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Maple Leaf Cement Factory (KAR:MLCF) Beneish M-Score : 11.70 (As of Mar. 27, 2025)


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What is Maple Leaf Cement Factory 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.

Warning Sign:

Beneish M-Score 11.7 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Maple Leaf Cement Factory's Beneish M-Score or its related term are showing as below:

KAR:MLCF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.79   Med: -2.56   Max: 24.05
Current: 11.7

During the past 13 years, the highest Beneish M-Score of Maple Leaf Cement Factory was 24.05. The lowest was -3.79. And the median was -2.56.


Maple Leaf Cement Factory Beneish M-Score Historical Data

The historical data trend for Maple Leaf Cement Factory'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.

Maple Leaf Cement Factory Beneish M-Score Chart

Maple Leaf Cement Factory Annual Data
Trend Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23 Jun24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2.65 -3.51 -2.73 -3.22 -1.87

Maple Leaf Cement Factory 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 -2.78 24.05 -1.87 -1.94 11.70

Competitive Comparison of Maple Leaf Cement Factory's Beneish M-Score

For the Building Materials subindustry, Maple Leaf Cement Factory'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.


Maple Leaf Cement Factory's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, Maple Leaf Cement Factory's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Maple Leaf Cement Factory's Beneish M-Score falls into.


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Maple Leaf Cement Factory 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 Maple Leaf Cement Factory 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 * 1.322+0.528 * 0.8894+0.404 * 36.5725+0.892 * 0.9952+0.115 * 0.9188
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0095+4.679 * -0.060446-0.327 * 1.406
=11.70

* 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 ₨7,708 Mil.
Revenue was 19028.151 + 15719.838 + 15723.66 + 15980.112 = ₨66,452 Mil.
Gross Profit was 7577.044 + 4962.677 + 6035.294 + 4785.015 = ₨23,360 Mil.
Total Current Assets was ₨70,630 Mil.
Total Assets was ₨149,141 Mil.
Property, Plant and Equipment(Net PPE) was ₨72,680 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨4,981 Mil.
Selling, General, & Admin. Expense(SGA) was ₨5,125 Mil.
Total Current Liabilities was ₨60,720 Mil.
Long-Term Debt & Capital Lease Obligation was ₨10,694 Mil.
Net Income was 3735.09 + 1342.743 + 1516.899 + 1504.975 = ₨8,100 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 10512.122 + 183.866 + 2526.659 + 3892.064 = ₨17,115 Mil.
Total Receivables was ₨5,859 Mil.
Revenue was 18073.009 + 16675.567 + 14985.623 + 17038.267 = ₨66,772 Mil.
Gross Profit was 6382.523 + 5227.633 + 4190.245 + 5077.34 = ₨20,878 Mil.
Total Current Assets was ₨27,117 Mil.
Total Assets was ₨96,075 Mil.
Property, Plant and Equipment(Net PPE) was ₨68,855 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨4,312 Mil.
Selling, General, & Admin. Expense(SGA) was ₨5,101 Mil.
Total Current Liabilities was ₨19,326 Mil.
Long-Term Debt & Capital Lease Obligation was ₨13,393 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)
=(7707.902 / 66451.761) / (5858.819 / 66772.466)
=0.115992 / 0.087743
=1.322

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)
=(20877.741 / 66772.466) / (23360.03 / 66451.761)
=0.31267 / 0.351534
=0.8894

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 - (70630.01 + 72680.142) / 149140.953) / (1 - (27116.789 + 68855.367) / 96074.906)
=0.039096 / 0.001069
=36.5725

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
=66451.761 / 66772.466
=0.9952

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))
=(4311.981 / (4311.981 + 68855.367)) / (4981.298 / (4981.298 + 72680.142))
=0.058933 / 0.064141
=0.9188

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)
=(5124.97 / 66451.761) / (5101.41 / 66772.466)
=0.077123 / 0.0764
=1.0095

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)
=((10694.18 + 60720.063) / 149140.953) / ((13392.972 + 19326.419) / 96074.906)
=0.478837 / 0.340561
=1.406

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
=(8099.707 - 0 - 17114.711) / 149140.953
=-0.060446

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.

Maple Leaf Cement Factory has a M-score of 11.70 signals that the company is likely to be a manipulator.


Maple Leaf Cement Factory Beneish M-Score Related Terms

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Maple Leaf Cement Factory Business Description

Traded in Other Exchanges
N/A
Address
42-Lawrence Road, Lahore, PB, PAK
Maple Leaf Cement Factory Ltd is engaged in the business of manufacturing and sale of cement. Geographically, it derives majority of its revenue from Asia and has a presence in Africa. Its product offering includes various types of cement such as sulfate resistant cement, low alkali cement, white cement, wall coat cement, and ordinary Portland cement.

Maple Leaf Cement Factory Headlines

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