R R Kabel Beneish M-Score Historical Data
The historical data trend for R R Kabel'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.
R R Kabel Beneish M-Score Chart
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R R Kabel Annual Data
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R R Kabel Quarterly Data
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Competitive Comparison of R R Kabel's Beneish M-Score
For the Electrical Equipment & Parts subindustry, R R Kabel'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.
R R Kabel's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, R R Kabel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where R R Kabel's Beneish M-Score falls into.
R R Kabel 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 R R Kabel 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₹6,262 Mil.
Revenue was 16335.194 + 16096.705 + 15805.05 + 14542.09 = ₹62,779 Mil.
Gross Profit was 3116.223 + 3195.446 + 2732.3 + 2223.98 = ₹11,268 Mil.
Total Current Assets was ₹20,751 Mil.
Total Assets was ₹28,348 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,014 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹628 Mil.
Selling, General, & Admin. Expense(SGA) was ₹594 Mil.
Total Current Liabilities was ₹10,098 Mil.
Long-Term Debt & Capital Lease Obligation was ₹633 Mil.
Net Income was 709.584 + 740.989 + 743.48 + 652.88 = ₹2,847 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + -443.195 + 777.27 + 306.64 = ₹641 Mil.
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Total Receivables was ₹0 Mil.
Revenue was 14795.337 + 13672.372 + 12194.94 + 13810.74 = ₹54,473 Mil.
Gross Profit was 2990.779 + 2382.535 + 1757.48 + 2205.21 = ₹9,336 Mil.
Total Current Assets was ₹0 Mil.
Total Assets was ₹0 Mil.
Property, Plant and Equipment(Net PPE) was ₹0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹460 Mil.
Selling, General, & Admin. Expense(SGA) was ₹522 Mil.
Total Current Liabilities was ₹0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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) |
| = | (6261.676 / 62779.039) | / | (0 / 54473.389) |
| = | 0.099742 | / | 0 |
| | = | |
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) |
| = | (9336.004 / 54473.389) | / | (11267.949 / 62779.039) |
| = | 0.171387 | / | 0.179486 |
| | = | |
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 - (20750.826 + 6014.275) / 28348.158) | / | (1 - (0 + 0) / 0) |
| = | 0.055843 | / | |
| | = | |
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 |
| = | 62779.039 | / | 54473.389 |
| | = | |
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)) |
| = | (459.68 / (459.68 + 0)) | / | (628.261 / (628.261 + 6014.275)) |
| = | 1 | / | 0.094581 |
| | = | |
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) |
| = | (593.89 / 62779.039) | / | (522.06 / 54473.389) |
| = | 0.00946 | / | 0.009584 |
| | = | |
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) |
| = | ((633.3 + 10097.776) / 28348.158) | / | ((0 + 0) / 0) |
| = | 0.378546 | / | |
| | = | |
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 |
| = | (2846.933 - 0 | - | 640.715) | / | 28348.158 |
| | = | 0.077826 |
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.
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