PT Mitra International Resources Tbk (ISX:MIRA) Beneish M-Score : -4.01 (As of Dec. 14, 2024)

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What is PT Mitra International Resources Tbk 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.

Good Sign:

Beneish M-Score -4.01 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Mitra International Resources Tbk's Beneish M-Score or its related term are showing as below:

ISX:MIRA' s Beneish M-Score Range Over the Past 10 Years
Min: -18.61 Med: -2.94 Max: 12.9
Current: -4.01

During the past 13 years, the highest Beneish M-Score of PT Mitra International Resources Tbk was 12.90. The lowest was -18.61. And the median was -2.94.

PT Mitra International Resources Tbk Beneish M-Score Historical Data

The historical data trend for PT Mitra International Resources Tbk'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.

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PT Mitra International Resources Tbk Beneish M-Score Chart

PT Mitra International Resources Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.79

-17.18

-2.19

-7.55

-3.52

PT Mitra International Resources Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-4.74	-3.52	-3.43	-18.61	-4.01

Competitive Comparison of PT Mitra International Resources Tbk's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, PT Mitra International Resources Tbk'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.

PT Mitra International Resources Tbk's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PT Mitra International Resources Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Mitra International Resources Tbk's Beneish M-Score falls into.

PT Mitra International Resources Tbk 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 PT Mitra International Resources Tbk for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2611

0.528 * -1.5825

0.404 * 1.0323

0.892 * 0.8432

0.115 * 0.9573

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.749

4.679 * -0.063867

0.327 * 1.0488

-4.01

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp14,883 Mil.
Revenue was 18268.252 + 15058.213 + 13319.057 + 21404.757 = Rp68,050 Mil.
Gross Profit was 1493.317 + -1166.563 + -1055.735 + 469.869 = Rp-259 Mil.
Total Current Assets was Rp33,807 Mil.
Total Assets was Rp236,038 Mil.
Property, Plant and Equipment(Net PPE) was Rp161,274 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp197 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,161 Mil.
Total Current Liabilities was Rp49,362 Mil.
Long-Term Debt & Capital Lease Obligation was Rp19,992 Mil.
Net Income was -304.967 + -5017.033 + -1315.469 + -3133.23 = Rp-9,771 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2458.632 + 999.94 + 1352.683 + 493.199 = Rp5,304 Mil.

Total Receivables was Rp13,996 Mil.
Revenue was 20420.733 + 17336.479 + 18053.249 + 24896.559 = Rp80,707 Mil.
Gross Profit was 1645.88 + 86.291 + 68.617 + -1314.474 = Rp486 Mil.
Total Current Assets was Rp32,902 Mil.
Total Assets was Rp245,606 Mil.
Property, Plant and Equipment(Net PPE) was Rp171,419 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp200 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,838 Mil.
Total Current Liabilities was Rp44,190 Mil.
Long-Term Debt & Capital Lease Obligation was Rp24,616 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)
	=	(14882.548 / 68050.279)	/	(13995.713 / 80707.02)
	=	0.218699	/	0.173414
	=	1.2611

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)
	=	(486.314 / 80707.02)	/	(-259.112 / 68050.279)
	=	0.006026	/	-0.003808
	=	-1.5825

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 - (33806.889 + 161273.696) / 236038.272)	/	(1 - (32902.257 + 171418.556) / 245605.854)
	=	0.173521	/	0.168095
	=	1.0323

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
	=	68050.279	/	80707.02
	=	0.8432

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))
	=	(200.288 / (200.288 + 171418.556))	/	(196.905 / (196.905 + 161273.696))
	=	0.001167	/	0.001219
	=	0.9573

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)
	=	(1160.697 / 68050.279)	/	(1837.803 / 80707.02)
	=	0.017056	/	0.022771
	=	0.749

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)
	=	((19992.238 + 49362.066) / 236038.272)	/	((24615.518 + 44190.473) / 245605.854)
	=	0.293827	/	0.280148
	=	1.0488

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
	=	(-9770.699 - 0	-	5304.454)	/	236038.272
	=	-0.063867

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.

PT Mitra International Resources Tbk has a M-score of -4.01 suggests that the company is unlikely to be a manipulator.

PT Mitra International Resources Tbk Beneish M-Score Related Terms

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PT Mitra International Resources Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » PT Mitra International Resources Tbk (ISX:MIRA) » Definitions » Beneish M-Score

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Address

Jalan Pejaten Barat No. 6, Grha Mitra Building, Jakarta, IDN, 12510

Website

https://www.mitrarajasa.com

PT Mitra International Resources Tbk is an Indonesia-based company that operates in the oil and gas equipment and services industry in Indonesia. The activities of the company include land transportation, logistics and warehousing, and Karoseri services. Its segment comprises Transportation services; Assembling Industry; Energy Sector property rent; and other services.