Aamra Technologies Beneish M-Score Historical Data
The historical data trend for Aamra Technologies'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.
Aamra Technologies Beneish M-Score Chart
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Aamra Technologies Annual Data
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| Beneish M-Score |
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-2.80 |
-2.58 |
-2.64 |
-2.33 |
-2.98 |
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Aamra Technologies Quarterly Data
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Jun19 |
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Mar24 |
| Beneish M-Score |
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-2.54 |
-2.98 |
-2.94 |
-2.96 |
-2.76 |
Competitive Comparison of Aamra Technologies's Beneish M-Score
For the Information Technology Services subindustry, Aamra Technologies'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.
Aamra Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Aamra Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aamra Technologies's Beneish M-Score falls into.
Aamra Technologies 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 Aamra Technologies 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 * 1.4508 | + | 0.528 * 0.8758 | + | 0.404 * 0.8829 | + | 0.892 * 0.5105 | + | 0.115 * 1.5543 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.0956 | + | 4.679 * -0.081114 | - | 0.327 * 0.9391 |
| = | -2.76 |
* 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 BDT727.6 Mil.
Revenue was 84.338 + 166.502 + 302.259 + 301.635 = BDT854.7 Mil.
Gross Profit was 31.053 + 36.143 + 46.283 + 39.317 = BDT152.8 Mil.
Total Current Assets was BDT2,203.3 Mil.
Total Assets was BDT3,005.9 Mil.
Property, Plant and Equipment(Net PPE) was BDT781.9 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT88.5 Mil.
Selling, General, & Admin. Expense(SGA) was BDT0.5 Mil.
Total Current Liabilities was BDT1,259.3 Mil.
Long-Term Debt & Capital Lease Obligation was BDT279.2 Mil.
Net Income was 3.855 + 2.629 + 12.039 + 2.029 = BDT20.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.0 Mil.
Cash Flow from Operations was 76.826 + -15.284 + -25.548 + 228.376 = BDT264.4 Mil.
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Total Receivables was BDT982.4 Mil.
Revenue was 394.569 + 343.428 + 502.677 + 433.499 = BDT1,674.2 Mil.
Gross Profit was 59.245 + 60.034 + 70.42 + 72.418 = BDT262.1 Mil.
Total Current Assets was BDT2,679.4 Mil.
Total Assets was BDT3,317.4 Mil.
Property, Plant and Equipment(Net PPE) was BDT612.2 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT114.9 Mil.
Selling, General, & Admin. Expense(SGA) was BDT9.3 Mil.
Total Current Liabilities was BDT1,565.5 Mil.
Long-Term Debt & Capital Lease Obligation was BDT242.6 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) |
| = | (727.624 / 854.734) | / | (982.368 / 1674.173) |
| = | 0.851287 | / | 0.586778 |
| | = | 1.4508 |
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) |
| = | (262.117 / 1674.173) | / | (152.796 / 854.734) |
| = | 0.156565 | / | 0.178764 |
| | = | 0.8758 |
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 - (2203.349 + 781.9) / 3005.878) | / | (1 - (2679.354 + 612.249) / 3317.389) |
| = | 0.006863 | / | 0.007773 |
| | = | 0.8829 |
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 |
| = | 854.734 | / | 1674.173 |
| | = | 0.5105 |
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)) |
| = | (114.858 / (114.858 + 612.249)) | / | (88.453 / (88.453 + 781.9)) |
| = | 0.157966 | / | 0.101629 |
| | = | 1.5543 |
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) |
| = | (0.452 / 854.734) | / | (9.268 / 1674.173) |
| = | 0.000529 | / | 0.005536 |
| | = | 0.0956 |
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) |
| = | ((279.155 + 1259.343) / 3005.878) | / | ((242.551 + 1565.538) / 3317.389) |
| = | 0.51183 | / | 0.545034 |
| | = | 0.9391 |
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 |
| = | (20.552 - 0 | - | 264.37) | / | 3005.878 |
| | = | -0.081114 |
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.
Aamra Technologies has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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