Rama Steel Tubes Beneish M-Score Historical Data
The historical data trend for Rama Steel Tubes'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.
Rama Steel Tubes Beneish M-Score Chart
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Rama Steel Tubes Annual Data
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Mar15 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-0.89 |
-3.14 |
-2.73 |
-1.21 |
-0.17 |
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Rama Steel Tubes Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Sep23 |
Dec23 |
| Beneish M-Score |
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-0.17 |
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Competitive Comparison of Rama Steel Tubes's Beneish M-Score
For the Steel subindustry, Rama Steel Tubes'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.
Rama Steel Tubes's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Rama Steel Tubes's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rama Steel Tubes's Beneish M-Score falls into.
Rama Steel Tubes 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 Rama Steel Tubes 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 * 1.2884 | + | 0.528 * 1.4283 | + | 0.404 * 1.5538 | + | 0.892 * 1.747 | + | 0.115 * 1.1581 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5633 | + | 4.679 * 0.17676 | - | 0.327 * 0.9639 |
| = | -0.17 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹2,459 Mil.
Revenue was ₹13,271 Mil.
Gross Profit was ₹831 Mil.
Total Current Assets was ₹5,376 Mil.
Total Assets was ₹6,949 Mil.
Property, Plant and Equipment(Net PPE) was ₹757 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹47 Mil.
Selling, General, & Admin. Expense(SGA) was ₹96 Mil.
Total Current Liabilities was ₹3,982 Mil.
Long-Term Debt & Capital Lease Obligation was ₹320 Mil.
Net Income was ₹267 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-962 Mil.
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Total Receivables was ₹1,093 Mil.
Revenue was ₹7,597 Mil.
Gross Profit was ₹680 Mil.
Total Current Assets was ₹2,728 Mil.
Total Assets was ₹3,584 Mil.
Property, Plant and Equipment(Net PPE) was ₹585 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹43 Mil.
Selling, General, & Admin. Expense(SGA) was ₹98 Mil.
Total Current Liabilities was ₹1,984 Mil.
Long-Term Debt & Capital Lease Obligation was ₹318 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) |
| = | (2459.379 / 13271.199) | / | (1092.642 / 7596.641) |
| = | 0.185317 | / | 0.143832 |
| | = | 1.2884 |
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) |
| = | (679.688 / 7596.641) | / | (831.329 / 13271.199) |
| = | 0.089472 | / | 0.062642 |
| | = | 1.4283 |
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 - (5375.841 + 756.527) / 6949.123) | / | (1 - (2728.303 + 584.576) / 3583.988) |
| = | 0.117534 | / | 0.075645 |
| | = | 1.5538 |
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 |
| = | 13271.199 | / | 7596.641 |
| | = | 1.747 |
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)) |
| = | (42.743 / (42.743 + 584.576)) | / | (47.292 / (47.292 + 756.527)) |
| = | 0.068136 | / | 0.058834 |
| | = | 1.1581 |
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) |
| = | (96.242 / 13271.199) | / | (97.8 / 7596.641) |
| = | 0.007252 | / | 0.012874 |
| | = | 0.5633 |
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) |
| = | ((319.828 + 3982.412) / 6949.123) | / | ((317.757 + 1984.325) / 3583.988) |
| = | 0.619105 | / | 0.642324 |
| | = | 0.9639 |
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 |
| = | (266.709 - 0 | - | -961.619) | / | 6949.123 |
| | = | 0.17676 |
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.
Rama Steel Tubes has a M-score of -0.17 signals that the company is likely to be a manipulator.
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