Active Fine Chemicals Beneish M-Score Historical Data
The historical data trend for Active Fine Chemicals'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.
Active Fine Chemicals Beneish M-Score Chart
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Active Fine Chemicals Annual Data
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Dec13 |
Dec14 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
| Beneish M-Score |
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-2.43 |
-2.33 |
-2.17 |
-2.04 |
-2.56 |
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Active Fine Chemicals Quarterly Data
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Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Dec22 |
Mar23 |
| Beneish M-Score |
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-2.52 |
-2.86 |
-2.56 |
-2.08 |
-2.18 |
Competitive Comparison of Active Fine Chemicals's Beneish M-Score
For the Chemicals subindustry, Active Fine Chemicals'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.
Active Fine Chemicals's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Active Fine Chemicals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Active Fine Chemicals's Beneish M-Score falls into.
Active Fine Chemicals 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 Active Fine Chemicals 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 * 1.3532 | + | 0.528 * 0.8078 | + | 0.404 * 0.9654 | + | 0.892 * 0.7853 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * -1.3092 | + | 4.679 * -0.019759 | - | 0.327 * 1.0649 |
| = | -2.18 |
* 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 (Mar23) TTM: | Last Year (Dec21) TTM: |
Total Receivables was BDT1,899 Mil.
Revenue was 290.56 + 242.804 + 520.506 + 381.57 = BDT1,435 Mil.
Gross Profit was 85.427 + 77.851 + 98.273 + 102.644 = BDT364 Mil.
Total Current Assets was BDT5,030 Mil.
Total Assets was BDT9,262 Mil.
Property, Plant and Equipment(Net PPE) was BDT3,936 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT0 Mil.
Selling, General, & Admin. Expense(SGA) was BDT-87 Mil.
Total Current Liabilities was BDT3,728 Mil.
Long-Term Debt & Capital Lease Obligation was BDT196 Mil.
Net Income was 3.694 + -3.522 + -32.39 + 9.672 = BDT-23 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 24.43 + 0 + 79.472 + 56.561 = BDT160 Mil.
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Total Receivables was BDT1,787 Mil.
Revenue was 350.756 + 418.817 + 547.882 + 510.371 = BDT1,828 Mil.
Gross Profit was 61.305 + 109.144 + 108.218 + 95.944 = BDT375 Mil.
Total Current Assets was BDT4,346 Mil.
Total Assets was BDT8,941 Mil.
Property, Plant and Equipment(Net PPE) was BDT4,300 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT0 Mil.
Selling, General, & Admin. Expense(SGA) was BDT84 Mil.
Total Current Liabilities was BDT3,361 Mil.
Long-Term Debt & Capital Lease Obligation was BDT196 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) |
| = | (1899.366 / 1435.44) | / | (1787.274 / 1827.826) |
| = | 1.323194 | / | 0.977814 |
| | = | 1.3532 |
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) |
| = | (374.611 / 1827.826) | / | (364.195 / 1435.44) |
| = | 0.204949 | / | 0.253717 |
| | = | 0.8078 |
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 - (5030.155 + 3936.155) / 9262.284) | / | (1 - (4345.825 + 4299.676) / 8941.476) |
| = | 0.031955 | / | 0.033101 |
| | = | 0.9654 |
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 |
| = | 1435.44 | / | 1827.826 |
| | = | 0.7853 |
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)) |
| = | (0 / (0 + 4299.676)) | / | (0 / (0 + 3936.155)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (-86.824 / 1435.44) | / | (84.446 / 1827.826) |
| = | -0.060486 | / | 0.0462 |
| | = | -1.3092 |
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) |
| = | ((195.701 + 3728.365) / 9262.284) | / | ((196.049 + 3361.285) / 8941.476) |
| = | 0.423661 | / | 0.397846 |
| | = | 1.0649 |
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 |
| = | (-22.546 - 0 | - | 160.463) | / | 9262.284 |
| | = | -0.019759 |
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.
Active Fine Chemicals has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.
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