Cool Caps Industries Beneish M-Score Historical Data
The historical data trend for Cool Caps Industries'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.
Cool Caps Industries Beneish M-Score Chart
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Cool Caps Industries Annual Data
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Trend |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
|
- |
- |
-0.39 |
-1.60 |
-0.19 |
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Cool Caps Industries Quarterly Data
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Mar19 |
Mar20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
| Beneish M-Score |
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-1.60 |
- |
- |
- |
-0.19 |
Competitive Comparison of Cool Caps Industries's Beneish M-Score
For the Packaging & Containers subindustry, Cool Caps Industries'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.
Cool Caps Industries's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Cool Caps Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cool Caps Industries's Beneish M-Score falls into.
Cool Caps Industries 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 Cool Caps Industries 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 * 0.44 | + | 0.528 * 1.8448 | + | 0.404 * 1.702 | + | 0.892 * 3.4339 | + | 0.115 * 1.3448 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7017 | + | 4.679 * -0.022477 | - | 0.327 * 1.2446 |
| = | -0.19 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was ₹210 Mil.
Revenue was ₹1,816 Mil.
Gross Profit was ₹224 Mil.
Total Current Assets was ₹616 Mil.
Total Assets was ₹1,358 Mil.
Property, Plant and Equipment(Net PPE) was ₹693 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹31 Mil.
Selling, General, & Admin. Expense(SGA) was ₹50 Mil.
Total Current Liabilities was ₹540 Mil.
Long-Term Debt & Capital Lease Obligation was ₹433 Mil.
Net Income was ₹57 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹88 Mil.
|
Total Receivables was ₹139 Mil.
Revenue was ₹529 Mil.
Gross Profit was ₹120 Mil.
Total Current Assets was ₹435 Mil.
Total Assets was ₹757 Mil.
Property, Plant and Equipment(Net PPE) was ₹306 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹19 Mil.
Selling, General, & Admin. Expense(SGA) was ₹21 Mil.
Total Current Liabilities was ₹182 Mil.
Long-Term Debt & Capital Lease Obligation was ₹254 Mil.
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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) |
| = | (209.734 / 1816.431) | / | (138.817 / 528.977) |
| = | 0.115465 | / | 0.262425 |
| | = | 0.44 |
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) |
| = | (120.407 / 528.977) | / | (224.127 / 1816.431) |
| = | 0.227622 | / | 0.123389 |
| | = | 1.8448 |
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 - (616.242 + 693.169) / 1358.163) | / | (1 - (435.12 + 305.881) / 756.966) |
| = | 0.035896 | / | 0.021091 |
| | = | 1.702 |
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 |
| = | 1816.431 | / | 528.977 |
| | = | 3.4339 |
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)) |
| = | (18.512 / (18.512 + 305.881)) | / | (30.718 / (30.718 + 693.169)) |
| = | 0.057067 | / | 0.042435 |
| | = | 1.3448 |
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) |
| = | (49.619 / 1816.431) | / | (20.593 / 528.977) |
| = | 0.027317 | / | 0.03893 |
| | = | 0.7017 |
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) |
| = | ((432.635 + 540.097) / 1358.163) | / | ((253.792 + 181.818) / 756.966) |
| = | 0.716212 | / | 0.575468 |
| | = | 1.2446 |
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 |
| = | (57.096 - 0 | - | 87.623) | / | 1358.163 |
| | = | -0.022477 |
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.
Cool Caps Industries has a M-score of -0.19 signals that the company is likely to be a manipulator.
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