Affordable Robotic & Automation (BOM:541402) Beneish M-Score : -1.89 (As of Mar. 30, 2025)

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What is Affordable Robotic & Automation 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.

Good Sign:

Beneish M-Score -1.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Affordable Robotic & Automation's Beneish M-Score or its related term are showing as below:

BOM:541402' s Beneish M-Score Range Over the Past 10 Years
Min: -4.15 Med: -1.96 Max: -1
Current: -1.89

During the past 12 years, the highest Beneish M-Score of Affordable Robotic & Automation was -1.00. The lowest was -4.15. And the median was -1.96.

Affordable Robotic & Automation Beneish M-Score Historical Data

The historical data trend for Affordable Robotic & Automation'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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Affordable Robotic & Automation Beneish M-Score Chart

Affordable Robotic & Automation Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-1.18

-2.02

-1.34

-2.08

-1.89

Affordable Robotic & Automation Semi-Annual Data
	Mar13	Mar14	Mar15	Mar16	Mar17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial														-	-2.08	-	-1.89	-

Competitive Comparison of Affordable Robotic & Automation's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Affordable Robotic & Automation'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.

Affordable Robotic & Automation's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Affordable Robotic & Automation's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Affordable Robotic & Automation's Beneish M-Score falls into.

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Affordable Robotic & Automation 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 Affordable Robotic & Automation 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 * 1.008

0.528 * 0.9524

0.404 * 0.6386

0.892 * 1.4322

0.115 * 1.0553

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9518

4.679 * 0.063036

0.327 * 0.8207

-1.89

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₹978 Mil.
Revenue was ₹1,627 Mil.
Gross Profit was ₹493 Mil.
Total Current Assets was ₹2,018 Mil.
Total Assets was ₹2,379 Mil.
Property, Plant and Equipment(Net PPE) was ₹336 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹13 Mil.
Selling, General, & Admin. Expense(SGA) was ₹84 Mil.
Total Current Liabilities was ₹1,043 Mil.
Long-Term Debt & Capital Lease Obligation was ₹211 Mil.
Net Income was ₹64 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-86 Mil.

Total Receivables was ₹678 Mil.
Revenue was ₹1,136 Mil.
Gross Profit was ₹328 Mil.
Total Current Assets was ₹1,298 Mil.
Total Assets was ₹1,660 Mil.
Property, Plant and Equipment(Net PPE) was ₹335 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹62 Mil.
Total Current Liabilities was ₹848 Mil.
Long-Term Debt & Capital Lease Obligation was ₹217 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)
	=	(978.117 / 1627.336)	/	(677.501 / 1136.25)
	=	0.601054	/	0.596261
	=	1.008

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)
	=	(327.69 / 1136.25)	/	(492.776 / 1627.336)
	=	0.288396	/	0.302811
	=	0.9524

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 - (2018.452 + 336.272) / 2379.277)	/	(1 - (1298.322 + 334.971) / 1660.121)
	=	0.01032	/	0.01616
	=	0.6386

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
	=	1627.336	/	1136.25
	=	1.4322

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))
	=	(13.633 / (13.633 + 334.971))	/	(12.941 / (12.941 + 336.272))
	=	0.039107	/	0.037058
	=	1.0553

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)
	=	(83.982 / 1627.336)	/	(61.61 / 1136.25)
	=	0.051607	/	0.054222
	=	0.9518

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)
	=	((210.535 + 1042.677) / 2379.277)	/	((217.373 + 848.143) / 1660.121)
	=	0.52672	/	0.64183
	=	0.8207

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
	=	(64.275 - 0	-	-85.705)	/	2379.277
	=	0.063036

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.

Affordable Robotic & Automation has a M-score of -1.89 suggests that the company is unlikely to be a manipulator.

Affordable Robotic & Automation Beneish M-Score Related Terms

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Affordable Robotic & Automation Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Affordable Robotic & Automation Ltd (BOM:541402) » Definitions » Beneish M-Score

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AFFORDABLE:India

Address

Village Wadki, Gate Number 1209, Taluka Haveli, Pune, MH, IND, 412308

Website

https://www.arapl.co.in

Affordable Robotic & Automation Ltd is an Indian firm engaged in manufacturing jigs and fixtures and multilevel car parking. It provides turnkey automation solutions to automotive, semi-automotive, and manufacturing industries. Business products and solutions have industrial applications in line automation, assembly lines, conveyors, robotic inspection stations, pick and place systems, gantry, auto assembly stations, robotic welding, fixed, indexing, rotary type welding fixtures, spot, MIG welding robotic cell, pneumatic, hydraulic, hydro-pneumatic SPMs, jigs, gauges, and fixtures. It is also involved in assembling and installing automatic multilevel car parking systems preferred by residential complexes, shopping malls, etc. Primary revenue accrues from automation sales.

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