Khulna Printing & Packaging (DHA:KPPL) Beneish M-Score: 0.00 (As of Jun. 25, 2026)

What is Khulna Printing & Packaging Beneish M-Score?

Khulna Printing & Packaging DHA:KPPL +0.67% 10 Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus rates DHA:KPPL with a GF Score™ of 10/100.

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 Khulna Printing & Packaging's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of Khulna Printing & Packaging was 0.00. The lowest was 0.00. And the median was 0.00.

Khulna Printing & Packaging Beneish M-Score Related Terms

Khulna Printing & Packaging Beneish M-Score Historical Data

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The historical data trend for Khulna Printing & Packaging'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.

Khulna Printing & Packaging Beneish M-Score Chart

Khulna Printing & Packaging Annual Data

Trend

Jun14

Jun15

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Beneish M-Score

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0.00

-3.97

-5.44

860.75

Khulna Printing & Packaging Quarterly Data
	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Mar22	Jun22
Beneish M-Score	Get a 7-Day Free Trial															-2.69	-5.44	-10.53	-18.83	860.75

DHA:KPPL vs BALL, AMCR, IP: Beneish M-Score Comparison

For the Packaging & Containers subindustry, Khulna Printing & Packaging'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.

Khulna Printing & Packaging Beneish M-Score vs Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Khulna Printing & Packaging's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Khulna Printing & Packaging's Beneish M-Score falls into.

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Khulna Printing & Packaging Ltd DHA:KPPL

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Khulna Printing & Packaging 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 Khulna Printing & Packaging 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 * 1.2635

0.528 * -0.0498

0.404 * 2.7986

0.892 * 0.2867

0.115 * 0.772

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -5053.3415

4.679 * -1.117617

0.327 * 2.9621

860.75

This Year (Jun22) TTM:

Last Year (Mar21) TTM:

Total Receivables was BDT114.72 Mil.
Revenue was 0 + 0 + 1.427 + 145.107 = BDT146.53 Mil.
Gross Profit was 0.068 + 0 + -23.142 + -369.107 = BDT-392.18 Mil.
Total Current Assets was BDT168.75 Mil.
Total Assets was BDT456.66 Mil.
Property, Plant and Equipment(Net PPE) was BDT254.41 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT10.84 Mil.
Selling, General, & Admin. Expense(SGA) was BDT-30.36 Mil.
Total Current Liabilities was BDT243.56 Mil.
Long-Term Debt & Capital Lease Obligation was BDT315.53 Mil.
Net Income was -2.573 + -5.158 + -75.304 + -436.682 = BDT-519.72 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.00 Mil.
Cash Flow from Operations was -0.42 + 0 + -24.7 + 15.774 = BDT-9.35 Mil.

Total Receivables was BDT316.67 Mil.
Revenue was 111.394 + 208.034 + 56.236 + 135.41 = BDT511.07 Mil.
Gross Profit was 8.391 + 18.059 + 7.658 + 33.956 = BDT68.06 Mil.
Total Current Assets was BDT984.54 Mil.
Total Assets was BDT1,277.94 Mil.
Property, Plant and Equipment(Net PPE) was BDT259.91 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT8.46 Mil.
Selling, General, & Admin. Expense(SGA) was BDT0.02 Mil.
Total Current Liabilities was BDT245.45 Mil.
Long-Term Debt & Capital Lease Obligation was BDT282.75 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)
	=	(114.717 / 146.534)	/	(316.666 / 511.074)
	=	0.78287	/	0.619609
	=	1.2635

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)
	=	(68.064 / 511.074)	/	(-392.181 / 146.534)
	=	0.133178	/	-2.676382
	=	-0.0498

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 - (168.748 + 254.412) / 456.66)	/	(1 - (984.537 + 259.905) / 1277.941)
	=	0.073359	/	0.026213
	=	2.7986

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
	=	146.534	/	511.074
	=	0.2867

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))
	=	(8.463 / (8.463 + 259.905))	/	(10.835 / (10.835 + 254.412))
	=	0.031535	/	0.040849
	=	0.772

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)
	=	(-30.36 / 146.534)	/	(0.021 / 511.074)
	=	-0.207187	/	4.1E-5
	=	-5053.3415

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)
	=	((315.533 + 243.558) / 456.66)	/	((282.748 + 245.451) / 1277.941)
	=	1.224305	/	0.41332
	=	2.9621

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
	=	(-519.717 - 0	-	-9.346)	/	456.66
	=	-1.117617

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.

Khulna Printing & Packaging has a M-score of 860.75 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Khulna Printing & Packaging (DHA:KPPL) has a Beneish M-Score of 0.00 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Khulna Printing & Packaging and its competitors.

Is Khulna Printing & Packaging's Beneish M-Score too high?

Khulna Printing & Packaging's current Beneish M-Score is 0.00. Overall, Khulna Printing & Packaging has a GF Score™ of 10/100, reflecting its overall financial health beyond just this single metric.

How does Khulna Printing & Packaging's Beneish M-Score compare to BALL and AMCR?

Khulna Printing & Packaging's Beneish M-Score of 0.00 can be compared against companies in the Packaging & Containers industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Packaging & Containers company?

A good Beneish M-Score depends on the Packaging & Containers industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Khulna Printing & Packaging and its competitors. Khulna Printing & Packaging's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Khulna Printing & Packaging stock overvalued right now?

Khulna Printing & Packaging (DHA:KPPL) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Khulna Printing & Packaging's overall GF Score™ is 10/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Khulna Printing & Packaging (DHA:KPPL), the current Beneish M-Score is 0.00 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Khulna Printing & Packaging Business Description

Industry Consumer Cyclical Packaging & Containers

Comparable Companies DHA:DESHBANDHU DHA:KBPPWBIL SZSE:002812 BALL AMCR IP PKG CCK WRK DUB:SK3 SEE TSX:CCL.A BERY XSWX:SIGN BKK:SCGP GPK REYN SON LSE:SMDS SLGN

Address Khulna Mongla Road, Katakhali, Shambagath, Post: Lockpur, P.S Fakirhat, Bagerhat, BGD

Website http://www.lockpurgroup.org

Khulna Printing & Packaging Ltd is engaged in providing printing and packaging solutions. Its product portfolio includes products like printing of inner BOOP bag, polybag, paper box, master cases, and other related products. The company operates in five segments namely, Master carton, Inner carton, Master sticker, and Inner sticker. Majority of its revenue is earned from the Bangladesh market.

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