Saif Power Beneish M-Score Historical Data
The historical data trend for Saif Power'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.
Saif Power Beneish M-Score Chart
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Saif Power Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.34 |
-1.76 |
-1.86 |
-3.04 |
34.08 |
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Saif Power Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.82 |
-3.04 |
-1.76 |
-1.13 |
34.08 |
Competitive Comparison of Saif Power's Beneish M-Score
For the Utilities - Independent Power Producers subindustry, Saif Power'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.
Saif Power's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Saif Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Saif Power's Beneish M-Score falls into.
Saif Power 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 Saif Power 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 * 0.9336 | + | 0.528 * 1.1903 | + | 0.404 * 92.2335 | + | 0.892 * 0.8318 | + | 0.115 * 1.2168 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -0.4011 | + | 4.679 * -0.087235 | - | 0.327 * 1.1441 |
| = | 34.08 |
* 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 (Dec23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was ₨9,307 Mil.
Revenue was 1441.338 + 7392.666 + 8154.714 + 2646.643 = ₨19,635 Mil.
Gross Profit was 824.158 + 1384.087 + 51.942 + 478.622 = ₨2,739 Mil.
Total Current Assets was ₨15,715 Mil.
Total Assets was ₨27,093 Mil.
Property, Plant and Equipment(Net PPE) was ₨10,887 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨484 Mil.
Selling, General, & Admin. Expense(SGA) was ₨-22 Mil.
Total Current Liabilities was ₨14,420 Mil.
Long-Term Debt & Capital Lease Obligation was ₨9 Mil.
Net Income was 614.567 + 717.09 + -642.395 + 299.473 = ₨989 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 2479.89 + 811.631 + 0 + 60.716 = ₨3,352 Mil.
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Total Receivables was ₨11,986 Mil.
Revenue was 8293.863 + 10777.245 + 1151.899 + 3384.216 = ₨23,607 Mil.
Gross Profit was 1324.913 + 1490.972 + 184.561 + 918.986 = ₨3,919 Mil.
Total Current Assets was ₨13,946 Mil.
Total Assets was ₨25,465 Mil.
Property, Plant and Equipment(Net PPE) was ₨11,514 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨629 Mil.
Selling, General, & Admin. Expense(SGA) was ₨65 Mil.
Total Current Liabilities was ₨11,494 Mil.
Long-Term Debt & Capital Lease Obligation was ₨361 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) |
| = | (9307.418 / 19635.361) | / | (11986.447 / 23607.223) |
| = | 0.474013 | / | 0.507745 |
| | = | 0.9336 |
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) |
| = | (3919.432 / 23607.223) | / | (2738.809 / 19635.361) |
| = | 0.166027 | / | 0.139484 |
| | = | 1.1903 |
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 - (15714.533 + 10886.666) / 27093.499) | / | (1 - (13945.667 + 11513.857) / 25464.54) |
| = | 0.01817 | / | 0.000197 |
| | = | 92.2335 |
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 |
| = | 19635.361 | / | 23607.223 |
| | = | 0.8318 |
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)) |
| = | (628.748 / (628.748 + 11513.857)) | / | (483.861 / (483.861 + 10886.666)) |
| = | 0.05178 | / | 0.042554 |
| | = | 1.2168 |
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) |
| = | (-21.737 / 19635.361) | / | (65.151 / 23607.223) |
| = | -0.001107 | / | 0.00276 |
| | = | -0.4011 |
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) |
| = | ((9.436 + 14420.041) / 27093.499) | / | ((360.692 + 11493.521) / 25464.54) |
| = | 0.532581 | / | 0.465518 |
| | = | 1.1441 |
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 |
| = | (988.735 - 0 | - | 3352.237) | / | 27093.499 |
| | = | -0.087235 |
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.
Saif Power has a M-score of 34.08 signals that the company is likely to be a manipulator.
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