IRM Group Bhd (XKLS:7220) Beneish M-Score : 0.00 (As of Sep. 20, 2024)

View and export this data going back to . Start your Free Trial

What is IRM Group Bhd Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for IRM Group Bhd's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of IRM Group Bhd was 0.00. The lowest was -5.02. And the median was -4.82.

IRM Group Bhd Beneish M-Score Historical Data

The historical data trend for IRM Group Bhd'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.

* Premium members only.

IRM Group Bhd Beneish M-Score Chart

IRM Group Bhd Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Beneish M-Score

Get a 7-Day Free Trial

-4.62

-5.02

IRM Group Bhd Quarterly Data
	Dec06	Dec07	Dec08	Dec09	Dec10	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15
Beneish M-Score	Get a 7-Day Free Trial														-	-	-	-	-

Competitive Comparison of IRM Group Bhd's Beneish M-Score

For the Chemicals subindustry, IRM Group Bhd'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.

IRM Group Bhd's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, IRM Group Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where IRM Group Bhd's Beneish M-Score falls into.

IRM Group Bhd 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 IRM Group Bhd for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec14) TTM:

Last Year (Dec13) TTM:

Total Receivables was RM0.04 Mil.
Revenue was RM2.06 Mil.
Gross Profit was RM0.65 Mil.
Total Current Assets was RM1.67 Mil.
Total Assets was RM36.08 Mil.
Property, Plant and Equipment(Net PPE) was RM34.41 Mil.
Depreciation, Depletion and Amortization(DDA) was RM1.37 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.39 Mil.
Total Current Liabilities was RM52.41 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.12 Mil.
Net Income was RM-20.30 Mil.
Gross Profit was RM0.00 Mil.
Cash Flow from Operations was RM13.60 Mil.

Total Receivables was RM0.23 Mil.
Revenue was RM8.85 Mil.
Gross Profit was RM8.45 Mil.
Total Current Assets was RM46.51 Mil.
Total Assets was RM77.47 Mil.
Property, Plant and Equipment(Net PPE) was RM30.97 Mil.
Depreciation, Depletion and Amortization(DDA) was RM2.91 Mil.
Selling, General, & Admin. Expense(SGA) was RM0.49 Mil.
Total Current Liabilities was RM73.38 Mil.
Long-Term Debt & Capital Lease Obligation was RM0.24 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)
	=	(0.035 / 2.062)	/	(0.232 / 8.85)
	=	0.016974	/	0.026215
	=

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)
	=	(8.446 / 8.85)	/	(0.646 / 2.062)
	=	0.95435	/	0.313288
	=

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 - (1.674 + 34.405) / 36.079)	/	(1 - (46.507 + 30.966) / 77.473)
	=	0	/	0
	=

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
	=	2.062	/	8.85
	=

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))
	=	(2.911 / (2.911 + 30.966))	/	(1.371 / (1.371 + 34.405))
	=	0.085929	/	0.038322
	=

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)
	=	(0.388 / 2.062)	/	(0.485 / 8.85)
	=	0.188167	/	0.054802
	=

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)
	=	((0.118 + 52.411) / 36.079)	/	((0.244 + 73.375) / 77.473)
	=	1.455944	/	0.950254
	=

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
	=	(-20.304 - 0	-	13.604)	/	36.079
	=	-0.939826

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.

IRM Group Bhd Beneish M-Score Related Terms

Thank you for viewing the detailed overview of IRM Group Bhd's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

IRM Group Bhd Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » IRM Group Bhd (XKLS:7220) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Website

http://www.irmb.com.my

IRM Group Bhd is an investment holding company. The Company is engaged in the business of manufacturing and selling of polyvinyl chloride resins and compounds, as well as plastic products such as sheeting and pipes.

IRM Group Bhd Headlines

No Headlines