India Shelter Finance Beneish M-Score Historical Data
The historical data trend for India Shelter Finance'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.
India Shelter Finance Beneish M-Score Chart
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India Shelter Finance Annual Data
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Trend |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-1.09 |
-1.01 |
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India Shelter Finance Quarterly Data
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Mar21 |
Mar22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
-1.01 |
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- |
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Competitive Comparison of India Shelter Finance's Beneish M-Score
For the Mortgage Finance subindustry, India Shelter Finance'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.
India Shelter Finance's Beneish M-Score Distribution in the Banks Industry
For the Banks industry and Financial Services sector, India Shelter Finance's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where India Shelter Finance's Beneish M-Score falls into.
India Shelter Finance 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 India Shelter Finance 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 * 0.8415 | + | 0.528 * 0.9786 | + | 0.404 * 1.0919 | + | 0.892 * 1.3732 | + | 0.115 * 1.0187 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9194 | + | 4.679 * 0.255417 | - | 0.327 * 0.8484 |
| = | -1.01 |
* 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 ₹6,363 Mil.
Revenue was ₹6,820 Mil.
Gross Profit was ₹2,375 Mil.
Total Current Assets was ₹10,640 Mil.
Total Assets was ₹57,942 Mil.
Property, Plant and Equipment(Net PPE) was ₹295 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹99 Mil.
Selling, General, & Admin. Expense(SGA) was ₹133 Mil.
Total Current Liabilities was ₹8,486 Mil.
Long-Term Debt & Capital Lease Obligation was ₹26,432 Mil.
Net Income was ₹2,476 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-12,323 Mil.
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Total Receivables was ₹5,507 Mil.
Revenue was ₹4,966 Mil.
Gross Profit was ₹1,693 Mil.
Total Current Assets was ₹10,802 Mil.
Total Assets was ₹42,956 Mil.
Property, Plant and Equipment(Net PPE) was ₹238 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹82 Mil.
Selling, General, & Admin. Expense(SGA) was ₹105 Mil.
Total Current Liabilities was ₹7,773 Mil.
Long-Term Debt & Capital Lease Obligation was ₹22,740 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) |
| = | (6363.094 / 6819.552) | / | (5506.643 / 4966.287) |
| = | 0.933066 | / | 1.108805 |
| | = | 0.8415 |
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) |
| = | (1692.778 / 4966.287) | / | (2375.391 / 6819.552) |
| = | 0.340854 | / | 0.348321 |
| | = | 0.9786 |
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 - (10640.483 + 295.32) / 57941.825) | / | (1 - (10802.166 + 238.347) / 42955.893) |
| = | 0.811262 | / | 0.74298 |
| | = | 1.0919 |
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 |
| = | 6819.552 | / | 4966.287 |
| | = | 1.3732 |
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)) |
| = | (82.025 / (82.025 + 238.347)) | / | (99.137 / (99.137 + 295.32)) |
| = | 0.25603 | / | 0.251325 |
| | = | 1.0187 |
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) |
| = | (132.985 / 6819.552) | / | (105.34 / 4966.287) |
| = | 0.019501 | / | 0.021211 |
| | = | 0.9194 |
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) |
| = | ((26431.664 + 8485.722) / 57941.825) | / | ((22739.533 + 7773.455) / 42955.893) |
| = | 0.602628 | / | 0.710333 |
| | = | 0.8484 |
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 |
| = | (2475.976 - 0 | - | -12323.335) | / | 57941.825 |
| | = | 0.255417 |
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.
India Shelter Finance has a M-score of -1.01 signals that the company is likely to be a manipulator.
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