Goa Carbon Beneish M-Score Historical Data
The historical data trend for Goa Carbon'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.
Goa Carbon Beneish M-Score Chart
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Goa Carbon Annual Data
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Mar23 |
| Beneish M-Score |
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-3.29 |
-3.61 |
-0.29 |
-1.41 |
1.23 |
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Goa Carbon Quarterly Data
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| Beneish M-Score |
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1.23 |
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Competitive Comparison of Goa Carbon's Beneish M-Score
For the Specialty Chemicals subindustry, Goa Carbon'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.
Goa Carbon's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Goa Carbon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Goa Carbon's Beneish M-Score falls into.
Goa Carbon 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 Goa Carbon 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 * 3.0791 | + | 0.528 * 1.057 | + | 0.404 * 0.5521 | + | 0.892 * 1.7813 | + | 0.115 * 0.9274 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5534 | + | 4.679 * 0.255447 | - | 0.327 * 1.0415 |
| = | 1.23 |
* 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 ₹1,563 Mil.
Revenue was ₹13,639 Mil.
Gross Profit was ₹2,305 Mil.
Total Current Assets was ₹7,220 Mil.
Total Assets was ₹7,688 Mil.
Property, Plant and Equipment(Net PPE) was ₹254 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹22 Mil.
Selling, General, & Admin. Expense(SGA) was ₹55 Mil.
Total Current Liabilities was ₹5,723 Mil.
Long-Term Debt & Capital Lease Obligation was ₹90 Mil.
Net Income was ₹808 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,156 Mil.
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Total Receivables was ₹285 Mil.
Revenue was ₹7,657 Mil.
Gross Profit was ₹1,368 Mil.
Total Current Assets was ₹3,789 Mil.
Total Assets was ₹4,270 Mil.
Property, Plant and Equipment(Net PPE) was ₹266 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹21 Mil.
Selling, General, & Admin. Expense(SGA) was ₹56 Mil.
Total Current Liabilities was ₹3,010 Mil.
Long-Term Debt & Capital Lease Obligation was ₹90 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) |
| = | (1563.311 / 13638.595) | / | (285.032 / 7656.707) |
| = | 0.114624 | / | 0.037226 |
| | = | 3.0791 |
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) |
| = | (1367.833 / 7656.707) | / | (2305.023 / 13638.595) |
| = | 0.178645 | / | 0.169007 |
| | = | 1.057 |
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 - (7220.48 + 254.054) / 7687.582) | / | (1 - (3788.98 + 266.304) / 4269.609) |
| = | 0.027713 | / | 0.050198 |
| | = | 0.5521 |
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 |
| = | 13638.595 | / | 7656.707 |
| | = | 1.7813 |
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)) |
| = | (21.046 / (21.046 + 266.304)) | / | (21.785 / (21.785 + 254.054)) |
| = | 0.073242 | / | 0.078977 |
| | = | 0.9274 |
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) |
| = | (54.824 / 13638.595) | / | (55.621 / 7656.707) |
| = | 0.00402 | / | 0.007264 |
| | = | 0.5534 |
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) |
| = | ((90 + 5722.968) / 7687.582) | / | ((90 + 3009.742) / 4269.609) |
| = | 0.75615 | / | 0.726001 |
| | = | 1.0415 |
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 |
| = | (807.52 - 0 | - | -1156.248) | / | 7687.582 |
| | = | 0.255447 |
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.
Goa Carbon has a M-score of 1.23 signals that the company is likely to be a manipulator.
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