Northern Arc Capital Beneish M-Score Historical Data
The historical data trend for Northern Arc Capital'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.
Northern Arc Capital Beneish M-Score Chart
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Northern Arc Capital Annual Data
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Trend |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-1.28 |
-1.29 |
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Northern Arc Capital Quarterly Data
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Mar21 |
Mar22 |
Mar23 |
Sep23 |
Dec23 |
Mar24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.29 |
- |
- |
Competitive Comparison of Northern Arc Capital's Beneish M-Score
For the Credit Services subindustry, Northern Arc Capital'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.
Northern Arc Capital's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, Northern Arc Capital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Northern Arc Capital's Beneish M-Score falls into.
Northern Arc Capital 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 Northern Arc Capital 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 * 0.7924 | + | 0.528 * 0.7517 | + | 0.404 * 0.986 | + | 0.892 * 1.5622 | + | 0.115 * 1.0448 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.786 | + | 4.679 * 0.209447 | - | 0.327 * 1.03 |
| = | -1.29 |
* 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 ₹62,364 Mil.
Revenue was ₹16,256 Mil.
Gross Profit was ₹4,907 Mil.
Total Current Assets was ₹76,651 Mil.
Total Assets was ₹117,077 Mil.
Property, Plant and Equipment(Net PPE) was ₹214 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹164 Mil.
Selling, General, & Admin. Expense(SGA) was ₹755 Mil.
Total Current Liabilities was ₹57,684 Mil.
Long-Term Debt & Capital Lease Obligation was ₹35,859 Mil.
Net Income was ₹3,177 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-21,344 Mil.
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Total Receivables was ₹50,381 Mil.
Revenue was ₹10,406 Mil.
Gross Profit was ₹2,361 Mil.
Total Current Assets was ₹60,936 Mil.
Total Assets was ₹93,716 Mil.
Property, Plant and Equipment(Net PPE) was ₹135 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹112 Mil.
Selling, General, & Admin. Expense(SGA) was ₹615 Mil.
Total Current Liabilities was ₹33,976 Mil.
Long-Term Debt & Capital Lease Obligation was ₹38,723 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) |
| = | (62363.87 / 16255.91) | / | (50380.78 / 10405.71) |
| = | 3.836381 | / | 4.841648 |
| | = | 0.7924 |
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) |
| = | (2360.9 / 10405.71) | / | (4906.55 / 16255.91) |
| = | 0.226885 | / | 0.301832 |
| | = | 0.7517 |
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 - (76650.73 + 213.85) / 117076.59) | / | (1 - (60935.94 + 134.79) / 93715.72) |
| = | 0.343468 | / | 0.348341 |
| | = | 0.986 |
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 |
| = | 16255.91 | / | 10405.71 |
| | = | 1.5622 |
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)) |
| = | (111.5 / (111.5 + 134.79)) | / | (163.51 / (163.51 + 213.85)) |
| = | 0.452718 | / | 0.4333 |
| | = | 1.0448 |
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) |
| = | (754.97 / 16255.91) | / | (614.85 / 10405.71) |
| = | 0.046443 | / | 0.059088 |
| | = | 0.786 |
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) |
| = | ((35858.69 + 57683.97) / 117076.59) | / | ((38723.39 + 33976.19) / 93715.72) |
| = | 0.798987 | / | 0.775746 |
| | = | 1.03 |
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 |
| = | (3176.93 - 0 | - | -21344.45) | / | 117076.59 |
| | = | 0.209447 |
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.
Northern Arc Capital has a M-score of -1.29 signals that the company is likely to be a manipulator.
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