Timken India Beneish M-Score Historical Data
The historical data trend for Timken 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.
Timken India Beneish M-Score Chart
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Timken 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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-2.81 |
-2.45 |
-1.43 |
-2.30 |
-2.24 |
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Timken India Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
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Mar23 |
Jun23 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.24 |
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Competitive Comparison of Timken India's Beneish M-Score
For the Tools & Accessories subindustry, Timken 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.
Timken India's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Timken India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Timken India's Beneish M-Score falls into.
Timken 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 Timken 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 * 1.0879 | + | 0.528 * 0.9842 | + | 0.404 * 1.1344 | + | 0.892 * 1.0387 | + | 0.115 * 1.1275 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1251 | + | 4.679 * 0.01748 | - | 0.327 * 0.9792 |
| = | -2.24 |
* 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 ₹6,554 Mil.
Revenue was ₹28,957 Mil.
Gross Profit was ₹10,153 Mil.
Total Current Assets was ₹18,487 Mil.
Total Assets was ₹29,876 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,221 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹852 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,029 Mil.
Total Current Liabilities was ₹4,732 Mil.
Long-Term Debt & Capital Lease Obligation was ₹165 Mil.
Net Income was ₹3,921 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹3,399 Mil.
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Total Receivables was ₹5,800 Mil.
Revenue was ₹27,879 Mil.
Gross Profit was ₹9,620 Mil.
Total Current Assets was ₹16,117 Mil.
Total Assets was ₹25,565 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,551 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹872 Mil.
Selling, General, & Admin. Expense(SGA) was ₹881 Mil.
Total Current Liabilities was ₹4,273 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6 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) |
| = | (6554.2 / 28957.13) | / | (5800.33 / 27878.54) |
| = | 0.226341 | / | 0.208057 |
| | = | 1.0879 |
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) |
| = | (9620.06 / 27878.54) | / | (10152.59 / 28957.13) |
| = | 0.34507 | / | 0.350608 |
| | = | 0.9842 |
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 - (18487.46 + 6221.38) / 29875.8) | / | (1 - (16116.87 + 5550.83) / 25565.34) |
| = | 0.172948 | / | 0.152458 |
| | = | 1.1344 |
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 |
| = | 28957.13 | / | 27878.54 |
| | = | 1.0387 |
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)) |
| = | (871.99 / (871.99 + 5550.83)) | / | (851.68 / (851.68 + 6221.38)) |
| = | 0.135764 | / | 0.120412 |
| | = | 1.1275 |
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) |
| = | (1029.46 / 28957.13) | / | (880.88 / 27878.54) |
| = | 0.035551 | / | 0.031597 |
| | = | 1.1251 |
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) |
| = | ((165.31 + 4731.96) / 29875.8) | / | ((6.32 + 4273.26) / 25565.34) |
| = | 0.163921 | / | 0.167398 |
| | = | 0.9792 |
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 |
| = | (3921.42 - 0 | - | 3399.19) | / | 29875.8 |
| | = | 0.01748 |
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.
Timken India has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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