Indo US Bio-Tech (NSE:INDOUS) Beneish M-Score : -1.43 (As of Mar. 05, 2025)

View and export this data going back to 2024. Start your Free Trial

What is Indo US Bio-Tech Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.43 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Indo US Bio-Tech's Beneish M-Score or its related term are showing as below:

NSE:INDOUS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.69 Med: -1.6 Max: 1.53
Current: -1.43

During the past 12 years, the highest Beneish M-Score of Indo US Bio-Tech was 1.53. The lowest was -2.69. And the median was -1.60.

Indo US Bio-Tech Beneish M-Score Historical Data

The historical data trend for Indo US Bio-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.

* Premium members only.

Indo US Bio-Tech Beneish M-Score Chart

Indo US Bio-Tech Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

Get a 7-Day Free Trial

-1.12

0.28

-2.17

-1.72

-1.43

Indo US Bio-Tech Quarterly Data
	Mar17	Oct17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Jun22	Sep22	Mar23	Jun23	Sep23	Dec23	Mar24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-1.43	-	-

Competitive Comparison of Indo US Bio-Tech's Beneish M-Score

For the Agricultural Inputs subindustry, Indo US Bio-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.

Indo US Bio-Tech's Beneish M-Score Distribution in the Agriculture Industry

For the Agriculture industry and Basic Materials sector, Indo US Bio-Tech's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Indo US Bio-Tech's Beneish M-Score falls into.

Indo US Bio-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 Indo US Bio-Tech for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.705

0.528 * 0.9135

0.404 * 0.723

0.892 * 1.1796

0.115 * 1.6516

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8625

4.679 * 0.230748

0.327 * 0.5843

-1.43

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₹205.5 Mil.
Revenue was ₹728.4 Mil.
Gross Profit was ₹206.6 Mil.
Total Current Assets was ₹468.4 Mil.
Total Assets was ₹556.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹78.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹20.1 Mil.
Total Current Liabilities was ₹122.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹37.3 Mil.
Net Income was ₹82.5 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-45.8 Mil.

Total Receivables was ₹247.1 Mil.
Revenue was ₹617.4 Mil.
Gross Profit was ₹160.0 Mil.
Total Current Assets was ₹381.3 Mil.
Total Assets was ₹437.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹46.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹8.3 Mil.
Selling, General, & Admin. Expense(SGA) was ₹19.8 Mil.
Total Current Liabilities was ₹180.9 Mil.
Long-Term Debt & Capital Lease Obligation was ₹34.5 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)
	=	(205.467 / 728.363)	/	(247.06 / 617.448)
	=	0.282094	/	0.400131
	=	0.705

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)
	=	(160.021 / 617.448)	/	(206.644 / 728.363)
	=	0.259165	/	0.28371
	=	0.9135

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 - (468.381 + 78.817) / 556.164)	/	(1 - (381.348 + 45.979) / 437.073)
	=	0.016121	/	0.022298
	=	0.723

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
	=	728.363	/	617.448
	=	1.1796

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))
	=	(8.259 / (8.259 + 45.979))	/	(8.005 / (8.005 + 78.817))
	=	0.152273	/	0.0922
	=	1.6516

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)
	=	(20.122 / 728.363)	/	(19.778 / 617.448)
	=	0.027626	/	0.032032
	=	0.8625

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)
	=	((37.333 + 122.844) / 556.164)	/	((34.533 + 180.917) / 437.073)
	=	0.288003	/	0.492938
	=	0.5843

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
	=	(82.514 - 0	-	-45.82)	/	556.164
	=	0.230748

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.

Indo US Bio-Tech has a M-score of -1.43 signals that the company is likely to be a manipulator.

Indo US Bio-Tech Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Indo US Bio-Tech's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Indo US Bio-Tech Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Agriculture » Indo US Bio-Tech Ltd (NSE:INDOUS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

541304:India

Address

Satadhar Char Rasta, Sola Road, 309, Shanti Mall, Opposite Navrang Tower, Ahmedabad, GJ, IND, 380061

Website

https://www.indousagriseeds.com

Indo US Bio-Tech Ltd is engaged in the trading of agricultural seeds. It is involved in crop research and development through breeding, production of seeds, processing, packing, and marketing of high-performing hybrid and open-pollinated varieties of agriculture crops. The company's product categories include vegetables; cotton seeds; oilseeds; spices seeds; pulses seeds and cereals seeds. The company has two segments which include Agricultural Activities and Trading Activities out of which it generates the key revenue from the Agricultural Activities.

Indo US Bio-Tech Headlines

No Headlines