Cochin Shipyard Beneish M-Score Historical Data
The historical data trend for Cochin Shipyard'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.
Cochin Shipyard Beneish M-Score Chart
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Cochin Shipyard Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-1.06 |
-1.51 |
-2.61 |
-3.20 |
-2.97 |
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Cochin Shipyard Quarterly Data
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Mar19 |
Jun19 |
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Dec23 |
| Beneish M-Score |
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-2.97 |
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Competitive Comparison of Cochin Shipyard's Beneish M-Score
For the Aerospace & Defense subindustry, Cochin Shipyard'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.
Cochin Shipyard's Beneish M-Score Distribution in the Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Cochin Shipyard's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cochin Shipyard's Beneish M-Score falls into.
Cochin Shipyard 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 Cochin Shipyard 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 * 1.4998 | + | 0.528 * 1.4559 | + | 0.404 * 0.7759 | + | 0.892 * 0.7415 | + | 0.115 * 1.0786 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5029 | + | 4.679 * -0.158104 | - | 0.327 * 1.1699 |
| = | -2.97 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹8,932 Mil.
Revenue was ₹23,188 Mil.
Gross Profit was ₹3,764 Mil.
Total Current Assets was ₹71,366 Mil.
Total Assets was ₹100,209 Mil.
Property, Plant and Equipment(Net PPE) was ₹25,458 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹743 Mil.
Selling, General, & Admin. Expense(SGA) was ₹132 Mil.
Total Current Liabilities was ₹51,210 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4,275 Mil.
Net Income was ₹3,047 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹18,891 Mil.
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Total Receivables was ₹8,033 Mil.
Revenue was ₹31,273 Mil.
Gross Profit was ₹7,390 Mil.
Total Current Assets was ₹58,409 Mil.
Total Assets was ₹84,137 Mil.
Property, Plant and Equipment(Net PPE) was ₹22,065 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹697 Mil.
Selling, General, & Admin. Expense(SGA) was ₹119 Mil.
Total Current Liabilities was ₹34,627 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5,195 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) |
| = | (8932.49 / 23188.046) | / | (8032.584 / 31273.473) |
| = | 0.38522 | / | 0.25685 |
| | = | 1.4998 |
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) |
| = | (7390.036 / 31273.473) | / | (3763.592 / 23188.046) |
| = | 0.236304 | / | 0.162307 |
| | = | 1.4559 |
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 - (71366.296 + 25457.955) / 100209.162) | / | (1 - (58409.485 + 22064.883) / 84137.253) |
| = | 0.033778 | / | 0.043535 |
| | = | 0.7759 |
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 |
| = | 23188.046 | / | 31273.473 |
| | = | 0.7415 |
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)) |
| = | (696.641 / (696.641 + 22064.883)) | / | (743.49 / (743.49 + 25457.955)) |
| = | 0.030606 | / | 0.028376 |
| | = | 1.0786 |
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) |
| = | (132.082 / 23188.046) | / | (118.526 / 31273.473) |
| = | 0.005696 | / | 0.00379 |
| | = | 1.5029 |
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) |
| = | ((4274.868 + 51210.352) / 100209.162) | / | ((5194.568 + 34627.017) / 84137.253) |
| = | 0.553694 | / | 0.473293 |
| | = | 1.1699 |
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 |
| = | (3047.091 - 0 | - | 18890.523) | / | 100209.162 |
| | = | -0.158104 |
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.
Cochin Shipyard has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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