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Macfos (BOM:543787) Beneish M-Score : -0.82 (As of Mar. 23, 2025)


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What is Macfos Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -0.82 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Macfos's Beneish M-Score or its related term are showing as below:

BOM:543787' s Beneish M-Score Range Over the Past 10 Years
Min: -1.45   Med: -0.82   Max: 0.23
Current: -0.82

During the past 5 years, the highest Beneish M-Score of Macfos was 0.23. The lowest was -1.45. And the median was -0.82.


Macfos Beneish M-Score Historical Data

The historical data trend for Macfos'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.

* Premium members only.

Macfos Beneish M-Score Chart

Macfos Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
- - 0.23 -1.45 -0.82

Macfos Semi-Annual Data
Mar20 Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
Beneish M-Score Get a 7-Day Free Trial - -1.45 - -0.82 -

Competitive Comparison of Macfos's Beneish M-Score

For the Electronic Components subindustry, Macfos'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.


Macfos's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Macfos's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Macfos's Beneish M-Score falls into.



Macfos 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 Macfos 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 * 0.944+0.528 * 1.0897+0.404 * 2.4908+0.892 * 1.5609+0.115 * 0.8308
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9637+4.679 * 0.116056-0.327 * 0.8944
=-0.82

* 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 ₹36 Mil.
Revenue was ₹1,251 Mil.
Gross Profit was ₹312 Mil.
Total Current Assets was ₹382 Mil.
Total Assets was ₹502 Mil.
Property, Plant and Equipment(Net PPE) was ₹64 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹61 Mil.
Total Current Liabilities was ₹201 Mil.
Long-Term Debt & Capital Lease Obligation was ₹22 Mil.
Net Income was ₹108 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹50 Mil.
Total Receivables was ₹24 Mil.
Revenue was ₹802 Mil.
Gross Profit was ₹218 Mil.
Total Current Assets was ₹262 Mil.
Total Assets was ₹329 Mil.
Property, Plant and Equipment(Net PPE) was ₹52 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹41 Mil.
Total Current Liabilities was ₹123 Mil.
Long-Term Debt & Capital Lease Obligation was ₹41 Mil.




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)
=(35.929 / 1251.331) / (24.383 / 801.682)
=0.028713 / 0.030415
=0.944

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)
=(217.855 / 801.682) / (312.058 / 1251.331)
=0.271747 / 0.249381
=1.0897

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 - (381.538 + 64.474) / 501.637) / (1 - (261.765 + 52.333) / 328.733)
=0.110887 / 0.044519
=2.4908

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
=1251.331 / 801.682
=1.5609

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))
=(4.518 / (4.518 + 52.333)) / (6.82 / (6.82 + 64.474))
=0.079471 / 0.09566
=0.8308

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)
=(61.306 / 1251.331) / (40.756 / 801.682)
=0.048993 / 0.050838
=0.9637

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)
=((22.028 + 201.496) / 501.637) / ((40.559 + 123.218) / 328.733)
=0.445589 / 0.498207
=0.8944

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
=(108.25 - 0 - 50.032) / 501.637
=0.116056

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.

Macfos has a M-score of -0.82 signals that the company is likely to be a manipulator.


Macfos Business Description

Traded in Other Exchanges
N/A
Address
Bhosari Alandi Road, S. No. 78/1, Sumant Building, Dynamic Logistics Trade Park, Dighi, Pune, MH, IND, 411015
Macfos Ltd is an e-commerce-based company. The company is engaged in the business of developing, manufacturing, and reselling Industrial Electronic, Engineering, and Research and Development products in India or elsewhere. It is also involved in the business of providing 3D Printing Services, Prototyping Services, Assembly of Mechanical, Electronics products, and Li-ion batteries. The company operates in a single segment of electronic items and parts. The company's portfolio consists of electronics components and parts that facilitate consumers such as manufacturers, electrical & mechanical engineering students, educational institutions, researchers, and developers, to turn their ideas into reality as well as to speed up their product's R&D and prototyping cycle.

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