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J D W Sugar Mills (KAR:JDWS) Beneish M-Score : -2.35 (As of Mar. 15, 2025)


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What is J D W Sugar Mills 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for J D W Sugar Mills's Beneish M-Score or its related term are showing as below:

KAR:JDWS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.34   Med: -2.54   Max: 0.1
Current: -2.35

During the past 13 years, the highest Beneish M-Score of J D W Sugar Mills was 0.10. The lowest was -4.34. And the median was -2.54.


J D W Sugar Mills Beneish M-Score Historical Data

The historical data trend for J D W Sugar Mills'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.

J D W Sugar Mills Beneish M-Score Chart

J D W Sugar Mills Annual Data
Trend Sep15 Sep16 Sep17 Sep18 Sep19 Sep20 Sep21 Sep22 Sep23 Sep24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.50 -3.52 -2.22 -4.17 0.03

J D W Sugar Mills Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
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 -3.39 -2.30 -1.81 0.03 -2.35

Competitive Comparison of J D W Sugar Mills's Beneish M-Score

For the Confectioners subindustry, J D W Sugar Mills'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.


J D W Sugar Mills's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, J D W Sugar Mills's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where J D W Sugar Mills's Beneish M-Score falls into.



J D W Sugar Mills 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 J D W Sugar Mills 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 * 0.9332+0.528 * 1.3962+0.404 * 0.8239+0.892 * 1.4591+0.115 * 1.0769
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9042+4.679 * -0.077037-0.327 * 1.0605
=-2.35

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was ₨6,518 Mil.
Revenue was 44433.692 + 31050.923 + 35735.609 + 34780.496 = ₨146,001 Mil.
Gross Profit was 4263.011 + 7703.758 + 4905.591 + 5720.932 = ₨22,593 Mil.
Total Current Assets was ₨93,738 Mil.
Total Assets was ₨129,393 Mil.
Property, Plant and Equipment(Net PPE) was ₨34,269 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3,027 Mil.
Selling, General, & Admin. Expense(SGA) was ₨928 Mil.
Total Current Liabilities was ₨85,156 Mil.
Long-Term Debt & Capital Lease Obligation was ₨10,447 Mil.
Net Income was 1586.362 + 4853.747 + 477.291 + 2940.376 = ₨9,858 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 34214.355 + 14232.943 + 9587.155 + -38208.703 = ₨19,826 Mil.
Total Receivables was ₨4,787 Mil.
Revenue was 29013.447 + 19465.328 + 24459.788 + 27124.226 = ₨100,063 Mil.
Gross Profit was 10134.534 + 4125.538 + 3119.838 + 4239.522 = ₨21,619 Mil.
Total Current Assets was ₨59,988 Mil.
Total Assets was ₨87,319 Mil.
Property, Plant and Equipment(Net PPE) was ₨26,196 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨2,509 Mil.
Selling, General, & Admin. Expense(SGA) was ₨704 Mil.
Total Current Liabilities was ₨59,267 Mil.
Long-Term Debt & Capital Lease Obligation was ₨1,571 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)
=(6518.364 / 146000.72) / (4787.142 / 100062.789)
=0.044646 / 0.047841
=0.9332

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)
=(21619.432 / 100062.789) / (22593.292 / 146000.72)
=0.216059 / 0.154748
=1.3962

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 - (93737.826 + 34269.099) / 129392.806) / (1 - (59987.853 + 26195.984) / 87319.01)
=0.010711 / 0.013
=0.8239

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
=146000.72 / 100062.789
=1.4591

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))
=(2508.837 / (2508.837 + 26195.984)) / (3026.851 / (3026.851 + 34269.099))
=0.087401 / 0.081158
=1.0769

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)
=(928.451 / 146000.72) / (703.782 / 100062.789)
=0.006359 / 0.007033
=0.9042

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)
=((10447.309 + 85156.255) / 129392.806) / ((1571.435 + 59266.575) / 87319.01)
=0.738863 / 0.696733
=1.0605

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
=(9857.776 - 0 - 19825.75) / 129392.806
=-0.077037

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.

J D W Sugar Mills has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.


J D W Sugar Mills Beneish M-Score Related Terms

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J D W Sugar Mills Business Description

Traded in Other Exchanges
N/A
Address
17 - Abid Majeed Road, Lahore Cantonment, Lahore, PB, PAK
J D W Sugar Mills Ltd engages in the manufacturing and sale of crystalline sugar, Electricity and managing Corporate Farms.. The company's operating segments include Sugar; Co-Generation Power; Corporate Farms and others. It generates maximum revenue from the Sugar segment. The Sugar segment is engaged in the production and sale of crystalline sugar and other related joint and by-products. Its Co-Generation Power segment includes the generation and sale of electricity to CPPA-G. The Corporate Farms segment includes managing corporate farms for the cultivation of sugarcane and a small number of other crops. The other segment involves Project under construction for manufacture/generation and sale of ethanol and energy. However, operation of paper pulp classified as disposal group.

J D W Sugar Mills Headlines

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