GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Rashi Peripherals Ltd (NSE:RPTECH) » Definitions » Beneish M-Score

Rashi Peripherals (NSE:RPTECH) Beneish M-Score : -2.38 (As of May. 12, 2024)


View and export this data going back to 2024. Start your Free Trial

What is Rashi Peripherals 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.

Good Sign:

Beneish M-Score -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:RPTECH' s Beneish M-Score Range Over the Past 10 Years
Min: -2.38   Med: -1.83   Max: -1.28
Current: -2.38

During the past 4 years, the highest Beneish M-Score of Rashi Peripherals was -1.28. The lowest was -2.38. And the median was -1.83.


Rashi Peripherals Beneish M-Score Historical Data

The historical data trend for Rashi Peripherals'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.

Rashi Peripherals Beneish M-Score Chart

Rashi Peripherals Annual Data
Trend Mar20 Mar21 Mar22 Mar23
Beneish M-Score
- - -1.28 -2.38

Rashi Peripherals Quarterly Data
Mar20 Mar21 Mar22 Sep22 Mar23 Sep23
Beneish M-Score Get a 7-Day Free Trial - -1.28 - -2.38 -

Competitive Comparison of Rashi Peripherals's Beneish M-Score

For the Electronics & Computer Distribution subindustry, Rashi Peripherals'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.


Rashi Peripherals's Beneish M-Score Distribution in the Hardware Industry

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

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



Rashi Peripherals 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 Rashi Peripherals 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 * 0.7441+0.528 * 0.9694+0.404 * 0.8651+0.892 * 1.0151+0.115 * 0.8637
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0411+4.679 * 0.084973-0.327 * 0.9602
=-2.38

* 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 ₹8,719 Mil.
Revenue was ₹94,543 Mil.
Gross Profit was ₹5,402 Mil.
Total Current Assets was ₹26,732 Mil.
Total Assets was ₹27,986 Mil.
Property, Plant and Equipment(Net PPE) was ₹738 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹167 Mil.
Selling, General, & Admin. Expense(SGA) was ₹493 Mil.
Total Current Liabilities was ₹20,474 Mil.
Long-Term Debt & Capital Lease Obligation was ₹440 Mil.
Net Income was ₹1,233 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-1,146 Mil.
Total Receivables was ₹11,543 Mil.
Revenue was ₹93,134 Mil.
Gross Profit was ₹5,159 Mil.
Total Current Assets was ₹25,515 Mil.
Total Assets was ₹26,702 Mil.
Property, Plant and Equipment(Net PPE) was ₹617 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹117 Mil.
Selling, General, & Admin. Expense(SGA) was ₹467 Mil.
Total Current Liabilities was ₹20,152 Mil.
Long-Term Debt & Capital Lease Obligation was ₹629 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)
=(8718.96 / 94542.79) / (11543.48 / 93134.38)
=0.092222 / 0.123944
=0.7441

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)
=(5159.21 / 93134.38) / (5402.42 / 94542.79)
=0.055395 / 0.057143
=0.9694

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 - (26732.31 + 737.89) / 27985.99) / (1 - (25515.41 + 617.32) / 26701.58)
=0.01843 / 0.021304
=0.8651

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
=94542.79 / 93134.38
=1.0151

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))
=(116.86 / (116.86 + 617.32)) / (166.7 / (166.7 + 737.89))
=0.159171 / 0.184282
=0.8637

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)
=(493.32 / 94542.79) / (466.82 / 93134.38)
=0.005218 / 0.005012
=1.0411

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)
=((439.88 + 20474.15) / 27985.99) / ((629.26 + 20152.22) / 26701.58)
=0.747304 / 0.778287
=0.9602

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
=(1232.51 - 0 - -1145.53) / 27985.99
=0.084973

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.

Rashi Peripherals has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.


Rashi Peripherals Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Rashi Peripherals's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Rashi Peripherals (NSE:RPTECH) Business Description

Comparable Companies
Traded in Other Exchanges
Address
Website
Rashi Peripherals Ltd is a distributor of information and communications technology ("ICT") products. It operates two business verticals: Personal Computing, Enterprise and Cloud Solutions ("PES"): Under this vertical it distributes personal computing devices, enterprise solutions, embedded designs/ products and cloud computing, and Lifestyle and IT essentials ("LIT"): This includes the distribution of products such as (i) components that include graphic cards, central processing units ("CPUs") and motherboards; (ii) storage and memory devices, etc. It operates in a single operating segment namely, computer systems, software and peripherals, mobiles, and cloud services.

Rashi Peripherals (NSE:RPTECH) Headlines

No Headlines