Pratibha Industries Beneish M-Score Historical Data
The historical data trend for Pratibha Industries'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.
Pratibha Industries Beneish M-Score Chart
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Pratibha Industries Annual Data
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Mar10 |
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Mar15 |
Mar16 |
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Mar19 |
| Beneish M-Score |
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0.00 |
-2.26 |
0.00 |
0.00 |
-4.42 |
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Pratibha Industries Quarterly Data
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Jun14 |
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Dec14 |
Mar15 |
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Mar19 |
| Beneish M-Score |
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0.00 |
0.00 |
-5.87 |
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-4.42 |
Pratibha Industries Beneish M-Score Competitor Comparison
For the Engineering & Construction subindustry, Pratibha Industries'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.
Pratibha Industries Beneish M-Score vs Construction Industry
For the Construction industry and Industrials sector, Pratibha Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Pratibha Industries's Beneish M-Score falls into.
Pratibha Industries 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 Pratibha Industries 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 * 1.7727 | + | 0.528 * 3.6265 | + | 0.404 * 0.8411 | + | 0.892 * 0.3939 | + | 0.115 * 0.7781 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9384 | + | 4.679 * -0.389945 | - | 0.327 * 1.4514 |
| = | -2.97 |
* 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 (Mar19) TTM: | Last Year (Mar18) TTM: |
Total Receivables was ₹6,288 Mil.
Revenue was ₹3,863 Mil.
Gross Profit was ₹-2,050 Mil.
Total Current Assets was ₹21,771 Mil.
Total Assets was ₹30,857 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,811 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹381 Mil.
Selling, General, & Admin. Expense(SGA) was ₹50 Mil.
Total Current Liabilities was ₹74,195 Mil.
Long-Term Debt & Capital Lease Obligation was ₹14 Mil.
Net Income was ₹-16,165 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-4,132 Mil.
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Total Receivables was ₹9,005 Mil.
Revenue was ₹9,808 Mil.
Gross Profit was ₹-18,874 Mil.
Total Current Assets was ₹26,691 Mil.
Total Assets was ₹41,383 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,281 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹478 Mil.
Selling, General, & Admin. Expense(SGA) was ₹137 Mil.
Total Current Liabilities was ₹68,556 Mil.
Long-Term Debt & Capital Lease Obligation was ₹13 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) |
| = | (6287.897 / 3863.433) | / | (9004.647 / 9807.566) |
| = | 1.627541 | / | 0.918133 |
| | = | 1.7727 |
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) |
| = | (-18874.193 / 9807.566) | / | (-2050.178 / 3863.433) |
| = | -1.924452 | / | -0.530662 |
| | = | 3.6265 |
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 - (21770.687 + 3811.03) / 30857.15) | / | (1 - (26690.692 + 6281.084) / 41382.993) |
| = | 0.170963 | / | 0.203253 |
| | = | 0.8411 |
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 |
| = | 3863.433 | / | 9807.566 |
| | = | 0.3939 |
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)) |
| = | (477.974 / (477.974 + 6281.084)) | / | (381.001 / (381.001 + 3811.03)) |
| = | 0.070716 | / | 0.090887 |
| | = | 0.7781 |
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) |
| = | (50.473 / 3863.433) | / | (136.532 / 9807.566) |
| = | 0.013064 | / | 0.013921 |
| | = | 0.9384 |
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) |
| = | ((13.55 + 74194.804) / 30857.15) | / | ((13.085 + 68555.892) / 41382.993) |
| = | 2.4049 | / | 1.656936 |
| | = | 1.4514 |
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 |
| = | (-16164.983 - 0 | - | -4132.396) | / | 30857.15 |
| | = | -0.389945 |
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.
Pratibha Industries has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.
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