Mishra Dhatu Nigam Beneish M-Score Historical Data
The historical data trend for Mishra Dhatu Nigam'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.
Mishra Dhatu Nigam Beneish M-Score Chart
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Mishra Dhatu Nigam Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-3.10 |
-2.97 |
-2.19 |
-2.55 |
-2.28 |
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Mishra Dhatu Nigam Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.28 |
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Competitive Comparison of Mishra Dhatu Nigam's Beneish M-Score
For the Steel subindustry, Mishra Dhatu Nigam'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.
Mishra Dhatu Nigam's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Mishra Dhatu Nigam's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mishra Dhatu Nigam's Beneish M-Score falls into.
Mishra Dhatu Nigam 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 Mishra Dhatu Nigam 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 * 1.0057 | + | 0.528 * 0.9865 | + | 0.404 * 0.8768 | + | 0.892 * 1.0145 | + | 0.115 * 0.6458 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1612 | + | 4.679 * 0.066954 | - | 0.327 * 1.0135 |
| = | -2.28 |
* 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 ₹3,168 Mil.
Revenue was ₹8,719 Mil.
Gross Profit was ₹6,545 Mil.
Total Current Assets was ₹17,435 Mil.
Total Assets was ₹28,628 Mil.
Property, Plant and Equipment(Net PPE) was ₹10,905 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹530 Mil.
Selling, General, & Admin. Expense(SGA) was ₹392 Mil.
Total Current Liabilities was ₹8,009 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,487 Mil.
Net Income was ₹1,563 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-354 Mil.
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Total Receivables was ₹3,105 Mil.
Revenue was ₹8,595 Mil.
Gross Profit was ₹6,364 Mil.
Total Current Assets was ₹16,783 Mil.
Total Assets was ₹27,795 Mil.
Property, Plant and Equipment(Net PPE) was ₹10,693 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹330 Mil.
Selling, General, & Admin. Expense(SGA) was ₹333 Mil.
Total Current Liabilities was ₹8,021 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,075 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) |
| = | (3167.705 / 8719.414) | / | (3104.898 / 8594.902) |
| = | 0.363293 | / | 0.361249 |
| | = | 1.0057 |
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) |
| = | (6364.447 / 8594.902) | / | (6544.931 / 8719.414) |
| = | 0.740491 | / | 0.750616 |
| | = | 0.9865 |
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 - (17435.415 + 10905.161) / 28628.07) | / | (1 - (16782.917 + 10693.489) / 27794.748) |
| = | 0.010042 | / | 0.011453 |
| | = | 0.8768 |
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 |
| = | 8719.414 | / | 8594.902 |
| | = | 1.0145 |
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)) |
| = | (329.953 / (329.953 + 10693.489)) | / | (530.045 / (530.045 + 10905.161)) |
| = | 0.029932 | / | 0.046352 |
| | = | 0.6458 |
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) |
| = | (391.886 / 8719.414) | / | (332.658 / 8594.902) |
| = | 0.044944 | / | 0.038704 |
| | = | 1.1612 |
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) |
| = | ((1486.835 + 8009.087) / 28628.07) | / | ((1075.095 + 8021.401) / 27794.748) |
| = | 0.3317 | / | 0.327274 |
| | = | 1.0135 |
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 |
| = | (1562.645 - 0 | - | -354.122) | / | 28628.07 |
| | = | 0.066954 |
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.
Mishra Dhatu Nigam has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.
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