Ghani Glass (KAR:GHGL) Beneish M-Score : -2.24 (As of Dec. 12, 2024)

View and export this data going back to 1994. Start your Free Trial

What is Ghani Glass 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KAR:GHGL' s Beneish M-Score Range Over the Past 10 Years
Min: -4.05 Med: -2.42 Max: -1.37
Current: -2.24

During the past 13 years, the highest Beneish M-Score of Ghani Glass was -1.37. The lowest was -4.05. And the median was -2.42.

Ghani Glass Beneish M-Score Historical Data

The historical data trend for Ghani Glass'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.

Ghani Glass Beneish M-Score Chart

Ghani Glass Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

Get a 7-Day Free Trial

-2.18

-4.05

-2.03

-1.56

-1.58

Ghani Glass Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-1.37	-2.02	-1.88	-1.58	-2.24

Competitive Comparison of Ghani Glass's Beneish M-Score

For the Packaging & Containers subindustry, Ghani Glass'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.

Ghani Glass's Beneish M-Score Distribution in the Packaging & Containers Industry

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

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

Ghani Glass 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 Ghani Glass 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 * 1.0294

0.528 * 1.0705

0.404 * 0.8613

0.892 * 1

0.115 * 1.0845

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0652

4.679 * 0.045249

0.327 * 0.9238

-2.24

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₨5,575 Mil.
Revenue was 8965.106 + 12031.442 + 11432.85 + 12506.174 = ₨44,936 Mil.
Gross Profit was 2197.678 + 4629.157 + 2834.161 + 3058.19 = ₨12,719 Mil.
Total Current Assets was ₨29,393 Mil.
Total Assets was ₨50,583 Mil.
Property, Plant and Equipment(Net PPE) was ₨18,036 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,830 Mil.
Selling, General, & Admin. Expense(SGA) was ₨3,921 Mil.
Total Current Liabilities was ₨13,433 Mil.
Long-Term Debt & Capital Lease Obligation was ₨71 Mil.
Net Income was 928.264 + 1825.164 + 1707.465 + 1817.341 = ₨6,278 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was -15.733 + 1050.955 + 159.711 + 2794.477 = ₨3,989 Mil.

Total Receivables was ₨5,416 Mil.
Revenue was 11819.988 + 8934.924 + 12731.132 + 11447.337 = ₨44,933 Mil.
Gross Profit was 2970.138 + 3769.509 + 3528.58 + 3346.476 = ₨13,615 Mil.
Total Current Assets was ₨25,030 Mil.
Total Assets was ₨44,970 Mil.
Property, Plant and Equipment(Net PPE) was ₨16,685 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨1,852 Mil.
Selling, General, & Admin. Expense(SGA) was ₨3,681 Mil.
Total Current Liabilities was ₨12,948 Mil.
Long-Term Debt & Capital Lease Obligation was ₨47 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)
	=	(5575.246 / 44935.572)	/	(5415.532 / 44933.381)
	=	0.124072	/	0.120524
	=	1.0294

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)
	=	(13614.703 / 44933.381)	/	(12719.186 / 44935.572)
	=	0.302998	/	0.283054
	=	1.0705

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 - (29393.025 + 18035.959) / 50583.007)	/	(1 - (25029.596 + 16684.666) / 44969.817)
	=	0.062353	/	0.072394
	=	0.8613

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
	=	44935.572	/	44933.381
	=	1

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))
	=	(1851.925 / (1851.925 + 16684.666))	/	(1830.141 / (1830.141 + 18035.959))
	=	0.099906	/	0.092124
	=	1.0845

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)
	=	(3921.455 / 44935.572)	/	(3681.156 / 44933.381)
	=	0.087268	/	0.081925
	=	1.0652

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)
	=	((70.71 + 13432.563) / 50583.007)	/	((46.82 + 12948.206) / 44969.817)
	=	0.266953	/	0.288972
	=	0.9238

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
	=	(6278.234 - 0	-	3989.41)	/	50583.007
	=	0.045249

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.

Ghani Glass has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

Ghani Glass Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Ghani Glass's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Ghani Glass Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » Ghani Glass Ltd (KAR:GHGL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

40-L Model Town Extension, Ghani Complex, Lahore, PB, PAK

Website

https://www.ghaniglass.com

Ghani Glass Ltd is involved in manufacturing and selling float and container glass products in Pakistan. The company offers clear, green, brown, reflective, blue, and grey float glass products, as well as tempered and double glazed safety glass, silver and aluminum, coated mirror, and offline color coated glass products. It also provides amber and clear pharmaceutical glass containers, flint and green beverages glass containers, and clear food glass containers. Geographically, it derives a majority of its revenue from Pakistan.

Ghani Glass Headlines

No Headlines