C P S Shapers (NSE:CPS) Beneish M-Score : -0.68 (As of Apr. 02, 2025)

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What is C P S Shapers 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 -0.68 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for C P S Shapers's Beneish M-Score or its related term are showing as below:

NSE:CPS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.52 Med: -1.6 Max: -0.68
Current: -0.68

During the past 4 years, the highest Beneish M-Score of C P S Shapers was -0.68. The lowest was -2.52. And the median was -1.60.

C P S Shapers Beneish M-Score Historical Data

The historical data trend for C P S Shapers'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.

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C P S Shapers Beneish M-Score Chart

C P S Shapers Annual Data

Trend

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

-2.52

-0.68

C P S Shapers Semi-Annual Data
	Mar21	Mar22	Mar23	Mar24
Beneish M-Score	-	-	-2.52	-0.68

Competitive Comparison of C P S Shapers's Beneish M-Score

For the Apparel Manufacturing subindustry, C P S Shapers'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.

C P S Shapers's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, C P S Shapers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where C P S Shapers's Beneish M-Score falls into.

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C P S Shapers 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 C P S Shapers 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 * 1.3549

0.528 * 0.9211

0.404 * 3.0331

0.892 * 0.9785

0.115 * 1.2163

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3326

4.679 * 0.129967

0.327 * 0.5859

-0.68

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₹35.4 Mil.
Revenue was ₹360.2 Mil.
Gross Profit was ₹230.2 Mil.
Total Current Assets was ₹191.7 Mil.
Total Assets was ₹253.7 Mil.
Property, Plant and Equipment(Net PPE) was ₹56.5 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹6.5 Mil.
Selling, General, & Admin. Expense(SGA) was ₹97.8 Mil.
Total Current Liabilities was ₹107.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹21.6 Mil.
Net Income was ₹7.4 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹-25.6 Mil.

Total Receivables was ₹26.7 Mil.
Revenue was ₹368.1 Mil.
Gross Profit was ₹216.7 Mil.
Total Current Assets was ₹138.1 Mil.
Total Assets was ₹175.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹35.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹75.0 Mil.
Total Current Liabilities was ₹95.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹57.1 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)
	=	(35.361 / 360.229)	/	(26.673 / 368.145)
	=	0.098163	/	0.072452
	=	1.3549

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)
	=	(216.71 / 368.145)	/	(230.208 / 360.229)
	=	0.588654	/	0.63906
	=	0.9211

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 - (191.724 + 56.454) / 253.688)	/	(1 - (138.079 + 35.787) / 175.12)
	=	0.02172	/	0.007161
	=	3.0331

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
	=	360.229	/	368.145
	=	0.9785

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))
	=	(5.172 / (5.172 + 35.787))	/	(6.54 / (6.54 + 56.454))
	=	0.126273	/	0.103819
	=	1.2163

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)
	=	(97.823 / 360.229)	/	(75.022 / 368.145)
	=	0.271558	/	0.203784
	=	1.3326

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)
	=	((21.606 + 107.841) / 253.688)	/	((57.119 + 95.393) / 175.12)
	=	0.510261	/	0.8709
	=	0.5859

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
	=	(7.389 - 0	-	-25.582)	/	253.688
	=	0.129967

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.

C P S Shapers has a M-score of -0.68 signals that the company is likely to be a manipulator.

C P S Shapers Beneish M-Score Related Terms

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C P S Shapers Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » C P S Shapers Ltd (NSE:CPS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Plot No. 31, New Mayur Vihar, Near Raj Vansh Vihar Garh Road, Meerut Tehsil, Meerut, UP, IND, 250005

Website

https://www.cpsshapersltd.com

C P S Shapers Ltd is engaged in the business manufacturing of compressed garments. The company's product portfolio has expanded significantly offering a wide array of meticulously crafted shapewear and athleisure clothing that caters to diverse body types and fashion preferences. It has one reportable segment being shapewears.