CSL Finance Beneish M-Score Historical Data
The historical data trend for CSL Finance'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.
CSL Finance Beneish M-Score Chart
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CSL Finance Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.36 |
-2.38 |
-0.96 |
-0.07 |
-0.13 |
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CSL Finance Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.07 |
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-0.13 |
Competitive Comparison of CSL Finance's Beneish M-Score
For the Credit Services subindustry, CSL Finance'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.
CSL Finance's Beneish M-Score Distribution in the Credit Services Industry
For the Credit Services industry and Financial Services sector, CSL Finance's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CSL Finance's Beneish M-Score falls into.
CSL Finance 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 CSL Finance 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 * 2.3956 | + | 0.528 * 1.0361 | + | 0.404 * 0.008 | + | 0.892 * 1.4224 | + | 0.115 * 0.7692 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.194218 | - | 0.327 * 0.9593 |
| = | -0.13 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹9,093 Mil.
Revenue was ₹1,633 Mil.
Gross Profit was ₹985 Mil.
Total Current Assets was ₹9,738 Mil.
Total Assets was ₹9,853 Mil.
Property, Plant and Equipment(Net PPE) was ₹68 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1 Mil.
Long-Term Debt & Capital Lease Obligation was ₹5,049 Mil.
Net Income was ₹634 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,280 Mil.
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Total Receivables was ₹2,668 Mil.
Revenue was ₹1,148 Mil.
Gross Profit was ₹718 Mil.
Total Current Assets was ₹3,115 Mil.
Total Assets was ₹7,787 Mil.
Property, Plant and Equipment(Net PPE) was ₹70 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹10 Mil.
Selling, General, & Admin. Expense(SGA) was ₹33 Mil.
Total Current Liabilities was ₹1,586 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,575 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) |
| = | (9092.507 / 1633.106) | / | (2668.379 / 1148.134) |
| = | 5.567616 | / | 2.324101 |
| | = | 2.3956 |
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) |
| = | (717.807 / 1148.134) | / | (985.429 / 1633.106) |
| = | 0.625194 | / | 0.603408 |
| | = | 1.0361 |
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 - (9738.445 + 68.245) / 9853.32) | / | (1 - (3115.061 + 69.739) / 7787.422) |
| = | 0.004732 | / | 0.591033 |
| | = | 0.008 |
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 |
| = | 1633.106 | / | 1148.134 |
| | = | 1.4224 |
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)) |
| = | (10.326 / (10.326 + 69.739)) | / | (13.747 / (13.747 + 68.245)) |
| = | 0.12897 | / | 0.167663 |
| | = | 0.7692 |
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) |
| = | (0 / 1633.106) | / | (32.847 / 1148.134) |
| = | 0 | / | 0.028609 |
| | = | 0 |
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) |
| = | ((5049.357 + 0.74) / 9853.32) | / | ((2574.632 + 1586.098) / 7787.422) |
| = | 0.512527 | / | 0.534288 |
| | = | 0.9593 |
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 |
| = | (633.621 - 0 | - | -1280.074) | / | 9853.32 |
| | = | 0.194218 |
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.
CSL Finance has a M-score of -0.13 signals that the company is likely to be a manipulator.
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