N R Agarwal Industries Beneish M-Score Historical Data
The historical data trend for N R Agarwal Industries'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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N R Agarwal Industries Annual Data
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Trend |
Mar14 |
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Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.69 |
-2.56 |
-2.49 |
-2.19 |
-1.35 |
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N R Agarwal Industries Quarterly Data
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Mar19 |
Jun19 |
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Jun21 |
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Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.35 |
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Competitive Comparison
For the Paper & Paper Products subindustry, N R Agarwal Industries'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.
N R Agarwal Industries Beneish M-Score Distribution
For the Forest Products industry and Basic Materials sector, N R Agarwal Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where N R Agarwal Industries's Beneish M-Score falls into.
N R Agarwal Industries 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 N R Agarwal Industries 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 * 0.7236 | + | 0.528 * 0.9912 | + | 0.404 * 3.9271 | + | 0.892 * 1.0925 | + | 0.115 * 1.1045 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * -0.028533 | - | 0.327 * 0.7679 |
| = | -1.35 |
* 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 ₹1,383 Mil.
Revenue was ₹17,661 Mil.
Gross Profit was ₹6,689 Mil.
Total Current Assets was ₹3,394 Mil.
Total Assets was ₹10,409 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,955 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹358 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,499 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,582 Mil.
Net Income was ₹993 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,290 Mil.
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Total Receivables was ₹1,749 Mil.
Revenue was ₹16,165 Mil.
Gross Profit was ₹6,069 Mil.
Total Current Assets was ₹4,602 Mil.
Total Assets was ₹10,008 Mil.
Property, Plant and Equipment(Net PPE) was ₹5,147 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹344 Mil.
Selling, General, & Admin. Expense(SGA) was ₹730 Mil.
Total Current Liabilities was ₹3,215 Mil.
Long-Term Debt & Capital Lease Obligation was ₹643 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) |
| = | (1382.524 / 17660.673) | / | (1748.702 / 16165.06) |
| = | 0.078283 | / | 0.108178 |
| | = | 0.7236 |
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) |
| = | (6069.27 / 16165.06) | / | (6689.379 / 17660.673) |
| = | 0.375456 | / | 0.378773 |
| | = | 0.9912 |
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 - (3393.699 + 5955.373) / 10408.883) | / | (1 - (4601.842 + 5146.624) / 10007.94) |
| = | 0.101818 | / | 0.025927 |
| | = | 3.9271 |
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 |
| = | 17660.673 | / | 16165.06 |
| | = | 1.0925 |
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)) |
| = | (343.985 / (343.985 + 5146.624)) | / | (358.101 / (358.101 + 5955.373)) |
| = | 0.06265 | / | 0.05672 |
| | = | 1.1045 |
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 / 17660.673) | / | (730.435 / 16165.06) |
| = | 0 | / | 0.045186 |
| | = | 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) |
| = | ((1582.319 + 1498.562) / 10408.883) | / | ((643.056 + 3214.67) / 10007.94) |
| = | 0.295986 | / | 0.385467 |
| | = | 0.7679 |
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 |
| = | (993.035 - 0 | - | 1290.03) | / | 10408.883 |
| | = | -0.028533 |
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.
N R Agarwal Industries has a M-score of -1.35 signals that the company is likely to be a manipulator.
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