SEPC Beneish M-Score Historical Data
The historical data trend for SEPC'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.
SEPC Beneish M-Score Chart
|
SEPC Annual Data
|
|
Trend |
Mar12 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.63 |
-2.55 |
-0.94 |
-3.13 |
-2.68 |
|
SEPC Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
-2.68 |
- |
- |
- |
Competitive Comparison of SEPC's Beneish M-Score
For the Engineering & Construction subindustry, SEPC'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.
SEPC's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, SEPC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SEPC's Beneish M-Score falls into.
SEPC 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 SEPC 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 * 0.7566 | + | 0.528 * 0.7104 | + | 0.404 * 1.0014 | + | 0.892 * 1.15 | + | 0.115 * 0.8567 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9249 | + | 4.679 * -0.01288 | - | 0.327 * 0.6671 |
| = | -2.68 |
* 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 ₹10,248 Mil.
Revenue was ₹3,788 Mil.
Gross Profit was ₹598 Mil.
Total Current Assets was ₹12,735 Mil.
Total Assets was ₹20,018 Mil.
Property, Plant and Equipment(Net PPE) was ₹360 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹61 Mil.
Selling, General, & Admin. Expense(SGA) was ₹82 Mil.
Total Current Liabilities was ₹5,792 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,687 Mil.
Net Income was ₹-49 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹209 Mil.
|
Total Receivables was ₹11,778 Mil.
Revenue was ₹3,294 Mil.
Gross Profit was ₹369 Mil.
Total Current Assets was ₹14,146 Mil.
Total Assets was ₹22,232 Mil.
Property, Plant and Equipment(Net PPE) was ₹408 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹58 Mil.
Selling, General, & Admin. Expense(SGA) was ₹78 Mil.
Total Current Liabilities was ₹12,560 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,557 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) |
| = | (10247.542 / 3788.466) | / | (11777.93 / 3294.417) |
| = | 2.704932 | / | 3.575118 |
| | = | 0.7566 |
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) |
| = | (369.374 / 3294.417) | / | (597.963 / 3788.466) |
| = | 0.112121 | / | 0.157838 |
| | = | 0.7104 |
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 - (12734.838 + 359.537) / 20018.236) | / | (1 - (14145.681 + 407.513) / 22232.201) |
| = | 0.345878 | / | 0.3454 |
| | = | 1.0014 |
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 |
| = | 3788.466 | / | 3294.417 |
| | = | 1.15 |
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)) |
| = | (58.266 / (58.266 + 407.513)) | / | (61.473 / (61.473 + 359.537)) |
| = | 0.125094 | / | 0.146013 |
| | = | 0.8567 |
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) |
| = | (82.48 / 3788.466) | / | (77.552 / 3294.417) |
| = | 0.021771 | / | 0.02354 |
| | = | 0.9249 |
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) |
| = | ((2686.868 + 5792.219) / 20018.236) | / | ((1556.64 + 12560.02) / 22232.201) |
| = | 0.423568 | / | 0.634965 |
| | = | 0.6671 |
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 |
| = | (-49.038 - 0 | - | 208.801) | / | 20018.236 |
| | = | -0.01288 |
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.
SEPC has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
NSE:SEPC has been successfully added to your