S Alam Cold Rolled Steels Beneish M-Score Historical Data
The historical data trend for S Alam Cold Rolled Steels'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.
S Alam Cold Rolled Steels Beneish M-Score Chart
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S Alam Cold Rolled Steels Annual Data
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S Alam Cold Rolled Steels Quarterly Data
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DHA:SALAMCRST vs NUE, STLD, RS: Beneish M-Score Comparison
For the Steel subindustry, S Alam Cold Rolled Steels'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.
S Alam Cold Rolled Steels Beneish M-Score vs Steel Industry
For the Steel industry and Basic Materials sector, S Alam Cold Rolled Steels's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where S Alam Cold Rolled Steels's Beneish M-Score falls into.
S Alam Cold Rolled Steels 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 S Alam Cold Rolled Steels 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 BDT4,125 Mil.
Revenue was 1529.211 + 1016.801 + 964.944 + 1046.06 = BDT4,557 Mil.
Gross Profit was 89.159 + 66.903 + 88.363 + 74.443 = BDT319 Mil.
Total Current Assets was BDT21,196 Mil.
Total Assets was BDT25,457 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,262 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT49 Mil.
Selling, General, & Admin. Expense(SGA) was BDT8 Mil.
Total Current Liabilities was BDT23,317 Mil.
Long-Term Debt & Capital Lease Obligation was BDT0 Mil.
Net Income was 18.545 + 6.119 + 3.202 + -11.599 = BDT16 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was -673.928 + -123.758 + -5028.926 + 2533.285 = BDT-3,293 Mil.
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Total Receivables was BDT3,995 Mil.
Revenue was 2061.384 + 1372.626 + 1032.785 + 1246.079 = BDT5,713 Mil.
Gross Profit was 208.336 + 100.441 + 144.591 + -20.185 = BDT433 Mil.
Total Current Assets was BDT17,993 Mil.
Total Assets was BDT22,103 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,110 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT51 Mil.
Selling, General, & Admin. Expense(SGA) was BDT7 Mil.
Total Current Liabilities was BDT19,916 Mil.
Long-Term Debt & Capital Lease Obligation was BDT0 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) |
| = | (4125.078 / 4557.016) | / | (3995.115 / 5712.874) |
| = | 0.905215 | / | 0.699318 |
| | = | |
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) |
| = | (433.183 / 5712.874) | / | (318.868 / 4557.016) |
| = | 0.075826 | / | 0.069973 |
| | = | |
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 - (21195.648 + 4261.65) / 25457.299) | / | (1 - (17992.635 + 4109.91) / 22102.545) |
| = | 0 | / | 0 |
| | = | |
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 |
| = | 4557.016 | / | 5712.874 |
| | = | |
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)) |
| = | (51.018 / (51.018 + 4109.91)) | / | (48.964 / (48.964 + 4261.65)) |
| = | 0.012261 | / | 0.011359 |
| | = | |
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) |
| = | (7.91 / 4557.016) | / | (7.083 / 5712.874) |
| = | 0.001736 | / | 0.00124 |
| | = | |
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) |
| = | ((0 + 23317.136) / 25457.299) | / | ((0 + 19915.724) / 22102.545) |
| = | 0.915931 | / | 0.90106 |
| | = | |
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 |
| = | (16.267 - 0 | - | -3293.327) | / | 25457.299 |
| | = | 0.130006 |
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.
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