Ami Organics Beneish M-Score Historical Data
The historical data trend for Ami Organics'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.
Ami Organics Beneish M-Score Chart
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Ami Organics Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
-1.36 |
-1.70 |
-1.98 |
-2.75 |
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Ami Organics Quarterly Data
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Mar19 |
Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.98 |
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-2.75 |
Competitive Comparison of Ami Organics's Beneish M-Score
For the Specialty Chemicals subindustry, Ami Organics'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.
Ami Organics's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ami Organics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ami Organics's Beneish M-Score falls into.
Ami Organics 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 Ami Organics 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 * 0.7716 | + | 0.528 * 1.0875 | + | 0.404 * 1.6181 | + | 0.892 * 1.1633 | + | 0.115 * 1.485 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.06977 | - | 0.327 * 1.7073 |
| = | -2.75 |
* 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 ₹2,079 Mil.
Revenue was ₹7,175 Mil.
Gross Profit was ₹3,058 Mil.
Total Current Assets was ₹4,958 Mil.
Total Assets was ₹10,959 Mil.
Property, Plant and Equipment(Net PPE) was ₹4,855 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹161 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹2,852 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,136 Mil.
Net Income was ₹487 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,252 Mil.
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Total Receivables was ₹2,316 Mil.
Revenue was ₹6,167 Mil.
Gross Profit was ₹2,858 Mil.
Total Current Assets was ₹4,701 Mil.
Total Assets was ₹7,669 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,473 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹123 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,628 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6 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) |
| = | (2079.027 / 7174.745) | / | (2315.969 / 6167.345) |
| = | 0.28977 | / | 0.375521 |
| | = | 0.7716 |
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) |
| = | (2858.392 / 6167.345) | / | (3057.863 / 7174.745) |
| = | 0.463472 | / | 0.426198 |
| | = | 1.0875 |
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 - (4958.133 + 4854.785) / 10959.033) | / | (1 - (4700.774 + 2472.905) / 7669.384) |
| = | 0.104582 | / | 0.064634 |
| | = | 1.6181 |
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 |
| = | 7174.745 | / | 6167.345 |
| | = | 1.1633 |
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)) |
| = | (123.424 / (123.424 + 2472.905)) | / | (160.552 / (160.552 + 4854.785)) |
| = | 0.047538 | / | 0.032012 |
| | = | 1.485 |
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) |
| = | (0 / 7174.745) | / | (0 / 6167.345) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((1136.412 + 2851.701) / 10959.033) | / | ((6.259 + 1628.461) / 7669.384) |
| = | 0.363911 | / | 0.213149 |
| | = | 1.7073 |
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 |
| = | (487.08 - 0 | - | 1251.697) | / | 10959.033 |
| | = | -0.06977 |
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.
Ami Organics has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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