Impex Ferro Tech Beneish M-Score Historical Data
The historical data trend for Impex Ferro Tech'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.
Impex Ferro Tech Beneish M-Score Chart
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Impex Ferro Tech Annual Data
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| Beneish M-Score |
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-4.21 |
-2.82 |
-1.73 |
15.96 |
-3.87 |
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Impex Ferro Tech Quarterly Data
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| Beneish M-Score |
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-3.87 |
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Competitive Comparison of Impex Ferro Tech's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, Impex Ferro Tech'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.
Impex Ferro Tech's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Impex Ferro Tech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Impex Ferro Tech's Beneish M-Score falls into.
Impex Ferro Tech 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 Impex Ferro Tech 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 * 2.2882 | + | 0.528 * -0.0682 | + | 0.404 * 0.0449 | + | 0.892 * 0.4797 | + | 0.115 * 0.9747 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.3953 | + | 4.679 * -0.183653 | - | 0.327 * 1.1947 |
| = | -3.87 |
* 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 ₹196.88 Mil.
Revenue was ₹1,431.65 Mil.
Gross Profit was ₹-449.96 Mil.
Total Current Assets was ₹557.31 Mil.
Total Assets was ₹2,050.73 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,486.52 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹66.10 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.92 Mil.
Total Current Liabilities was ₹2,145.55 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,676.26 Mil.
Net Income was ₹-335.98 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹40.64 Mil.
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Total Receivables was ₹179.38 Mil.
Revenue was ₹2,984.72 Mil.
Gross Profit was ₹63.99 Mil.
Total Current Assets was ₹808.69 Mil.
Total Assets was ₹2,513.61 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,516.77 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹65.66 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1.67 Mil.
Total Current Liabilities was ₹2,214.84 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,732.34 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) |
| = | (196.879 / 1431.647) | / | (179.38 / 2984.717) |
| = | 0.137519 | / | 0.0601 |
| | = | 2.2882 |
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) |
| = | (63.987 / 2984.717) | / | (-449.96 / 1431.647) |
| = | 0.021438 | / | -0.314295 |
| | = | -0.0682 |
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 - (557.306 + 1486.524) / 2050.726) | / | (1 - (808.693 + 1516.767) / 2513.609) |
| = | 0.003363 | / | 0.074852 |
| | = | 0.0449 |
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 |
| = | 1431.647 | / | 2984.717 |
| | = | 0.4797 |
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)) |
| = | (65.662 / (65.662 + 1516.767)) | / | (66.095 / (66.095 + 1486.524)) |
| = | 0.041494 | / | 0.04257 |
| | = | 0.9747 |
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) |
| = | (1.917 / 1431.647) | / | (1.667 / 2984.717) |
| = | 0.001339 | / | 0.000559 |
| | = | 2.3953 |
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) |
| = | ((2676.259 + 2145.552) / 2050.726) | / | ((2732.342 + 2214.837) / 2513.609) |
| = | 2.35127 | / | 1.968158 |
| | = | 1.1947 |
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 |
| = | (-335.978 - 0 | - | 40.644) | / | 2050.726 |
| | = | -0.183653 |
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.
Impex Ferro Tech has a M-score of -3.87 suggests that the company is unlikely to be a manipulator.
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