Naraingarh Sugar Mills Beneish M-Score Historical Data
The historical data trend for Naraingarh Sugar Mills'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.
Naraingarh Sugar Mills Beneish M-Score Chart
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Naraingarh Sugar Mills Annual Data
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Trend |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
| Beneish M-Score |
|
- |
- |
-2.05 |
-2.27 |
-2.01 |
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Naraingarh Sugar Mills Quarterly Data
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|
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.05 |
-2.27 |
-2.01 |
- |
- |
Competitive Comparison of Naraingarh Sugar Mills's Beneish M-Score
For the Confectioners subindustry, Naraingarh Sugar Mills'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.
Naraingarh Sugar Mills's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Naraingarh Sugar Mills's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Naraingarh Sugar Mills's Beneish M-Score falls into.
Naraingarh Sugar Mills 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 Naraingarh Sugar Mills 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 * 1.6901 | + | 0.528 * 1.211 | + | 0.404 * 1.6774 | + | 0.892 * 0.6509 | + | 0.115 * 1.0518 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9675 | + | 4.679 * -0.050163 | - | 0.327 * 1.0552 |
| = | -2.01 |
* 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 (Mar20) TTM: | Last Year (Mar19) TTM: |
Total Receivables was ₹813.4 Mil.
Revenue was ₹2,153.3 Mil.
Gross Profit was ₹264.6 Mil.
Total Current Assets was ₹1,803.6 Mil.
Total Assets was ₹3,989.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,739.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹126.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹44.9 Mil.
Total Current Liabilities was ₹2,515.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,255.8 Mil.
Net Income was ₹-200.1 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹0.0 Mil.
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Total Receivables was ₹739.3 Mil.
Revenue was ₹3,308.0 Mil.
Gross Profit was ₹492.3 Mil.
Total Current Assets was ₹1,853.3 Mil.
Total Assets was ₹3,984.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,865.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹143.4 Mil.
Selling, General, & Admin. Expense(SGA) was ₹71.3 Mil.
Total Current Liabilities was ₹2,139.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,430.2 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) |
| = | (813.363 / 2153.308) | / | (739.294 / 3307.98) |
| = | 0.377727 | / | 0.223488 |
| | = | 1.6901 |
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) |
| = | (492.291 / 3307.98) | / | (264.618 / 2153.308) |
| = | 0.148819 | / | 0.122889 |
| | = | 1.211 |
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 - (1803.649 + 1739.824) / 3989.165) | / | (1 - (1853.308 + 1865.893) / 3984.596) |
| = | 0.111726 | / | 0.066605 |
| | = | 1.6774 |
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 |
| = | 2153.308 | / | 3307.98 |
| | = | 0.6509 |
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)) |
| = | (143.448 / (143.448 + 1865.893)) | / | (126.694 / (126.694 + 1739.824)) |
| = | 0.071391 | / | 0.067877 |
| | = | 1.0518 |
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) |
| = | (44.877 / 2153.308) | / | (71.262 / 3307.98) |
| = | 0.020841 | / | 0.021542 |
| | = | 0.9675 |
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) |
| = | ((1255.829 + 2515.147) / 3989.165) | / | ((1430.22 + 2139.295) / 3984.596) |
| = | 0.945305 | / | 0.895829 |
| | = | 1.0552 |
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 |
| = | (-200.109 - 0 | - | 0) | / | 3989.165 |
| | = | -0.050163 |
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.
Naraingarh Sugar Mills has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.
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