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Gujarat Ambuja Exports (NSE:GAEL) Beneish M-Score : -1.76 (As of Dec. 16, 2024)


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What is Gujarat Ambuja Exports Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.76 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Gujarat Ambuja Exports's Beneish M-Score or its related term are showing as below:

NSE:GAEL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47   Med: -2.24   Max: -1.76
Current: -1.76

During the past 13 years, the highest Beneish M-Score of Gujarat Ambuja Exports was -1.76. The lowest was -3.47. And the median was -2.24.


Gujarat Ambuja Exports Beneish M-Score Historical Data

The historical data trend for Gujarat Ambuja Exports'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.

* Premium members only.

Gujarat Ambuja Exports Beneish M-Score Chart

Gujarat Ambuja Exports Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.94 -2.25 -2.20 -1.97 -1.76

Gujarat Ambuja Exports Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - -1.76 - -

Competitive Comparison of Gujarat Ambuja Exports's Beneish M-Score

For the Packaged Foods subindustry, Gujarat Ambuja Exports'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.


Gujarat Ambuja Exports's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Gujarat Ambuja Exports's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Gujarat Ambuja Exports's Beneish M-Score falls into.



Gujarat Ambuja Exports 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 Gujarat Ambuja Exports 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 * 1.1472+0.528 * 1.0184+0.404 * 1.8892+0.892 * 1.0052+0.115 * 0.837
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9959+4.679 * 0.040096-0.327 * 0.8863
=-1.76

* 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 ₹3,295 Mil.
Revenue was ₹48,996 Mil.
Gross Profit was ₹12,300 Mil.
Total Current Assets was ₹18,851 Mil.
Total Assets was ₹33,098 Mil.
Property, Plant and Equipment(Net PPE) was ₹11,891 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹1,211 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,248 Mil.
Total Current Liabilities was ₹4,393 Mil.
Long-Term Debt & Capital Lease Obligation was ₹30 Mil.
Net Income was ₹3,459 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹2,132 Mil.
Total Receivables was ₹2,857 Mil.
Revenue was ₹48,742 Mil.
Gross Profit was ₹12,461 Mil.
Total Current Assets was ₹17,119 Mil.
Total Assets was ₹29,516 Mil.
Property, Plant and Equipment(Net PPE) was ₹11,285 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹947 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2,246 Mil.
Total Current Liabilities was ₹4,399 Mil.
Long-Term Debt & Capital Lease Obligation was ₹52 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)
=(3294.6 / 48996.4) / (2857 / 48742)
=0.067242 / 0.058615
=1.1472

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)
=(12461.3 / 48742) / (12300.2 / 48996.4)
=0.255658 / 0.251043
=1.0184

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 - (18850.6 + 11891.4) / 33097.7) / (1 - (17118.6 + 11285.4) / 29516)
=0.071174 / 0.037674
=1.8892

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
=48996.4 / 48742
=1.0052

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))
=(946.6 / (946.6 + 11285.4)) / (1211.4 / (1211.4 + 11891.4))
=0.077387 / 0.092454
=0.837

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)
=(2248.2 / 48996.4) / (2245.8 / 48742)
=0.045885 / 0.046075
=0.9959

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)
=((29.8 + 4393.4) / 33097.7) / ((51.8 + 4398.7) / 29516)
=0.133641 / 0.150783
=0.8863

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
=(3458.6 - 0 - 2131.5) / 33097.7
=0.040096

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.

Gujarat Ambuja Exports has a M-score of -1.76 signals that the company is likely to be a manipulator.


Gujarat Ambuja Exports Beneish M-Score Related Terms

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Gujarat Ambuja Exports Business Description

Traded in Other Exchanges
Address
Ambuja Tower, Sindhu Bhavan Road, Opposite Sindhu Bhavan, P.O. Thaltej, Bodakdev, Ahmedabad, GJ, IND, 380 059
Gujarat Ambuja Exports Ltd is engaged in trading feed ingredients and manufacturing a line of products including starch powder, feed ingredients, starch derivatives, edible refined oil, and combed yarn. The company's operating segments include the Spinning division; Maize Processing; Other Agro Processing and Renewable Power division. The company generates maximum revenue from the Maize Processing segment. Geographically, it derives a majority of its revenue from India. Some of its products include Vanaspati Ghee, Refined Palm Oil, Bakery Shortening, Corn/Maize Starch, and others.

Gujarat Ambuja Exports Headlines

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