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Kama Holdings (BOM:532468) Beneish M-Score : -2.76 (As of May. 26, 2024)


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What is Kama Holdings 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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BOM:532468' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94   Med: -2.58   Max: -2.28
Current: -2.76

During the past 13 years, the highest Beneish M-Score of Kama Holdings was -2.28. The lowest was -2.94. And the median was -2.58.


Kama Holdings Beneish M-Score Historical Data

The historical data trend for Kama Holdings'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.

Kama Holdings Beneish M-Score Chart

Kama Holdings Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.37 -2.84 -2.50 -2.55 -2.76

Kama Holdings Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 - -2.76 - - -

Competitive Comparison of Kama Holdings's Beneish M-Score

For the Conglomerates subindustry, Kama Holdings'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.


Kama Holdings's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, Kama Holdings's Beneish M-Score distribution charts can be found below:

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



Kama Holdings 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 Kama Holdings 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 * 0.8739+0.528 * 1.0208+0.404 * 1.1247+0.892 * 1.1916+0.115 * 1.1196
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9517+4.679 * -0.091712-0.327 * 0.9773
=-2.76

* 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 ₹20,295 Mil.
Revenue was ₹147,946 Mil.
Gross Profit was ₹73,160 Mil.
Total Current Assets was ₹56,484 Mil.
Total Assets was ₹192,655 Mil.
Property, Plant and Equipment(Net PPE) was ₹123,318 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5,722 Mil.
Selling, General, & Admin. Expense(SGA) was ₹7,668 Mil.
Total Current Liabilities was ₹28,145 Mil.
Long-Term Debt & Capital Lease Obligation was ₹44,568 Mil.
Net Income was ₹12,537 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹30,206 Mil.
Total Receivables was ₹19,490 Mil.
Revenue was ₹124,161 Mil.
Gross Profit was ₹62,674 Mil.
Total Current Assets was ₹52,861 Mil.
Total Assets was ₹162,105 Mil.
Property, Plant and Equipment(Net PPE) was ₹99,628 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5,204 Mil.
Selling, General, & Admin. Expense(SGA) was ₹6,762 Mil.
Total Current Liabilities was ₹26,233 Mil.
Long-Term Debt & Capital Lease Obligation was ₹36,368 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)
=(20294.934 / 147945.969) / (19490.014 / 124161.247)
=0.137178 / 0.156973
=0.8739

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)
=(62673.862 / 124161.247) / (73160.381 / 147945.969)
=0.504778 / 0.494507
=1.0208

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 - (56483.7 + 123318.446) / 192655.106) / (1 - (52861.045 + 99628.258) / 162105.292)
=0.066715 / 0.059319
=1.1247

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
=147945.969 / 124161.247
=1.1916

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))
=(5204.31 / (5204.31 + 99628.258)) / (5721.798 / (5721.798 + 123318.446))
=0.049644 / 0.044341
=1.1196

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)
=(7667.59 / 147945.969) / (6761.735 / 124161.247)
=0.051827 / 0.054459
=0.9517

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)
=((44567.525 + 28144.682) / 192655.106) / ((36368.299 + 26233.354) / 162105.292)
=0.377422 / 0.386179
=0.9773

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
=(12537.305 - 0 - 30206.067) / 192655.106
=-0.091712

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.

Kama Holdings has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.


Kama Holdings Beneish M-Score Related Terms

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Kama Holdings (BOM:532468) Business Description

Traded in Other Exchanges
N/A
Address
Block C, Sector 45, Gurgaon, HR, IND, 122 003
Kama Holdings Ltd is a holding company. The company's operating segment includes the Technical textiles business, Chemicals and Polymers business, Packaging film business and Others. The Technical textiles business segment includes nylon tire cord fabric, belting fabric, coated fabric, laminated fabric, polyester tire cord fabric, and industrial yarns, and its research and development. The Chemicals and Polymers business segment includes refrigerant gases, chloromethane, pharmaceuticals, certified emissions reductions and allied products, engineering plastics business, and its research and development. The Packaging film business that derives the majority of its revenue includes polyester films.

Kama Holdings (BOM:532468) Headlines

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