Nitco Beneish M-Score Historical Data
The historical data trend for Nitco'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.
Nitco Beneish M-Score Chart
|
Nitco Annual Data
|
|
Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-3.03 |
-3.59 |
-3.08 |
-3.56 |
-3.78 |
|
Nitco Quarterly Data
|
|
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-3.56 |
- |
- |
- |
-3.78 |
Competitive Comparison of Nitco's Beneish M-Score
For the Building Products & Equipment subindustry, Nitco'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.
Nitco's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, Nitco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nitco's Beneish M-Score falls into.
Nitco 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 Nitco 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 * 0.5852 | + | 0.528 * 0.9531 | + | 0.404 * 1.3254 | + | 0.892 * 0.8493 | + | 0.115 * 0.9073 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.211124 | - | 0.327 * 1.1911 |
| = | -3.78 |
* 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 ₹469 Mil.
Revenue was ₹3,230 Mil.
Gross Profit was ₹642 Mil.
Total Current Assets was ₹3,627 Mil.
Total Assets was ₹7,303 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,146 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹292 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹10,573 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,006 Mil.
Net Income was ₹-1,630 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-88 Mil.
|
Total Receivables was ₹943 Mil.
Revenue was ₹3,803 Mil.
Gross Profit was ₹720 Mil.
Total Current Assets was ₹4,222 Mil.
Total Assets was ₹8,179 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,509 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹293 Mil.
Selling, General, & Admin. Expense(SGA) was ₹273 Mil.
Total Current Liabilities was ₹9,817 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,011 Mil.
|
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) |
| = | (468.527 / 3229.66) | / | (942.747 / 3802.661) |
| = | 0.14507 | / | 0.247918 |
| | = | 0.5852 |
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) |
| = | (720.476 / 3802.661) | / | (642.041 / 3229.66) |
| = | 0.189466 | / | 0.198795 |
| | = | 0.9531 |
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 - (3626.603 + 3145.798) / 7302.84) | / | (1 - (4221.962 + 3508.762) / 8178.95) |
| = | 0.072635 | / | 0.054802 |
| | = | 1.3254 |
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 |
| = | 3229.66 | / | 3802.661 |
| | = | 0.8493 |
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)) |
| = | (292.598 / (292.598 + 3508.762)) | / | (291.621 / (291.621 + 3145.798)) |
| = | 0.076972 | / | 0.084837 |
| | = | 0.9073 |
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 / 3229.66) | / | (273.266 / 3802.661) |
| = | 0 | / | 0.071862 |
| | = | 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) |
| = | ((2005.846 + 10573.229) / 7302.84) | / | ((2010.64 + 9817.451) / 8178.95) |
| = | 1.722491 | / | 1.446163 |
| | = | 1.1911 |
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 |
| = | (-1629.692 - 0 | - | -87.886) | / | 7302.84 |
| | = | -0.211124 |
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.
Nitco has a M-score of -3.78 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
BOM:532722 has been successfully added to your