Fairchem Organics Beneish M-Score Historical Data
The historical data trend for Fairchem Organics'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.
Fairchem Organics Beneish M-Score Chart
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Fairchem Organics Annual Data
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Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-1.46 |
-2.33 |
-2.92 |
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Fairchem Organics Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Fairchem Organics's Beneish M-Score
For the Specialty Chemicals subindustry, Fairchem Organics'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.
Fairchem Organics's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Fairchem Organics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fairchem Organics's Beneish M-Score falls into.
Fairchem Organics 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 Fairchem Organics 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 * 0.9511 | + | 0.528 * 0.96 | + | 0.404 * 0.9701 | + | 0.892 * 0.9566 | + | 0.115 * 0.9178 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2154 | + | 4.679 * -0.101643 | - | 0.327 * 0.3998 |
| = | -2.92 |
* 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 ₹572 Mil.
Revenue was ₹6,183 Mil.
Gross Profit was ₹1,129 Mil.
Total Current Assets was ₹1,329 Mil.
Total Assets was ₹3,343 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,988 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹93 Mil.
Selling, General, & Admin. Expense(SGA) was ₹118 Mil.
Total Current Liabilities was ₹261 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹405 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹745 Mil.
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Total Receivables was ₹628 Mil.
Revenue was ₹6,463 Mil.
Gross Profit was ₹1,133 Mil.
Total Current Assets was ₹1,486 Mil.
Total Assets was ₹3,424 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,910 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹82 Mil.
Selling, General, & Admin. Expense(SGA) was ₹101 Mil.
Total Current Liabilities was ₹668 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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) |
| = | (571.661 / 6183.073) | / | (628.314 / 6463.38) |
| = | 0.092456 | / | 0.097211 |
| | = | 0.9511 |
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) |
| = | (1133.054 / 6463.38) | / | (1129.125 / 6183.073) |
| = | 0.175304 | / | 0.182616 |
| | = | 0.96 |
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 - (1328.525 + 1987.789) / 3343.094) | / | (1 - (1485.727 + 1910.077) / 3424.08) |
| = | 0.008011 | / | 0.008258 |
| | = | 0.9701 |
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 |
| = | 6183.073 | / | 6463.38 |
| | = | 0.9566 |
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)) |
| = | (81.519 / (81.519 + 1910.077)) | / | (92.784 / (92.784 + 1987.789)) |
| = | 0.040931 | / | 0.044595 |
| | = | 0.9178 |
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) |
| = | (117.686 / 6183.073) | / | (101.224 / 6463.38) |
| = | 0.019034 | / | 0.015661 |
| | = | 1.2154 |
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 + 260.652) / 3343.094) | / | ((0 + 667.75) / 3424.08) |
| = | 0.077967 | / | 0.195016 |
| | = | 0.3998 |
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 |
| = | (405.003 - 0 | - | 744.805) | / | 3343.094 |
| | = | -0.101643 |
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.
Fairchem Organics has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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