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GCM Securities (BOM:535431) Beneish M-Score : 14.88 (As of Dec. 12, 2024)


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What is GCM Securities 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.

Warning Sign:

Beneish M-Score 14.88 higher than -1.78, which implies that the company might have manipulated its financial results.

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

BOM:535431' s Beneish M-Score Range Over the Past 10 Years
Min: -21.62   Med: 0   Max: 14.88
Current: 14.88

During the past 12 years, the highest Beneish M-Score of GCM Securities was 14.88. The lowest was -21.62. And the median was 0.00.


GCM Securities Beneish M-Score Historical Data

The historical data trend for GCM Securities'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.

GCM Securities Beneish M-Score Chart

GCM Securities 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 0.68 -0.68 8.42 -21.62 14.88

GCM Securities Quarterly Data
Mar18 Sep18 Mar19 Sep19 Mar20 Sep20 Mar21 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 - - 14.88 - -

Competitive Comparison of GCM Securities's Beneish M-Score

For the Capital Markets subindustry, GCM Securities'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.


GCM Securities's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, GCM Securities's Beneish M-Score distribution charts can be found below:

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



GCM Securities 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 GCM Securities 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 * 0.1536+0.528 * 16.0903+0.404 * 1.0337+0.892 * 14.2897+0.115 * 1.1249
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.2379+4.679 * -0.076585-0.327 * 5.5349
=14.88

* 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 ₹2.31 Mil.
Revenue was ₹2.07 Mil.
Gross Profit was ₹-2.22 Mil.
Total Current Assets was ₹16.49 Mil.
Total Assets was ₹233.60 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.31 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.41 Mil.
Total Current Liabilities was ₹58.30 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 Mil.
Net Income was ₹-3.80 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹14.09 Mil.
Total Receivables was ₹1.05 Mil.
Revenue was ₹0.15 Mil.
Gross Profit was ₹-2.50 Mil.
Total Current Assets was ₹12.31 Mil.
Total Assets was ₹126.03 Mil.
Property, Plant and Equipment(Net PPE) was ₹0.56 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹0.30 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.42 Mil.
Total Current Liabilities was ₹5.68 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0.00 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)
=(2.311 / 2.072) / (1.053 / 0.145)
=1.115347 / 7.262069
=0.1536

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)
=(-2.502 / 0.145) / (-2.222 / 2.072)
=-17.255172 / -1.072394
=16.0903

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 - (16.487 + 0.307) / 233.596) / (1 - (12.314 + 0.563) / 126.034)
=0.928107 / 0.897829
=1.0337

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
=2.072 / 0.145
=14.2897

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))
=(0.297 / (0.297 + 0.563)) / (0.136 / (0.136 + 0.307))
=0.345349 / 0.306998
=1.1249

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)
=(1.411 / 2.072) / (0.415 / 0.145)
=0.680985 / 2.862069
=0.2379

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)
=((0 + 58.299) / 233.596) / ((0 + 5.683) / 126.034)
=0.249572 / 0.045091
=5.5349

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
=(-3.799 - 0 - 14.091) / 233.596
=-0.076585

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.

GCM Securities has a M-score of 14.88 signals that the company is likely to be a manipulator.


GCM Securities Beneish M-Score Related Terms

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GCM Securities Business Description

Traded in Other Exchanges
N/A
Address
214 Free Press Journal Road, 805, Raheja Centre, 8th Floor, Nariman Point, Mumbai, MH, IND, 400021
GCM Securities Ltd is an Indian company. It operates as a stockbroking company. Along with the stockbroking activities, it is also doing business of trading, investing in shares and other securities, trading/investment activities in both Equity & FNO Segment & also trading in the Commodities market occasionally, and other related activities of the capital market. GCM operates through a single segment trading in shares and securities. The majority of revenue is generated from the sale of equity shares.

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