Mangalam Organics Beneish M-Score Historical Data
The historical data trend for Mangalam 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 Organics Beneish M-Score Chart
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Mangalam Organics Annual Data
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Mar24 |
| Beneish M-Score |
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-3.45 |
-1.99 |
-15.49 |
-3.50 |
-2.84 |
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Mangalam Organics Quarterly Data
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Sep24 |
| Beneish M-Score |
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-2.84 |
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Competitive Comparison of Mangalam Organics's Beneish M-Score
For the Specialty Chemicals subindustry, Mangalam 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 Organics's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Mangalam Organics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Mangalam Organics's Beneish M-Score falls into.
Mangalam 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 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 * 1.5546 | + | 0.528 * 0.6221 | + | 0.404 * 0.8741 | + | 0.892 * 1.002 | + | 0.115 * 0.965 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8846 | + | 4.679 * -0.140983 | - | 0.327 * 0.9233 |
| = | -2.84 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₹740 Mil.
Revenue was ₹4,935 Mil.
Gross Profit was ₹1,129 Mil.
Total Current Assets was ₹2,251 Mil.
Total Assets was ₹4,854 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,490 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹198 Mil.
Selling, General, & Admin. Expense(SGA) was ₹320 Mil.
Total Current Liabilities was ₹1,809 Mil.
Long-Term Debt & Capital Lease Obligation was ₹208 Mil.
Net Income was ₹43 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹727 Mil.
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Total Receivables was ₹475 Mil.
Revenue was ₹4,925 Mil.
Gross Profit was ₹701 Mil.
Total Current Assets was ₹2,636 Mil.
Total Assets was ₹5,060 Mil.
Property, Plant and Equipment(Net PPE) was ₹2,289 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹175 Mil.
Selling, General, & Admin. Expense(SGA) was ₹361 Mil.
Total Current Liabilities was ₹1,862 Mil.
Long-Term Debt & Capital Lease Obligation was ₹415 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) |
| = | (739.775 / 4935.196) | / | (474.899 / 4925.262) |
| = | 0.149898 | / | 0.096421 |
| | = | 1.5546 |
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) |
| = | (701.204 / 4925.262) | / | (1129.412 / 4935.196) |
| = | 0.142369 | / | 0.228848 |
| | = | 0.6221 |
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 - (2250.974 + 2489.908) / 4854.227) | / | (1 - (2636.271 + 2288.521) / 5059.966) |
| = | 0.02335 | / | 0.026714 |
| | = | 0.8741 |
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 |
| = | 4935.196 | / | 4925.262 |
| | = | 1.002 |
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)) |
| = | (175.446 / (175.446 + 2288.521)) | / | (198.358 / (198.358 + 2489.908)) |
| = | 0.071205 | / | 0.073787 |
| | = | 0.965 |
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) |
| = | (319.609 / 4935.196) | / | (360.561 / 4925.262) |
| = | 0.064761 | / | 0.073206 |
| | = | 0.8846 |
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) |
| = | ((208.019 + 1808.779) / 4854.227) | / | ((414.733 + 1862.284) / 5059.966) |
| = | 0.415473 | / | 0.450006 |
| | = | 0.9233 |
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 |
| = | (42.861 - 0 | - | 727.226) | / | 4854.227 |
| | = | -0.140983 |
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 Organics has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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