Abans Holdings Beneish M-Score Historical Data
The historical data trend for Abans Holdings'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.
Abans Holdings Beneish M-Score Chart
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Abans Holdings Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-3.00 |
-2.36 |
-2.40 |
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Abans Holdings Quarterly Data
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Mar20 |
Mar21 |
Mar22 |
Aug22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.36 |
- |
- |
- |
-2.40 |
Competitive Comparison of Abans Holdings's Beneish M-Score
For the Capital Markets subindustry, Abans Holdings'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.
Abans Holdings's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Abans Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Abans Holdings's Beneish M-Score falls into.
Abans Holdings 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 Abans Holdings 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 * 1.1221 | + | 0.528 * 0.6811 | + | 0.404 * 0.5439 | + | 0.892 * 1.1856 | + | 0.115 * 1.0662 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.012834 | - | 0.327 * 1.268 |
| = | -2.40 |
* 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 ₹5,685 Mil.
Revenue was ₹13,783 Mil.
Gross Profit was ₹1,928 Mil.
Total Current Assets was ₹26,851 Mil.
Total Assets was ₹28,974 Mil.
Property, Plant and Equipment(Net PPE) was ₹135 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹16,782 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,033 Mil.
Net Income was ₹818 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹446 Mil.
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Total Receivables was ₹4,273 Mil.
Revenue was ₹11,626 Mil.
Gross Profit was ₹1,107 Mil.
Total Current Assets was ₹16,148 Mil.
Total Assets was ₹18,630 Mil.
Property, Plant and Equipment(Net PPE) was ₹132 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹74 Mil.
Total Current Liabilities was ₹8,477 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,064 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) |
| = | (5685.031 / 13783.422) | / | (4273.147 / 11625.55) |
| = | 0.412454 | / | 0.367565 |
| | = | 1.1221 |
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) |
| = | (1107.357 / 11625.55) | / | (1927.733 / 13783.422) |
| = | 0.095252 | / | 0.139859 |
| | = | 0.6811 |
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 - (26851.246 + 135.194) / 28973.918) | / | (1 - (16148.466 + 131.893) / 18629.872) |
| = | 0.068595 | / | 0.126115 |
| | = | 0.5439 |
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 |
| = | 13783.422 | / | 11625.55 |
| | = | 1.1856 |
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)) |
| = | (6.514 / (6.514 + 131.893)) | / | (6.243 / (6.243 + 135.194)) |
| = | 0.047064 | / | 0.04414 |
| | = | 1.0662 |
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 / 13783.422) | / | (74.416 / 11625.55) |
| = | 0 | / | 0.006401 |
| | = | 0 |
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) |
| = | ((2032.501 + 16781.995) / 28973.918) | / | ((1063.714 + 8476.917) / 18629.872) |
| = | 0.64936 | / | 0.512115 |
| | = | 1.268 |
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 |
| = | (817.621 - 0 | - | 445.767) | / | 28973.918 |
| | = | 0.012834 |
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.
Abans Holdings has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
Abans Holdings (NSE:AHL) Business Description
Traded in Other Exchanges
Address
Backbay Reclamation, 36, 37, 38A, Floor 3, 227 Nariman Bhavan, Nariman Point, Mumbai, MH, IND, 400 021
Abans Holdings Ltd is engaged in providing financial services. The principal activities of the Company consist of general trading of agri commodities, precious metals, trading In debentures, securities, and derivative contracts on recognized stock exchanges. The company is also engaged in advisory services like Investment Banking, Corporate Finance, Project Finance, Trade Finance, and providing Business & Retail Loans, unsecured as well as secured against collateral security of immovable property, agricultural stocks, liquid assets like shares, other financial assets, etc. The operating segments are; Agency business, Internal treasury operations, Lending activities, and Others. The majority of its revenue is derived from the Internal treasury operations segment.
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