Ismail Industries Beneish M-Score Historical Data
The historical data trend for Ismail 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.
Ismail Industries Beneish M-Score Chart
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Ismail Industries Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.80 |
-2.50 |
-1.89 |
-1.89 |
-2.08 |
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Ismail Industries Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.53 |
-2.06 |
-2.17 |
-2.08 |
-2.40 |
Competitive Comparison of Ismail Industries's Beneish M-Score
For the Confectioners subindustry, Ismail 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.
Ismail Industries's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Ismail Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ismail Industries's Beneish M-Score falls into.
Ismail 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 Ismail 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 * 1.1636 | + | 0.528 * 1.0214 | + | 0.404 * 1.0851 | + | 0.892 * 1.1829 | + | 0.115 * 0.8035 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0539 | + | 4.679 * -0.052528 | - | 0.327 * 1.0086 |
| = | -2.40 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₨30,575 Mil.
Revenue was 31206.091 + 24874.169 + 30819.526 + 31325.399 = ₨118,225 Mil.
Gross Profit was 6116.304 + 5402.966 + 5845.347 + 6681.707 = ₨24,046 Mil.
Total Current Assets was ₨59,689 Mil.
Total Assets was ₨109,064 Mil.
Property, Plant and Equipment(Net PPE) was ₨45,085 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3,841 Mil.
Selling, General, & Admin. Expense(SGA) was ₨6,787 Mil.
Total Current Liabilities was ₨60,732 Mil.
Long-Term Debt & Capital Lease Obligation was ₨22,599 Mil.
Net Income was 748.463 + 112.853 + 1326.237 + 1735.029 = ₨3,923 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 2088.991 + 697.202 + 2994.951 + 3870.312 = ₨9,651 Mil.
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Total Receivables was ₨22,212 Mil.
Revenue was 29948.447 + 24999.204 + 23238.601 + 21757.433 = ₨99,944 Mil.
Gross Profit was 6390.032 + 5319.24 + 4648.926 + 4404.255 = ₨20,762 Mil.
Total Current Assets was ₨47,703 Mil.
Total Assets was ₨90,497 Mil.
Property, Plant and Equipment(Net PPE) was ₨39,514 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨2,660 Mil.
Selling, General, & Admin. Expense(SGA) was ₨5,444 Mil.
Total Current Liabilities was ₨41,454 Mil.
Long-Term Debt & Capital Lease Obligation was ₨27,105 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) |
| = | (30574.937 / 118225.185) | / | (22212.414 / 99943.685) |
| = | 0.258616 | / | 0.222249 |
| | = | 1.1636 |
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) |
| = | (20762.453 / 99943.685) | / | (24046.324 / 118225.185) |
| = | 0.207742 | / | 0.203394 |
| | = | 1.0214 |
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 - (59689.18 + 45085.461) / 109063.722) | / | (1 - (47703.394 + 39513.605) / 90496.775) |
| = | 0.039326 | / | 0.036242 |
| | = | 1.0851 |
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 |
| = | 118225.185 | / | 99943.685 |
| | = | 1.1829 |
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)) |
| = | (2659.986 / (2659.986 + 39513.605)) | / | (3840.551 / (3840.551 + 45085.461)) |
| = | 0.063072 | / | 0.078497 |
| | = | 0.8035 |
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) |
| = | (6786.565 / 118225.185) | / | (5443.775 / 99943.685) |
| = | 0.057404 | / | 0.054468 |
| | = | 1.0539 |
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) |
| = | ((22599.322 + 60731.731) / 109063.722) | / | ((27104.868 + 41453.503) / 90496.775) |
| = | 0.764058 | / | 0.757578 |
| | = | 1.0086 |
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 |
| = | (3922.582 - 0 | - | 9651.456) | / | 109063.722 |
| | = | -0.052528 |
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.
Ismail Industries has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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