Hamid Fabrics Beneish M-Score Historical Data
The historical data trend for Hamid Fabrics'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.
Hamid Fabrics Beneish M-Score Chart
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Hamid Fabrics Annual Data
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Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.59 |
-2.52 |
-1.91 |
-1.75 |
-2.41 |
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Hamid Fabrics Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Sep24 |
| Beneish M-Score |
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-2.41 |
-1.84 |
-2.47 |
-2.17 |
-1.96 |
Competitive Comparison of Hamid Fabrics's Beneish M-Score
For the Textile Manufacturing subindustry, Hamid Fabrics'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.
Hamid Fabrics's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Hamid Fabrics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hamid Fabrics's Beneish M-Score falls into.
Hamid Fabrics 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 Hamid Fabrics 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 * 2.9856 | + | 0.528 * 1.3207 | + | 0.404 * 0.3514 | + | 0.892 * 0.5611 | + | 0.115 * 0.507 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 4.1157 | + | 4.679 * -0.002113 | - | 0.327 * 1.6627 |
| = | -1.96 |
* 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 (Jun23) TTM: |
Total Receivables was BDT1,458 Mil.
Revenue was 248.779 + 304.198 + 459.42 + 520.932 = BDT1,533 Mil.
Gross Profit was 1.279 + 26.727 + 51.733 + 105.129 = BDT185 Mil.
Total Current Assets was BDT2,947 Mil.
Total Assets was BDT5,711 Mil.
Property, Plant and Equipment(Net PPE) was BDT2,732 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT53 Mil.
Selling, General, & Admin. Expense(SGA) was BDT190 Mil.
Total Current Liabilities was BDT1,610 Mil.
Long-Term Debt & Capital Lease Obligation was BDT805 Mil.
Net Income was -96.567 + -59.766 + -29.256 + 10.002 = BDT-176 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 78.864 + 0 + 0 + -242.387 = BDT-164 Mil.
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Total Receivables was BDT870 Mil.
Revenue was 557.768 + 549.579 + 792.224 + 833.142 = BDT2,733 Mil.
Gross Profit was 69.08 + 130.296 + 103.654 + 132.1 = BDT435 Mil.
Total Current Assets was BDT2,031 Mil.
Total Assets was BDT4,970 Mil.
Property, Plant and Equipment(Net PPE) was BDT2,860 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT28 Mil.
Selling, General, & Admin. Expense(SGA) was BDT82 Mil.
Total Current Liabilities was BDT1,229 Mil.
Long-Term Debt & Capital Lease Obligation was BDT36 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) |
| = | (1458.189 / 1533.329) | / | (870.456 / 2732.713) |
| = | 0.950996 | / | 0.318532 |
| | = | 2.9856 |
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) |
| = | (435.13 / 2732.713) | / | (184.868 / 1533.329) |
| = | 0.15923 | / | 0.120566 |
| | = | 1.3207 |
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 - (2946.897 + 2731.943) / 5710.62) | / | (1 - (2031.056 + 2860.212) / 4969.981) |
| = | 0.005565 | / | 0.015838 |
| | = | 0.3514 |
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 |
| = | 1533.329 | / | 2732.713 |
| | = | 0.5611 |
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)) |
| = | (27.682 / (27.682 + 2860.212)) | / | (52.648 / (52.648 + 2731.943)) |
| = | 0.009586 | / | 0.018907 |
| | = | 0.507 |
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) |
| = | (189.617 / 1533.329) | / | (82.111 / 2732.713) |
| = | 0.123664 | / | 0.030047 |
| | = | 4.1157 |
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) |
| = | ((805.414 + 1610.402) / 5710.62) | / | ((35.871 + 1228.607) / 4969.981) |
| = | 0.423039 | / | 0.254423 |
| | = | 1.6627 |
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 |
| = | (-175.587 - 0 | - | -163.523) | / | 5710.62 |
| | = | -0.002113 |
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.
Hamid Fabrics has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.
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