RattanIndia Power Beneish M-Score Historical Data
The historical data trend for RattanIndia 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.
RattanIndia Power Beneish M-Score Chart
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RattanIndia Power Annual Data
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Mar14 |
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Mar23 |
| Beneish M-Score |
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-3.92 |
-2.66 |
-2.59 |
-2.46 |
-2.91 |
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RattanIndia Power Quarterly Data
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Dec23 |
| Beneish M-Score |
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-2.91 |
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Competitive Comparison of RattanIndia Power's Beneish M-Score
For the Utilities - Renewable subindustry, RattanIndia 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.
RattanIndia Power's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, RattanIndia Power's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RattanIndia Power's Beneish M-Score falls into.
RattanIndia 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 RattanIndia 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 * 1.0019 | + | 0.528 * 1.0077 | + | 0.404 * 1.9955 | + | 0.892 * 0.9913 | + | 0.115 * 0.9994 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0981 | + | 4.679 * -0.166091 | - | 0.327 * 1.0977 |
| = | -2.91 |
* 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 ₹24,924 Mil.
Revenue was ₹32,312 Mil.
Gross Profit was ₹9,921 Mil.
Total Current Assets was ₹31,107 Mil.
Total Assets was ₹173,719 Mil.
Property, Plant and Equipment(Net PPE) was ₹141,603 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4,044 Mil.
Selling, General, & Admin. Expense(SGA) was ₹377 Mil.
Total Current Liabilities was ₹184,203 Mil.
Long-Term Debt & Capital Lease Obligation was ₹34,535 Mil.
Net Income was ₹-18,699 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹10,154 Mil.
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Total Receivables was ₹25,095 Mil.
Revenue was ₹32,595 Mil.
Gross Profit was ₹10,085 Mil.
Total Current Assets was ₹30,840 Mil.
Total Assets was ₹176,584 Mil.
Property, Plant and Equipment(Net PPE) was ₹145,230 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹4,145 Mil.
Selling, General, & Admin. Expense(SGA) was ₹347 Mil.
Total Current Liabilities was ₹121,683 Mil.
Long-Term Debt & Capital Lease Obligation was ₹80,877 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) |
| = | (24924.254 / 32311.635) | / | (25095.064 / 32595.186) |
| = | 0.771371 | / | 0.769901 |
| | = | 1.0019 |
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) |
| = | (10085.318 / 32595.186) | / | (9921.142 / 32311.635) |
| = | 0.309411 | / | 0.307045 |
| | = | 1.0077 |
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 - (31106.717 + 141603.411) / 173718.561) | / | (1 - (30840.408 + 145229.623) / 176583.8) |
| = | 0.005805 | / | 0.002909 |
| | = | 1.9955 |
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 |
| = | 32311.635 | / | 32595.186 |
| | = | 0.9913 |
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)) |
| = | (4144.532 / (4144.532 + 145229.623)) | / | (4043.748 / (4043.748 + 141603.411)) |
| = | 0.027746 | / | 0.027764 |
| | = | 0.9994 |
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) |
| = | (377.303 / 32311.635) | / | (346.626 / 32595.186) |
| = | 0.011677 | / | 0.010634 |
| | = | 1.0981 |
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) |
| = | ((34535.493 + 184202.675) / 173718.561) | / | ((80876.621 + 121683.262) / 176583.8) |
| = | 1.259153 | / | 1.147103 |
| | = | 1.0977 |
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 |
| = | (-18698.536 - 0 | - | 10154.489) | / | 173718.561 |
| | = | -0.166091 |
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.
RattanIndia Power has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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