Aarvi Encon Beneish M-Score Historical Data
The historical data trend for Aarvi Encon'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.
Aarvi Encon Beneish M-Score Chart
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Aarvi Encon Annual Data
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Mar14 |
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Mar19 |
Mar20 |
Mar21 |
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Mar23 |
| Beneish M-Score |
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-5.40 |
-2.36 |
-2.62 |
-1.43 |
-2.20 |
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Aarvi Encon Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.20 |
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Competitive Comparison of Aarvi Encon's Beneish M-Score
For the Staffing & Employment Services subindustry, Aarvi Encon'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.
Aarvi Encon's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Aarvi Encon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aarvi Encon's Beneish M-Score falls into.
Aarvi Encon 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 Aarvi Encon 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 * 0.7244 | + | 0.528 * 0.8027 | + | 0.404 * 0.956 | + | 0.892 * 1.5169 | + | 0.115 * 0.8323 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9062 | + | 4.679 * 0.071309 | - | 0.327 * 0.8899 |
| = | -2.20 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹1,031 Mil.
Revenue was ₹4,300 Mil.
Gross Profit was ₹1,554 Mil.
Total Current Assets was ₹1,134 Mil.
Total Assets was ₹1,584 Mil.
Property, Plant and Equipment(Net PPE) was ₹96 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12 Mil.
Selling, General, & Admin. Expense(SGA) was ₹962 Mil.
Total Current Liabilities was ₹496 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 Mil.
Net Income was ₹145 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹32 Mil.
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Total Receivables was ₹938 Mil.
Revenue was ₹2,835 Mil.
Gross Profit was ₹822 Mil.
Total Current Assets was ₹1,043 Mil.
Total Assets was ₹1,490 Mil.
Property, Plant and Equipment(Net PPE) was ₹98 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹10 Mil.
Selling, General, & Admin. Expense(SGA) was ₹333 Mil.
Total Current Liabilities was ₹524 Mil.
Long-Term Debt & Capital Lease Obligation was ₹0 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) |
| = | (1030.698 / 4299.906) | / | (937.944 / 2834.715) |
| = | 0.239702 | / | 0.330878 |
| | = | 0.7244 |
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) |
| = | (822.299 / 2834.715) | / | (1553.916 / 4299.906) |
| = | 0.290082 | / | 0.361384 |
| | = | 0.8027 |
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 - (1133.577 + 95.945) / 1584.463) | / | (1 - (1042.539 + 98.123) / 1489.757) |
| = | 0.224013 | / | 0.23433 |
| | = | 0.956 |
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 |
| = | 4299.906 | / | 2834.715 |
| | = | 1.5169 |
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)) |
| = | (10.236 / (10.236 + 98.123)) | / | (12.283 / (12.283 + 95.945)) |
| = | 0.094464 | / | 0.113492 |
| | = | 0.8323 |
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) |
| = | (962.277 / 4299.906) | / | (332.794 / 2834.715) |
| = | 0.22379 | / | 0.117399 |
| | = | 1.9062 |
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) |
| = | ((0 + 495.581) / 1584.463) | / | ((0 + 523.636) / 1489.757) |
| = | 0.312775 | / | 0.351491 |
| | = | 0.8899 |
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 |
| = | (145.115 - 0 | - | 32.129) | / | 1584.463 |
| | = | 0.071309 |
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.
Aarvi Encon has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.
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