Dolfin Rubbers Beneish M-Score Historical Data
The historical data trend for Dolfin Rubbers'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.
Dolfin Rubbers Beneish M-Score Chart
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Dolfin Rubbers Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.50 |
-2.43 |
-2.50 |
-2.34 |
-2.37 |
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Dolfin Rubbers Quarterly Data
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Mar15 |
Mar16 |
Mar17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.34 |
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-2.37 |
Competitive Comparison of Dolfin Rubbers's Beneish M-Score
For the Auto Parts subindustry, Dolfin Rubbers'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.
Dolfin Rubbers's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Dolfin Rubbers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dolfin Rubbers's Beneish M-Score falls into.
Dolfin Rubbers 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 Dolfin Rubbers 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 * 0.868 | + | 0.528 * 1.0212 | + | 0.404 * 0.7025 | + | 0.892 * 1.239 | + | 0.115 * 0.9675 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.011557 | - | 0.327 * 0.9564 |
| = | -2.37 |
* 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 ₹162 Mil.
Revenue was ₹1,259 Mil.
Gross Profit was ₹461 Mil.
Total Current Assets was ₹369 Mil.
Total Assets was ₹628 Mil.
Property, Plant and Equipment(Net PPE) was ₹251 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹15 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹203 Mil.
Long-Term Debt & Capital Lease Obligation was ₹26 Mil.
Net Income was ₹47 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹55 Mil.
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Total Receivables was ₹151 Mil.
Revenue was ₹1,016 Mil.
Gross Profit was ₹380 Mil.
Total Current Assets was ₹345 Mil.
Total Assets was ₹579 Mil.
Property, Plant and Equipment(Net PPE) was ₹223 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹13 Mil.
Selling, General, & Admin. Expense(SGA) was ₹30 Mil.
Total Current Liabilities was ₹199 Mil.
Long-Term Debt & Capital Lease Obligation was ₹22 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) |
| = | (162.017 / 1259.426) | / | (150.647 / 1016.48) |
| = | 0.128644 | / | 0.148205 |
| | = | 0.868 |
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) |
| = | (379.558 / 1016.48) | / | (460.52 / 1259.426) |
| = | 0.373404 | / | 0.365659 |
| | = | 1.0212 |
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 - (368.965 + 251.387) / 628.281) | / | (1 - (345.053 + 223.317) / 578.767) |
| = | 0.01262 | / | 0.017964 |
| | = | 0.7025 |
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 |
| = | 1259.426 | / | 1016.48 |
| | = | 1.239 |
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)) |
| = | (12.972 / (12.972 + 223.317)) | / | (15.122 / (15.122 + 251.387)) |
| = | 0.054899 | / | 0.056741 |
| | = | 0.9675 |
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) |
| = | (0 / 1259.426) | / | (29.542 / 1016.48) |
| = | 0 | / | 0.029063 |
| | = | 0 |
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) |
| = | ((26.284 + 203.01) / 628.281) | / | ((21.578 + 199.271) / 578.767) |
| = | 0.364955 | / | 0.381585 |
| | = | 0.9564 |
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 |
| = | (47.463 - 0 | - | 54.724) | / | 628.281 |
| | = | -0.011557 |
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.
Dolfin Rubbers has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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