Abans Financial Services Beneish M-Score Historical Data
The historical data trend for Abans Financial Services'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.
Abans Financial Services Beneish M-Score Chart
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Abans Financial Services Annual Data
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Trend |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-2.99 |
-2.22 |
-2.52 |
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Abans Financial Services Quarterly Data
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Mar20 |
Mar21 |
Mar22 |
Aug22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.52 |
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Competitive Comparison of Abans Financial Services's Beneish M-Score
For the Capital Markets subindustry, Abans Financial Services'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.
Abans Financial Services's Beneish M-Score Distribution in the Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Abans Financial Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Abans Financial Services's Beneish M-Score falls into.
Abans Financial Services 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 Abans Financial Services 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 * 1.1811 | + | 0.528 * 0.56 | + | 0.404 * 0.6529 | + | 0.892 * 1.1815 | + | 0.115 * 1.063 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9547 | + | 4.679 * 0.015416 | - | 0.327 * 1.268 |
| = | -2.52 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹5,963 Mil.
Revenue was ₹13,355 Mil.
Gross Profit was ₹1,382 Mil.
Total Current Assets was ₹26,851 Mil.
Total Assets was ₹28,974 Mil.
Property, Plant and Equipment(Net PPE) was ₹135 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6 Mil.
Selling, General, & Admin. Expense(SGA) was ₹84 Mil.
Total Current Liabilities was ₹16,782 Mil.
Long-Term Debt & Capital Lease Obligation was ₹2,033 Mil.
Net Income was ₹892 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹446 Mil.
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Total Receivables was ₹4,273 Mil.
Revenue was ₹11,304 Mil.
Gross Profit was ₹655 Mil.
Total Current Assets was ₹16,541 Mil.
Total Assets was ₹18,630 Mil.
Property, Plant and Equipment(Net PPE) was ₹132 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7 Mil.
Selling, General, & Admin. Expense(SGA) was ₹74 Mil.
Total Current Liabilities was ₹8,477 Mil.
Long-Term Debt & Capital Lease Obligation was ₹1,064 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) |
| = | (5962.622 / 13354.848) | / | (4273.055 / 11303.691) |
| = | 0.446476 | / | 0.378023 |
| | = | 1.1811 |
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) |
| = | (655.146 / 11303.691) | / | (1382.201 / 13354.848) |
| = | 0.057959 | / | 0.103498 |
| | = | 0.56 |
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 - (26851.246 + 135.193) / 28973.918) | / | (1 - (16540.575 + 131.893) / 18629.872) |
| = | 0.068595 | / | 0.105068 |
| | = | 0.6529 |
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 |
| = | 13354.848 | / | 11303.691 |
| | = | 1.1815 |
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)) |
| = | (6.514 / (6.514 + 131.893)) | / | (6.263 / (6.263 + 135.193)) |
| = | 0.047064 | / | 0.044275 |
| | = | 1.063 |
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) |
| = | (83.933 / 13354.848) | / | (74.416 / 11303.691) |
| = | 0.006285 | / | 0.006583 |
| | = | 0.9547 |
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) |
| = | ((2032.502 + 16781.995) / 28973.918) | / | ((1063.714 + 8476.917) / 18629.872) |
| = | 0.64936 | / | 0.512115 |
| | = | 1.268 |
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 |
| = | (892.434 - 0 | - | 445.767) | / | 28973.918 |
| | = | 0.015416 |
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.
Abans Financial Services has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
Abans Financial Services Business Description
Traded in Other Exchanges
Address
Backbay Reclamation, 36, 37, 38A, Floor 3, 227 Nariman Bhavan, Nariman Point, Mumbai, MH, IND, 400 021
Abans Financial Services Ltd, formerly Abans Holdings Ltd is engaged in providing financial services. The principal activities of the Company include wealth and asset management services including financial asset distribution, broking, lending, credit, investment solutions, asset and portfolio management, treasury operations, and allied activities. The company is also engaged in advisory services like Corporate Finance, Project Finance, Trade Finance, and providing Business & Retail Loans, unsecured and secured against collateral security, investment in government security, and bonds. The operating segments of the company are Agency business, Internal treasury operations, Lending activities, and Others. The majority of its revenue is derived from the Internal treasury operations segment.
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