Infinium Pharmachem Beneish M-Score Historical Data
The historical data trend for Infinium Pharmachem'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.
Infinium Pharmachem Beneish M-Score Chart
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Infinium Pharmachem Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
|
- |
- |
-2.68 |
-1.98 |
-0.55 |
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Infinium Pharmachem Semi-Annual Data
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Mar20 |
Mar21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
Mar24 |
Sep24 |
| Beneish M-Score |
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- |
-1.98 |
- |
-0.55 |
- |
Competitive Comparison of Infinium Pharmachem's Beneish M-Score
For the Chemicals subindustry, Infinium Pharmachem'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.
Infinium Pharmachem's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Infinium Pharmachem's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Infinium Pharmachem's Beneish M-Score falls into.
Infinium Pharmachem 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 Infinium Pharmachem 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 * 1.0657 | + | 0.528 * 1.2283 | + | 0.404 * 1.2504 | + | 0.892 * 1.1875 | + | 0.115 * 0.5576 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8792 | + | 4.679 * 0.284903 | - | 0.327 * 0.445 |
| = | -0.55 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹217 Mil.
Revenue was ₹1,356 Mil.
Gross Profit was ₹325 Mil.
Total Current Assets was ₹650 Mil.
Total Assets was ₹855 Mil.
Property, Plant and Equipment(Net PPE) was ₹198 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹27 Mil.
Selling, General, & Admin. Expense(SGA) was ₹20 Mil.
Total Current Liabilities was ₹174 Mil.
Long-Term Debt & Capital Lease Obligation was ₹78 Mil.
Net Income was ₹113 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-130 Mil.
|
Total Receivables was ₹172 Mil.
Revenue was ₹1,142 Mil.
Gross Profit was ₹337 Mil.
Total Current Assets was ₹513 Mil.
Total Assets was ₹706 Mil.
Property, Plant and Equipment(Net PPE) was ₹189 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹13 Mil.
Selling, General, & Admin. Expense(SGA) was ₹20 Mil.
Total Current Liabilities was ₹368 Mil.
Long-Term Debt & Capital Lease Obligation was ₹101 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) |
| = | (217.162 / 1356.392) | / | (171.61 / 1142.249) |
| = | 0.160103 | / | 0.150239 |
| | = | 1.0657 |
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) |
| = | (336.537 / 1142.249) | / | (325.353 / 1356.392) |
| = | 0.294627 | / | 0.239866 |
| | = | 1.2283 |
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 - (650.112 + 197.716) / 854.527) | / | (1 - (513.131 + 188.564) / 706.122) |
| = | 0.007839 | / | 0.006269 |
| | = | 1.2504 |
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 |
| = | 1356.392 | / | 1142.249 |
| | = | 1.1875 |
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)) |
| = | (13.388 / (13.388 + 188.564)) | / | (26.679 / (26.679 + 197.716)) |
| = | 0.066293 | / | 0.118893 |
| | = | 0.5576 |
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) |
| = | (20.364 / 1356.392) | / | (19.504 / 1142.249) |
| = | 0.015013 | / | 0.017075 |
| | = | 0.8792 |
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) |
| = | ((78.063 + 174.135) / 854.527) | / | ((100.611 + 367.691) / 706.122) |
| = | 0.295132 | / | 0.663203 |
| | = | 0.445 |
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 |
| = | (113.022 - 0 | - | -130.435) | / | 854.527 |
| | = | 0.284903 |
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.
Infinium Pharmachem has a M-score of -0.55 signals that the company is likely to be a manipulator.
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