The Mauritius Development Investment Trust Co (XMAU:MDIT) Beneish M-Score : -1.11 (As of May. 23, 2024)

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What is The Mauritius Development Investment Trust Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.11 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for The Mauritius Development Investment Trust Co's Beneish M-Score or its related term are showing as below:

XMAU:MDIT' s Beneish M-Score Range Over the Past 10 Years
Min: -5.51 Med: -2.32 Max: 0.27
Current: -1.11

During the past 13 years, the highest Beneish M-Score of The Mauritius Development Investment Trust Co was 0.27. The lowest was -5.51. And the median was -2.32.

The Mauritius Development Investment Trust Co Beneish M-Score Historical Data

The historical data trend for The Mauritius Development Investment Trust Co'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.

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The Mauritius Development Investment Trust Co Beneish M-Score Chart

The Mauritius Development Investment Trust Co Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-2.61

-5.51

0.27

-1.16

-1.11

The Mauritius Development Investment Trust Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-1.11	-	-	-

Competitive Comparison of The Mauritius Development Investment Trust Co's Beneish M-Score

For the Asset Management subindustry, The Mauritius Development Investment Trust Co'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.

The Mauritius Development Investment Trust Co's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, The Mauritius Development Investment Trust Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The Mauritius Development Investment Trust Co's Beneish M-Score falls into.

The Mauritius Development Investment Trust Co 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 The Mauritius Development Investment Trust Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.8039

0.528 * 0.9998

0.404 * 1.1339

0.892 * 1.2204

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7844

4.679 * -0.127448

0.327 * 0.927

-1.11

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was MUR80.71 Mil.
Revenue was MUR68.49 Mil.
Gross Profit was MUR66.33 Mil.
Total Current Assets was MUR1,372.68 Mil.
Total Assets was MUR1,402.35 Mil.
Property, Plant and Equipment(Net PPE) was MUR0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was MUR0.00 Mil.
Selling, General, & Admin. Expense(SGA) was MUR16.03 Mil.
Total Current Liabilities was MUR111.23 Mil.
Long-Term Debt & Capital Lease Obligation was MUR0.00 Mil.
Net Income was MUR-154.90 Mil.
Gross Profit was MUR0.00 Mil.
Cash Flow from Operations was MUR23.83 Mil.

Total Receivables was MUR23.59 Mil.
Revenue was MUR56.12 Mil.
Gross Profit was MUR54.34 Mil.
Total Current Assets was MUR1,582.79 Mil.
Total Assets was MUR1,612.88 Mil.
Property, Plant and Equipment(Net PPE) was MUR0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was MUR0.00 Mil.
Selling, General, & Admin. Expense(SGA) was MUR16.74 Mil.
Total Current Liabilities was MUR138.01 Mil.
Long-Term Debt & Capital Lease Obligation was MUR0.00 Mil.

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)
	=	(80.708 / 68.485)	/	(23.585 / 56.115)
	=	1.178477	/	0.420298
	=	2.8039

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)
	=	(54.34 / 56.115)	/	(66.329 / 68.485)
	=	0.968369	/	0.968519
	=	0.9998

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 - (1372.678 + 0) / 1402.346)	/	(1 - (1582.788 + 0) / 1612.881)
	=	0.021156	/	0.018658
	=	1.1339

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
	=	68.485	/	56.115
	=	1.2204

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(16.027 / 68.485)	/	(16.742 / 56.115)
	=	0.234022	/	0.298352
	=	0.7844

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)
	=	((0 + 111.234) / 1402.346)	/	((0 + 138.014) / 1612.881)
	=	0.07932	/	0.08557
	=	0.927

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
	=	(-154.897 - 0	-	23.829)	/	1402.346
	=	-0.127448

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.

The Mauritius Development Investment Trust Co has a M-score of -1.11 signals that the company is likely to be a manipulator.

The Mauritius Development Investment Trust Co Beneish M-Score Related Terms

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The Mauritius Development Investment Trust Co (XMAU:MDIT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » The Mauritius Development Investment Trust Co Ltd (XMAU:MDIT) » Definitions » Beneish M-Score

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Address

206 The Catalyst, 40 Silicon Avenue, Ebene, MUS, 72201

Website

https://www.website.mdit.mu

The Mauritius Development Investment Trust Co Ltd is an investment trust and a closed-end fund. Its investment objective is to secure for investors the benefits of a good dividend yield as well as long-term capital growth. The company is organized into one main operating segment, which invests in quoted and unquoted securities both on the local and overseas market. The company operates in Mauritius, Europe, United Kingdom, United States, Asia and South Africa, out of which it derives maximum revenue from Mauritius.

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