Agria Beneish M-Score Historical Data
The historical data trend for Agria'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.
Agria Beneish M-Score Chart
|
Agria Annual Data
|
|
Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Jun11 |
Jun12 |
Jun13 |
Jun14 |
Jun15 |
Jun16 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
218.37 |
-2.41 |
-2.51 |
-2.84 |
-2.70 |
|
Agria Semi-Annual Data
|
|
Dec05 |
Jun06 |
Dec06 |
Jun07 |
Dec07 |
Jun08 |
Dec08 |
Dec09 |
Dec10 |
Jun11 |
Dec11 |
Jun12 |
Dec12 |
Jun13 |
Dec13 |
Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.51 |
- |
-2.84 |
- |
-2.70 |
Competitive Comparison of Agria's Beneish M-Score
For the Farm Products subindustry, Agria'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.
Agria's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Agria's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Agria's Beneish M-Score falls into.
Agria 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 Agria 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 * 1.2615 | + | 0.528 * 0.9647 | + | 0.404 * 1.1541 | + | 0.892 * 0.8549 | + | 0.115 * 1.0206 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0852 | + | 4.679 * -0.045733 | - | 0.327 * 1.0218 |
| = | -2.56 |
* 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.
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) |
| = | (188.85 / 807.679) | / | (175.105 / 944.714) |
| = | 0.233818 | / | 0.185352 |
| | = | 1.2615 |
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) |
| = | (250.91 / 944.714) | / | (222.367 / 807.679) |
| = | 0.265594 | / | 0.275316 |
| | = | 0.9647 |
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 - (416.963 + 92.895) / 547.106) | / | (1 - (380.467 + 88.993) / 498.889) |
| = | 0.068082 | / | 0.058989 |
| | = | 1.1541 |
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 |
| = | 807.679 | / | 944.714 |
| | = | 0.8549 |
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)) |
| = | (7.109 / (7.109 + 88.993)) | / | (7.259 / (7.259 + 92.895)) |
| = | 0.073973 | / | 0.072478 |
| | = | 1.0206 |
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) |
| = | (137.948 / 807.679) | / | (148.686 / 944.714) |
| = | 0.170796 | / | 0.157387 |
| | = | 1.0852 |
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) |
| = | ((82.585 + 271.78) / 547.106) | / | ((60.785 + 255.47) / 498.889) |
| = | 0.647708 | / | 0.633919 |
| | = | 1.0218 |
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 |
| = | (-9.23 - -1.193 | - | 16.984) | / | 547.106 |
| | = | -0.045733 |
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.
Agria has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
Agria (GRO) Business Description
Traded in Other Exchanges
N/A
Address
Agria Corp was incorporated as a Cayman Islands company in May 2007. The Company is an international agricultural company with operations in New Zealand, Australia, South America and China through its subsidiaries and consolidated structured entities. It has three principal business segments: Seed and Grain - This business segment is engaged in research and development, production, and sale of seed products including forage, turf, maize, corn, cereal and vegetable seeds. Its business also includes multiplication of seed for international customers and trading of seed and grain products globally. Crop Protection, Nutrients and Merchandise - This business segment operates an extensive chain of retail stores that supply farm input materials including chemicals, fertilizers, pollination products, frost protection products, fencing, animal health and nutrition products, grains and seeds, clothing, leisure goods, and gardening equipment. It offers plant nutrition options, supported by industry- knowledge of the specific products and application protocols. Rural Services - This business segment offers services critical to the agricultural economy, including: Livestock - Livestock agents for sheep, beef, dairy, deer farmers, meat processors and livestock exporters. It is engaged in trading livestock through auctions, private on-farm sales, and online or direct sales to meat processors; Wool - Sales agents for sheep farmers, through auctions, forward contracts and private sales; and providing a comprehensive range of services to grower clients and wool processors including on-farm assistance, in-store wool handling and export processing; Irrigation and Pumping - Design, construction, installation and servicing of irrigation and pumping systems; Real Estate - Real estate brokerage focused on farm sales with additional transactions in lifestyle and residential properties; and Insurance - Insurance brokerage providing insurance products. The Company operates predominantly in New Zealand, Australia, South America and China. The Australian and South American business units facilitate the export sales and services of New Zealand operations in addition to their own seed trading operations. Inter-segment pricing is determined on an arm's length basis.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
GRO has been successfully added to your