Rajoo Engineers Beneish M-Score Historical Data
The historical data trend for Rajoo Engineers'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.
Rajoo Engineers Beneish M-Score Chart
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Rajoo Engineers Annual Data
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Mar20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-3.50 |
-2.27 |
-3.06 |
-2.03 |
0.17 |
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Rajoo Engineers Quarterly Data
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Jun19 |
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Mar24 |
| Beneish M-Score |
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-2.03 |
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0.17 |
Competitive Comparison of Rajoo Engineers's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Rajoo Engineers'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.
Rajoo Engineers's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Rajoo Engineers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rajoo Engineers's Beneish M-Score falls into.
Rajoo Engineers 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 Rajoo Engineers 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 * 0.6453 | + | 0.528 * 0.9462 | + | 0.404 * 6.4879 | + | 0.892 * 1.2351 | + | 0.115 * 1.171 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.089629 | - | 0.327 * 1.102 |
| = | 0.17 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹159 Mil.
Revenue was ₹1,974 Mil.
Gross Profit was ₹799 Mil.
Total Current Assets was ₹1,678 Mil.
Total Assets was ₹2,274 Mil.
Property, Plant and Equipment(Net PPE) was ₹466 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹35 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹964 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4 Mil.
Net Income was ₹210 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹6 Mil.
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Total Receivables was ₹200 Mil.
Revenue was ₹1,598 Mil.
Gross Profit was ₹612 Mil.
Total Current Assets was ₹1,436 Mil.
Total Assets was ₹1,838 Mil.
Property, Plant and Equipment(Net PPE) was ₹386 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹35 Mil.
Selling, General, & Admin. Expense(SGA) was ₹169 Mil.
Total Current Liabilities was ₹705 Mil.
Long-Term Debt & Capital Lease Obligation was ₹4 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) |
| = | (159.381 / 1973.502) | / | (199.967 / 1597.857) |
| = | 0.08076 | / | 0.125147 |
| | = | 0.6453 |
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) |
| = | (612.3 / 1597.857) | / | (799.247 / 1973.502) |
| = | 0.383201 | / | 0.404989 |
| | = | 0.9462 |
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 - (1677.557 + 466.487) / 2273.524) | / | (1 - (1436.497 + 385.627) / 1838.26) |
| = | 0.056951 | / | 0.008778 |
| | = | 6.4879 |
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 |
| = | 1973.502 | / | 1597.857 |
| | = | 1.2351 |
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)) |
| = | (34.669 / (34.669 + 385.627)) | / | (35.349 / (35.349 + 466.487)) |
| = | 0.082487 | / | 0.070439 |
| | = | 1.171 |
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 / 1973.502) | / | (169.298 / 1597.857) |
| = | 0 | / | 0.105953 |
| | = | 0 |
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) |
| = | ((3.576 + 963.63) / 2273.524) | / | ((4.295 + 705.343) / 1838.26) |
| = | 0.425422 | / | 0.386038 |
| | = | 1.102 |
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 |
| = | (210.083 - 0 | - | 6.31) | / | 2273.524 |
| | = | 0.089629 |
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.
Rajoo Engineers has a M-score of 0.17 signals that the company is likely to be a manipulator.
Rajoo Engineers (BOM:522257) Business Description
Traded in Other Exchanges
N/A
Address
Rajoo Avenue, Survey Number 210, Plot Number 1, Industrial Area, Veraval (Shapar), Rajkot, GJ, IND, 360 024
Rajoo Engineers Ltd manufactures and sells plastic processing machinery and post extrusion equipment. The company's products and solutions include Monolayer Blown Film Lines, Downward Extrusion Blown Film Lines, Multilayer Blown Film Lines, 5 Layer Polyolefin Dedicated, PS/PP/ABS Sheet Lines, PS/PE Foam Extrusion Lines, Thermoforming, PS Foam Vacuum Forming Machines, Twin Screw, Pipe Plant, Drip Irrigation Pipe Plant for Round, Flat Dripper, Lab Equipment and others. Company products apply to flexible packaging, agriculture, infrastructure, automobiles, food and beverages, pharmaceuticals, stationery, printing, etc. It serves the domestic and international markets and derives substantial revenue from the sale of services overseas.
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