Pincon Spirit Beneish M-Score Historical Data
The historical data trend for Pincon Spirit'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.
Pincon Spirit Beneish M-Score Chart
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Pincon Spirit Annual Data
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|
Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
| Beneish M-Score |
|
0.00 |
0.00 |
-0.88 |
-1.39 |
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Pincon Spirit Semi-Annual Data
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|
Mar14 |
Mar15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
| Beneish M-Score |
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|
0.00 |
-0.88 |
0.00 |
-1.39 |
0.00 |
NSE:PINCON vs THST, JCTG, VDKB: Beneish M-Score Comparison
For the Beverages - Wineries & Distilleries subindustry, Pincon Spirit'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.
Pincon Spirit Beneish M-Score vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Pincon Spirit's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pincon Spirit's Beneish M-Score falls into.
Pincon Spirit 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 Pincon Spirit 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 * 1.1661 | + | 0.528 * 0.9883 | + | 0.404 * 1.0064 | + | 0.892 * 1.5808 | + | 0.115 * 1.3275 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7968 | + | 4.679 * 0.070651 | - | 0.327 * 0.9541 |
| = | -1.39 |
* 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 (Mar17) TTM: | Last Year (Mar16) TTM: |
Total Receivables was ₹2,086 Mil.
Revenue was ₹15,617 Mil.
Gross Profit was ₹1,270 Mil.
Total Current Assets was ₹4,768 Mil.
Total Assets was ₹5,587 Mil.
Property, Plant and Equipment(Net PPE) was ₹416 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹30 Mil.
Selling, General, & Admin. Expense(SGA) was ₹68 Mil.
Total Current Liabilities was ₹3,400 Mil.
Long-Term Debt & Capital Lease Obligation was ₹654 Mil.
Net Income was ₹440 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹45 Mil.
|
Total Receivables was ₹1,131 Mil.
Revenue was ₹9,880 Mil.
Gross Profit was ₹794 Mil.
Total Current Assets was ₹3,578 Mil.
Total Assets was ₹4,112 Mil.
Property, Plant and Equipment(Net PPE) was ₹239 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹23 Mil.
Selling, General, & Admin. Expense(SGA) was ₹54 Mil.
Total Current Liabilities was ₹2,500 Mil.
Long-Term Debt & Capital Lease Obligation was ₹627 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) |
| = | (2085.548 / 15617.238) | / | (1131.439 / 9879.533) |
| = | 0.133541 | / | 0.114524 |
| | = | 1.1661 |
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) |
| = | (794.055 / 9879.533) | / | (1270.019 / 15617.238) |
| = | 0.080374 | / | 0.081322 |
| | = | 0.9883 |
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 - (4767.738 + 416.21) / 5586.76) | / | (1 - (3577.926 + 239.31) / 4111.818) |
| = | 0.072101 | / | 0.071643 |
| | = | 1.0064 |
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 |
| = | 15617.238 | / | 9879.533 |
| | = | 1.5808 |
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)) |
| = | (23.08 / (23.08 + 239.31)) | / | (29.535 / (29.535 + 416.21)) |
| = | 0.087961 | / | 0.06626 |
| | = | 1.3275 |
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) |
| = | (67.967 / 15617.238) | / | (53.966 / 9879.533) |
| = | 0.004352 | / | 0.005462 |
| | = | 0.7968 |
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) |
| = | ((653.587 + 3399.646) / 5586.76) | / | ((626.659 + 2499.853) / 4111.818) |
| = | 0.725507 | / | 0.760372 |
| | = | 0.9541 |
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 |
| = | (439.581 - 0 | - | 44.869) | / | 5586.76 |
| | = | 0.070651 |
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.
Pincon Spirit has a M-score of -1.39 signals that the company is likely to be a manipulator.
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