GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » Pudumjee Paper Products Ltd (NSE:PDMJEPAPER) » Definitions » Beneish M-Score

Pudumjee Paper Products (NSE:PDMJEPAPER) Beneish M-Score : -2.43 (As of Dec. 13, 2024)


View and export this data going back to 2016. Start your Free Trial

What is Pudumjee Paper Products 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 -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:PDMJEPAPER' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -2.53   Max: -1.85
Current: -2.43

During the past 10 years, the highest Beneish M-Score of Pudumjee Paper Products was -1.85. The lowest was -3.14. And the median was -2.53.


Pudumjee Paper Products Beneish M-Score Historical Data

The historical data trend for Pudumjee Paper Products'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.

Pudumjee Paper Products Beneish M-Score Chart

Pudumjee Paper Products Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.77 -2.74 -2.29 -1.85 -2.43

Pudumjee Paper Products 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 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 - - -2.43 - -

Competitive Comparison of Pudumjee Paper Products's Beneish M-Score

For the Paper & Paper Products subindustry, Pudumjee Paper Products'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.


Pudumjee Paper Products's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, Pudumjee Paper Products's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pudumjee Paper Products's Beneish M-Score falls into.



Pudumjee Paper Products 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 Pudumjee Paper Products 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 * 1.1707+0.528 * 0.7731+0.404 * 1.5184+0.892 * 1.0339+0.115 * 0.6134
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0543+4.679 * -0.048409-0.327 * 0.8415
=-2.43

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was ₹975 Mil.
Revenue was ₹7,821 Mil.
Gross Profit was ₹2,510 Mil.
Total Current Assets was ₹3,988 Mil.
Total Assets was ₹7,145 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,566 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹127 Mil.
Selling, General, & Admin. Expense(SGA) was ₹166 Mil.
Total Current Liabilities was ₹1,389 Mil.
Long-Term Debt & Capital Lease Obligation was ₹57 Mil.
Net Income was ₹981 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹1,327 Mil.
Total Receivables was ₹806 Mil.
Revenue was ₹7,565 Mil.
Gross Profit was ₹1,877 Mil.
Total Current Assets was ₹2,988 Mil.
Total Assets was ₹6,259 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,353 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹113 Mil.
Selling, General, & Admin. Expense(SGA) was ₹152 Mil.
Total Current Liabilities was ₹1,055 Mil.
Long-Term Debt & Capital Lease Obligation was ₹450 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)
=(975.037 / 7821.193) / (805.554 / 7564.741)
=0.124666 / 0.106488
=1.1707

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)
=(1876.681 / 7564.741) / (2509.876 / 7821.193)
=0.248083 / 0.320907
=0.7731

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 - (3987.715 + 1565.928) / 7145.301) / (1 - (2987.781 + 2352.93) / 6258.937)
=0.222756 / 0.146706
=1.5184

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
=7821.193 / 7564.741
=1.0339

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))
=(113.075 / (113.075 + 2352.93)) / (126.514 / (126.514 + 1565.928))
=0.045854 / 0.074752
=0.6134

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)
=(166.149 / 7821.193) / (152.42 / 7564.741)
=0.021243 / 0.020149
=1.0543

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)
=((56.569 + 1388.965) / 7145.301) / ((449.51 + 1055.226) / 6258.937)
=0.202306 / 0.240414
=0.8415

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
=(981.405 - 0 - 1327.301) / 7145.301
=-0.048409

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.

Pudumjee Paper Products has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.


Pudumjee Paper Products Beneish M-Score Related Terms

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


Pudumjee Paper Products Business Description

Traded in Other Exchanges
Address
60, Dr. V.B. Gandhi Marg, Jatia Chambers, Kalaghoda, Mumbai, MH, IND, 400001
Pudumjee Paper Products Ltd is a paper manufacturing company. Its segments include Paper manufacturing and Hygiene products. The Paper Manufacturing segment relates to the manufacturing and marketing of various types of specialty papers, consisting of an Opaque Laminating Base, Glassine, Base paper, Bible Paper, and others. The Hygiene products segment relates to the processing and marketing of tissue and other hygiene papers as well as the marketing and distribution of other hygiene products. It derives a majority of its revenue from the Paper segment. The company's product range includes Facial tissue, Napkin tissue, and Diaper tissue and among others. The group has a business presence in India and Outside India.

Pudumjee Paper Products Headlines

No Headlines