Garware Hi-Tech Films Beneish M-Score Historical Data
The historical data trend for Garware Hi-Tech Films'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.
Garware Hi-Tech Films Beneish M-Score Chart
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Garware Hi-Tech Films Annual Data
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| Beneish M-Score |
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-2.38 |
-2.83 |
-2.83 |
-2.51 |
-2.54 |
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Garware Hi-Tech Films Quarterly Data
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| Beneish M-Score |
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-2.54 |
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Competitive Comparison of Garware Hi-Tech Films's Beneish M-Score
For the Specialty Chemicals subindustry, Garware Hi-Tech Films'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.
Garware Hi-Tech Films's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Garware Hi-Tech Films's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Garware Hi-Tech Films's Beneish M-Score falls into.
Garware Hi-Tech Films 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 Garware Hi-Tech Films 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 * 0.823 | + | 0.528 * 1.1017 | + | 0.404 * 1.0154 | + | 0.892 * 1.1073 | + | 0.115 * 0.8859 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.965 | + | 4.679 * -0.023401 | - | 0.327 * 0.7942 |
| = | -2.54 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹315 Mil.
Revenue was ₹14,118 Mil.
Gross Profit was ₹6,721 Mil.
Total Current Assets was ₹6,512 Mil.
Total Assets was ₹22,143 Mil.
Property, Plant and Equipment(Net PPE) was ₹14,786 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹324 Mil.
Selling, General, & Admin. Expense(SGA) was ₹244 Mil.
Total Current Liabilities was ₹2,376 Mil.
Long-Term Debt & Capital Lease Obligation was ₹848 Mil.
Net Income was ₹1,661 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹2,180 Mil.
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Total Receivables was ₹346 Mil.
Revenue was ₹12,750 Mil.
Gross Profit was ₹6,687 Mil.
Total Current Assets was ₹5,975 Mil.
Total Assets was ₹21,332 Mil.
Property, Plant and Equipment(Net PPE) was ₹14,555 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹282 Mil.
Selling, General, & Admin. Expense(SGA) was ₹229 Mil.
Total Current Liabilities was ₹2,609 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,302 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) |
| = | (315.106 / 14118.483) | / | (345.781 / 12750.481) |
| = | 0.022319 | / | 0.027119 |
| | = | 0.823 |
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) |
| = | (6687.297 / 12750.481) | / | (6721.374 / 14118.483) |
| = | 0.524474 | / | 0.476069 |
| | = | 1.1017 |
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 - (6512.367 + 14785.846) / 22143.449) | / | (1 - (5975.012 + 14554.91) / 21331.804) |
| = | 0.038171 | / | 0.037591 |
| | = | 1.0154 |
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 |
| = | 14118.483 | / | 12750.481 |
| | = | 1.1073 |
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)) |
| = | (281.899 / (281.899 + 14554.91)) | / | (324.077 / (324.077 + 14785.846)) |
| = | 0.019 | / | 0.021448 |
| | = | 0.8859 |
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) |
| = | (244.175 / 14118.483) | / | (228.524 / 12750.481) |
| = | 0.017295 | / | 0.017923 |
| | = | 0.965 |
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) |
| = | ((847.527 + 2376.379) / 22143.449) | / | ((1301.871 + 2608.859) / 21331.804) |
| = | 0.145592 | / | 0.183329 |
| | = | 0.7942 |
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 |
| = | (1661.424 - 0 | - | 2179.612) | / | 22143.449 |
| | = | -0.023401 |
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.
Garware Hi-Tech Films has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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