Poly Medicure Beneish M-Score Historical Data
The historical data trend for Poly Medicure'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.
Poly Medicure Beneish M-Score Chart
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Poly Medicure Annual Data
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| Beneish M-Score |
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-2.52 |
-2.65 |
-2.14 |
-2.17 |
-2.45 |
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Poly Medicure Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Poly Medicure's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Poly Medicure'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.
Poly Medicure's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Poly Medicure's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Poly Medicure's Beneish M-Score falls into.
Poly Medicure 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 Poly Medicure 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 * 0.9321 | + | 0.528 * 0.9758 | + | 0.404 * 0.8084 | + | 0.892 * 1.2092 | + | 0.115 * 1.2791 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.977 | + | 4.679 * -0.007319 | - | 0.327 * 1.0276 |
| = | -2.45 |
* 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 ₹2,427 Mil.
Revenue was ₹11,087 Mil.
Gross Profit was ₹5,993 Mil.
Total Current Assets was ₹8,070 Mil.
Total Assets was ₹15,772 Mil.
Property, Plant and Equipment(Net PPE) was ₹6,624 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹572 Mil.
Selling, General, & Admin. Expense(SGA) was ₹381 Mil.
Total Current Liabilities was ₹2,933 Mil.
Long-Term Debt & Capital Lease Obligation was ₹189 Mil.
Net Income was ₹1,793 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,908 Mil.
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Total Receivables was ₹2,153 Mil.
Revenue was ₹9,169 Mil.
Gross Profit was ₹4,837 Mil.
Total Current Assets was ₹7,834 Mil.
Total Assets was ₹13,768 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,770 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹540 Mil.
Selling, General, & Admin. Expense(SGA) was ₹322 Mil.
Total Current Liabilities was ₹2,267 Mil.
Long-Term Debt & Capital Lease Obligation was ₹385 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) |
| = | (2426.941 / 11086.582) | / | (2153.413 / 9168.879) |
| = | 0.218908 | / | 0.234861 |
| | = | 0.9321 |
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) |
| = | (4836.624 / 9168.879) | / | (5993.367 / 11086.582) |
| = | 0.527504 | / | 0.540596 |
| | = | 0.9758 |
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 - (8070.061 + 6623.781) / 15772.092) | / | (1 - (7834.366 + 4769.695) / 13768.347) |
| = | 0.068364 | / | 0.084563 |
| | = | 0.8084 |
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 |
| = | 11086.582 | / | 9168.879 |
| | = | 1.2092 |
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)) |
| = | (539.522 / (539.522 + 4769.695)) | / | (571.668 / (571.668 + 6623.781)) |
| = | 0.10162 | / | 0.079449 |
| | = | 1.2791 |
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) |
| = | (380.851 / 11086.582) | / | (322.396 / 9168.879) |
| = | 0.034352 | / | 0.035162 |
| | = | 0.977 |
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) |
| = | ((188.505 + 2933.026) / 15772.092) | / | ((385.068 + 2266.783) / 13768.347) |
| = | 0.197915 | / | 0.192605 |
| | = | 1.0276 |
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 |
| = | (1792.825 - 0 | - | 1908.262) | / | 15772.092 |
| | = | -0.007319 |
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.
Poly Medicure has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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