Archean Chemical Industries Beneish M-Score Historical Data
The historical data trend for Archean Chemical 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.
Archean Chemical Industries Beneish M-Score Chart
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Archean Chemical Industries Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-1.97 |
-0.27 |
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Archean Chemical Industries Quarterly Data
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Mar20 |
Mar21 |
Jun21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.97 |
-1.50 |
- |
- |
-0.27 |
Competitive Comparison of Archean Chemical Industries's Beneish M-Score
For the Chemicals subindustry, Archean Chemical 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.
Archean Chemical Industries's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Archean Chemical Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Archean Chemical Industries's Beneish M-Score falls into.
Archean Chemical 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 Archean Chemical 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 * 1.4574 | + | 0.528 * 1.07 | + | 0.404 * 3.2433 | + | 0.892 * 0.9058 | + | 0.115 * 1.0251 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.155155 | - | 0.327 * 0.9215 |
| = | -0.27 |
* 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 ₹1,572 Mil.
Revenue was 2577.683 + 4126.261 + 2904.645 + 3430.938 = ₹13,040 Mil.
Gross Profit was 2656.774 + 3656.723 + 2716.971 + 3132.317 = ₹12,163 Mil.
Total Current Assets was ₹7,262 Mil.
Total Assets was ₹20,559 Mil.
Property, Plant and Equipment(Net PPE) was ₹12,058 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹703 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,349 Mil.
Long-Term Debt & Capital Lease Obligation was ₹906 Mil.
Net Income was 575.928 + 1015.279 + 660.006 + 938.562 = ₹3,190 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₹0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = ₹0 Mil.
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Total Receivables was ₹1,190 Mil.
Revenue was 3808.827 + 3649.228 + 2934.946 + 4002.737 = ₹14,396 Mil.
Gross Profit was 4059.47 + 3713.644 + 2641.785 + 3953.535 = ₹14,368 Mil.
Total Current Assets was ₹5,767 Mil.
Total Assets was ₹17,554 Mil.
Property, Plant and Equipment(Net PPE) was ₹11,461 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹686 Mil.
Selling, General, & Admin. Expense(SGA) was ₹1,699 Mil.
Total Current Liabilities was ₹1,724 Mil.
Long-Term Debt & Capital Lease Obligation was ₹365 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) |
| = | (1571.546 / 13039.527) | / | (1190.466 / 14395.738) |
| = | 0.120522 | / | 0.082696 |
| | = | 1.4574 |
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) |
| = | (14368.434 / 14395.738) | / | (12162.785 / 13039.527) |
| = | 0.998103 | / | 0.932763 |
| | = | 1.07 |
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 - (7261.595 + 12057.847) / 20558.643) | / | (1 - (5767.198 + 11460.891) / 17554.334) |
| = | 0.060276 | / | 0.018585 |
| | = | 3.2433 |
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 |
| = | 13039.527 | / | 14395.738 |
| | = | 0.9058 |
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)) |
| = | (686.334 / (686.334 + 11460.891)) | / | (703.371 / (703.371 + 12057.847)) |
| = | 0.056501 | / | 0.055118 |
| | = | 1.0251 |
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 / 13039.527) | / | (1699.07 / 14395.738) |
| = | 0 | / | 0.118026 |
| | = | 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) |
| = | ((905.849 + 1348.713) / 20558.643) | / | ((365 + 1724.111) / 17554.334) |
| = | 0.109665 | / | 0.119008 |
| | = | 0.9215 |
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 |
| = | (3189.775 - 0 | - | 0) | / | 20558.643 |
| | = | 0.155155 |
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.
Archean Chemical Industries has a M-score of -0.27 signals that the company is likely to be a manipulator.
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