Hazoor Multi Projects Beneish M-Score Historical Data
The historical data trend for Hazoor Multi 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.
Hazoor Multi Projects Beneish M-Score Chart
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Hazoor Multi Projects Annual Data
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2.96 |
2.85 |
2.49 |
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Hazoor Multi Projects Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Hazoor Multi Projects's Beneish M-Score
For the Real Estate - Development subindustry, Hazoor Multi 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.
Hazoor Multi Projects's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Hazoor Multi Projects's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hazoor Multi Projects's Beneish M-Score falls into.
Hazoor Multi 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 Hazoor Multi 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 * 6.2856 | + | 0.528 * 0.4675 | + | 0.404 * 0.0865 | + | 0.892 * 0.7019 | + | 0.115 * 0.6337 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.836 | + | 4.679 * 0.284899 | - | 0.327 * 0.8382 |
| = | 2.49 |
* 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 ₹3,623 Mil.
Revenue was ₹5,446 Mil.
Gross Profit was ₹1,003 Mil.
Total Current Assets was ₹6,080 Mil.
Total Assets was ₹6,555 Mil.
Property, Plant and Equipment(Net PPE) was ₹158 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹27 Mil.
Total Current Liabilities was ₹2,737 Mil.
Long-Term Debt & Capital Lease Obligation was ₹986 Mil.
Net Income was ₹638 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,230 Mil.
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Total Receivables was ₹821 Mil.
Revenue was ₹7,758 Mil.
Gross Profit was ₹668 Mil.
Total Current Assets was ₹957 Mil.
Total Assets was ₹2,529 Mil.
Property, Plant and Equipment(Net PPE) was ₹160 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹13 Mil.
Total Current Liabilities was ₹1,495 Mil.
Long-Term Debt & Capital Lease Obligation was ₹219 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) |
| = | (3623.321 / 5445.564) | / | (821.246 / 7758.071) |
| = | 0.665371 | / | 0.105857 |
| | = | 6.2856 |
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) |
| = | (668.019 / 7758.071) | / | (1002.991 / 5445.564) |
| = | 0.086106 | / | 0.184185 |
| | = | 0.4675 |
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 - (6080.087 + 158.404) / 6555.337) | / | (1 - (956.876 + 159.541) / 2528.535) |
| = | 0.048334 | / | 0.558473 |
| | = | 0.0865 |
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 |
| = | 5445.564 | / | 7758.071 |
| | = | 0.7019 |
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)) |
| = | (1.242 / (1.242 + 159.541)) | / | (1.955 / (1.955 + 158.404)) |
| = | 0.007725 | / | 0.012191 |
| | = | 0.6337 |
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) |
| = | (26.746 / 5445.564) | / | (13.436 / 7758.071) |
| = | 0.004912 | / | 0.001732 |
| | = | 2.836 |
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) |
| = | ((986.193 + 2737.043) / 6555.337) | / | ((218.724 + 1494.719) / 2528.535) |
| = | 0.56797 | / | 0.677643 |
| | = | 0.8382 |
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 |
| = | (637.695 - 0 | - | -1229.911) | / | 6555.337 |
| | = | 0.284899 |
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.
Hazoor Multi Projects has a M-score of 2.49 signals that the company is likely to be a manipulator.
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