Karuturi Global Beneish M-Score Historical Data
The historical data trend for Karuturi Global'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.
Karuturi Global Beneish M-Score Chart
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Karuturi Global Annual Data
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Karuturi Global Quarterly Data
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NSE:KGL vs SIAF: Beneish M-Score Comparison
For the Farm Products subindustry, Karuturi Global'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.
Karuturi Global Beneish M-Score vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Karuturi Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Karuturi Global's Beneish M-Score falls into.
Karuturi Global 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 Karuturi Global 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 * 1.9617 | + | 0.528 * 0.9869 | + | 0.404 * 1.7036 | + | 0.892 * 1.0153 | + | 0.115 * 1.2809 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.3472 | + | 4.679 * -0.013812 | - | 0.327 * 0.9425 |
| = | -1.21 |
* 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 (Mar18) TTM: | Last Year (Mar17) TTM: |
Total Receivables was ₹2,694 Mil.
Revenue was ₹2,296 Mil.
Gross Profit was ₹979 Mil.
Total Current Assets was ₹4,248 Mil.
Total Assets was ₹29,377 Mil.
Property, Plant and Equipment(Net PPE) was ₹24,166 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹328 Mil.
Selling, General, & Admin. Expense(SGA) was ₹11 Mil.
Total Current Liabilities was ₹6,460 Mil.
Long-Term Debt & Capital Lease Obligation was ₹124 Mil.
Net Income was ₹519 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹925 Mil.
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Total Receivables was ₹1,353 Mil.
Revenue was ₹2,261 Mil.
Gross Profit was ₹951 Mil.
Total Current Assets was ₹2,795 Mil.
Total Assets was ₹28,325 Mil.
Property, Plant and Equipment(Net PPE) was ₹24,985 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹436 Mil.
Selling, General, & Admin. Expense(SGA) was ₹32 Mil.
Total Current Liabilities was ₹6,166 Mil.
Long-Term Debt & Capital Lease Obligation was ₹569 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) |
| = | (2694.302 / 2295.912) | / | (1352.704 / 2261.276) |
| = | 1.173521 | / | 0.598204 |
| | = | 1.9617 |
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) |
| = | (951.122 / 2261.276) | / | (978.549 / 2295.912) |
| = | 0.420613 | / | 0.426214 |
| | = | 0.9869 |
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 - (4247.9 + 24165.795) / 29377.321) | / | (1 - (2795.178 + 24984.553) / 28325.14) |
| = | 0.032802 | / | 0.019255 |
| | = | 1.7036 |
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 |
| = | 2295.912 | / | 2261.276 |
| | = | 1.0153 |
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)) |
| = | (435.656 / (435.656 + 24984.553)) | / | (327.735 / (327.735 + 24165.795)) |
| = | 0.017138 | / | 0.01338 |
| | = | 1.2809 |
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) |
| = | (11.423 / 2295.912) | / | (32.399 / 2261.276) |
| = | 0.004975 | / | 0.014328 |
| | = | 0.3472 |
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) |
| = | ((123.688 + 6459.816) / 29377.321) | / | ((569.011 + 6165.964) / 28325.14) |
| = | 0.224102 | / | 0.237774 |
| | = | 0.9425 |
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 |
| = | (519.307 - 0 | - | 925.061) | / | 29377.321 |
| | = | -0.013812 |
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.
Karuturi Global has a M-score of -1.21 signals that the company is likely to be a manipulator.
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