ACI Formulations Beneish M-Score Historical Data
The historical data trend for ACI Formulations'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.
ACI Formulations Beneish M-Score Chart
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ACI Formulations Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
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-2.04 |
-3.05 |
-2.73 |
-2.18 |
-1.62 |
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ACI Formulations Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.79 |
-1.76 |
-1.62 |
-2.09 |
-2.22 |
Competitive Comparison of ACI Formulations's Beneish M-Score
For the Agricultural Inputs subindustry, ACI Formulations'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.
ACI Formulations's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, ACI Formulations's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ACI Formulations's Beneish M-Score falls into.
ACI Formulations 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 ACI Formulations 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 * 1.0308 | + | 0.528 * 1.0165 | + | 0.404 * 1.1419 | + | 0.892 * 1.0781 | + | 0.115 * 1.953 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9625 | + | 4.679 * -0.010672 | - | 0.327 * 0.9001 |
| = | -2.22 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was BDT2,709 Mil.
Revenue was 1387.48 + 1430.435 + 923.365 + 1308.181 = BDT5,049 Mil.
Gross Profit was 417.602 + 376.273 + 212.975 + 353.683 = BDT1,361 Mil.
Total Current Assets was BDT4,559 Mil.
Total Assets was BDT7,136 Mil.
Property, Plant and Equipment(Net PPE) was BDT2,532 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT22 Mil.
Selling, General, & Admin. Expense(SGA) was BDT827 Mil.
Total Current Liabilities was BDT3,708 Mil.
Long-Term Debt & Capital Lease Obligation was BDT25 Mil.
Net Income was 127.573 + 77.637 + -18.499 + 62.623 = BDT249 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 143.149 + 182.345 + 0 + 0 = BDT325 Mil.
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Total Receivables was BDT2,437 Mil.
Revenue was 1434.835 + 1293.428 + 797.331 + 1157.893 = BDT4,683 Mil.
Gross Profit was 410.636 + 339.642 + 201.794 + 330.693 = BDT1,283 Mil.
Total Current Assets was BDT5,349 Mil.
Total Assets was BDT7,818 Mil.
Property, Plant and Equipment(Net PPE) was BDT2,425 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT41 Mil.
Selling, General, & Admin. Expense(SGA) was BDT797 Mil.
Total Current Liabilities was BDT4,518 Mil.
Long-Term Debt & Capital Lease Obligation was BDT26 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) |
| = | (2708.693 / 5049.461) | / | (2437.351 / 4683.487) |
| = | 0.536432 | / | 0.520414 |
| | = | 1.0308 |
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) |
| = | (1282.765 / 4683.487) | / | (1360.533 / 5049.461) |
| = | 0.273891 | / | 0.269441 |
| | = | 1.0165 |
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 - (4558.537 + 2531.88) / 7136.231) | / | (1 - (5349.08 + 2424.983) / 7818.015) |
| = | 0.00642 | / | 0.005622 |
| | = | 1.1419 |
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 |
| = | 5049.461 | / | 4683.487 |
| | = | 1.0781 |
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)) |
| = | (41.23 / (41.23 + 2424.983)) | / | (21.861 / (21.861 + 2531.88)) |
| = | 0.016718 | / | 0.00856 |
| | = | 1.953 |
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) |
| = | (827.479 / 5049.461) | / | (797.367 / 4683.487) |
| = | 0.163875 | / | 0.170251 |
| | = | 0.9625 |
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) |
| = | ((25.261 + 3708.062) / 7136.231) | / | ((26.437 + 4517.649) / 7818.015) |
| = | 0.523151 | / | 0.581233 |
| | = | 0.9001 |
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 |
| = | (249.334 - 0 | - | 325.494) | / | 7136.231 |
| | = | -0.010672 |
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.
ACI Formulations has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.
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