International Steels Beneish M-Score Historical Data
The historical data trend for International 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.
International Steels Beneish M-Score Chart
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International Steels Annual Data
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Trend |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.61 |
-2.76 |
51.41 |
-3.80 |
-2.36 |
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International Steels Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.08 |
-2.79 |
-2.36 |
-1.64 |
-3.22 |
Competitive Comparison of International Steels's Beneish M-Score
For the Steel subindustry, International 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.
International Steels's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, International Steels's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where International Steels's Beneish M-Score falls into.
International 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 International 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 * 0.593 | + | 0.528 * 1.7319 | + | 0.404 * 1.2379 | + | 0.892 * 0.7355 | + | 0.115 * 0.9867 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4122 | + | 4.679 * -0.10546 | - | 0.327 * 1.1362 |
| = | -3.22 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₨962 Mil.
Revenue was 31802.736 + 13489.892 + 13284.564 + 16276.004 = ₨74,853 Mil.
Gross Profit was 2379.83 + 904.973 + 1347.642 + 1912.076 = ₨6,545 Mil.
Total Current Assets was ₨27,553 Mil.
Total Assets was ₨47,658 Mil.
Property, Plant and Equipment(Net PPE) was ₨19,594 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,889 Mil.
Selling, General, & Admin. Expense(SGA) was ₨2,426 Mil.
Total Current Liabilities was ₨22,817 Mil.
Long-Term Debt & Capital Lease Obligation was ₨773 Mil.
Net Income was 534.093 + 179.428 + 596.551 + 705.698 = ₨2,016 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 10842.473 + -5609.328 + -226.188 + 2034.859 = ₨7,042 Mil.
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Total Receivables was ₨2,206 Mil.
Revenue was 39739.065 + 19207.23 + 18929.062 + 23898.39 = ₨101,774 Mil.
Gross Profit was 5313.474 + 2464.856 + 4458.495 + 3173.894 = ₨15,411 Mil.
Total Current Assets was ₨24,081 Mil.
Total Assets was ₨44,325 Mil.
Property, Plant and Equipment(Net PPE) was ₨19,860 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,887 Mil.
Selling, General, & Admin. Expense(SGA) was ₨2,336 Mil.
Total Current Liabilities was ₨18,468 Mil.
Long-Term Debt & Capital Lease Obligation was ₨843 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) |
| = | (961.885 / 74853.196) | / | (2205.579 / 101773.747) |
| = | 0.01285 | / | 0.021671 |
| | = | 0.593 |
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) |
| = | (15410.719 / 101773.747) | / | (6544.521 / 74853.196) |
| = | 0.151421 | / | 0.087431 |
| | = | 1.7319 |
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 - (27552.505 + 19594.301) / 47658.193) | / | (1 - (24080.813 + 19860.411) / 44325.455) |
| = | 0.01073 | / | 0.008668 |
| | = | 1.2379 |
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 |
| = | 74853.196 | / | 101773.747 |
| | = | 0.7355 |
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)) |
| = | (1887.209 / (1887.209 + 19860.411)) | / | (1889.417 / (1889.417 + 19594.301)) |
| = | 0.086778 | / | 0.087946 |
| | = | 0.9867 |
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) |
| = | (2425.849 / 74853.196) | / | (2335.502 / 101773.747) |
| = | 0.032408 | / | 0.022948 |
| | = | 1.4122 |
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) |
| = | ((772.963 + 22816.645) / 47658.193) | / | ((843.008 + 18467.707) / 44325.455) |
| = | 0.494975 | / | 0.435657 |
| | = | 1.1362 |
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 |
| = | (2015.77 - 0 | - | 7041.816) | / | 47658.193 |
| | = | -0.10546 |
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.
International Steels has a M-score of -3.22 suggests that the company is unlikely to be a manipulator.
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