Argon Denims Beneish M-Score Historical Data
The historical data trend for Argon Denims'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.
Argon Denims Beneish M-Score Chart
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Argon Denims Annual Data
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-3.19 |
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Argon Denims Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Argon Denims's Beneish M-Score
For the Textile Manufacturing subindustry, Argon Denims'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.
Argon Denims's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Argon Denims's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Argon Denims's Beneish M-Score falls into.
Argon Denims 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 Argon Denims 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was BDT1,611 Mil.
Revenue was 1430.239 + 1600.111 + 1334.293 + 1400.274 = BDT5,765 Mil.
Gross Profit was 123.008 + 97.794 + 93.877 + 90.973 = BDT406 Mil.
Total Current Assets was BDT5,028 Mil.
Total Assets was BDT6,593 Mil.
Property, Plant and Equipment(Net PPE) was BDT1,565 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT95 Mil.
Selling, General, & Admin. Expense(SGA) was BDT108 Mil.
Total Current Liabilities was BDT2,970 Mil.
Long-Term Debt & Capital Lease Obligation was BDT117 Mil.
Net Income was 62.729 + 24.95 + 20.065 + 19.791 = BDT128 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 163.48 + -84.349 + 309.267 + -57.606 = BDT331 Mil.
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Total Receivables was BDT2,105 Mil.
Revenue was 1339.915 + 1405.961 + 1298.045 + 976.277 = BDT5,020 Mil.
Gross Profit was 114.719 + 142.989 + 100.412 + 66.619 = BDT425 Mil.
Total Current Assets was BDT4,731 Mil.
Total Assets was BDT6,392 Mil.
Property, Plant and Equipment(Net PPE) was BDT1,660 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT135 Mil.
Selling, General, & Admin. Expense(SGA) was BDT97 Mil.
Total Current Liabilities was BDT2,815 Mil.
Long-Term Debt & Capital Lease Obligation was BDT50 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) |
| = | (1611.225 / 5764.917) | / | (2104.571 / 5020.198) |
| = | 0.279488 | / | 0.419221 |
| | = | |
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) |
| = | (424.739 / 5020.198) | / | (405.652 / 5764.917) |
| = | 0.084606 | / | 0.070366 |
| | = | |
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 - (5027.604 + 1565.088) / 6592.693) | / | (1 - (4731.444 + 1660.354) / 6391.798) |
| = | 0 | / | -0 |
| | = | |
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 |
| = | 5764.917 | / | 5020.198 |
| | = | |
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)) |
| = | (134.519 / (134.519 + 1660.354)) | / | (95.396 / (95.396 + 1565.088)) |
| = | 0.074946 | / | 0.057451 |
| | = | |
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) |
| = | (108.465 / 5764.917) | / | (96.997 / 5020.198) |
| = | 0.018815 | / | 0.019321 |
| | = | |
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) |
| = | ((117.389 + 2970.261) / 6592.693) | / | ((50.097 + 2815.447) / 6391.798) |
| = | 0.468344 | / | 0.448316 |
| | = | |
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 |
| = | (127.535 - 0 | - | 330.792) | / | 6592.693 |
| | = | -0.030831 |
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.
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