Northern Spirits Beneish M-Score Historical Data
The historical data trend for Northern Spirits'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.
Northern Spirits Beneish M-Score Chart
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Northern Spirits Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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3.76 |
-1.64 |
-1.74 |
-1.97 |
0.33 |
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Northern Spirits Semi-Annual Data
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Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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- |
-1.97 |
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0.33 |
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Competitive Comparison of Northern Spirits's Beneish M-Score
For the Beverages - Wineries & Distilleries subindustry, Northern Spirits'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.
Northern Spirits's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Northern Spirits's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Northern Spirits's Beneish M-Score falls into.
Northern Spirits 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 Northern Spirits 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 * 0.4996 | + | 0.528 * 1.7873 | + | 0.404 * 0.947 | + | 0.892 * 3.3826 | + | 0.115 * 0.5463 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0847 | + | 4.679 * 0.18254 | - | 0.327 * 1.1034 |
| = | 0.33 |
* 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 ₹1,069 Mil.
Revenue was ₹9,053 Mil.
Gross Profit was ₹912 Mil.
Total Current Assets was ₹1,722 Mil.
Total Assets was ₹1,828 Mil.
Property, Plant and Equipment(Net PPE) was ₹104 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹19 Mil.
Total Current Liabilities was ₹915 Mil.
Long-Term Debt & Capital Lease Obligation was ₹78 Mil.
Net Income was ₹111 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-222 Mil.
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Total Receivables was ₹633 Mil.
Revenue was ₹2,676 Mil.
Gross Profit was ₹482 Mil.
Total Current Assets was ₹1,321 Mil.
Total Assets was ₹1,425 Mil.
Property, Plant and Equipment(Net PPE) was ₹103 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹5 Mil.
Total Current Liabilities was ₹601 Mil.
Long-Term Debt & Capital Lease Obligation was ₹100 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) |
| = | (1069.224 / 9053.41) | / | (632.746 / 2676.432) |
| = | 0.118102 | / | 0.236414 |
| | = | 0.4996 |
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) |
| = | (481.894 / 2676.432) | / | (912.04 / 9053.41) |
| = | 0.180051 | / | 0.10074 |
| | = | 1.7873 |
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 - (1722.138 + 104.425) / 1827.509) | / | (1 - (1320.507 + 103.404) / 1424.691) |
| = | 0.000518 | / | 0.000547 |
| | = | 0.947 |
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 |
| = | 9053.41 | / | 2676.432 |
| | = | 3.3826 |
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)) |
| = | (1.227 / (1.227 + 103.404)) | / | (2.291 / (2.291 + 104.425)) |
| = | 0.011727 | / | 0.021468 |
| | = | 0.5463 |
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) |
| = | (19.021 / 9053.41) | / | (5.183 / 2676.432) |
| = | 0.002101 | / | 0.001937 |
| | = | 1.0847 |
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) |
| = | ((77.825 + 915.323) / 1827.509) | / | ((100.384 + 601.285) / 1424.691) |
| = | 0.543444 | / | 0.492506 |
| | = | 1.1034 |
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 |
| = | (111.337 - 0 | - | -222.257) | / | 1827.509 |
| | = | 0.18254 |
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.
Northern Spirits has a M-score of 0.33 signals that the company is likely to be a manipulator.
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