BEXIMCO Beneish M-Score Historical Data
The historical data trend for BEXIMCO'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.
BEXIMCO Beneish M-Score Chart
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BEXIMCO Annual Data
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Trend |
Dec13 |
Dec14 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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- |
- |
-0.76 |
-2.45 |
-1.46 |
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BEXIMCO Quarterly Data
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Jun17 |
Jun18 |
Jun19 |
Jun20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.09 |
-1.81 |
-1.46 |
-2.05 |
-1.67 |
Competitive Comparison of BEXIMCO's Beneish M-Score
For the Textile Manufacturing subindustry, BEXIMCO'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.
BEXIMCO's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, BEXIMCO's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BEXIMCO's Beneish M-Score falls into.
BEXIMCO 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 BEXIMCO 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 * 2.9078 | + | 0.528 * 1.1427 | + | 0.404 * 0.9685 | + | 0.892 * 0.4108 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8768 | + | 4.679 * -0.070303 | - | 0.327 * 1.0189 |
| = | -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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was BDT27,856 Mil.
Revenue was 1150.365 + 3004.97 + 6862.144 + 6707.209 = BDT17,725 Mil.
Gross Profit was -975.107 + 374.43 + 984.768 + 2447.892 = BDT2,832 Mil.
Total Current Assets was BDT64,991 Mil.
Total Assets was BDT175,567 Mil.
Property, Plant and Equipment(Net PPE) was BDT44,874 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT0 Mil.
Selling, General, & Admin. Expense(SGA) was BDT155 Mil.
Total Current Liabilities was BDT29,572 Mil.
Long-Term Debt & Capital Lease Obligation was BDT66,903 Mil.
Net Income was -2430.295 + -1134.518 + -1155.318 + 765.384 = BDT-3,955 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 2018.061 + 9843.85 + 0 + -3473.684 = BDT8,388 Mil.
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Total Receivables was BDT23,320 Mil.
Revenue was 8601.328 + 5810.855 + 10457.873 + 18275.373 = BDT43,145 Mil.
Gross Profit was 2492.032 + 937.163 + 1407.558 + 3040.853 = BDT7,878 Mil.
Total Current Assets was BDT67,593 Mil.
Total Assets was BDT186,037 Mil.
Property, Plant and Equipment(Net PPE) was BDT46,561 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT0 Mil.
Selling, General, & Admin. Expense(SGA) was BDT201 Mil.
Total Current Liabilities was BDT29,523 Mil.
Long-Term Debt & Capital Lease Obligation was BDT70,812 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) |
| = | (27856.355 / 17724.688) | / | (23319.56 / 43145.429) |
| = | 1.571613 | / | 0.540487 |
| | = | 2.9078 |
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) |
| = | (7877.606 / 43145.429) | / | (2831.983 / 17724.688) |
| = | 0.182583 | / | 0.159776 |
| | = | 1.1427 |
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 - (64990.556 + 44874.14) / 175567.329) | / | (1 - (67592.559 + 46561.264) / 186037.012) |
| = | 0.37423 | / | 0.386392 |
| | = | 0.9685 |
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 |
| = | 17724.688 | / | 43145.429 |
| | = | 0.4108 |
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 + 46561.264)) | / | (0 / (0 + 44874.14)) |
| = | 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) |
| = | (154.711 / 17724.688) | / | (200.683 / 43145.429) |
| = | 0.008729 | / | 0.004651 |
| | = | 1.8768 |
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) |
| = | ((66903.398 + 29571.701) / 175567.329) | / | ((70812.331 + 29523.271) / 186037.012) |
| = | 0.549505 | / | 0.539331 |
| | = | 1.0189 |
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 |
| = | (-3954.747 - 0 | - | 8388.227) | / | 175567.329 |
| | = | -0.070303 |
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.
BEXIMCO has a M-score of -1.67 signals that the company is likely to be a manipulator.
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