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Elite Pharmaceuticals (Elite Pharmaceuticals) Beneish M-Score : 1.11 (As of May. 03, 2024)


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What is Elite Pharmaceuticals 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.

Warning Sign:

Beneish M-Score 1.11 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ELTP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.74   Med: -2.23   Max: 1.11
Current: 1.11

During the past 13 years, the highest Beneish M-Score of Elite Pharmaceuticals was 1.11. The lowest was -3.74. And the median was -2.23.


Elite Pharmaceuticals Beneish M-Score Historical Data

The historical data trend for Elite Pharmaceuticals'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.

Elite Pharmaceuticals Beneish M-Score Chart

Elite Pharmaceuticals 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 -2.00 -1.15 -2.45 -2.36 -2.64

Elite Pharmaceuticals 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 -1.59 -2.64 -1.69 0.64 1.11

Competitive Comparison of Elite Pharmaceuticals's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Elite Pharmaceuticals'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.


Elite Pharmaceuticals's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Elite Pharmaceuticals's Beneish M-Score distribution charts can be found below:

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



Elite Pharmaceuticals 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 Elite Pharmaceuticals 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 * 2.0243+0.528 * 1.0627+0.404 * 2.0492+0.892 * 1.4261+0.115 * 1.0149
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7185+4.679 * 0.356123-0.327 * 0.7228
=1.11

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $16.01 Mil.
Revenue was 15.539 + 14.157 + 8.98 + 8.642 = $47.32 Mil.
Gross Profit was 7.041 + 6.447 + 4.751 + 3.441 = $21.68 Mil.
Total Current Assets was $37.16 Mil.
Total Assets was $74.70 Mil.
Property, Plant and Equipment(Net PPE) was $10.53 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.36 Mil.
Selling, General, & Admin. Expense(SGA) was $5.80 Mil.
Total Current Liabilities was $19.16 Mil.
Long-Term Debt & Capital Lease Obligation was $3.52 Mil.
Net Income was 0.706 + 14.935 + 1.142 + -1.229 = $15.55 Mil.
Non Operating Income was -3.511 + -4.535 + -0.189 + -0.439 = $-8.67 Mil.
Cash Flow from Operations was -2.396 + -0.236 + -2.71 + 2.969 = $-2.37 Mil.
Total Receivables was $5.55 Mil.
Revenue was 9.25 + 8.586 + 7.673 + 7.672 = $33.18 Mil.
Gross Profit was 4.919 + 3.824 + 3.998 + 3.415 = $16.16 Mil.
Total Current Assets was $33.17 Mil.
Total Assets was $52.72 Mil.
Property, Plant and Equipment(Net PPE) was $10.25 Mil.
Depreciation, Depletion and Amortization(DDA) was $1.35 Mil.
Selling, General, & Admin. Expense(SGA) was $5.66 Mil.
Total Current Liabilities was $6.65 Mil.
Long-Term Debt & Capital Lease Obligation was $15.49 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)
=(16.01 / 47.318) / (5.546 / 33.181)
=0.338349 / 0.167144
=2.0243

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)
=(16.156 / 33.181) / (21.68 / 47.318)
=0.486905 / 0.458177
=1.0627

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 - (37.157 + 10.53) / 74.696) / (1 - (33.165 + 10.249) / 52.716)
=0.361586 / 0.176455
=2.0492

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
=47.318 / 33.181
=1.4261

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))
=(1.346 / (1.346 + 10.249)) / (1.36 / (1.36 + 10.53))
=0.116085 / 0.114382
=1.0149

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)
=(5.795 / 47.318) / (5.656 / 33.181)
=0.122469 / 0.170459
=0.7185

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)
=((3.518 + 19.159) / 74.696) / ((15.489 + 6.654) / 52.716)
=0.303591 / 0.420043
=0.7228

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
=(15.554 - -8.674 - -2.373) / 74.696
=0.356123

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.

Elite Pharmaceuticals has a M-score of 1.11 signals that the company is likely to be a manipulator.


Elite Pharmaceuticals Beneish M-Score Related Terms

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Elite Pharmaceuticals (Elite Pharmaceuticals) Business Description

Traded in Other Exchanges
N/A
Address
165 Ludlow Avenue, Northvale, NJ, USA, 07647
Elite Pharmaceuticals Inc is a pharmaceutical company. It is principally engaged in the development and manufacture of oral, controlled-release products, using proprietary know-how and technology. The company's operating segment includes Abbreviated New Drug Applications (ANDA) and New Drug Applications (NDA). It generates maximum revenue from the ANDA segment. The company focuses on developing pain management products; manufacturing a line of generic pharmaceutical products with approved Abbreviated New Drug Applications; developing additional generic pharmaceutical products; development of other products in its pipeline including the products with its partners; and commercialization of new products.
Executives
Mark N Pellegrino officer: CFO, Secretary, Treasurer 165 LUDLOW AVE, NORTHVALE NJ 07647
Kirko Kirkov officer: Chief Commercial Officer 165 LUDLOW AVE, NORTHVALE NJ 07647
Chen Robert C J officer: CFO, Secretary, Treasurer 165 LUDLOW AVENUE, NORTHVALE NJ 07647
Marc Bregman officer: CFO, Secretary, Treasurer C/O ELITE PHARMACEUTICALS, INC., 165 LUDLOW AVENUE, NORTHVALE NJ 07647
Eugene M Pfeifer director C/O ELITE PHARMACEUTICALS, INC, 165, NORTHVALE NJ 07647
Davis S Caskey director C/O ELITE PHARMACEUTICALS, INC, 165 LUDLOW AVE, NORTHVALE NJ 07647
Jerry Treppel director 93 SETON HIGHLANDS, PLYMOUTH MA 02360
Mikah Pharma, Llc 10 percent owner 165 LUDLOW AVE., NORTHVALE NJ 07647
Douglas Plassche officer: Executive VP of Operations 165 LUDLOW AVE., NORTHVALE NJ 07647
Jeenarine Narine director, 10 percent owner C/O EPIC PHARMA, LLC, 227-15 NORTH CONDUIT AVENUE, LAURELTON NY 11413
Ashok G Nigalaye director, 10 percent owner, officer: Chief Scientific Officer C/O EPIC PHARMA, LLC, 227-15 NORTH CONDUIT AVENUE, LAURELTON NY 11413
Epic Pharma Llc 10 percent owner 227-15 NORTH CONDUIT AVE, LAURELTON NY 11413-3134
Epic Investments, Llc 10 percent owner 227-15 NORTH CONDUIT AVENUE, LAURELTON NY 11413
Nasrat A Hakim director, 10 percent owner, officer: President & CEO C/O ELITE PHARMACEUTICALS, INC., 165 LUDLOW AVE., NORTHVALE NJ 07647
Jeffrey A Whitnell director C/O ELITE PHARMACEUTICALS, INC, 165 LUDLOW AVENUE, NORTHVALE NJ 07647

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