Anlon Technology Solutions (NSE:ANLON) Beneish M-Score : 1.77 (As of May. 25, 2024)

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What is Anlon Technology Solutions Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 1.77 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Anlon Technology Solutions's Beneish M-Score or its related term are showing as below:

NSE:ANLON' s Beneish M-Score Range Over the Past 10 Years
Min: -1.78 Med: -0.01 Max: 1.77
Current: 1.77

During the past 4 years, the highest Beneish M-Score of Anlon Technology Solutions was 1.77. The lowest was -1.78. And the median was -0.01.

Anlon Technology Solutions Beneish M-Score Historical Data

The historical data trend for Anlon Technology Solutions'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.

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Anlon Technology Solutions Beneish M-Score Chart

Anlon Technology Solutions Annual Data

Trend

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

-1.78

1.77

Anlon Technology Solutions Semi-Annual Data
	Mar20	Mar21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial			-	-1.78	-	1.77	-

Competitive Comparison of Anlon Technology Solutions's Beneish M-Score

For the Engineering & Construction subindustry, Anlon Technology Solutions'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.

Anlon Technology Solutions's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Anlon Technology Solutions's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Anlon Technology Solutions's Beneish M-Score falls into.

Anlon Technology Solutions 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 Anlon Technology Solutions for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8821

0.528 * 1.0208

0.404 * 5.3267

0.892 * 1.701

0.115 * 0.8899

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.776

4.679 * 0.404072

0.327 * 0.3128

1.77

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was ₹113.5 Mil.
Revenue was ₹328.9 Mil.
Gross Profit was ₹195.4 Mil.
Total Current Assets was ₹239.4 Mil.
Total Assets was ₹339.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹39.9 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹31.8 Mil.
Total Current Liabilities was ₹72.9 Mil.
Long-Term Debt & Capital Lease Obligation was ₹6.4 Mil.
Net Income was ₹44.4 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-92.7 Mil.

Total Receivables was ₹75.6 Mil.
Revenue was ₹193.4 Mil.
Gross Profit was ₹117.2 Mil.
Total Current Assets was ₹157.6 Mil.
Total Assets was ₹209.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹45.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹2.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹10.5 Mil.
Total Current Liabilities was ₹129.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹27.3 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)
	=	(113.459 / 328.947)	/	(75.611 / 193.381)
	=	0.344916	/	0.390995
	=	0.8821

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)
	=	(117.242 / 193.381)	/	(195.371 / 328.947)
	=	0.606275	/	0.593929
	=	1.0208

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 - (239.415 + 39.867) / 339.276)	/	(1 - (157.57 + 45.158) / 209.689)
	=	0.176829	/	0.033197
	=	5.3267

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
	=	328.947	/	193.381
	=	1.701

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))
	=	(2.009 / (2.009 + 45.158))	/	(2.004 / (2.004 + 39.867))
	=	0.042593	/	0.047861
	=	0.8899

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)
	=	(31.784 / 328.947)	/	(10.521 / 193.381)
	=	0.096623	/	0.054406
	=	1.776

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)
	=	((6.418 + 72.915) / 339.276)	/	((27.318 + 129.44) / 209.689)
	=	0.23383	/	0.747574
	=	0.3128

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
	=	(44.383 - 0	-	-92.709)	/	339.276
	=	0.404072

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.

Anlon Technology Solutions has a M-score of 1.77 signals that the company is likely to be a manipulator.

Anlon Technology Solutions Beneish M-Score Related Terms

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Anlon Technology Solutions (NSE:ANLON) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Anlon Technology Solutions Ltd (NSE:ANLON) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Apparel Park, Phase II, Plot No.22, Doddaballapur Integrated Textile Park SW-5, Industrial Area, Doddaballapur, KA, IND, 561203

Website

https://www.anlon.co

Anlon Technology Solutions Ltd is primarily engaged in the business of providing engineering services. The company has two reportable segments such as Engineering services and Designing, Fabrication, and Installation Services. It generates majority of its revenue from Engineering services segment. The company provides engineering services for engineering systems, built on automotive chassis and allied areas, majorly for airports, high-rise buildings, and refineries. It offers services such as Airport Rescue and Fire Fighting vehicles, High rise building rescue, evacuation and fire fighting equipment, Industrial Fire Engines, Runway Rubber removal and paint removal machines, Runway sweeping and Bay cleaning, Disabled Aircraft Recovery Kit (DARK), Supply of Airport interior components.

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