Nova Agritech Beneish M-Score Historical Data
The historical data trend for Nova Agritech'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.
Nova Agritech Beneish M-Score Chart
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Nova Agritech Annual Data
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Trend |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-2.02 |
-1.67 |
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Nova Agritech Quarterly Data
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Mar21 |
Mar22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.67 |
- |
- |
Competitive Comparison of Nova Agritech's Beneish M-Score
For the Agricultural Inputs subindustry, Nova Agritech'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.
Nova Agritech's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, Nova Agritech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nova Agritech's Beneish M-Score falls into.
Nova Agritech 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 Nova Agritech 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 * 0.974 | + | 0.528 * 1.1174 | + | 0.404 * 1.0721 | + | 0.892 * 1.1991 | + | 0.115 * 1.1037 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1883 | + | 4.679 * 0.09234 | - | 0.327 * 0.5445 |
| = | -1.67 |
* 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 ₹1,235 Mil.
Revenue was ₹2,525 Mil.
Gross Profit was ₹957 Mil.
Total Current Assets was ₹2,720 Mil.
Total Assets was ₹2,980 Mil.
Property, Plant and Equipment(Net PPE) was ₹151 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹20 Mil.
Selling, General, & Admin. Expense(SGA) was ₹56 Mil.
Total Current Liabilities was ₹955 Mil.
Long-Term Debt & Capital Lease Obligation was ₹80 Mil.
Net Income was ₹283 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹8 Mil.
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Total Receivables was ₹1,057 Mil.
Revenue was ₹2,106 Mil.
Gross Profit was ₹892 Mil.
Total Current Assets was ₹1,584 Mil.
Total Assets was ₹1,808 Mil.
Property, Plant and Equipment(Net PPE) was ₹162 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹24 Mil.
Selling, General, & Admin. Expense(SGA) was ₹39 Mil.
Total Current Liabilities was ₹989 Mil.
Long-Term Debt & Capital Lease Obligation was ₹164 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) |
| = | (1234.645 / 2524.736) | / | (1057.135 / 2105.554) |
| = | 0.489019 | / | 0.50207 |
| | = | 0.974 |
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) |
| = | (892.152 / 2105.554) | / | (957.35 / 2524.736) |
| = | 0.423714 | / | 0.379188 |
| | = | 1.1174 |
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 - (2720.146 + 150.786) / 2979.918) | / | (1 - (1584.103 + 162.063) / 1807.834) |
| = | 0.036573 | / | 0.034112 |
| | = | 1.0721 |
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 |
| = | 2524.736 | / | 2105.554 |
| | = | 1.1991 |
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)) |
| = | (23.609 / (23.609 + 162.063)) | / | (19.634 / (19.634 + 150.786)) |
| = | 0.127154 | / | 0.115209 |
| | = | 1.1037 |
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) |
| = | (56.089 / 2524.736) | / | (39.365 / 2105.554) |
| = | 0.022216 | / | 0.018696 |
| | = | 1.1883 |
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) |
| = | ((79.733 + 955.143) / 2979.918) | / | ((163.573 + 989.434) / 1807.834) |
| = | 0.347283 | / | 0.637784 |
| | = | 0.5445 |
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 |
| = | (283.081 - 0 | - | 7.915) | / | 2979.918 |
| | = | 0.09234 |
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.
Nova Agritech has a M-score of -1.67 signals that the company is likely to be a manipulator.
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