Sichuan Crun Co Beneish M-Score Historical Data
The historical data trend for Sichuan Crun Co'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.
Sichuan Crun Co Beneish M-Score Chart
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Sichuan Crun Co Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-2.71 |
-2.32 |
-1.54 |
-1.69 |
-2.03 |
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Sichuan Crun Co Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-2.38 |
-2.03 |
-2.14 |
-2.30 |
-2.19 |
Competitive Comparison of Sichuan Crun Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Sichuan Crun Co'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.
Sichuan Crun Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Sichuan Crun Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sichuan Crun Co's Beneish M-Score falls into.
Sichuan Crun Co 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 Sichuan Crun Co 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 * 0.9709 | + | 0.528 * 0.9487 | + | 0.404 * 0.9831 | + | 0.892 * 1.2503 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7241 | + | 4.679 * 0.016929 | - | 0.327 * 1.0123 |
| = | -2.19 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ¥1,277 Mil.
Revenue was 447.096 + 432.115 + 355.172 + 614.34 = ¥1,849 Mil.
Gross Profit was 82.758 + 76.259 + 60.85 + 134.909 = ¥355 Mil.
Total Current Assets was ¥2,109 Mil.
Total Assets was ¥3,325 Mil.
Property, Plant and Equipment(Net PPE) was ¥507 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥106 Mil.
Total Current Liabilities was ¥1,545 Mil.
Long-Term Debt & Capital Lease Obligation was ¥233 Mil.
Net Income was -5.946 + -11.485 + -7.212 + 16.401 = ¥-8 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 44.945 + 24.699 + -63.243 + -70.93 = ¥-65 Mil.
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Total Receivables was ¥1,052 Mil.
Revenue was 366.825 + 340.241 + 377.226 + 394.307 = ¥1,479 Mil.
Gross Profit was 61.308 + 67.774 + 72.359 + 67.762 = ¥269 Mil.
Total Current Assets was ¥2,033 Mil.
Total Assets was ¥3,164 Mil.
Property, Plant and Equipment(Net PPE) was ¥445 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥117 Mil.
Total Current Liabilities was ¥1,582 Mil.
Long-Term Debt & Capital Lease Obligation was ¥89 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) |
| = | (1277.058 / 1848.723) | / | (1051.943 / 1478.599) |
| = | 0.690778 | / | 0.711446 |
| | = | 0.9709 |
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) |
| = | (269.203 / 1478.599) | / | (354.776 / 1848.723) |
| = | 0.182066 | / | 0.191903 |
| | = | 0.9487 |
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 - (2109.218 + 506.694) / 3324.971) | / | (1 - (2033.064 + 444.676) / 3164.111) |
| = | 0.213253 | / | 0.216924 |
| | = | 0.9831 |
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 |
| = | 1848.723 | / | 1478.599 |
| | = | 1.2503 |
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)) |
| = | (0 / (0 + 444.676)) | / | (0 / (0 + 506.694)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (106.344 / 1848.723) | / | (117.458 / 1478.599) |
| = | 0.057523 | / | 0.079439 |
| | = | 0.7241 |
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) |
| = | ((232.716 + 1545.054) / 3324.971) | / | ((89.307 + 1581.914) / 3164.111) |
| = | 0.534672 | / | 0.52818 |
| | = | 1.0123 |
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 |
| = | (-8.242 - 0 | - | -64.529) | / | 3324.971 |
| | = | 0.016929 |
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.
Sichuan Crun Co has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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