Cscec Scimee Sci & Tech Co Beneish M-Score Historical Data
The historical data trend for Cscec Scimee Sci & Tech Co'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.
Cscec Scimee Sci & Tech Co Beneish M-Score Chart
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Cscec Scimee Sci & Tech Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.24 |
-2.44 |
-2.43 |
-1.96 |
-2.28 |
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Cscec Scimee Sci & Tech Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.10 |
-2.07 |
-2.11 |
-2.28 |
-2.25 |
Competitive Comparison of Cscec Scimee Sci & Tech Co's Beneish M-Score
For the Pollution & Treatment Controls subindustry, Cscec Scimee Sci & Tech Co'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.
Cscec Scimee Sci & Tech Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Cscec Scimee Sci & Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cscec Scimee Sci & Tech Co's Beneish M-Score falls into.
Cscec Scimee Sci & Tech Co 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 Cscec Scimee Sci & Tech Co 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 * 1.2062 | + | 0.528 * 0.9531 | + | 0.404 * 0.9735 | + | 0.892 * 1.0268 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9135 | + | 4.679 * 0.009064 | - | 0.327 * 1.0279 |
| = | -2.25 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥1,894 Mil.
Revenue was 212.231 + 809.063 + 266.838 + 395.249 = ¥1,683 Mil.
Gross Profit was 63.922 + 326.959 + 76.789 + 136.908 = ¥605 Mil.
Total Current Assets was ¥2,402 Mil.
Total Assets was ¥4,344 Mil.
Property, Plant and Equipment(Net PPE) was ¥617 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥188 Mil.
Total Current Liabilities was ¥1,495 Mil.
Long-Term Debt & Capital Lease Obligation was ¥249 Mil.
Net Income was 3.071 + 122.165 + -2.954 + 41.124 = ¥163 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 34.62 + 36.626 + -8.501 + 61.29 = ¥124 Mil.
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Total Receivables was ¥1,530 Mil.
Revenue was 200.211 + 901.909 + 254.498 + 282.788 = ¥1,639 Mil.
Gross Profit was 68.424 + 319.32 + 81.76 + 91.646 = ¥561 Mil.
Total Current Assets was ¥2,192 Mil.
Total Assets was ¥4,069 Mil.
Property, Plant and Equipment(Net PPE) was ¥603 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥200 Mil.
Total Current Liabilities was ¥1,257 Mil.
Long-Term Debt & Capital Lease Obligation was ¥332 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) |
| = | (1894.437 / 1683.381) | / | (1529.575 / 1639.406) |
| = | 1.125376 | / | 0.933006 |
| | = | 1.2062 |
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) |
| = | (561.15 / 1639.406) | / | (604.578 / 1683.381) |
| = | 0.342289 | / | 0.359145 |
| | = | 0.9531 |
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 - (2402.076 + 616.867) / 4343.892) | / | (1 - (2191.53 + 602.778) / 4069.242) |
| = | 0.305014 | / | 0.31331 |
| | = | 0.9735 |
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 |
| = | 1683.381 | / | 1639.406 |
| | = | 1.0268 |
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)) |
| = | (0 / (0 + 602.778)) | / | (0 / (0 + 616.867)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (187.656 / 1683.381) | / | (200.054 / 1639.406) |
| = | 0.111476 | / | 0.122028 |
| | = | 0.9135 |
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) |
| = | ((248.853 + 1495.127) / 4343.892) | / | ((332.243 + 1257.104) / 4069.242) |
| = | 0.401479 | / | 0.390576 |
| | = | 1.0279 |
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 |
| = | (163.406 - 0 | - | 124.035) | / | 4343.892 |
| | = | 0.009064 |
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.
Cscec Scimee Sci & Tech Co has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
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