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Macfos (BOM:543787) Beneish M-Score : 1.71 (As of May. 27, 2024)


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What is Macfos 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 1.71 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Macfos's Beneish M-Score or its related term are showing as below:

BOM:543787' s Beneish M-Score Range Over the Past 10 Years
Min: -1.45   Med: 0.23   Max: 1.71
Current: 1.71

During the past 5 years, the highest Beneish M-Score of Macfos was 1.71. The lowest was -1.45. And the median was 0.23.

Macfos Beneish M-Score Historical Data

The historical data trend for Macfos'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.

* Premium members only.

Macfos Beneish M-Score Chart

Macfos Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
- - 0.23 -1.45 1.71

Macfos Semi-Annual Data
Mar20 Mar21 Mar22 Sep22 Mar23 Sep23 Mar24
Beneish M-Score Get a 7-Day Free Trial 0.23 - -1.45 - 1.71

Competitive Comparison of Macfos's Beneish M-Score

For the Electronic Components subindustry, Macfos'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.

Macfos's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Macfos's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Macfos's Beneish M-Score falls into.


Macfos 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 Macfos 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 * 3.2717+0.528 * 1.0897+0.404 * 2.7982+0.892 * 1.5609+0.115 * 0.7509
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.137751-0.327 * 0.8944
=1.71

* 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 ₹124.5 Mil.
Revenue was ₹1,251.3 Mil.
Gross Profit was ₹312.1 Mil.
Total Current Assets was ₹381.5 Mil.
Total Assets was ₹501.6 Mil.
Property, Plant and Equipment(Net PPE) was ₹57.6 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6.8 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.0 Mil.
Total Current Liabilities was ₹201.5 Mil.
Long-Term Debt & Capital Lease Obligation was ₹22.0 Mil.
Net Income was ₹108.3 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹39.1 Mil.
 Total Receivables was ₹24.4 Mil.
Revenue was ₹801.7 Mil.
Gross Profit was ₹217.9 Mil.
Total Current Assets was ₹261.8 Mil.
Total Assets was ₹328.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹52.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹40.8 Mil.
Total Current Liabilities was ₹123.2 Mil.
Long-Term Debt & Capital Lease Obligation was ₹40.6 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)
=(124.518 / 1251.331) / (24.383 / 801.682)
=0.099508 / 0.030415
=3.2717

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)
=(217.855 / 801.682) / (312.058 / 1251.331)
=0.271747 / 0.249381
=1.0897

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 - (381.538 + 57.621) / 501.637) / (1 - (261.765 + 52.336) / 328.733)
=0.124548 / 0.04451
=2.7982

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
=1251.331 / 801.682
=1.5609

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))
=(4.518 / (4.518 + 52.336)) / (6.82 / (6.82 + 57.621))
=0.079467 / 0.105833
=0.7509

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 / 1251.331) / (40.756 / 801.682)
=0 / 0.050838
=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)
=((22.038 + 201.496) / 501.637) / ((40.559 + 123.218) / 328.733)
=0.445609 / 0.498207
=0.8944

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
=(108.25 - 0 - 39.149) / 501.637
=0.137751

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.

Macfos has a M-score of 1.71 signals that the company is likely to be a manipulator.

Macfos (BOM:543787) Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Macfos Ltd (BOM:543787) » Definitions » Beneish M-Score
Comparable Companies
BOM:523100 BOM:543378 BOM:508941 BOM:515008 BOM:517246 BOM:517288 NSE:KEL BOM:543172 BOM:517264 BOM:517370 APH TPE:2317 TEL TSE:6981 SZSE:002475 TPE:2308 GLW XKRX:006400 SZSE:000725 JBL
Traded in Other Exchanges
N/A
Address
Bhosari Alandi Road, S. No. 78/1, Sumant Building, Dynamic Logistics Trade Park, Dighi, Pune, MH, IND, 411015
Website
https://www.robu.in
Macfos Ltd is an e-commerce-based Company. The company is focused on the marketing of a broad range of electronic components which finds application in basic and engineering products & projects, including emerging technologies such as IoT, Robotics, automation, Drone, Electric Vehicles, 3D Printing, and Auto Guided Vehicles. The company operates in a single segment of electronic items and parts. The company's portfolio consists of electronics components and parts that facilitate consumers such as manufacturers, electrical & mechanical engineering students, educational institutions, researchers, and developers, to turn their ideas into reality as well as to speed up their product's R&D and prototyping cycle.

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