India Nippon Electricals Beneish M-Score Historical Data
The historical data trend for India Nippon Electricals'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.
India Nippon Electricals Beneish M-Score Chart
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India Nippon Electricals Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.59 |
-2.26 |
-1.97 |
-2.61 |
-2.23 |
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India Nippon Electricals Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.61 |
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-2.23 |
Competitive Comparison of India Nippon Electricals's Beneish M-Score
For the Auto Parts subindustry, India Nippon Electricals'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.
India Nippon Electricals's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, India Nippon Electricals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where India Nippon Electricals's Beneish M-Score falls into.
India Nippon Electricals 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 India Nippon Electricals 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 * 1.0466 | + | 0.528 * 0.9914 | + | 0.404 * 1.0564 | + | 0.892 * 1.1034 | + | 0.115 * 1.027 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.00405 | - | 0.327 * 1.1892 |
| = | -2.23 |
* 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 ₹1,418 Mil.
Revenue was ₹7,241 Mil.
Gross Profit was ₹2,246 Mil.
Total Current Assets was ₹4,279 Mil.
Total Assets was ₹8,370 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,548 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹151 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,703 Mil.
Long-Term Debt & Capital Lease Obligation was ₹21 Mil.
Net Income was ₹593 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹627 Mil.
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Total Receivables was ₹1,228 Mil.
Revenue was ₹6,563 Mil.
Gross Profit was ₹2,018 Mil.
Total Current Assets was ₹3,657 Mil.
Total Assets was ₹7,178 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,457 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹146 Mil.
Selling, General, & Admin. Expense(SGA) was ₹209 Mil.
Total Current Liabilities was ₹1,214 Mil.
Long-Term Debt & Capital Lease Obligation was ₹29 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) |
| = | (1417.5 / 7240.8) | / | (1227.5 / 6562.5) |
| = | 0.195766 | / | 0.187048 |
| | = | 1.0466 |
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) |
| = | (2017.6 / 6562.5) | / | (2245.5 / 7240.8) |
| = | 0.307444 | / | 0.310118 |
| | = | 0.9914 |
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 - (4279.3 + 1547.9) / 8370.3) | / | (1 - (3656.8 + 1456.5) / 7177.5) |
| = | 0.303824 | / | 0.287593 |
| | = | 1.0564 |
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 |
| = | 7240.8 | / | 6562.5 |
| | = | 1.1034 |
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)) |
| = | (146.2 / (146.2 + 1456.5)) | / | (150.9 / (150.9 + 1547.9)) |
| = | 0.091221 | / | 0.088827 |
| | = | 1.027 |
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 / 7240.8) | / | (208.6 / 6562.5) |
| = | 0 | / | 0.031787 |
| | = | 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) |
| = | ((21.2 + 1703.4) / 8370.3) | / | ((29.4 + 1214.2) / 7177.5) |
| = | 0.206038 | / | 0.173264 |
| | = | 1.1892 |
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 |
| = | (593 - 0 | - | 626.9) | / | 8370.3 |
| | = | -0.00405 |
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.
India Nippon Electricals has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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