Aeron Composite Beneish M-Score Historical Data
The historical data trend for Aeron Composite'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.
Aeron Composite Beneish M-Score Chart
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Aeron Composite Annual Data
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|
Trend |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
- |
- |
-1.59 |
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Aeron Composite Semi-Annual Data
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|
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
- |
- |
-1.59 |
Competitive Comparison of Aeron Composite's Beneish M-Score
For the Conglomerates subindustry, Aeron Composite'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.
Aeron Composite's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Aeron Composite's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aeron Composite's Beneish M-Score falls into.
Aeron Composite 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 Aeron Composite 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 * 0.8892 | + | 0.528 * 0.9519 | + | 0.404 * 0.9548 | + | 0.892 * 1.6545 | + | 0.115 * 1.1845 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9551 | + | 4.679 * 0.078778 | - | 0.327 * 0.8487 |
| = | -1.59 |
* 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 (Mar22) TTM: |
Total Receivables was ₹312 Mil.
Revenue was ₹1,777 Mil.
Gross Profit was ₹394 Mil.
Total Current Assets was ₹578 Mil.
Total Assets was ₹691 Mil.
Property, Plant and Equipment(Net PPE) was ₹96 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹16 Mil.
Selling, General, & Admin. Expense(SGA) was ₹130 Mil.
Total Current Liabilities was ₹421 Mil.
Long-Term Debt & Capital Lease Obligation was ₹9 Mil.
Net Income was ₹66 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹12 Mil.
|
Total Receivables was ₹212 Mil.
Revenue was ₹1,074 Mil.
Gross Profit was ₹227 Mil.
Total Current Assets was ₹510 Mil.
Total Assets was ₹606 Mil.
Property, Plant and Equipment(Net PPE) was ₹80 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹17 Mil.
Selling, General, & Admin. Expense(SGA) was ₹82 Mil.
Total Current Liabilities was ₹413 Mil.
Long-Term Debt & Capital Lease Obligation was ₹32 Mil.
|
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) |
| = | (311.597 / 1776.821) | / | (211.806 / 1073.939) |
| = | 0.175368 | / | 0.197223 |
| | = | 0.8892 |
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) |
| = | (226.657 / 1073.939) | / | (393.943 / 1776.821) |
| = | 0.211052 | / | 0.221712 |
| | = | 0.9519 |
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 - (577.622 + 95.984) / 691.021) | / | (1 - (509.934 + 80.386) / 606.323) |
| = | 0.025202 | / | 0.026394 |
| | = | 0.9548 |
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 |
| = | 1776.821 | / | 1073.939 |
| | = | 1.6545 |
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)) |
| = | (16.615 / (16.615 + 80.386)) | / | (16.227 / (16.227 + 95.984)) |
| = | 0.171287 | / | 0.144611 |
| | = | 1.1845 |
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) |
| = | (129.892 / 1776.821) | / | (82.201 / 1073.939) |
| = | 0.073104 | / | 0.076542 |
| | = | 0.9551 |
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) |
| = | ((9.336 + 421.454) / 691.021) | / | ((32.218 + 413.174) / 606.323) |
| = | 0.623411 | / | 0.734579 |
| | = | 0.8487 |
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 |
| = | (66.115 - 0 | - | 11.678) | / | 691.021 |
| | = | 0.078778 |
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.
Aeron Composite has a M-score of -1.59 signals that the company is likely to be a manipulator.
Aeron Composite Business Description
Traded in Other Exchanges
N/A
Address
Sarkhej Bavla Highway, Saket Industrial Estate, Plot No. 30/31, Opposite HOF Furniture, Changodar, Moraiya, GJ, IND, 382213
Aeron Composite Ltd is engaged in the business of manufacturing and supplying ceramic refractories, FRP/GRP composites, ceramic tiles, waterjet and laser cutting machines, paints, and lime. It offers complete solutions which include conceptual design, prototype development, testing, manufacturing, logistic support, installation, and comprehensive after sales service. The company's products are used in various markets and applications such as water and waste water, metals and mining, oil and gas, pulp and paper, transportation, telecommunications, pharmaceutical, chemical, etc. Geographically, it caters to both the domestic and the international markets of which, maximum revenue is derived from its customers located outside India.
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