Salasar Techno Engineering Beneish M-Score Historical Data
The historical data trend for Salasar Techno Engineering'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.
Salasar Techno Engineering Beneish M-Score Chart
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Salasar Techno Engineering Annual Data
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Mar14 |
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Mar23 |
| Beneish M-Score |
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-1.57 |
-2.30 |
-1.95 |
-1.93 |
-2.19 |
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Salasar Techno Engineering Quarterly Data
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Mar19 |
Jun19 |
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Dec19 |
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Dec23 |
| Beneish M-Score |
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-2.19 |
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Competitive Comparison of Salasar Techno Engineering's Beneish M-Score
For the Steel subindustry, Salasar Techno Engineering'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.
Salasar Techno Engineering's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Salasar Techno Engineering's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Salasar Techno Engineering's Beneish M-Score falls into.
Salasar Techno Engineering 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 Salasar Techno Engineering 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 * 0.7988 | + | 0.528 * 1.0959 | + | 0.404 * 0.4135 | + | 0.892 * 1.4031 | + | 0.115 * 1.2975 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7148 | + | 4.679 * 0.044124 | - | 0.327 * 0.9608 |
| = | -2.19 |
* 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 ₹3,340 Mil.
Revenue was ₹9,788 Mil.
Gross Profit was ₹1,623 Mil.
Total Current Assets was ₹7,021 Mil.
Total Assets was ₹9,141 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,932 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹79 Mil.
Selling, General, & Admin. Expense(SGA) was ₹165 Mil.
Total Current Liabilities was ₹4,628 Mil.
Long-Term Debt & Capital Lease Obligation was ₹416 Mil.
Net Income was ₹402 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-2 Mil.
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Total Receivables was ₹2,980 Mil.
Revenue was ₹6,976 Mil.
Gross Profit was ₹1,267 Mil.
Total Current Assets was ₹5,173 Mil.
Total Assets was ₹6,826 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,313 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹71 Mil.
Selling, General, & Admin. Expense(SGA) was ₹165 Mil.
Total Current Liabilities was ₹3,485 Mil.
Long-Term Debt & Capital Lease Obligation was ₹435 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) |
| = | (3339.762 / 9787.779) | / | (2979.837 / 6975.601) |
| = | 0.341218 | / | 0.42718 |
| | = | 0.7988 |
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) |
| = | (1267.333 / 6975.601) | / | (1622.696 / 9787.779) |
| = | 0.181681 | / | 0.165788 |
| | = | 1.0959 |
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 - (7020.829 + 1932.257) / 9141.453) | / | (1 - (5172.8 + 1313.168) / 6826.147) |
| = | 0.020606 | / | 0.049835 |
| | = | 0.4135 |
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 |
| = | 9787.779 | / | 6975.601 |
| | = | 1.4031 |
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)) |
| = | (70.968 / (70.968 + 1313.168)) | / | (79.497 / (79.497 + 1932.257)) |
| = | 0.051272 | / | 0.039516 |
| | = | 1.2975 |
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) |
| = | (165.208 / 9787.779) | / | (164.708 / 6975.601) |
| = | 0.016879 | / | 0.023612 |
| | = | 0.7148 |
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) |
| = | ((415.657 + 4627.999) / 9141.453) | / | ((434.782 + 3484.972) / 6826.147) |
| = | 0.551735 | / | 0.574226 |
| | = | 0.9608 |
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 |
| = | (401.707 - 0 | - | -1.648) | / | 9141.453 |
| | = | 0.044124 |
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.
Salasar Techno Engineering has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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