Lucky Core Industries (KAR:LCI) Beneish M-Score : -2.66 (As of Dec. 14, 2024)

View and export this data going back to 1957. Start your Free Trial

What is Lucky Core Industries 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KAR:LCI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.35 Max: 0.15
Current: -2.66

During the past 13 years, the highest Beneish M-Score of Lucky Core Industries was 0.15. The lowest was -3.47. And the median was -2.35.

Lucky Core Industries Beneish M-Score Historical Data

The historical data trend for Lucky Core Industries'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.

Lucky Core Industries Beneish M-Score Chart

Lucky Core Industries Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

Get a 7-Day Free Trial

-3.03

-2.49

-1.26

-1.57

-2.76

Lucky Core Industries Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															0.15	-0.35	-3.47	-2.76	-2.66

Competitive Comparison of Lucky Core Industries's Beneish M-Score

For the Chemicals subindustry, Lucky Core Industries'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.

Lucky Core Industries's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, Lucky Core Industries's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Lucky Core Industries's Beneish M-Score falls into.

Lucky Core Industries 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 Lucky Core Industries 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 * 0.9364

0.528 * 0.9108

0.404 * 0.9304

0.892 * 1.0713

0.115 * 1.2301

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4128

4.679 * -0.007557

0.327 * 1.0978

-2.66

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₨8,165 Mil.
Revenue was 30728.63 + 29541.86 + 31039.999 + 31063.851 = ₨122,374 Mil.
Gross Profit was 6793.784 + 7106.979 + 7037.362 + 6527.19 = ₨27,465 Mil.
Total Current Assets was ₨52,401 Mil.
Total Assets was ₨102,850 Mil.
Property, Plant and Equipment(Net PPE) was ₨35,773 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3,536 Mil.
Selling, General, & Admin. Expense(SGA) was ₨6,205 Mil.
Total Current Liabilities was ₨37,453 Mil.
Long-Term Debt & Capital Lease Obligation was ₨9,865 Mil.
Net Income was 2623.951 + 3213.542 + 2896.259 + 2502.686 = ₨11,236 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 2131.29 + -1291.518 + 5594.71 + 5579.169 = ₨12,014 Mil.

Total Receivables was ₨8,138 Mil.
Revenue was 28993.84 + 29100.589 + 30846.422 + 25286.645 = ₨114,227 Mil.
Gross Profit was 6338.039 + 5823.43 + 7099.04 + 4089.683 = ₨23,350 Mil.
Total Current Assets was ₨45,893 Mil.
Total Assets was ₨86,686 Mil.
Property, Plant and Equipment(Net PPE) was ₨27,499 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3,421 Mil.
Selling, General, & Admin. Expense(SGA) was ₨4,099 Mil.
Total Current Liabilities was ₨32,620 Mil.
Long-Term Debt & Capital Lease Obligation was ₨3,709 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)
	=	(8164.643 / 122374.34)	/	(8138.381 / 114227.496)
	=	0.066719	/	0.071247
	=	0.9364

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)
	=	(23350.192 / 114227.496)	/	(27465.315 / 122374.34)
	=	0.204418	/	0.224437
	=	0.9108

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 - (52401.332 + 35772.611) / 102850.444)	/	(1 - (45892.699 + 27498.934) / 86686.283)
	=	0.142697	/	0.153365
	=	0.9304

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
	=	122374.34	/	114227.496
	=	1.0713

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))
	=	(3421.334 / (3421.334 + 27498.934))	/	(3535.895 / (3535.895 + 35772.611))
	=	0.11065	/	0.089952
	=	1.2301

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)
	=	(6204.731 / 122374.34)	/	(4099.375 / 114227.496)
	=	0.050703	/	0.035888
	=	1.4128

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)
	=	((9865.254 + 37453.355) / 102850.444)	/	((3708.765 + 32620.065) / 86686.283)
	=	0.460072	/	0.419084
	=	1.0978

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
	=	(11236.438 - 0	-	12013.651)	/	102850.444
	=	-0.007557

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.

Lucky Core Industries has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Lucky Core Industries Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Lucky Core Industries's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Lucky Core Industries Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » Lucky Core Industries Ltd (KAR:LCI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

5 West Wharf Road, ICI House, Karachi, PAK, 74000

Website

https://www.luckycore.com

Lucky Core Industries Ltd is a Pakistan-based manufacturing and trading and AgriSciences. The company is organised into business units based on its products and services and has five reportable segments, namely Polyester, Soda Ash, Animal Health, Pharma and Chemicals and Agri Sciences. It exports its products and services in Bangladesh, China, Sri Lanka, United States, UAE and Others.

Lucky Core Industries Headlines

No Headlines