PT Niramas Utama Tbk (ISX:JELI) Beneish M-Score: 0.00 (As of Jul. 27, 2026)

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ISX:JELI PT Niramas Utama Tbk ISX:JELI
6 GF Score
Price Rp645.00
! 2 Warning Signs
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What is PT Niramas Utama Tbk Beneish M-Score?

PT Niramas Utama Tbk ISX:JELI -10.42% 6 Beneish M-Score is 0.00 as of Jul. 27, 2026. GuruFocus rates ISX:JELI with a GF Score™ of 6/100. The stock has 2 warning signs investors should review. Among 1,854 Consumer Packaged Goods companies, PT Niramas Utama Tbk ranks worse than 53937.38% on this metric.

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 PT Niramas Utama Tbk's Beneish M-Score or its related term are showing as below:

During the past 3 years, the highest Beneish M-Score of PT Niramas Utama Tbk was 0.00. The lowest was 0.00. And the median was 0.00.

PT Niramas Utama Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Niramas Utama Tbk'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.

PT Niramas Utama Tbk Beneish M-Score Chart

PT Niramas Utama Tbk Annual Data
Trend Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00

PT Niramas Utama Tbk Quarterly Data
Dec23 Dec24 Dec25
Beneish M-Score 0.00 0.00 0.00

ISX:JELI vs KHC, GIS: Beneish M-Score Comparison

For the Packaged Foods subindustry, PT Niramas Utama Tbk'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.

PT Niramas Utama Tbk Beneish M-Score vs Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Niramas Utama Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Niramas Utama Tbk's Beneish M-Score falls into.


ISX:JELI
6GF Score
PT Niramas Utama Tbk ISX:JELI
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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PT Niramas Utama Tbk 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 PT Niramas Utama Tbk 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 * 1.7384+0.528 * 0.8527+0.404 * 0.8703+0.892 * 0.9551+0.115 * 1.1098
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1335+4.679 * 0.0335-0.327 * 0.9436
=-1.81

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was Rp174,649 Mil.
Revenue was Rp753,051 Mil.
Gross Profit was Rp290,777 Mil.
Total Current Assets was Rp369,259 Mil.
Total Assets was Rp552,114 Mil.
Property, Plant and Equipment(Net PPE) was Rp170,522 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,027 Mil.
Selling, General, & Admin. Expense(SGA) was Rp144,466 Mil.
Total Current Liabilities was Rp323,886 Mil.
Long-Term Debt & Capital Lease Obligation was Rp57,515 Mil.
Net Income was Rp39,023 Mil.
Gross Profit was Rp0 Mil.
Cash Flow from Operations was Rp20,527 Mil.
 Total Receivables was Rp105,188 Mil.
Revenue was Rp788,429 Mil.
Gross Profit was Rp259,606 Mil.
Total Current Assets was Rp319,581 Mil.
Total Assets was Rp522,597 Mil.
Property, Plant and Equipment(Net PPE) was Rp189,603 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,223 Mil.
Selling, General, & Admin. Expense(SGA) was Rp133,441 Mil.
Total Current Liabilities was Rp327,379 Mil.
Long-Term Debt & Capital Lease Obligation was Rp55,201 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)
=(174648.747 / 753050.909) / (105187.768 / 788428.763)
=0.231922 / 0.133414
=1.7384

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)
=(259605.57 / 788428.763) / (290777.226 / 753050.909)
=0.32927 / 0.386132
=0.8527

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 - (369259.457 + 170522.277) / 552114.462) / (1 - (319581.242 + 189603.279) / 522597.303)
=0.022337 / 0.025666
=0.8703

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
=753050.909 / 788428.763
=0.9551

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))
=(6223.248 / (6223.248 + 189603.279)) / (5026.807 / (5026.807 + 170522.277))
=0.031779 / 0.028635
=1.1098

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)
=(144466.006 / 753050.909) / (133441.436 / 788428.763)
=0.191841 / 0.16925
=1.1335

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)
=((57514.546 + 323886.235) / 552114.462) / ((55201.225 + 327378.643) / 522597.303)
=0.6908 / 0.732074
=0.9436

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
=(39022.996 - 0 - 20527.177) / 552114.462
=0.0335

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.

PT Niramas Utama Tbk has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
PT Niramas Utama Tbk (ISX:JELI) has a Beneish M-Score of 0.00 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Niramas Utama Tbk and its competitors. According to the industry distribution chart, PT Niramas Utama Tbk ranks #999999 out of 1854 companies in the Consumer Packaged Goods industry.
Is PT Niramas Utama Tbk's Beneish M-Score too high?
PT Niramas Utama Tbk's current Beneish M-Score is 0.00. Based on the distribution chart, PT Niramas Utama Tbk ranks #999999 out of 1854 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, PT Niramas Utama Tbk has a GF Score™ of 6/100, reflecting its overall financial health beyond just this single metric.
How does PT Niramas Utama Tbk's Beneish M-Score compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, PT Niramas Utama Tbk ranks #999999 out of 1854 companies for Beneish M-Score. This places PT Niramas Utama Tbk in the lower half of its 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 Consumer Packaged Goods company?
A good Beneish M-Score depends on the Consumer Packaged Goods 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 PT Niramas Utama Tbk and its competitors. PT Niramas Utama Tbk'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 PT Niramas Utama Tbk stock overvalued right now?
PT Niramas Utama Tbk (ISX:JELI) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. PT Niramas Utama Tbk's overall GF Score™ is 6/100 with 2 warning signs to review. 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 PT Niramas Utama Tbk (ISX:JELI), the current Beneish M-Score is 0.00 as of Jul. 27, 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.

PT Niramas Utama Tbk Business Description

Address Bekasi Tambun Highway KM.39.5, Jatimulya, Tambun Sel. District, Bekasi Regency, West Java, Java, IDN, 17510
PT Niramas Utama Tbk, operating under the brand INO, is engaged in the food and beverage industry, focusing on Nata De Coco-based processed products. Its product portfolio includes Nata De Coco in various flavors, mini jelly, pudding, and ready-to-drink beverages such as I'm Coco and Jelly Drink. The company sells its products in domestic and international markets, including Australia, Canada, Singapore, and the United States.
6GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

Rp645.00
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