C P S Shapers (NSE:CPS) Beneish M-Score : -2.51 (As of May. 14, 2024)

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What is C P S Shapers 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NSE:CPS' s Beneish M-Score Range Over the Past 10 Years
Min: -2.51 Med: -2.51 Max: -2.51
Current: -2.51

During the past 3 years, the highest Beneish M-Score of C P S Shapers was -2.51. The lowest was -2.51. And the median was -2.51.

C P S Shapers Beneish M-Score Historical Data

The historical data trend for C P S Shapers'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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C P S Shapers Beneish M-Score Chart

C P S Shapers Annual Data

Trend

Mar21

Mar22

Mar23

Beneish M-Score

-2.51

C P S Shapers Semi-Annual Data
	Mar21	Mar22	Mar23
Beneish M-Score	-	-	-2.51

Competitive Comparison of C P S Shapers's Beneish M-Score

For the Apparel Manufacturing subindustry, C P S Shapers'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.

C P S Shapers's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, C P S Shapers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where C P S Shapers's Beneish M-Score falls into.

C P S Shapers 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 C P S Shapers 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 * 0.7197

0.528 * 0.8649

0.404 * 0.1096

0.892 * 1.3797

0.115 * 0.7792

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3367

4.679 * 0.076393

0.327 * 0.8459

-2.51

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was ₹26.7 Mil.
Revenue was ₹368.1 Mil.
Gross Profit was ₹216.7 Mil.
Total Current Assets was ₹138.1 Mil.
Total Assets was ₹175.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹35.8 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹5.2 Mil.
Selling, General, & Admin. Expense(SGA) was ₹75.0 Mil.
Total Current Liabilities was ₹95.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹57.1 Mil.
Net Income was ₹24.6 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹11.2 Mil.

Total Receivables was ₹26.9 Mil.
Revenue was ₹266.8 Mil.
Gross Profit was ₹135.8 Mil.
Total Current Assets was ₹91.2 Mil.
Total Assets was ₹127.5 Mil.
Property, Plant and Equipment(Net PPE) was ₹28.0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹3.1 Mil.
Selling, General, & Admin. Expense(SGA) was ₹40.7 Mil.
Total Current Liabilities was ₹82.4 Mil.
Long-Term Debt & Capital Lease Obligation was ₹48.9 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)
	=	(26.673 / 368.145)	/	(26.861 / 266.835)
	=	0.072452	/	0.100665
	=	0.7197

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)
	=	(135.847 / 266.835)	/	(216.71 / 368.145)
	=	0.509105	/	0.588654
	=	0.8649

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 - (138.079 + 35.786) / 175.12)	/	(1 - (91.213 + 27.993) / 127.548)
	=	0.007167	/	0.065403
	=	0.1096

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
	=	368.145	/	266.835
	=	1.3797

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))
	=	(3.055 / (3.055 + 27.993))	/	(5.172 / (5.172 + 35.786))
	=	0.098396	/	0.126276
	=	0.7792

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)
	=	(75.022 / 368.145)	/	(40.681 / 266.835)
	=	0.203784	/	0.152458
	=	1.3367

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)
	=	((57.119 + 95.393) / 175.12)	/	((48.915 + 82.402) / 127.548)
	=	0.8709	/	1.02955
	=	0.8459

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
	=	(24.609 - 0	-	11.231)	/	175.12
	=	0.076393

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.

C P S Shapers has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

C P S Shapers Beneish M-Score Related Terms

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C P S Shapers (NSE:CPS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » C P S Shapers Ltd (NSE:CPS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Plot No. 31, New Mayur Vihar, Near Raj Vansh Vihar, Garh Road, Meerut, UP, IND, 250005

Website

https://www.cpsshapersltd.com

C P S Shapers Ltd is engaged in the business manufacturing of compressed garments. The company's product portfolio has expanded significantly offering a wide array of meticulously crafted shapewear and athleisure clothing that caters to diverse body types and fashion preferences.