Agriauto Industries Beneish M-Score Historical Data
The historical data trend for Agriauto Industries'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.
Agriauto Industries Beneish M-Score Chart
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Agriauto Industries Annual Data
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Trend |
Jun14 |
Jun15 |
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Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-0.88 |
-1.77 |
-1.63 |
-1.47 |
-3.47 |
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Agriauto Industries Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-3.72 |
-3.47 |
-2.77 |
-2.25 |
Competitive Comparison of Agriauto Industries's Beneish M-Score
For the Auto Parts subindustry, Agriauto Industries'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.
Agriauto Industries's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Agriauto Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Agriauto Industries's Beneish M-Score falls into.
Agriauto Industries 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 Agriauto Industries 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 * 1.6226 | + | 0.528 * 2.4527 | + | 0.404 * 1.3975 | + | 0.892 * 0.5759 | + | 0.115 * 1.0377 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6196 | + | 4.679 * -0.160701 | - | 0.327 * 1.1285 |
| = | -2.25 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₨1,273 Mil.
Revenue was 1626.784 + 1753.483 + 1855.757 + 1980.91 = ₨7,217 Mil.
Gross Profit was -38.893 + 174.805 + 36.586 + 129.078 = ₨302 Mil.
Total Current Assets was ₨5,069 Mil.
Total Assets was ₨9,499 Mil.
Property, Plant and Equipment(Net PPE) was ₨4,312 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨458 Mil.
Selling, General, & Admin. Expense(SGA) was ₨262 Mil.
Total Current Liabilities was ₨2,912 Mil.
Long-Term Debt & Capital Lease Obligation was ₨577 Mil.
Net Income was -183.01 + 6.02 + 98.285 + -111.463 = ₨-190 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was -138.311 + -193.492 + 593.334 + 1074.799 = ₨1,336 Mil.
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Total Receivables was ₨1,363 Mil.
Revenue was 2290.802 + 2187.049 + 3766.845 + 4287.114 = ₨12,532 Mil.
Gross Profit was 154.949 + 221.571 + 359.386 + 548.515 = ₨1,284 Mil.
Total Current Assets was ₨6,019 Mil.
Total Assets was ₨9,268 Mil.
Property, Plant and Equipment(Net PPE) was ₨3,167 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨350 Mil.
Selling, General, & Admin. Expense(SGA) was ₨281 Mil.
Total Current Liabilities was ₨2,300 Mil.
Long-Term Debt & Capital Lease Obligation was ₨717 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) |
| = | (1273.421 / 7216.934) | / | (1362.772 / 12531.81) |
| = | 0.176449 | / | 0.108745 |
| | = | 1.6226 |
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) |
| = | (1284.421 / 12531.81) | / | (301.576 / 7216.934) |
| = | 0.102493 | / | 0.041787 |
| | = | 2.4527 |
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 - (5068.835 + 4312.225) / 9498.982) | / | (1 - (6018.997 + 3167.165) / 9268.491) |
| = | 0.012414 | / | 0.008883 |
| | = | 1.3975 |
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 |
| = | 7216.934 | / | 12531.81 |
| | = | 0.5759 |
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)) |
| = | (350.412 / (350.412 + 3167.165)) | / | (457.921 / (457.921 + 4312.225)) |
| = | 0.099617 | / | 0.095997 |
| | = | 1.0377 |
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) |
| = | (261.885 / 7216.934) | / | (280.786 / 12531.81) |
| = | 0.036288 | / | 0.022406 |
| | = | 1.6196 |
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) |
| = | ((576.811 + 2912.212) / 9498.982) | / | ((717.146 + 2299.674) / 9268.491) |
| = | 0.367305 | / | 0.325492 |
| | = | 1.1285 |
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 |
| = | (-190.168 - 0 | - | 1336.33) | / | 9498.982 |
| | = | -0.160701 |
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.
Agriauto Industries has a M-score of -2.25 suggests that the company is unlikely to be a manipulator.
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