AAVAS Financiers Beneish M-Score Historical Data
The historical data trend for AAVAS Financiers'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.
AAVAS Financiers Beneish M-Score Chart
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AAVAS Financiers Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-1.47 |
-1.30 |
-1.82 |
-1.43 |
2.95 |
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AAVAS Financiers Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Sep23 |
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Mar24 |
| Beneish M-Score |
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-1.43 |
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2.95 |
Competitive Comparison of AAVAS Financiers's Beneish M-Score
For the Mortgage Finance subindustry, AAVAS Financiers'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.
AAVAS Financiers's Beneish M-Score Distribution in the Banks Industry
For the Banks industry and Financial Services sector, AAVAS Financiers's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AAVAS Financiers's Beneish M-Score falls into.
AAVAS Financiers 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 AAVAS Financiers 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 * 6.0683 | + | 0.528 * 1.0959 | + | 0.404 * 0.0487 | + | 0.892 * 1.2587 | + | 0.115 * 1.0085 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.149962 | - | 0.327 * 1.0024 |
| = | 2.95 |
* 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 ₹140,166 Mil.
Revenue was ₹18,218 Mil.
Gross Profit was ₹6,299 Mil.
Total Current Assets was ₹158,281 Mil.
Total Assets was ₹165,195 Mil.
Property, Plant and Equipment(Net PPE) was ₹854 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹327 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹309 Mil.
Long-Term Debt & Capital Lease Obligation was ₹123,983 Mil.
Net Income was ₹4,907 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-19,866 Mil.
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Total Receivables was ₹18,351 Mil.
Revenue was ₹14,473 Mil.
Gross Profit was ₹5,485 Mil.
Total Current Assets was ₹32,315 Mil.
Total Assets was ₹134,096 Mil.
Property, Plant and Equipment(Net PPE) was ₹742 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹287 Mil.
Selling, General, & Admin. Expense(SGA) was ₹323 Mil.
Total Current Liabilities was ₹2,052 Mil.
Long-Term Debt & Capital Lease Obligation was ₹98,599 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) |
| = | (140165.861 / 18217.642) | / | (18350.677 / 14473.236) |
| = | 7.693963 | / | 1.267904 |
| | = | 6.0683 |
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) |
| = | (5484.828 / 14473.236) | / | (6299.4 / 18217.642) |
| = | 0.378963 | / | 0.345786 |
| | = | 1.0959 |
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 - (158280.802 + 853.838) / 165194.536) | / | (1 - (32315.382 + 742.054) / 134096.091) |
| = | 0.036683 | / | 0.753479 |
| | = | 0.0487 |
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 |
| = | 18217.642 | / | 14473.236 |
| | = | 1.2587 |
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)) |
| = | (287.205 / (287.205 + 742.054)) | / | (326.598 / (326.598 + 853.838)) |
| = | 0.279041 | / | 0.276676 |
| | = | 1.0085 |
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 / 18217.642) | / | (323.247 / 14473.236) |
| = | 0 | / | 0.022334 |
| | = | 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) |
| = | ((123983.071 + 309.394) / 165194.536) | / | ((98598.575 + 2051.587) / 134096.091) |
| = | 0.752401 | / | 0.750582 |
| | = | 1.0024 |
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 |
| = | (4906.942 - 0 | - | -19865.913) | / | 165194.536 |
| | = | 0.149962 |
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.
AAVAS Financiers has a M-score of 2.95 signals that the company is likely to be a manipulator.
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