SKM Egg Products Export (India) (NSE:SKMEGGPROD) Beneish M-Score : -1.70 (As of May. 22, 2024)

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What is SKM Egg Products Export (India) 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.

Warning Sign:

Beneish M-Score -1.7 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for SKM Egg Products Export (India)'s Beneish M-Score or its related term are showing as below:

NSE:SKMEGGPROD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.53 Max: -1.7
Current: -1.7

During the past 13 years, the highest Beneish M-Score of SKM Egg Products Export (India) was -1.70. The lowest was -3.07. And the median was -2.53.

SKM Egg Products Export (India) Beneish M-Score Historical Data

The historical data trend for SKM Egg Products Export (India)'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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SKM Egg Products Export (India) Beneish M-Score Chart

SKM Egg Products Export (India) Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.94

-2.32

-3.07

-2.04

-1.70

SKM Egg Products Export (India) Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-1.70	-	-	-

Competitive Comparison of SKM Egg Products Export (India)'s Beneish M-Score

For the Packaged Foods subindustry, SKM Egg Products Export (India)'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.

SKM Egg Products Export (India)'s Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, SKM Egg Products Export (India)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SKM Egg Products Export (India)'s Beneish M-Score falls into.

SKM Egg Products Export (India) 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 SKM Egg Products Export (India) 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 * 0.6818

0.528 * 0.7452

0.404 * 0.7704

0.892 * 2.1879

0.115 * 1.2102

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2071

4.679 * 0.046546

0.327 * 0.8895

-1.70

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was ₹379 Mil.
Revenue was ₹6,618 Mil.
Gross Profit was ₹2,550 Mil.
Total Current Assets was ₹2,373 Mil.
Total Assets was ₹3,388 Mil.
Property, Plant and Equipment(Net PPE) was ₹988 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹105 Mil.
Selling, General, & Admin. Expense(SGA) was ₹344 Mil.
Total Current Liabilities was ₹1,144 Mil.
Long-Term Debt & Capital Lease Obligation was ₹234 Mil.
Net Income was ₹759 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹602 Mil.

Total Receivables was ₹254 Mil.
Revenue was ₹3,025 Mil.
Gross Profit was ₹869 Mil.
Total Current Assets was ₹1,587 Mil.
Total Assets was ₹2,327 Mil.
Property, Plant and Equipment(Net PPE) was ₹716 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹95 Mil.
Selling, General, & Admin. Expense(SGA) was ₹130 Mil.
Total Current Liabilities was ₹970 Mil.
Long-Term Debt & Capital Lease Obligation was ₹94 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)
	=	(379.011 / 6617.704)	/	(254.076 / 3024.669)
	=	0.057272	/	0.084001
	=	0.6818

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)
	=	(868.585 / 3024.669)	/	(2550.324 / 6617.704)
	=	0.287167	/	0.385379
	=	0.7452

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 - (2372.891 + 987.965) / 3388.328)	/	(1 - (1586.569 + 715.786) / 2326.846)
	=	0.008108	/	0.010525
	=	0.7704

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
	=	6617.704	/	3024.669
	=	2.1879

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))
	=	(94.526 / (94.526 + 715.786))	/	(105.396 / (105.396 + 987.965))
	=	0.116654	/	0.096396
	=	1.2102

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)
	=	(344.168 / 6617.704)	/	(130.313 / 3024.669)
	=	0.052007	/	0.043083
	=	1.2071

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)
	=	((234.308 + 1144.225) / 3388.328)	/	((94.195 + 970.052) / 2326.846)
	=	0.406848	/	0.457377
	=	0.8895

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
	=	(759.248 - 0	-	601.535)	/	3388.328
	=	0.046546

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.

SKM Egg Products Export (India) has a M-score of -1.70 signals that the company is likely to be a manipulator.

SKM Egg Products Export (India) Beneish M-Score Related Terms

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SKM Egg Products Export (India) (NSE:SKMEGGPROD) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » SKM Egg Products Export (India) Ltd (NSE:SKMEGGPROD) » Definitions » Beneish M-Score

Traded in Other Exchanges

532143:India

Address

133, 133/1, Gandhiji Road, Erode, TN, IND, 638001

Website

https://www.skmegg.com

SKM Egg Products Export (India) Ltd is the manufacturer and supplier of egg products. The company offer products such as Egg powder, Bakery mix, and Liquid egg. Its Egg powder product is used in bakery, pasta, noodles, meat, fish products, and mayonnaise. The Bakery mix products are used in cheesecake, biscuits, cakes, sponge cake, and swiss rolls. The Liquid eggs product provides egg albumen liquid, egg yolk liquid and whole egg liquid which are used in the preparation of noodles, fine food, ice cream, cosmetics, and confectionary items. It has five geographic segments: India, Japan, Russia, Europe and Rest of the world.

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