Ghandhara Industries Beneish M-Score Historical Data
The historical data trend for Ghandhara Industries'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.
Ghandhara Industries Beneish M-Score Chart
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Ghandhara Industries Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-0.50 |
3.68 |
-3.25 |
-0.96 |
-2.74 |
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Ghandhara Industries Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.21 |
-2.74 |
-3.23 |
-3.18 |
-3.74 |
Competitive Comparison of Ghandhara Industries's Beneish M-Score
For the Auto Manufacturers subindustry, Ghandhara Industries'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.
Ghandhara Industries's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Ghandhara Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ghandhara Industries's Beneish M-Score falls into.
Ghandhara Industries 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 Ghandhara Industries 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 * 0.8484 | + | 0.528 * 0.5349 | + | 0.404 * 1.2413 | + | 0.892 * 0.6023 | + | 0.115 * 1.4735 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6666 | + | 4.679 * -0.132819 | - | 0.327 * 0.8166 |
| = | -3.74 |
* 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 ₨1,573 Mil.
Revenue was 4801.34 + 2488.577 + 2519.258 + 1791.668 = ₨11,601 Mil.
Gross Profit was 905.472 + 371.572 + 442.365 + 513.616 = ₨2,233 Mil.
Total Current Assets was ₨10,760 Mil.
Total Assets was ₨16,833 Mil.
Property, Plant and Equipment(Net PPE) was ₨6,035 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨128 Mil.
Selling, General, & Admin. Expense(SGA) was ₨788 Mil.
Total Current Liabilities was ₨8,133 Mil.
Long-Term Debt & Capital Lease Obligation was ₨69 Mil.
Net Income was 405.724 + -164.46 + 61.598 + -81.393 = ₨221 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 1053.281 + -537.354 + 511.111 + 1430.209 = ₨2,457 Mil.
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Total Receivables was ₨3,077 Mil.
Revenue was 4801.059 + 3776.327 + 4173.524 + 6509.236 = ₨19,260 Mil.
Gross Profit was 719.1 + 539.277 + 528.882 + 195.869 = ₨1,983 Mil.
Total Current Assets was ₨12,317 Mil.
Total Assets was ₨16,707 Mil.
Property, Plant and Equipment(Net PPE) was ₨4,360 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨138 Mil.
Selling, General, & Admin. Expense(SGA) was ₨785 Mil.
Total Current Liabilities was ₨9,913 Mil.
Long-Term Debt & Capital Lease Obligation was ₨55 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) |
| = | (1572.585 / 11600.843) | / | (3077.364 / 19260.146) |
| = | 0.135558 | / | 0.159779 |
| | = | 0.8484 |
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) |
| = | (1983.128 / 19260.146) | / | (2233.025 / 11600.843) |
| = | 0.102965 | / | 0.192488 |
| | = | 0.5349 |
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 - (10760.169 + 6034.72) / 16833.33) | / | (1 - (12316.748 + 4359.58) / 16707.062) |
| = | 0.002284 | / | 0.00184 |
| | = | 1.2413 |
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 |
| = | 11600.843 | / | 19260.146 |
| | = | 0.6023 |
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)) |
| = | (138.049 / (138.049 + 4359.58)) | / | (128.381 / (128.381 + 6034.72)) |
| = | 0.030694 | / | 0.020831 |
| | = | 1.4735 |
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) |
| = | (788.068 / 11600.843) | / | (785.076 / 19260.146) |
| = | 0.067932 | / | 0.040762 |
| | = | 1.6666 |
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) |
| = | ((68.951 + 8133.036) / 16833.33) | / | ((54.983 + 9913.402) / 16707.062) |
| = | 0.487247 | / | 0.596657 |
| | = | 0.8166 |
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 |
| = | (221.469 - 0 | - | 2457.247) | / | 16833.33 |
| | = | -0.132819 |
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.
Ghandhara Industries has a M-score of -3.74 suggests that the company is unlikely to be a manipulator.
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