Padma Oil Co (DHA:PADMAOIL) Beneish M-Score : -1.98 (As of Apr. 26, 2024)

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What is Padma Oil Co 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.

Good Sign:

Beneish M-Score -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:PADMAOIL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.15 Med: -1.45 Max: 0.43
Current: -1.98

During the past 13 years, the highest Beneish M-Score of Padma Oil Co was 0.43. The lowest was -2.15. And the median was -1.45.

Padma Oil Co Beneish M-Score Historical Data

The historical data trend for Padma Oil Co'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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Padma Oil Co Beneish M-Score Chart

Padma Oil Co Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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0.43

-2.15

-1.63

Padma Oil Co 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															-1.47	-1.43	-1.63	-1.96	-1.98

Competitive Comparison of Padma Oil Co's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, Padma Oil Co'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.

Padma Oil Co's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Padma Oil Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Padma Oil Co's Beneish M-Score falls into.

Padma Oil Co 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 Padma Oil Co 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 * 0.8154

0.528 * 1.4399

0.404 * 0.4154

0.892 * 1.4596

0.115 * 1.0137

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6954

4.679 * 0.042566

0.327 * 0.9802

-1.98

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was BDT76,378 Mil.
Revenue was 658.909 + 703.476 + 330765.367 + 597.953 = BDT332,726 Mil.
Gross Profit was 597.231 + 635.701 + 573.849 + 522.941 = BDT2,330 Mil.
Total Current Assets was BDT133,186 Mil.
Total Assets was BDT138,504 Mil.
Property, Plant and Equipment(Net PPE) was BDT2,917 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT222 Mil.
Selling, General, & Admin. Expense(SGA) was BDT282 Mil.
Total Current Liabilities was BDT116,593 Mil.
Long-Term Debt & Capital Lease Obligation was BDT183 Mil.
Net Income was 716.461 + 907.785 + 1294.746 + 616.351 = BDT3,535 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was -6725.189 + -528.224 + 424.19 + 4468.987 = BDT-2,360 Mil.

Total Receivables was BDT64,177 Mil.
Revenue was 690.916 + 706.392 + 225957.76 + 605.616 = BDT227,961 Mil.
Gross Profit was 632.424 + 636.963 + 494.048 + 534.761 = BDT2,298 Mil.
Total Current Assets was BDT130,364 Mil.
Total Assets was BDT138,991 Mil.
Property, Plant and Equipment(Net PPE) was BDT2,828 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT218 Mil.
Selling, General, & Admin. Expense(SGA) was BDT278 Mil.
Total Current Liabilities was BDT119,365 Mil.
Long-Term Debt & Capital Lease Obligation was BDT183 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)
	=	(76378.042 / 332725.705)	/	(64176.948 / 227960.684)
	=	0.229553	/	0.281526
	=	0.8154

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)
	=	(2298.196 / 227960.684)	/	(2329.722 / 332725.705)
	=	0.010082	/	0.007002
	=	1.4399

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 - (133186.252 + 2917.394) / 138504.04)	/	(1 - (130364.498 + 2827.589) / 138990.927)
	=	0.017331	/	0.041721
	=	0.4154

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
	=	332725.705	/	227960.684
	=	1.4596

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))
	=	(218.243 / (218.243 + 2827.589))	/	(221.9 / (221.9 + 2917.394))
	=	0.071653	/	0.070685
	=	1.0137

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)
	=	(281.953 / 332725.705)	/	(277.691 / 227960.684)
	=	0.000847	/	0.001218
	=	0.6954

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)
	=	((183.463 + 116592.613) / 138504.04)	/	((183.463 + 119364.758) / 138990.927)
	=	0.843124	/	0.860115
	=	0.9802

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
	=	(3535.343 - 0	-	-2360.236)	/	138504.04
	=	0.042566

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.

Padma Oil Co has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.

Padma Oil Co Beneish M-Score Related Terms

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Padma Oil Co (DHA:PADMAOIL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » Padma Oil Co Ltd (DHA:PADMAOIL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Strand Road, Padma Bhaban, Sadarghat, Chattogram, BGD, 4000

Website

http://www.pocl.gov.bd

Padma Oil Co Ltd is engaged in the procurement, storage, and marketing of petroleum products, lubricants, greases, bitumen, and LPG. The company operates in five segments namely Petroleum products: Includes the company's earnings from marketing of Petroleum products; Lubricating Oil & Grease: Includes the company's income from treading lubricating oil & grease; Bitumen: Includes the company's earnings from marketing of bitumen; LPG: Includes the company's earnings from marketing of LPG; and Agro-Chemicals products: Includes the company's income from trading imported Agro-Chemicals products. The company derives maximum revenue from Petroleum Products segment. It is also engaged in the production and marketing of agrochemical segment.

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