Eureka Forbes Beneish M-Score Historical Data
The historical data trend for Eureka Forbes'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.
Eureka Forbes Beneish M-Score Chart
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Eureka Forbes Annual Data
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Mar19 |
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| Beneish M-Score |
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- |
-2.89 |
42.05 |
0.53 |
-2.32 |
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Eureka Forbes Quarterly Data
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| Beneish M-Score |
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-2.32 |
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Competitive Comparison of Eureka Forbes's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Eureka Forbes'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.
Eureka Forbes's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Eureka Forbes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Eureka Forbes's Beneish M-Score falls into.
Eureka Forbes 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 Eureka Forbes 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 * 1.1718 | + | 0.528 * 1.0105 | + | 0.404 * 0.9825 | + | 0.892 * 1.0501 | + | 0.115 * 1.024 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9152 | + | 4.679 * -0.016123 | - | 0.327 * 0.9517 |
| = | -2.32 |
* 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 ₹1,597 Mil.
Revenue was ₹21,837 Mil.
Gross Profit was ₹12,951 Mil.
Total Current Assets was ₹6,073 Mil.
Total Assets was ₹61,294 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,896 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹540 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,006 Mil.
Total Current Liabilities was ₹9,518 Mil.
Long-Term Debt & Capital Lease Obligation was ₹41 Mil.
Net Income was ₹956 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,945 Mil.
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Total Receivables was ₹1,298 Mil.
Revenue was ₹20,796 Mil.
Gross Profit was ₹12,464 Mil.
Total Current Assets was ₹4,968 Mil.
Total Assets was ₹60,304 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,942 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹565 Mil.
Selling, General, & Admin. Expense(SGA) was ₹3,128 Mil.
Total Current Liabilities was ₹9,549 Mil.
Long-Term Debt & Capital Lease Obligation was ₹333 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) |
| = | (1596.73 / 21836.784) | / | (1297.638 / 20795.733) |
| = | 0.073121 | / | 0.062399 |
| | = | 1.1718 |
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) |
| = | (12463.638 / 20795.733) | / | (12951.191 / 21836.784) |
| = | 0.599336 | / | 0.593091 |
| | = | 1.0105 |
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 - (6073.377 + 2895.527) / 61293.962) | / | (1 - (4967.726 + 2941.747) / 60304.404) |
| = | 0.853674 | / | 0.868841 |
| | = | 0.9825 |
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 |
| = | 21836.784 | / | 20795.733 |
| | = | 1.0501 |
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)) |
| = | (564.606 / (564.606 + 2941.747)) | / | (540.27 / (540.27 + 2895.527)) |
| = | 0.161024 | / | 0.157247 |
| | = | 1.024 |
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) |
| = | (3006.497 / 21836.784) | / | (3128.334 / 20795.733) |
| = | 0.13768 | / | 0.150432 |
| | = | 0.9152 |
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) |
| = | ((40.966 + 9518.169) / 61293.962) | / | ((332.809 + 9549.179) / 60304.404) |
| = | 0.155956 | / | 0.163868 |
| | = | 0.9517 |
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 |
| = | (956.497 - 0 | - | 1944.718) | / | 61293.962 |
| | = | -0.016123 |
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.
Eureka Forbes has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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