Hisar Metal Industries Beneish M-Score Historical Data
The historical data trend for Hisar Metal 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.
Hisar Metal Industries Beneish M-Score Chart
|
Hisar Metal Industries Annual Data
|
|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.92 |
-2.47 |
-2.05 |
-2.03 |
-2.45 |
|
Hisar Metal Industries Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-2.45 |
- |
- |
- |
Competitive Comparison of Hisar Metal Industries's Beneish M-Score
For the Steel subindustry, Hisar Metal 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.
Hisar Metal Industries's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Hisar Metal Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hisar Metal Industries's Beneish M-Score falls into.
Hisar Metal 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 Hisar Metal 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 * 0.8937 | + | 0.528 * 1.1003 | + | 0.404 * 1.0106 | + | 0.892 * 1.1653 | + | 0.115 * 1.247 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8919 | + | 4.679 * -0.031301 | - | 0.327 * 0.9164 |
| = | -2.45 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹487 Mil.
Revenue was ₹2,757 Mil.
Gross Profit was ₹370 Mil.
Total Current Assets was ₹1,176 Mil.
Total Assets was ₹1,450 Mil.
Property, Plant and Equipment(Net PPE) was ₹247 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹22 Mil.
Selling, General, & Admin. Expense(SGA) was ₹51 Mil.
Total Current Liabilities was ₹687 Mil.
Long-Term Debt & Capital Lease Obligation was ₹183 Mil.
Net Income was ₹110 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹155 Mil.
|
Total Receivables was ₹468 Mil.
Revenue was ₹2,366 Mil.
Gross Profit was ₹349 Mil.
Total Current Assets was ₹1,152 Mil.
Total Assets was ₹1,366 Mil.
Property, Plant and Equipment(Net PPE) was ₹190 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹21 Mil.
Selling, General, & Admin. Expense(SGA) was ₹49 Mil.
Total Current Liabilities was ₹704 Mil.
Long-Term Debt & Capital Lease Obligation was ₹190 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) |
| = | (487.333 / 2756.89) | / | (467.938 / 2365.891) |
| = | 0.176769 | / | 0.197785 |
| | = | 0.8937 |
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) |
| = | (349.041 / 2365.891) | / | (369.644 / 2756.89) |
| = | 0.14753 | / | 0.13408 |
| | = | 1.1003 |
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 - (1176.291 + 246.936) / 1449.685) | / | (1 - (1151.553 + 189.841) / 1366.064) |
| = | 0.018251 | / | 0.018059 |
| | = | 1.0106 |
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 |
| = | 2756.89 | / | 2365.891 |
| | = | 1.1653 |
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)) |
| = | (21.27 / (21.27 + 189.841)) | / | (21.706 / (21.706 + 246.936)) |
| = | 0.100753 | / | 0.080799 |
| | = | 1.247 |
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) |
| = | (51.432 / 2756.89) | / | (49.484 / 2365.891) |
| = | 0.018656 | / | 0.020916 |
| | = | 0.8919 |
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) |
| = | ((182.506 + 687.333) / 1449.685) | / | ((190.326 + 704.128) / 1366.064) |
| = | 0.600019 | / | 0.654767 |
| | = | 0.9164 |
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 |
| = | (109.516 - 0 | - | 154.893) | / | 1449.685 |
| | = | -0.031301 |
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.
Hisar Metal Industries has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
NSE:HISARMETAL has been successfully added to your