Rastar Group Beneish M-Score Historical Data
The historical data trend for Rastar Group'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.
Rastar Group Beneish M-Score Chart
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Rastar Group Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.48 |
-3.08 |
-2.77 |
-2.57 |
-3.58 |
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Rastar Group Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
Mar25 |
| Beneish M-Score |
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-2.84 |
-2.75 |
-3.26 |
-3.58 |
-3.64 |
Competitive Comparison of Rastar Group's Beneish M-Score
For the Leisure subindustry, Rastar Group'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.
Rastar Group's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Rastar Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rastar Group's Beneish M-Score falls into.
Rastar Group 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 Rastar Group 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 * 0.7445 | + | 0.528 * 1.1672 | + | 0.404 * 0.971 | + | 0.892 * 0.8594 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2283 | + | 4.679 * -0.168476 | - | 0.327 * 1.1496 |
| = | -3.64 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ¥244 Mil.
Revenue was 414.41 + 326.554 + 418.932 + 312.709 = ¥1,473 Mil.
Gross Profit was 200.439 + 105.194 + 129.605 + 31.906 = ¥467 Mil.
Total Current Assets was ¥597 Mil.
Total Assets was ¥3,943 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,152 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥467 Mil.
Total Current Liabilities was ¥1,885 Mil.
Long-Term Debt & Capital Lease Obligation was ¥335 Mil.
Net Income was -47.584 + -227.035 + -52.008 + -81.941 = ¥-409 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 104.549 + 47.219 + 68.838 + 35.149 = ¥256 Mil.
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Total Receivables was ¥381 Mil.
Revenue was 302.205 + 266.873 + 750.805 + 393.637 = ¥1,714 Mil.
Gross Profit was 83.523 + 63.695 + 365.162 + 122.093 = ¥634 Mil.
Total Current Assets was ¥616 Mil.
Total Assets was ¥4,211 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,183 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥443 Mil.
Total Current Liabilities was ¥1,640 Mil.
Long-Term Debt & Capital Lease Obligation was ¥423 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) |
| = | (243.721 / 1472.605) | / | (380.921 / 1713.52) |
| = | 0.165503 | / | 0.222303 |
| | = | 0.7445 |
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) |
| = | (634.473 / 1713.52) | / | (467.144 / 1472.605) |
| = | 0.370275 | / | 0.317223 |
| | = | 1.1672 |
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 - (597.113 + 1152.308) / 3943.141) | / | (1 - (615.679 + 1182.821) / 4211.2) |
| = | 0.556338 | / | 0.572925 |
| | = | 0.971 |
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 |
| = | 1472.605 | / | 1713.52 |
| | = | 0.8594 |
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 + 1182.821)) | / | (0 / (0 + 1152.308)) |
| = | 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) |
| = | (467.466 / 1472.605) | / | (442.843 / 1713.52) |
| = | 0.317442 | / | 0.258441 |
| | = | 1.2283 |
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) |
| = | ((335.298 + 1885.173) / 3943.141) | / | ((422.884 + 1639.86) / 4211.2) |
| = | 0.563122 | / | 0.489823 |
| | = | 1.1496 |
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 |
| = | (-408.568 - 0 | - | 255.755) | / | 3943.141 |
| | = | -0.168476 |
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.
Rastar Group has a M-score of -3.64 suggests that the company is unlikely to be a manipulator.
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