DCM Shriram Beneish M-Score Historical Data
The historical data trend for DCM Shriram'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.
DCM Shriram Beneish M-Score Chart
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DCM Shriram Annual Data
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Mar23 |
| Beneish M-Score |
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-2.59 |
-2.39 |
-3.57 |
-1.87 |
-2.56 |
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DCM Shriram Quarterly Data
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| Beneish M-Score |
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-2.56 |
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Competitive Comparison of DCM Shriram's Beneish M-Score
For the Specialty Chemicals subindustry, DCM Shriram'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.
DCM Shriram's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, DCM Shriram's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DCM Shriram's Beneish M-Score falls into.
DCM Shriram 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 DCM Shriram 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 * 0.8051 | + | 0.528 * 1.1832 | + | 0.404 * 0.8527 | + | 0.892 * 1.1991 | + | 0.115 * 1.3341 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9609 | + | 4.679 * -0.035954 | - | 0.327 * 0.9759 |
| = | -2.56 |
* 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 ₹10,776 Mil.
Revenue was ₹114,793 Mil.
Gross Profit was ₹33,006 Mil.
Total Current Assets was ₹47,096 Mil.
Total Assets was ₹107,219 Mil.
Property, Plant and Equipment(Net PPE) was ₹56,299 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,602 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,721 Mil.
Total Current Liabilities was ₹25,661 Mil.
Long-Term Debt & Capital Lease Obligation was ₹12,149 Mil.
Net Income was ₹9,108 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹12,963 Mil.
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Total Receivables was ₹11,161 Mil.
Revenue was ₹95,731 Mil.
Gross Profit was ₹32,568 Mil.
Total Current Assets was ₹51,789 Mil.
Total Assets was ₹93,709 Mil.
Property, Plant and Equipment(Net PPE) was ₹38,001 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2,380 Mil.
Selling, General, & Admin. Expense(SGA) was ₹4,097 Mil.
Total Current Liabilities was ₹23,789 Mil.
Long-Term Debt & Capital Lease Obligation was ₹10,071 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) |
| = | (10775.5 / 114793.3) | / | (11161.1 / 95730.5) |
| = | 0.093869 | / | 0.116589 |
| | = | 0.8051 |
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) |
| = | (32567.7 / 95730.5) | / | (33006 / 114793.3) |
| = | 0.340202 | / | 0.287525 |
| | = | 1.1832 |
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 - (47096.3 + 56299) / 107218.5) | / | (1 - (51788.9 + 38001.4) / 93708.9) |
| = | 0.035658 | / | 0.041817 |
| | = | 0.8527 |
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 |
| = | 114793.3 | / | 95730.5 |
| | = | 1.1991 |
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)) |
| = | (2379.5 / (2379.5 + 38001.4)) | / | (2601.6 / (2601.6 + 56299)) |
| = | 0.058926 | / | 0.044169 |
| | = | 1.3341 |
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) |
| = | (4720.5 / 114793.3) | / | (4096.7 / 95730.5) |
| = | 0.041122 | / | 0.042794 |
| | = | 0.9609 |
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) |
| = | ((12149.3 + 25660.7) / 107218.5) | / | ((10071.4 + 23789.1) / 93708.9) |
| = | 0.352644 | / | 0.361337 |
| | = | 0.9759 |
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 |
| = | (9108.4 - 0 | - | 12963.3) | / | 107218.5 |
| | = | -0.035954 |
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.
DCM Shriram has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
DCM Shriram (BOM:523367) Business Description
Traded in Other Exchanges
Address
Aerocity, 2 Floor (West Wing), World Mark-1, New Delhi, IND, 110037
DCM Shriram Ltd is an Indian conglomerate company which comprises of Agri-Rural, Chlor-Vinyl and value-added businesses. The company's business activities include the manufacture of fertilisers and pesticides, basic inorganic chemicals N.E.C and refining sugar. The company produces Urea & SSP fertilisers, sugar, farm inputs such as DAP, caustic soda, chlorine, calcium carbide, PVC resins, PVC compounds, power, and cement. Its Agri-input business produces hybrid seeds, pesticides, Bulk fertilizers, micro-nutrients and other value-added inputs. In addition, company engaged in research, production, processing, extension activities and marketing. The company manages its business in six segments; Fertilisers, Chloro-Vinyl, Shriram Farm solution, Bioseed, Sugar, and others.
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