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Tijaria Polypipes (BOM:533629) Beneish M-Score : 75.99 (As of Jul. 19, 2024)


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What is Tijaria Polypipes 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 75.99 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Tijaria Polypipes's Beneish M-Score or its related term are showing as below:

BOM:533629' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39   Med: -2.84   Max: 75.99
Current: 75.99

During the past 13 years, the highest Beneish M-Score of Tijaria Polypipes was 75.99. The lowest was -3.39. And the median was -2.84.


Tijaria Polypipes Beneish M-Score Historical Data

The historical data trend for Tijaria Polypipes'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.

* Premium members only.

Tijaria Polypipes Beneish M-Score Chart

Tijaria Polypipes Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.21 -2.75 -0.74 -1.57 75.99

Tijaria Polypipes Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.57 - - - 75.99

Competitive Comparison of Tijaria Polypipes's Beneish M-Score

For the Building Products & Equipment subindustry, Tijaria Polypipes'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.


Tijaria Polypipes's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Tijaria Polypipes's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tijaria Polypipes's Beneish M-Score falls into.



Tijaria Polypipes 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 Tijaria Polypipes 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 * 94.4925+0.528 * -10.906+0.404 * 1.1286+0.892 * 0.0107+0.115 * 1.0624
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * -0.124675-0.327 * 1.0746
=75.99

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was ₹253.73 Mil.
Revenue was ₹1.49 Mil.
Gross Profit was ₹0.02 Mil.
Total Current Assets was ₹303.60 Mil.
Total Assets was ₹545.21 Mil.
Property, Plant and Equipment(Net PPE) was ₹225.47 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹27.64 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0.00 Mil.
Total Current Liabilities was ₹161.30 Mil.
Long-Term Debt & Capital Lease Obligation was ₹654.63 Mil.
Net Income was ₹-29.16 Mil.
Gross Profit was ₹0.00 Mil.
Cash Flow from Operations was ₹38.81 Mil.
Total Receivables was ₹250.38 Mil.
Revenue was ₹138.47 Mil.
Gross Profit was ₹-19.32 Mil.
Total Current Assets was ₹346.02 Mil.
Total Assets was ₹615.27 Mil.
Property, Plant and Equipment(Net PPE) was ₹253.11 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹33.22 Mil.
Selling, General, & Admin. Expense(SGA) was ₹2.73 Mil.
Total Current Liabilities was ₹202.20 Mil.
Long-Term Debt & Capital Lease Obligation was ₹654.63 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)
=(253.731 / 1.485) / (250.378 / 138.467)
=170.862626 / 1.808214
=94.4925

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)
=(-19.322 / 138.467) / (0.019 / 1.485)
=-0.139542 / 0.012795
=-10.906

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 - (303.602 + 225.468) / 545.21) / (1 - (346.019 + 253.111) / 615.269)
=0.029603 / 0.026231
=1.1286

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
=1.485 / 138.467
=0.0107

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))
=(33.221 / (33.221 + 253.111)) / (27.643 / (27.643 + 225.468))
=0.116023 / 0.109213
=1.0624

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)
=(0 / 1.485) / (2.728 / 138.467)
=0 / 0.019701
=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)
=((654.634 + 161.299) / 545.21) / ((654.634 + 202.195) / 615.269)
=1.496548 / 1.392609
=1.0746

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
=(-29.164 - 0 - 38.81) / 545.21
=-0.124675

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.

Tijaria Polypipes has a M-score of 75.99 signals that the company is likely to be a manipulator.


Tijaria Polypipes Beneish M-Score Related Terms

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Tijaria Polypipes (BOM:533629) Business Description

Traded in Other Exchanges
Address
SP-1-2316, RIICO Industrial Area, Ramchandrapura, Sitapura Extension, Jaipur, RJ, IND, 302022
Tijaria Polypipes Ltd manufactures HDPE Pipes, PLB HDPE Duct, MDPE Pipes, DWC HDPE Pipes, uPVC Pipes, PVC-U Pipes, Mink Blankets, partially oriented yarn, and draw textured yarn, surgical masks, N-95 Mask under the registered brand name of Tijaria and Vikas. The company operates in two segments Pipes and Textiles. The company produces a product range in the field of plastics, HDPE Pipes for Electrical, Water and Sewerage, PVC-U and DWC HDPE Pipes for Sewerage, uPVC Pipes for Water, PLB HDPE Ducts for telecommunications, HDPE Sprinkler Irrigation Systems, MDPE Pipes for Water Supply etc. The majority of its revenue is generated from the pipes segment.

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