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.
Pudumjee Paper Products Beneish M-Score Chart
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Pudumjee Paper Products Annual Data
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Mar15 |
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Mar20 |
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Mar23 |
| Beneish M-Score |
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-2.37 |
-2.77 |
-2.94 |
-2.31 |
-1.80 |
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Pudumjee Paper Products Quarterly Data
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Dec23 |
| Beneish M-Score |
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-1.80 |
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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 * 0.7697 | + | 0.528 * 1.1175 | + | 0.404 * 0.927 | + | 0.892 * 1.3676 | + | 0.115 * 2.057 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8699 | + | 4.679 * 0.068646 | - | 0.327 * 0.8 |
| = | -1.80 |
* 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 ₹806 Mil.
Revenue was ₹7,565 Mil.
Gross Profit was ₹3,013 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.
Net Income was ₹594 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹164 Mil.
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Total Receivables was ₹765 Mil.
Revenue was ₹5,531 Mil.
Gross Profit was ₹2,462 Mil.
Total Current Assets was ₹2,642 Mil.
Total Assets was ₹5,971 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,384 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹248 Mil.
Selling, General, & Admin. Expense(SGA) was ₹128 Mil.
Total Current Liabilities was ₹1,193 Mil.
Long-Term Debt & Capital Lease Obligation was ₹601 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) |
| = | (805.554 / 7564.741) | / | (765.277 / 5531.202) |
| = | 0.106488 | / | 0.138356 |
| | = | 0.7697 |
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) |
| = | (2461.7 / 5531.202) | / | (3012.7 / 7564.741) |
| = | 0.445057 | / | 0.398256 |
| | = | 1.1175 |
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 - (2987.781 + 2352.93) / 6258.937) | / | (1 - (2641.884 + 2384.147) / 5970.968) |
| = | 0.146706 | / | 0.158255 |
| | = | 0.927 |
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 |
| = | 7564.741 | / | 5531.202 |
| | = | 1.3676 |
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)) |
| = | (248.295 / (248.295 + 2384.147)) | / | (113.075 / (113.075 + 2352.93)) |
| = | 0.094321 | / | 0.045854 |
| | = | 2.057 |
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) |
| = | (152.42 / 7564.741) | / | (128.12 / 5531.202) |
| = | 0.020149 | / | 0.023163 |
| | = | 0.8699 |
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) |
| = | ((449.51 + 1055.226) / 6258.937) | / | ((601.419 + 1192.91) / 5970.968) |
| = | 0.240414 | / | 0.300509 |
| | = | 0.8 |
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 |
| = | (593.953 - 0 | - | 164.304) | / | 6258.937 |
| | = | 0.068646 |
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 -1.80 suggests that the company is unlikely to be a manipulator.
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