Gretexorate Services Beneish M-Score Historical Data
The historical data trend for Gretexorate Services'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.
Gretexorate Services Beneish M-Score Chart
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Gretexorate Services Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
0.74 |
-2.39 |
-0.31 |
5.39 |
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Gretexorate Services Quarterly Data
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Mar19 |
Mar20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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5.39 |
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Competitive Comparison of Gretexorate Services's Beneish M-Score
For the Capital Markets subindustry, Gretexorate Services'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.
Gretexorate Services's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Gretexorate Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Gretexorate Services's Beneish M-Score falls into.
Gretexorate Services 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 Gretexorate Services 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 * 0.4469 | + | 0.528 * 2.0127 | + | 0.404 * 0.6234 | + | 0.892 * 8.4049 | + | 0.115 * 1.5602 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3862 | + | 4.679 * 0.25935 | - | 0.327 * 0.9807 |
| = | 5.39 |
* 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 ₹22 Mil.
Revenue was ₹1,061 Mil.
Gross Profit was ₹485 Mil.
Total Current Assets was ₹855 Mil.
Total Assets was ₹1,765 Mil.
Property, Plant and Equipment(Net PPE) was ₹237 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹16 Mil.
Selling, General, & Admin. Expense(SGA) was ₹67 Mil.
Total Current Liabilities was ₹171 Mil.
Long-Term Debt & Capital Lease Obligation was ₹44 Mil.
Net Income was ₹272 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-186 Mil.
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Total Receivables was ₹6 Mil.
Revenue was ₹126 Mil.
Gross Profit was ₹116 Mil.
Total Current Assets was ₹146 Mil.
Total Assets was ₹484 Mil.
Property, Plant and Equipment(Net PPE) was ₹42 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹21 Mil.
Total Current Liabilities was ₹58 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2 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) |
| = | (21.611 / 1061.175) | / | (5.753 / 126.257) |
| = | 0.020365 | / | 0.045566 |
| | = | 0.4469 |
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) |
| = | (116.106 / 126.257) | / | (484.847 / 1061.175) |
| = | 0.9196 | / | 0.456896 |
| | = | 2.0127 |
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 - (854.595 + 236.981) / 1764.938) | / | (1 - (145.869 + 42.116) / 484.461) |
| = | 0.381522 | / | 0.611971 |
| | = | 0.6234 |
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 |
| = | 1061.175 | / | 126.257 |
| | = | 8.4049 |
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)) |
| = | (4.598 / (4.598 + 42.116)) | / | (15.957 / (15.957 + 236.981)) |
| = | 0.098429 | / | 0.063087 |
| | = | 1.5602 |
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) |
| = | (67.301 / 1061.175) | / | (20.731 / 126.257) |
| = | 0.063421 | / | 0.164197 |
| | = | 0.3862 |
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) |
| = | ((44.213 + 171.252) / 1764.938) | / | ((2.064 + 58.245) / 484.461) |
| = | 0.122081 | / | 0.124487 |
| | = | 0.9807 |
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 |
| = | (271.528 - 0 | - | -186.209) | / | 1764.938 |
| | = | 0.25935 |
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.
Gretexorate Services has a M-score of 5.39 signals that the company is likely to be a manipulator.
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