Ashoka Metcast Beneish M-Score Historical Data
The historical data trend for Ashoka Metcast'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.
Ashoka Metcast Beneish M-Score Chart
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Ashoka Metcast Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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- |
- |
-0.91 |
-1.05 |
-0.28 |
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Ashoka Metcast Semi-Annual Data
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Mar13 |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Sep18 |
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Mar20 |
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Mar22 |
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Mar23 |
Sep23 |
| Beneish M-Score |
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-1.05 |
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-0.28 |
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Competitive Comparison of Ashoka Metcast's Beneish M-Score
For the Steel subindustry, Ashoka Metcast'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.
Ashoka Metcast's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Ashoka Metcast's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ashoka Metcast's Beneish M-Score falls into.
Ashoka Metcast 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 Ashoka Metcast 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 * 1.6133 | + | 0.528 * 0.7492 | + | 0.404 * 0.7601 | + | 0.892 * 0.7525 | + | 0.115 * 2.4444 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9965 | + | 4.679 * 0.372631 | - | 0.327 * 0.4722 |
| = | -0.28 |
* 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 ₹286.4 Mil.
Revenue was ₹504.4 Mil.
Gross Profit was ₹65.2 Mil.
Total Current Assets was ₹1,030.1 Mil.
Total Assets was ₹1,329.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹87.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.1 Mil.
Total Current Liabilities was ₹216.1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹32.6 Mil.
Net Income was ₹32.2 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-463.3 Mil.
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Total Receivables was ₹235.9 Mil.
Revenue was ₹670.3 Mil.
Gross Profit was ₹64.9 Mil.
Total Current Assets was ₹501.0 Mil.
Total Assets was ₹741.8 Mil.
Property, Plant and Equipment(Net PPE) was ₹84.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.9 Mil.
Total Current Liabilities was ₹211.3 Mil.
Long-Term Debt & Capital Lease Obligation was ₹82.6 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) |
| = | (286.371 / 504.394) | / | (235.885 / 670.287) |
| = | 0.567753 | / | 0.351916 |
| | = | 1.6133 |
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) |
| = | (64.877 / 670.287) | / | (65.163 / 504.394) |
| = | 0.09679 | / | 0.129191 |
| | = | 0.7492 |
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 - (1030.111 + 87.32) / 1329.791) | / | (1 - (500.985 + 84.948) / 741.771) |
| = | 0.159694 | / | 0.210089 |
| | = | 0.7601 |
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 |
| = | 504.394 | / | 670.287 |
| | = | 0.7525 |
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)) |
| = | (4.952 / (4.952 + 84.948)) | / | (2.013 / (2.013 + 87.32)) |
| = | 0.055083 | / | 0.022534 |
| | = | 2.4444 |
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) |
| = | (2.143 / 504.394) | / | (2.858 / 670.287) |
| = | 0.004249 | / | 0.004264 |
| | = | 0.9965 |
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) |
| = | ((32.625 + 216.093) / 1329.791) | / | ((82.564 + 211.262) / 741.771) |
| = | 0.187035 | / | 0.396114 |
| | = | 0.4722 |
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 |
| = | (32.207 - 0 | - | -463.315) | / | 1329.791 |
| | = | 0.372631 |
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.
Ashoka Metcast has a M-score of -0.28 signals that the company is likely to be a manipulator.
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