Zaklady Chemiczne Permedia S.A. (WAR:PMD) Beneish M-Score : 0.00 (As of Jun. 28, 2024)

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What is Zaklady Chemiczne Permedia S.A. 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.

The historical rank and industry rank for Zaklady Chemiczne Permedia S.A.'s Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Zaklady Chemiczne Permedia S.A. was 0.00. The lowest was 0.00. And the median was 0.00.

Zaklady Chemiczne Permedia S.A. Beneish M-Score Historical Data

The historical data trend for Zaklady Chemiczne Permedia S.A.'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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Zaklady Chemiczne Permedia S.A. Beneish M-Score Chart

Zaklady Chemiczne Permedia S.A. Annual Data

Trend

Dec09

Dec10

Dec11

Dec12

Beneish M-Score

Zaklady Chemiczne Permedia S.A. Semi-Annual Data
	Dec10	Jun11	Dec11	Jun12	Dec12	Jun13
Beneish M-Score	Get a 7-Day Free Trial			-	-	-	-	-

Competitive Comparison of Zaklady Chemiczne Permedia S.A.'s Beneish M-Score

For the Chemicals subindustry, Zaklady Chemiczne Permedia S.A.'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.

Zaklady Chemiczne Permedia S.A.'s Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Zaklady Chemiczne Permedia S.A.'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Zaklady Chemiczne Permedia S.A.'s Beneish M-Score falls into.

Zaklady Chemiczne Permedia S.A. 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 Zaklady Chemiczne Permedia S.A. 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

0.528 * 1

0.404 * 11.8733

0.892 * 1.0605

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.026476

0.327 * 0.9535

1.19

This Year (Dec12) TTM:

Last Year (Dec11) TTM:

Total Receivables was zł0.00 Mil.
Revenue was zł19.16 Mil.
Gross Profit was zł19.16 Mil.
Total Current Assets was zł16.05 Mil.
Total Assets was zł30.82 Mil.
Property, Plant and Equipment(Net PPE) was zł8.44 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł2.59 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 Mil.
Net Income was zł0.82 Mil.
Gross Profit was zł0.00 Mil.
Cash Flow from Operations was zł0.00 Mil.

Total Receivables was zł2.68 Mil.
Revenue was zł18.06 Mil.
Gross Profit was zł18.06 Mil.
Total Current Assets was zł19.92 Mil.
Total Assets was zł29.79 Mil.
Property, Plant and Equipment(Net PPE) was zł9.35 Mil.
Depreciation, Depletion and Amortization(DDA) was zł0.00 Mil.
Selling, General, & Admin. Expense(SGA) was zł0.00 Mil.
Total Current Liabilities was zł2.62 Mil.
Long-Term Debt & Capital Lease Obligation was zł0.00 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)
	=	(0 / 19.156)	/	(2.683 / 18.064)
	=	0	/	0.148527
	=	0

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)
	=	(18.064 / 18.064)	/	(19.156 / 19.156)
	=	1	/	1
	=	1

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 - (16.05 + 8.443) / 30.82)	/	(1 - (19.924 + 9.347) / 29.786)
	=	0.205289	/	0.01729
	=	11.8733

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
	=	19.156	/	18.064
	=	1.0605

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))
	=	(0 / (0 + 9.347))	/	(0 / (0 + 8.443))
	=	0	/	0
	=	1

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)
	=	(0 / 19.156)	/	(0 / 18.064)
	=	0	/	0
	=	1

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)
	=	((0 + 2.585) / 30.82)	/	((0 + 2.62) / 29.786)
	=	0.083874	/	0.087961
	=	0.9535

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
	=	(0.816 - 0	-	0)	/	30.82
	=	0.026476

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.

Zaklady Chemiczne Permedia S.A. has a M-score of 1.19 signals that the company is likely to be a manipulator.

Zaklady Chemiczne Permedia S.A. Beneish M-Score Related Terms

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Zaklady Chemiczne Permedia S.A. (WAR:PMD) Business Description

Industry

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Traded in Other Exchanges

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Address

Website

http://www.permedia.pl

Zaklady Chemiczne Permedia S.A is a chemical company. It is engaged in the manufacturing of pigment products. The company Products include powders, liquid pigment pastes and pigment concentrates.