Beekay Steel Industries Beneish M-Score Historical Data
The historical data trend for Beekay Steel Industries'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.
Beekay Steel Industries Beneish M-Score Chart
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Beekay Steel Industries Annual Data
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Mar23 |
| Beneish M-Score |
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-2.16 |
-2.49 |
-2.20 |
-0.91 |
-3.09 |
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Beekay Steel Industries Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-3.09 |
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Competitive Comparison of Beekay Steel Industries's Beneish M-Score
For the Steel subindustry, Beekay Steel Industries'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.
Beekay Steel Industries's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Beekay Steel Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beekay Steel Industries's Beneish M-Score falls into.
Beekay Steel Industries 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 Beekay Steel Industries 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 * 1.2508 | + | 0.528 * 1.0498 | + | 0.404 * 2.1123 | + | 0.892 * 0.8796 | + | 0.115 * 0.8513 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9407 | + | 4.679 * -0.268264 | - | 0.327 * 0.8472 |
| = | -3.09 |
* 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 ₹1,764 Mil.
Revenue was ₹10,403 Mil.
Gross Profit was ₹1,518 Mil.
Total Current Assets was ₹5,677 Mil.
Total Assets was ₹11,254 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,848 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹274 Mil.
Selling, General, & Admin. Expense(SGA) was ₹207 Mil.
Total Current Liabilities was ₹1,648 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,277 Mil.
Net Income was ₹1,060 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹4,079 Mil.
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Total Receivables was ₹1,603 Mil.
Revenue was ₹11,828 Mil.
Gross Profit was ₹1,811 Mil.
Total Current Assets was ₹5,683 Mil.
Total Assets was ₹10,534 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,527 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹216 Mil.
Selling, General, & Admin. Expense(SGA) was ₹250 Mil.
Total Current Liabilities was ₹1,733 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,498 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) |
| = | (1763.784 / 10403.254) | / | (1603.289 / 11827.922) |
| = | 0.169542 | / | 0.135551 |
| | = | 1.2508 |
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) |
| = | (1811.382 / 11827.922) | / | (1517.619 / 10403.254) |
| = | 0.153145 | / | 0.145879 |
| | = | 1.0498 |
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 - (5677.219 + 4847.617) / 11254.005) | / | (1 - (5683.355 + 4527.21) / 10533.674) |
| = | 0.064792 | / | 0.030674 |
| | = | 2.1123 |
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 |
| = | 10403.254 | / | 11827.922 |
| | = | 0.8796 |
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)) |
| = | (215.877 / (215.877 + 4527.21)) | / | (273.799 / (273.799 + 4847.617)) |
| = | 0.045514 | / | 0.053462 |
| | = | 0.8513 |
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) |
| = | (206.963 / 10403.254) | / | (250.136 / 11827.922) |
| = | 0.019894 | / | 0.021148 |
| | = | 0.9407 |
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) |
| = | ((1277.25 + 1647.597) / 11254.005) | / | ((1498.029 + 1733.293) / 10533.674) |
| = | 0.259894 | / | 0.306761 |
| | = | 0.8472 |
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 |
| = | (1060.414 - 0 | - | 4079.456) | / | 11254.005 |
| | = | -0.268264 |
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.
Beekay Steel Industries has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.
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