PIM (XMAU:PIM) Beneish M-Score : -3.28 (As of Apr. 06, 2025)

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What is PIM 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 -3.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XMAU:PIM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.53 Med: -3.28 Max: -0.81
Current: -3.28

During the past 5 years, the highest Beneish M-Score of PIM was -0.81. The lowest was -3.53. And the median was -3.28.

PIM Beneish M-Score Historical Data

The historical data trend for PIM'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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PIM Beneish M-Score Chart

PIM Annual Data

Trend

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

-0.81

-3.53

-3.28

PIM Quarterly Data
	Jun20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial											-	-	-3.28	-	-

Competitive Comparison of PIM's Beneish M-Score

For the Packaging & Containers subindustry, PIM'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.

PIM's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, PIM's Beneish M-Score distribution charts can be found below:

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

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PIM 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 PIM 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 * 0.8357

0.528 * 0.8409

0.404 * 0.0459

0.892 * 1.1512

0.115 * 0.9352

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.979

4.679 * -0.057476

0.327 * 1.1375

-3.28

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was MUR50.5 Mil.
Revenue was MUR359.5 Mil.
Gross Profit was MUR95.8 Mil.
Total Current Assets was MUR164.7 Mil.
Total Assets was MUR320.8 Mil.
Property, Plant and Equipment(Net PPE) was MUR155.9 Mil.
Depreciation, Depletion and Amortization(DDA) was MUR22.1 Mil.
Selling, General, & Admin. Expense(SGA) was MUR64.5 Mil.
Total Current Liabilities was MUR117.5 Mil.
Long-Term Debt & Capital Lease Obligation was MUR39.2 Mil.
Net Income was MUR24.5 Mil.
Gross Profit was MUR0.0 Mil.
Cash Flow from Operations was MUR42.9 Mil.

Total Receivables was MUR52.5 Mil.
Revenue was MUR312.3 Mil.
Gross Profit was MUR70.0 Mil.
Total Current Assets was MUR145.7 Mil.
Total Assets was MUR295.9 Mil.
Property, Plant and Equipment(Net PPE) was MUR145.7 Mil.
Depreciation, Depletion and Amortization(DDA) was MUR19.1 Mil.
Selling, General, & Admin. Expense(SGA) was MUR57.2 Mil.
Total Current Liabilities was MUR86.6 Mil.
Long-Term Debt & Capital Lease Obligation was MUR40.4 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)
	=	(50.489 / 359.498)	/	(52.484 / 312.294)
	=	0.140443	/	0.16806
	=	0.8357

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)
	=	(70.014 / 312.294)	/	(95.848 / 359.498)
	=	0.224193	/	0.266616
	=	0.8409

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 - (164.676 + 155.947) / 320.848)	/	(1 - (145.716 + 145.654) / 295.892)
	=	0.000701	/	0.015283
	=	0.0459

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
	=	359.498	/	312.294
	=	1.1512

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))
	=	(19.111 / (19.111 + 145.654))	/	(22.081 / (22.081 + 155.947))
	=	0.115989	/	0.124031
	=	0.9352

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)
	=	(64.503 / 359.498)	/	(57.235 / 312.294)
	=	0.179425	/	0.183273
	=	0.979

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)
	=	((39.218 + 117.49) / 320.848)	/	((40.422 + 86.63) / 295.892)
	=	0.488418	/	0.429386
	=	1.1375

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
	=	(24.482 - 0	-	42.923)	/	320.848
	=	-0.057476

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.

PIM has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.

PIM Beneish M-Score Related Terms

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PIM Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » PIM Ltd (XMAU:PIM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Quay Road, PO Box 1173, Port Louis, MUS

Website

https://www.pimltd.mu

PIM Ltd manufactures plastic products for both domestic and industrial purposes. The Company's principal activity is the manufacture of a wide range of plastic products for domestic and industrial purposes destined for the local and regional markets. The product portfolio includes cans, jars, storage boxes, caps, bottles, crates, chairs, composters, containers, goblets, pallets, flower pots, trash cans, and buckets.