.057345
=0.8474

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)
=(2694.796 / 32714.535) / (2124.478 / 27821.65)
=0.082373 / 0.076361
=1.0787

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)
=((1673.076 + 11801.845) / 35686.022) / ((2224.922 + 9458.161) / 30478.198)
=0.377597 / 0.383326
=0.9851

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
=(3379.25 - 0 - 1457.965) / 35686.022
=0.053839

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.

Indo Count Industries has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.


Indo Count Industries Beneish M-Score Related Terms

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Indo Count Industries Business Description

Traded in Other Exchanges
Address
NCPA Marg, 301, 3rd Floor, Arcadia, Nariman Point, Mumbai, MH, IND, 400021
Indo Count Industries Ltd is an India-based company principally engaged in the manufacturing and sale of textile products. The company manufactures and exports bed sheets, bed linen, utility bedding, pillowcases, fashion bedding, institutional bedding, comforters, quilts, decorative pillows, etc. Its products are marketed through brands like Pure Earth, Boutique Living, Atlas, Simply Put, Linen Closet, The Pure Collection, and Heirlooms of India. The company operates in a single segment and derives a majority of its revenue by exporting its products to countries like the United States of America, UAE, the United Kingdom, and others.

Indo Count Industries Headlines

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