Mangalam Drugs & Organics Beneish M-Score Historical Data
The historical data trend for Mangalam Drugs & Organics'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.
Mangalam Drugs & Organics Beneish M-Score Chart
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Mangalam Drugs & Organics Annual Data
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Mar23 |
| Beneish M-Score |
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-3.04 |
-1.85 |
-2.05 |
-2.63 |
-2.85 |
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Mangalam Drugs & Organics Quarterly Data
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| Beneish M-Score |
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-2.85 |
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Competitive Comparison of Mangalam Drugs & Organics's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Mangalam Drugs & Organics'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.
Mangalam Drugs & Organics's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Mangalam Drugs & Organics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mangalam Drugs & Organics's Beneish M-Score falls into.
Mangalam Drugs & Organics 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 Mangalam Drugs & Organics 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 * 1.2238 | + | 0.528 * 1.1515 | + | 0.404 * 1.2011 | + | 0.892 * 0.818 | + | 0.115 * 0.9724 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.253 | + | 4.679 * -0.106368 | - | 0.327 * 1.0865 |
| = | -2.85 |
* 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 ₹466 Mil.
Revenue was ₹3,660 Mil.
Gross Profit was ₹702 Mil.
Total Current Assets was ₹2,066 Mil.
Total Assets was ₹3,596 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,345 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹110 Mil.
Selling, General, & Admin. Expense(SGA) was ₹154 Mil.
Total Current Liabilities was ₹1,654 Mil.
Long-Term Debt & Capital Lease Obligation was ₹255 Mil.
Net Income was ₹13 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹395 Mil.
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Total Receivables was ₹465 Mil.
Revenue was ₹4,474 Mil.
Gross Profit was ₹987 Mil.
Total Current Assets was ₹1,850 Mil.
Total Assets was ₹3,284 Mil.
Property, Plant and Equipment(Net PPE) was ₹1,293 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹102 Mil.
Selling, General, & Admin. Expense(SGA) was ₹151 Mil.
Total Current Liabilities was ₹1,301 Mil.
Long-Term Debt & Capital Lease Obligation was ₹303 Mil.
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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) |
| = | (465.784 / 3659.677) | / | (465.262 / 4473.672) |
| = | 0.127275 | / | 0.104 |
| | = | 1.2238 |
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) |
| = | (987.426 / 4473.672) | / | (701.504 / 3659.677) |
| = | 0.220719 | / | 0.191685 |
| | = | 1.1515 |
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 - (2065.841 + 1344.96) / 3596.288) | / | (1 - (1850.32 + 1292.902) / 3284.257) |
| = | 0.051577 | / | 0.042943 |
| | = | 1.2011 |
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 |
| = | 3659.677 | / | 4473.672 |
| | = | 0.818 |
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)) |
| = | (102.491 / (102.491 + 1292.902)) | / | (109.889 / (109.889 + 1344.96)) |
| = | 0.07345 | / | 0.075533 |
| | = | 0.9724 |
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) |
| = | (154.412 / 3659.677) | / | (150.64 / 4473.672) |
| = | 0.042193 | / | 0.033673 |
| | = | 1.253 |
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) |
| = | ((255.054 + 1653.575) / 3596.288) | / | ((303.17 + 1301.133) / 3284.257) |
| = | 0.530722 | / | 0.488483 |
| | = | 1.0865 |
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 |
| = | (12.7 - 0 | - | 395.231) | / | 3596.288 |
| | = | -0.106368 |
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.
Mangalam Drugs & Organics has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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