Cnergyico Pk Beneish M-Score Historical Data
The historical data trend for Cnergyico Pk'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.
Cnergyico Pk Beneish M-Score Chart
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Cnergyico Pk Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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1.27 |
-2.91 |
-3.00 |
-2.32 |
-4.14 |
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Cnergyico Pk Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.86 |
-4.14 |
-4.13 |
-2.50 |
-3.67 |
Competitive Comparison of Cnergyico Pk's Beneish M-Score
For the Oil & Gas Refining & Marketing subindustry, Cnergyico Pk'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.
Cnergyico Pk's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Cnergyico Pk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cnergyico Pk's Beneish M-Score falls into.
Cnergyico Pk 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 Cnergyico Pk 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 * 0.8936 | + | 0.528 * -0.6556 | + | 0.404 * 0.2765 | + | 0.892 * 0.9828 | + | 0.115 * 2.3153 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9406 | + | 4.679 * -0.020597 | - | 0.327 * 0.3968 |
| = | -3.67 |
* 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 ₨8,722 Mil.
Revenue was 54472.47 + 66317.071 + 33532.32 + 42163.557 = ₨196,485 Mil.
Gross Profit was 3652.79 + 3731.429 + 131.501 + 336.107 = ₨7,852 Mil.
Total Current Assets was ₨65,658 Mil.
Total Assets was ₨395,513 Mil.
Property, Plant and Equipment(Net PPE) was ₨329,518 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨7,649 Mil.
Selling, General, & Admin. Expense(SGA) was ₨533 Mil.
Total Current Liabilities was ₨103,229 Mil.
Long-Term Debt & Capital Lease Obligation was ₨23,616 Mil.
Net Income was 1041.35 + 859.749 + -2767.195 + -2575.013 = ₨-3,441 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 3503.932 + 2641.35 + -11761.569 + 10321.483 = ₨4,705 Mil.
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Total Receivables was ₨9,931 Mil.
Revenue was 51186.975 + 47808.506 + 52753.126 + 48170.701 = ₨199,919 Mil.
Gross Profit was -3049.439 + -3063.3 + -4861.829 + 5737.019 = ₨-5,238 Mil.
Total Current Assets was ₨43,370 Mil.
Total Assets was ₨131,315 Mil.
Property, Plant and Equipment(Net PPE) was ₨87,541 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨4,853 Mil.
Selling, General, & Admin. Expense(SGA) was ₨280 Mil.
Total Current Liabilities was ₨89,625 Mil.
Long-Term Debt & Capital Lease Obligation was ₨16,497 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) |
| = | (8722.038 / 196485.418) | / | (9930.683 / 199919.308) |
| = | 0.04439 | / | 0.049673 |
| | = | 0.8936 |
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) |
| = | (-5237.549 / 199919.308) | / | (7851.827 / 196485.418) |
| = | -0.026198 | / | 0.039961 |
| | = | -0.6556 |
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 - (65657.64 + 329518.195) / 395512.953) | / | (1 - (43369.542 + 87541.288) / 131315.418) |
| = | 0.000852 | / | 0.003081 |
| | = | 0.2765 |
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 |
| = | 196485.418 | / | 199919.308 |
| | = | 0.9828 |
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)) |
| = | (4852.797 / (4852.797 + 87541.288)) | / | (7648.729 / (7648.729 + 329518.195)) |
| = | 0.052523 | / | 0.022685 |
| | = | 2.3153 |
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) |
| = | (532.99 / 196485.418) | / | (279.562 / 199919.308) |
| = | 0.002713 | / | 0.001398 |
| | = | 1.9406 |
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) |
| = | ((23615.786 + 103228.65) / 395512.953) | / | ((16496.944 + 89625.185) / 131315.418) |
| = | 0.320709 | / | 0.808147 |
| | = | 0.3968 |
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 |
| = | (-3441.109 - 0 | - | 4705.196) | / | 395512.953 |
| | = | -0.020597 |
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.
Cnergyico Pk has a M-score of -3.67 suggests that the company is unlikely to be a manipulator.
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