Oriental Aromatics Beneish M-Score Historical Data
The historical data trend for Oriental Aromatics'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.
Oriental Aromatics Beneish M-Score Chart
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Oriental Aromatics Annual Data
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Trend |
Mar15 |
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Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.08 |
-1.92 |
-1.98 |
-2.12 |
-3.07 |
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Oriental Aromatics Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-2.12 |
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-3.07 |
Competitive Comparison of Oriental Aromatics's Beneish M-Score
For the Specialty Chemicals subindustry, Oriental Aromatics'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.
Oriental Aromatics's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Oriental Aromatics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Oriental Aromatics's Beneish M-Score falls into.
Oriental Aromatics 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 Oriental Aromatics 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 * 0.9644 | + | 0.528 * 1.0447 | + | 0.404 * 1.0135 | + | 0.892 * 0.9851 | + | 0.115 * 1.3752 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.133372 | - | 0.327 * 0.9904 |
| = | -3.07 |
* 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 ₹1,805 Mil.
Revenue was ₹8,364 Mil.
Gross Profit was ₹1,532 Mil.
Total Current Assets was ₹5,286 Mil.
Total Assets was ₹9,950 Mil.
Property, Plant and Equipment(Net PPE) was ₹3,936 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹198 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹2,782 Mil.
Long-Term Debt & Capital Lease Obligation was ₹529 Mil.
Net Income was ₹91 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,418 Mil.
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Total Receivables was ₹1,900 Mil.
Revenue was ₹8,491 Mil.
Gross Profit was ₹1,624 Mil.
Total Current Assets was ₹6,396 Mil.
Total Assets was ₹9,865 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,756 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹194 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹2,981 Mil.
Long-Term Debt & Capital Lease Obligation was ₹333 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) |
| = | (1805.303 / 8364.047) | / | (1900.375 / 8490.726) |
| = | 0.215841 | / | 0.223818 |
| | = | 0.9644 |
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) |
| = | (1624.317 / 8490.726) | / | (1531.683 / 8364.047) |
| = | 0.191305 | / | 0.183127 |
| | = | 1.0447 |
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 - (5285.592 + 3935.757) / 9949.544) | / | (1 - (6396.304 + 2755.944) / 9864.622) |
| = | 0.073189 | / | 0.072215 |
| | = | 1.0135 |
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 |
| = | 8364.047 | / | 8490.726 |
| | = | 0.9851 |
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)) |
| = | (194.28 / (194.28 + 2755.944)) | / | (197.945 / (197.945 + 3935.757)) |
| = | 0.065853 | / | 0.047886 |
| | = | 1.3752 |
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 / 8364.047) | / | (0 / 8490.726) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((529.183 + 2781.629) / 9949.544) | / | ((333.016 + 2981.439) / 9864.622) |
| = | 0.33276 | / | 0.335994 |
| | = | 0.9904 |
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 |
| = | (91.042 - 0 | - | 1418.033) | / | 9949.544 |
| | = | -0.133372 |
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.
Oriental Aromatics has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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