Nitin Spinners Beneish M-Score Historical Data
The historical data trend for Nitin Spinners'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.
Nitin Spinners Beneish M-Score Chart
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Nitin Spinners Annual Data
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Mar24 |
| Beneish M-Score |
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-2.51 |
-2.93 |
-1.02 |
-2.33 |
-2.52 |
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Nitin Spinners Quarterly Data
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Dec19 |
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Sep24 |
| Beneish M-Score |
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-2.52 |
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Competitive Comparison of Nitin Spinners's Beneish M-Score
For the Textile Manufacturing subindustry, Nitin Spinners'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.
Nitin Spinners's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Nitin Spinners's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nitin Spinners's Beneish M-Score falls into.
Nitin Spinners 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 Nitin Spinners 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 * 1.2126 | + | 0.528 * 0.9527 | + | 0.404 * 0.2192 | + | 0.892 * 1.208 | + | 0.115 * 0.9326 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9323 | + | 4.679 * -0.011765 | - | 0.327 * 1.0867 |
| = | -2.52 |
* 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 ₹3,572 Mil.
Revenue was ₹28,811 Mil.
Gross Profit was ₹6,214 Mil.
Total Current Assets was ₹9,867 Mil.
Total Assets was ₹27,167 Mil.
Property, Plant and Equipment(Net PPE) was ₹17,107 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,185 Mil.
Selling, General, & Admin. Expense(SGA) was ₹914 Mil.
Total Current Liabilities was ₹6,420 Mil.
Long-Term Debt & Capital Lease Obligation was ₹8,106 Mil.
Net Income was ₹1,315 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,635 Mil.
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Total Receivables was ₹2,438 Mil.
Revenue was ₹23,850 Mil.
Gross Profit was ₹4,900 Mil.
Total Current Assets was ₹7,960 Mil.
Total Assets was ₹22,180 Mil.
Property, Plant and Equipment(Net PPE) was ₹13,503 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹868 Mil.
Selling, General, & Admin. Expense(SGA) was ₹812 Mil.
Total Current Liabilities was ₹5,302 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5,611 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) |
| = | (3571.69 / 28811.126) | / | (2438.407 / 23850.353) |
| = | 0.123969 | / | 0.102238 |
| | = | 1.2126 |
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) |
| = | (4900.397 / 23850.353) | / | (6213.868 / 28811.126) |
| = | 0.205464 | / | 0.215676 |
| | = | 0.9527 |
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 - (9867.22 + 17106.846) / 27166.526) | / | (1 - (7959.939 + 13503.055) / 22179.839) |
| = | 0.007084 | / | 0.03232 |
| | = | 0.2192 |
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 |
| = | 28811.126 | / | 23850.353 |
| | = | 1.208 |
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)) |
| = | (868.087 / (868.087 + 13503.055)) | / | (1184.721 / (1184.721 + 17106.846)) |
| = | 0.060405 | / | 0.064769 |
| | = | 0.9326 |
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) |
| = | (914.041 / 28811.126) | / | (811.569 / 23850.353) |
| = | 0.031725 | / | 0.034028 |
| | = | 0.9323 |
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) |
| = | ((8106.313 + 6419.855) / 27166.526) | / | ((5611.451 + 5301.786) / 22179.839) |
| = | 0.534708 | / | 0.492034 |
| | = | 1.0867 |
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 |
| = | (1315.182 - 0 | - | 1634.802) | / | 27166.526 |
| | = | -0.011765 |
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.
Nitin Spinners has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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