National Refinery (KAR:NRL) Beneish M-Score : -3.82 (As of Mar. 15, 2025)

View and export this data going back to 1964. Start your Free Trial

What is National Refinery 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 -3.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KAR:NRL' s Beneish M-Score Range Over the Past 10 Years
Min: -5.21 Med: -2.06 Max: 20.31
Current: -3.82

During the past 13 years, the highest Beneish M-Score of National Refinery was 20.31. The lowest was -5.21. And the median was -2.06.

National Refinery Beneish M-Score Historical Data

The historical data trend for National Refinery'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.

National Refinery Beneish M-Score Chart

National Refinery Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

Get a 7-Day Free Trial

-3.50

-3.49

-2.08

-0.89

-4.21

National Refinery Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.15	2.07	-4.21	-3.43	-3.82

Competitive Comparison of National Refinery's Beneish M-Score

For the Oil & Gas Refining & Marketing subindustry, National Refinery'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.

National Refinery's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, National Refinery's Beneish M-Score distribution charts can be found below:

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

National Refinery 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 National Refinery 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 * 0.8166

0.528 * -0.8193

0.404 * 1.5619

0.892 * 1.0022

0.115 * 0.8873

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9471

4.679 * -0.074197

0.327 * 1.2581

-3.82

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₨18,398 Mil.
Revenue was 74856.034 + 66975.812 + 72260.615 + 81029.119 = ₨295,122 Mil.
Gross Profit was -1451.153 + -6297.241 + -4599.986 + -924.247 = ₨-13,273 Mil.
Total Current Assets was ₨72,879 Mil.
Total Assets was ₨109,920 Mil.
Property, Plant and Equipment(Net PPE) was ₨22,379 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3,526 Mil.
Selling, General, & Admin. Expense(SGA) was ₨941 Mil.
Total Current Liabilities was ₨86,715 Mil.
Long-Term Debt & Capital Lease Obligation was ₨15,115 Mil.
Net Income was -4496.32 + -7236.585 + -8267.461 + -2869.624 = ₨-22,870 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was -10585.046 + 7836.058 + -11329.569 + -635.678 = ₨-14,714 Mil.

Total Receivables was ₨22,482 Mil.
Revenue was 81723.64 + 73828.454 + 66778.613 + 72156.019 = ₨294,487 Mil.
Gross Profit was -9597.658 + 7353.894 + 5246.285 + 7848.277 = ₨10,851 Mil.
Total Current Assets was ₨80,905 Mil.
Total Assets was ₨115,783 Mil.
Property, Plant and Equipment(Net PPE) was ₨24,990 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3,432 Mil.
Selling, General, & Admin. Expense(SGA) was ₨991 Mil.
Total Current Liabilities was ₨85,113 Mil.
Long-Term Debt & Capital Lease Obligation was ₨146 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)
	=	(18397.53 / 295121.58)	/	(22481.947 / 294486.726)
	=	0.062339	/	0.076343
	=	0.8166

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)
	=	(10850.798 / 294486.726)	/	(-13272.627 / 295121.58)
	=	0.036846	/	-0.044973
	=	-0.8193

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 - (72879.261 + 22378.768) / 109919.64)	/	(1 - (80904.741 + 24990.31) / 115782.789)
	=	0.133385	/	0.085399
	=	1.5619

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
	=	295121.58	/	294486.726
	=	1.0022

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))
	=	(3432.189 / (3432.189 + 24990.31))	/	(3525.536 / (3525.536 + 22378.768))
	=	0.120756	/	0.136098
	=	0.8873

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)
	=	(940.91 / 295121.58)	/	(991.097 / 294486.726)
	=	0.003188	/	0.003366
	=	0.9471

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)
	=	((15114.562 + 86715.202) / 109919.64)	/	((146.475 + 85112.543) / 115782.789)
	=	0.926402	/	0.73637
	=	1.2581

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
	=	(-22869.99 - 0	-	-14714.235)	/	109919.64
	=	-0.074197

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.

National Refinery has a M-score of -3.82 suggests that the company is unlikely to be a manipulator.

National Refinery Beneish M-Score Related Terms

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

National Refinery Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » National Refinery Ltd (KAR:NRL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

7-B, Korangi Industrial Area, P.O. Box 8228, Karachi, PAK, 74900

Website

http://www.nrlpak.com

National Refinery Ltd is a Pakistan-based company engaged in manufacturing and supplying fuel products, lubes, BTX, asphalts and specialty products for domestic consumption and export. It is also involved in the crude oil refining business. The company operates through two segments namely Fuel and Lube. The Fuel segment, which is the key revenue driver, is engaged in the production of high-speed diesel, naphtha, motor gasoline, liquefied petroleum gas, jet fuels, and furnace oil. The Lube segment produces multiple grades of lube base oils, bitumen, waxes and rubber process oil and some quantities of other fuel products. It derives maximum revenue from Fuel Segment.

National Refinery Headlines

No Headlines