Polyard Petroleum International Group (HKSE:08011) Beneish M-Score : 0.00 (As of Jun. 11, 2024)

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What is Polyard Petroleum International Group Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

The historical rank and industry rank for Polyard Petroleum International Group's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Polyard Petroleum International Group was 0.00. The lowest was 0.00. And the median was 0.00.

Polyard Petroleum International Group Beneish M-Score Historical Data

The historical data trend for Polyard Petroleum International Group'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.

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Polyard Petroleum International Group Beneish M-Score Chart

Polyard Petroleum International Group Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Beneish M-Score

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Polyard Petroleum International Group Quarterly Data
	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of Polyard Petroleum International Group's Beneish M-Score

For the Oil & Gas E&P subindustry, Polyard Petroleum International Group'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.

Polyard Petroleum International Group's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Polyard Petroleum International Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Polyard Petroleum International Group's Beneish M-Score falls into.

Polyard Petroleum International Group 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 Polyard Petroleum International Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec21) TTM:

Last Year (Dec20) TTM:

Total Receivables was HK$53.63 Mil.
Revenue was HK$0.00 Mil.
Gross Profit was HK$0.00 Mil.
Total Current Assets was HK$63.72 Mil.
Total Assets was HK$550.96 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.11 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.01 Mil.
Selling, General, & Admin. Expense(SGA) was HK$9.55 Mil.
Total Current Liabilities was HK$196.02 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 Mil.
Net Income was HK$74.47 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-4.55 Mil.

Total Receivables was HK$42.49 Mil.
Revenue was HK$0.00 Mil.
Gross Profit was HK$0.00 Mil.
Total Current Assets was HK$44.04 Mil.
Total Assets was HK$334.05 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.04 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.09 Mil.
Selling, General, & Admin. Expense(SGA) was HK$15.29 Mil.
Total Current Liabilities was HK$160.44 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.00 Mil.

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)
	=	(53.628 / 0)	/	(42.49 / 0)
	=		/
	=

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)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

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 - (63.716 + 0.114) / 550.956)	/	(1 - (44.035 + 0.036) / 334.051)
	=	0.884147	/	0.868071
	=

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
	=	0	/	0
	=

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))
	=	(0.094 / (0.094 + 0.036))	/	(0.01 / (0.01 + 0.114))
	=	0.723077	/	0.080645
	=

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)
	=	(9.553 / 0)	/	(15.293 / 0)
	=		/
	=

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 + 196.023) / 550.956)	/	((0 + 160.435) / 334.051)
	=	0.355787	/	0.480271
	=

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
	=	(74.472 - 0	-	-4.55)	/	550.956
	=	0.143427

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.

Polyard Petroleum International Group Beneish M-Score Related Terms

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Polyard Petroleum International Group (HKSE:08011) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Polyard Petroleum International Group Ltd (HKSE:08011) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.2 Wing Yip Street, Unit 06, 4th Floor, Lu Plaza, Kwun Tong, Kowloon, Hong Kong, HKG

Website

http://www.ppig.com.hk

Polyard Petroleum International Group Ltd is engaged in the exploration, development, and production of oil and natural gas. The operating segments of the company are the exploration of oil, natural gas and coal, trading of petroleum-related products, and provision of technical services for oil and gas exploration and development.

Executives

He Rong Guo	2101 Beneficial owner
Silver Star Enterprises Holdings Inc.	2101 Beneficial owner
Guoxiang Holdings (hong Kong) Limited	2101 Beneficial owner
Central Huijin Investment Ltd.	2201 Interest of corporation controlled by you
China Construction Bank Corporation	2201 Interest of corporation controlled by you
Li Suiqing	2201 Interest of corporation controlled by you
East Asia Oil Engineering Group Limited	2101 Beneficial owner
Inwood Support Limited	2201 Interest of corporation controlled by you
Lam Nam	2101 Beneficial owner

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