HMA Agro Industries Beneish M-Score Historical Data
The historical data trend for HMA Agro Industries'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.
HMA Agro Industries Beneish M-Score Chart
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HMA Agro Industries Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
| Beneish M-Score |
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- |
- |
-1.00 |
-1.26 |
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HMA Agro Industries Semi-Annual Data
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Mar19 |
Mar20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-1.00 |
- |
-1.26 |
- |
- |
Competitive Comparison of HMA Agro Industries's Beneish M-Score
For the Packaged Foods subindustry, HMA Agro Industries'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.
HMA Agro Industries's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, HMA Agro Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HMA Agro Industries's Beneish M-Score falls into.
HMA Agro Industries 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 HMA Agro Industries 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 * 1.0225 | + | 0.528 * 0.9167 | + | 0.404 * 0.7539 | + | 0.892 * 1.8057 | + | 0.115 * 1.6369 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.5444 | + | 4.679 * 0.174724 | - | 0.327 * 0.9921 |
| = | -1.26 |
* 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 (Mar22) TTM: | Last Year (Mar21) TTM: |
Total Receivables was ₹2,913 Mil.
Revenue was ₹30,832 Mil.
Gross Profit was ₹6,627 Mil.
Total Current Assets was ₹5,382 Mil.
Total Assets was ₹8,561 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,348 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹107 Mil.
Selling, General, & Admin. Expense(SGA) was ₹452 Mil.
Total Current Liabilities was ₹4,105 Mil.
Long-Term Debt & Capital Lease Obligation was ₹522 Mil.
Net Income was ₹1,176 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-320 Mil.
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Total Receivables was ₹1,578 Mil.
Revenue was ₹17,075 Mil.
Gross Profit was ₹3,364 Mil.
Total Current Assets was ₹3,899 Mil.
Total Assets was ₹5,720 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,086 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹83 Mil.
Selling, General, & Admin. Expense(SGA) was ₹98 Mil.
Total Current Liabilities was ₹3,066 Mil.
Long-Term Debt & Capital Lease Obligation was ₹50 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) |
| = | (2912.52 / 30831.91) | / | (1577.52 / 17074.97) |
| = | 0.094464 | / | 0.092388 |
| | = | 1.0225 |
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) |
| = | (3364.49 / 17074.97) | / | (6627.18 / 30831.91) |
| = | 0.197042 | / | 0.214945 |
| | = | 0.9167 |
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 - (5382.46 + 2348.48) / 8561.08) | / | (1 - (3899.1 + 1085.53) / 5720.35) |
| = | 0.096967 | / | 0.128615 |
| | = | 0.7539 |
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 |
| = | 30831.91 | / | 17074.97 |
| | = | 1.8057 |
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)) |
| = | (83.11 / (83.11 + 1085.53)) | / | (106.67 / (106.67 + 2348.48)) |
| = | 0.071117 | / | 0.043447 |
| | = | 1.6369 |
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) |
| = | (452.34 / 30831.91) | / | (98.46 / 17074.97) |
| = | 0.014671 | / | 0.005766 |
| | = | 2.5444 |
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) |
| = | ((521.6 + 4104.93) / 8561.08) | / | ((50.34 + 3065.76) / 5720.35) |
| = | 0.540414 | / | 0.544739 |
| | = | 0.9921 |
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 |
| = | (1176.21 - 0 | - | -319.62) | / | 8561.08 |
| | = | 0.174724 |
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.
HMA Agro Industries has a M-score of -1.26 signals that the company is likely to be a manipulator.
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