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Voltamp Transformers (BOM:532757) Beneish M-Score : -2.25 (As of Dec. 14, 2024)


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What is Voltamp Transformers Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.25 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Voltamp Transformers's Beneish M-Score or its related term are showing as below:

BOM:532757' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78   Med: -2.13   Max: -1.78
Current: -2.25

During the past 13 years, the highest Beneish M-Score of Voltamp Transformers was -1.78. The lowest was -2.78. And the median was -2.13.


Voltamp Transformers Beneish M-Score Historical Data

The historical data trend for Voltamp Transformers'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.

* Premium members only.

Voltamp Transformers Beneish M-Score Chart

Voltamp Transformers Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.78 -1.78 -1.98 -2.13 -2.25

Voltamp Transformers Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - -2.25 - -

Competitive Comparison of Voltamp Transformers's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Voltamp Transformers'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.


Voltamp Transformers's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Voltamp Transformers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Voltamp Transformers's Beneish M-Score falls into.



Voltamp Transformers 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 Voltamp Transformers 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 * 0.9176+0.528 * 0.8386+0.404 * 1.1013+0.892 * 1.1695+0.115 * 0.9789
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1287+4.679 * 0.059881-0.327 * 1.1731
=-2.25

* 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 ₹2,499 Mil.
Revenue was ₹16,094 Mil.
Gross Profit was ₹4,791 Mil.
Total Current Assets was ₹5,460 Mil.
Total Assets was ₹15,211 Mil.
Property, Plant and Equipment(Net PPE) was ₹769 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹114 Mil.
Selling, General, & Admin. Expense(SGA) was ₹406 Mil.
Total Current Liabilities was ₹1,472 Mil.
Long-Term Debt & Capital Lease Obligation was ₹17 Mil.
Net Income was ₹3,074 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹2,163 Mil.
Total Receivables was ₹2,328 Mil.
Revenue was ₹13,762 Mil.
Gross Profit was ₹3,435 Mil.
Total Current Assets was ₹4,998 Mil.
Total Assets was ₹12,225 Mil.
Property, Plant and Equipment(Net PPE) was ₹672 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹97 Mil.
Selling, General, & Admin. Expense(SGA) was ₹307 Mil.
Total Current Liabilities was ₹1,020 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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)
=(2498.642 / 16094.237) / (2328.402 / 13761.67)
=0.155251 / 0.169195
=0.9176

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)
=(3435.107 / 13761.67) / (4790.804 / 16094.237)
=0.249614 / 0.297672
=0.8386

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 - (5459.828 + 769.191) / 15210.766) / (1 - (4998.155 + 671.986) / 12225.148)
=0.590486 / 0.53619
=1.1013

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
=16094.237 / 13761.67
=1.1695

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))
=(96.935 / (96.935 + 671.986)) / (113.697 / (113.697 + 769.191))
=0.126066 / 0.128779
=0.9789

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)
=(405.868 / 16094.237) / (307.47 / 13761.67)
=0.025218 / 0.022342
=1.1287

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)
=((16.628 + 1472.116) / 15210.766) / ((0 + 1019.99) / 12225.148)
=0.097874 / 0.083434
=1.1731

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
=(3073.607 - 0 - 2162.775) / 15210.766
=0.059881

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.

Voltamp Transformers has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.


Voltamp Transformers Beneish M-Score Related Terms

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Voltamp Transformers Business Description

Traded in Other Exchanges
Address
Makarpura, Vadodara, GJ, IND, 390014
Voltamp Transformers Ltd is an India-based company engaged in the manufacture of electrical transformers. Its products include Oil-filled transformers, Cast resin transformers, Unitized sub-station, Induction furnace transformers, and lighting transformers. The company also offers repair, overhauling, conversion, and maintenance services for transformers; and supply spares for transformers.

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