Rajvir Industries Beneish M-Score Historical Data
The historical data trend for Rajvir 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.
Rajvir Industries Beneish M-Score Chart
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Rajvir Industries Annual Data
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| Beneish M-Score |
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-2.32 |
-2.89 |
-3.99 |
-3.26 |
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Rajvir Industries Quarterly Data
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| Beneish M-Score |
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Rajvir Industries Beneish M-Score Competitor Comparison
For the Textile Manufacturing subindustry, Rajvir 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.
Rajvir Industries Beneish M-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Rajvir Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rajvir Industries's Beneish M-Score falls into.
Rajvir 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 Rajvir 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 * 1.6404 | + | 0.528 * 0.4622 | + | 0.404 * 0.9392 | + | 0.892 * 0.5865 | + | 0.115 * 0.9858 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.35647 | - | 0.327 * 1.1579 |
| = | -4.29 |
* 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 ₹275.9 Mil.
Revenue was ₹339.4 Mil.
Gross Profit was ₹129.5 Mil.
Total Current Assets was ₹1,413.4 Mil.
Total Assets was ₹1,806.4 Mil.
Property, Plant and Equipment(Net PPE) was ₹283.4 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹26.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹2,180.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹508.7 Mil.
Net Income was ₹-328.4 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹315.5 Mil.
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Total Receivables was ₹286.7 Mil.
Revenue was ₹578.6 Mil.
Gross Profit was ₹102.1 Mil.
Total Current Assets was ₹1,508.4 Mil.
Total Assets was ₹1,943.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹309.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹27.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹1,820.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹678.0 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) |
| = | (275.866 / 339.396) | / | (286.714 / 578.64) |
| = | 0.812815 | / | 0.495496 |
| | = | 1.6404 |
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) |
| = | (102.068 / 578.64) | / | (129.514 / 339.396) |
| = | 0.176393 | / | 0.381601 |
| | = | 0.4622 |
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 - (1413.378 + 283.369) / 1806.434) | / | (1 - (1508.431 + 309.115) / 1943.177) |
| = | 0.06072 | / | 0.064652 |
| | = | 0.9392 |
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 |
| = | 339.396 | / | 578.64 |
| | = | 0.5865 |
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)) |
| = | (27.942 / (27.942 + 309.115)) | / | (26.017 / (26.017 + 283.369)) |
| = | 0.0829 | / | 0.084092 |
| | = | 0.9858 |
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 / 339.396) | / | (0 / 578.64) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((508.743 + 2180.231) / 1806.434) | / | ((677.965 + 1820.206) / 1943.177) |
| = | 1.488554 | / | 1.285612 |
| | = | 1.1579 |
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 |
| = | (-328.404 - 0 | - | 315.535) | / | 1806.434 |
| | = | -0.35647 |
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.
Rajvir Industries has a M-score of -4.29 suggests that the company is unlikely to be a manipulator.
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