CIC Holdings Beneish M-Score Historical Data
The historical data trend for CIC Holdings'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.
CIC Holdings Beneish M-Score Chart
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CIC Holdings Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.41 |
-2.93 |
-2.08 |
-1.71 |
-1.05 |
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CIC Holdings Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-1.99 |
-1.63 |
-0.80 |
-1.05 |
-1.31 |
Competitive Comparison of CIC Holdings's Beneish M-Score
For the Conglomerates subindustry, CIC Holdings'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.
CIC Holdings's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, CIC Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CIC Holdings's Beneish M-Score falls into.
CIC Holdings 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 CIC Holdings 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 * 1.2252 | + | 0.528 * 1.191 | + | 0.404 * 1.8675 | + | 0.892 * 1.1303 | + | 0.115 * 1.0027 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0685 | + | 4.679 * 0.080424 | - | 0.327 * 0.9001 |
| = | -1.31 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was රු14,129 Mil.
Revenue was 19804.93 + 16267.252 + 25368.45 + 17719.61 = රු79,160 Mil.
Gross Profit was 5097.39 + 4908.513 + 6545.68 + 4630.9 = රු21,182 Mil.
Total Current Assets was රු38,044 Mil.
Total Assets was රු76,891 Mil.
Property, Plant and Equipment(Net PPE) was රු12,596 Mil.
Depreciation, Depletion and Amortization(DDA) was රු1,390 Mil.
Selling, General, & Admin. Expense(SGA) was රු10,634 Mil.
Total Current Liabilities was රු31,879 Mil.
Long-Term Debt & Capital Lease Obligation was රු419 Mil.
Net Income was 1246.81 + 1095.878 + 7237.28 + 891.37 = රු10,471 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = රු0 Mil.
Cash Flow from Operations was 1727.18 + 1270.607 + 2708.24 + -1418.62 = රු4,287 Mil.
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Total Receivables was රු10,202 Mil.
Revenue was 17068.93 + 15680.608 + 19453.14 + 17830.36 = රු70,033 Mil.
Gross Profit was 4633.11 + 3855.425 + 6952.89 + 6878.85 = රු22,320 Mil.
Total Current Assets was රු35,349 Mil.
Total Assets was රු58,704 Mil.
Property, Plant and Equipment(Net PPE) was රු12,623 Mil.
Depreciation, Depletion and Amortization(DDA) was රු1,397 Mil.
Selling, General, & Admin. Expense(SGA) was රු8,805 Mil.
Total Current Liabilities was රු27,061 Mil.
Long-Term Debt & Capital Lease Obligation was රු332 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) |
| = | (14128.96 / 79160.242) | / | (10201.96 / 70033.038) |
| = | 0.178486 | / | 0.145674 |
| | = | 1.2252 |
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) |
| = | (22320.275 / 70033.038) | / | (21182.483 / 79160.242) |
| = | 0.318711 | / | 0.26759 |
| | = | 1.191 |
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 - (38044 + 12596.46) / 76891.44) | / | (1 - (35349.04 + 12623.29) / 58704.24) |
| = | 0.341403 | / | 0.182813 |
| | = | 1.8675 |
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 |
| = | 79160.242 | / | 70033.038 |
| | = | 1.1303 |
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)) |
| = | (1396.599 / (1396.599 + 12623.29)) | / | (1389.531 / (1389.531 + 12596.46)) |
| = | 0.099616 | / | 0.099352 |
| | = | 1.0027 |
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) |
| = | (10634.182 / 79160.242) | / | (8804.983 / 70033.038) |
| = | 0.134337 | / | 0.125726 |
| | = | 1.0685 |
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) |
| = | ((418.76 + 31878.72) / 76891.44) | / | ((332.17 + 27061.31) / 58704.24) |
| = | 0.42004 | / | 0.466635 |
| | = | 0.9001 |
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 |
| = | (10471.338 - 0 | - | 4287.407) | / | 76891.44 |
| | = | 0.080424 |
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.
CIC Holdings has a M-score of -1.31 signals that the company is likely to be a manipulator.
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