Linde India Beneish M-Score Historical Data
The historical data trend for Linde India'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.
Linde India Beneish M-Score Chart
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Linde India Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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-3.00 |
-1.58 |
-2.68 |
-2.29 |
-3.17 |
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Linde India Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.17 |
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Competitive Comparison of Linde India's Beneish M-Score
For the Specialty Chemicals subindustry, Linde India'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.
Linde India's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Linde India's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Linde India's Beneish M-Score falls into.
Linde India 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 Linde India 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 * 0.9483 | + | 0.528 * 1.1438 | + | 0.404 * 0.9806 | + | 0.892 * 1.1862 | + | 0.115 * 0.932 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 8.9644 | + | 4.679 * 0.109248 | - | 0.327 * 1.0263 |
| = | -3.17 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was ₹6,161 Mil.
Revenue was ₹25,053 Mil.
Gross Profit was ₹14,778 Mil.
Total Current Assets was ₹18,683 Mil.
Total Assets was ₹40,166 Mil.
Property, Plant and Equipment(Net PPE) was ₹19,158 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,871 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,243 Mil.
Total Current Liabilities was ₹8,753 Mil.
Long-Term Debt & Capital Lease Obligation was ₹230 Mil.
Net Income was ₹4,388 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹0 Mil.
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Total Receivables was ₹5,477 Mil.
Revenue was ₹21,120 Mil.
Gross Profit was ₹14,250 Mil.
Total Current Assets was ₹10,861 Mil.
Total Assets was ₹32,861 Mil.
Property, Plant and Equipment(Net PPE) was ₹20,059 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,814 Mil.
Selling, General, & Admin. Expense(SGA) was ₹117 Mil.
Total Current Liabilities was ₹7,102 Mil.
Long-Term Debt & Capital Lease Obligation was ₹59 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) |
| = | (6161.22 / 25052.85) | / | (5477.02 / 21119.58) |
| = | 0.245929 | / | 0.259334 |
| | = | 0.9483 |
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) |
| = | (14249.53 / 21119.58) | / | (14777.76 / 25052.85) |
| = | 0.674707 | / | 0.589863 |
| | = | 1.1438 |
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 - (18682.9 + 19157.54) / 40166.1) | / | (1 - (10861.36 + 20059.15) / 32860.86) |
| = | 0.057901 | / | 0.059047 |
| | = | 0.9806 |
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 |
| = | 25052.85 | / | 21119.58 |
| | = | 1.1862 |
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)) |
| = | (1813.67 / (1813.67 + 20059.15)) | / | (1870.78 / (1870.78 + 19157.54)) |
| = | 0.082919 | / | 0.088965 |
| | = | 0.932 |
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) |
| = | (1242.84 / 25052.85) | / | (116.88 / 21119.58) |
| = | 0.049609 | / | 0.005534 |
| | = | 8.9644 |
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) |
| = | ((230.37 + 8753.23) / 40166.1) | / | ((58.95 + 7102.11) / 32860.86) |
| = | 0.223661 | / | 0.217921 |
| | = | 1.0263 |
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 |
| = | (4388.06 - 0 | - | 0) | / | 40166.1 |
| | = | 0.109248 |
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.
Linde India has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.
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