GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » Asarfi Hospital Ltd (BOM:543943) » Definitions » Beneish M-Score

Asarfi Hospital (BOM:543943) Beneish M-Score : -2.32 (As of Dec. 14, 2024)


View and export this data going back to 2023. Start your Free Trial

What is Asarfi Hospital 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:543943' s Beneish M-Score Range Over the Past 10 Years
Min: -2.32   Med: -1.96   Max: -0.25
Current: -2.32

During the past 5 years, the highest Beneish M-Score of Asarfi Hospital was -0.25. The lowest was -2.32. And the median was -1.96.


Asarfi Hospital Beneish M-Score Historical Data

The historical data trend for Asarfi Hospital'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.

* Premium members only.

Asarfi Hospital Beneish M-Score Chart

Asarfi Hospital Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
- - -1.96 -0.25 -2.32

Asarfi Hospital Semi-Annual Data
Mar20 Mar21 Mar22 Sep22 Mar23 Sep23 Mar24 Sep24
Beneish M-Score Get a 7-Day Free Trial - -0.25 - -2.32 -

Competitive Comparison of Asarfi Hospital's Beneish M-Score

For the Medical Care Facilities subindustry, Asarfi Hospital'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.


Asarfi Hospital's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Asarfi Hospital's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Asarfi Hospital's Beneish M-Score falls into.



Asarfi Hospital 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 Asarfi Hospital 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 * 1.2015+0.528 * 0.9441+0.404 * 2.5305+0.892 * 1.1937+0.115 * 0.84
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1509+4.679 * -0.142208-0.327 * 1.2335
=-2.32

* 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 ₹242.8 Mil.
Revenue was ₹844.0 Mil.
Gross Profit was ₹640.7 Mil.
Total Current Assets was ₹467.5 Mil.
Total Assets was ₹1,540.9 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,068.3 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹87.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹178.8 Mil.
Total Current Liabilities was ₹414.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹203.2 Mil.
Net Income was ₹41.6 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹260.7 Mil.
Total Receivables was ₹169.3 Mil.
Revenue was ₹707.0 Mil.
Gross Profit was ₹506.7 Mil.
Total Current Assets was ₹365.1 Mil.
Total Assets was ₹934.3 Mil.
Property, Plant and Equipment(Net PPE) was ₹568.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹38.7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹130.2 Mil.
Total Current Liabilities was ₹195.9 Mil.
Long-Term Debt & Capital Lease Obligation was ₹107.9 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)
=(242.824 / 844.004) / (169.307 / 707.033)
=0.287705 / 0.239461
=1.2015

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)
=(506.736 / 707.033) / (640.689 / 844.004)
=0.716708 / 0.759107
=0.9441

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 - (467.524 + 1068.301) / 1540.882) / (1 - (365.108 + 567.951) / 934.271)
=0.003282 / 0.001297
=2.5305

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
=844.004 / 707.033
=1.1937

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))
=(38.735 / (38.735 + 567.951)) / (87.875 / (87.875 + 1068.301))
=0.063847 / 0.076005
=0.84

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)
=(178.847 / 844.004) / (130.181 / 707.033)
=0.211903 / 0.184123
=1.1509

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)
=((203.214 + 414.797) / 1540.882) / ((107.876 + 195.902) / 934.271)
=0.401076 / 0.32515
=1.2335

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
=(41.616 - 0 - 260.741) / 1540.882
=-0.142208

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.

Asarfi Hospital has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.


Asarfi Hospital Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Asarfi Hospital's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Asarfi Hospital Business Description

Traded in Other Exchanges
N/A
Address
Bishunpur Polytechnic, 4th floor Asarfi Hospital, Baramuri, Dhanbad, JH, IND, 828130
Asarfi Hospital Ltd provides healthcare facilities to the people of Jharkhand. It is a multi-specialty hospital offering healthcare facilities. The company is committed to delivering valued healthcare services to patients that include prevention, treatment, and proper rehabilitation.

Asarfi Hospital Headlines

No Headlines