Notore Chemical Industries Beneish M-Score Historical Data
The historical data trend for Notore Chemical 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.
Notore Chemical Industries Beneish M-Score Chart
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Notore Chemical Industries Annual Data
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Trend |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.40 |
9.16 |
- |
-5.64 |
-5.64 |
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Notore Chemical Industries Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
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Dec23 |
| Beneish M-Score |
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-5.64 |
-3.37 |
2.33 |
0.61 |
-5.64 |
Competitive Comparison of Notore Chemical Industries's Beneish M-Score
For the Agricultural Inputs subindustry, Notore Chemical 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.
Notore Chemical Industries's Beneish M-Score Distribution in the Agriculture Industry
For the Agriculture industry and Basic Materials sector, Notore Chemical Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Notore Chemical Industries's Beneish M-Score falls into.
Notore Chemical 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 Notore Chemical Industries 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 * 0.3832 | + | 0.528 * -0.16 | + | 0.404 * 0.8178 | + | 0.892 * 0.6669 | + | 0.115 * 1.4003 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2731 | + | 4.679 * -0.328008 | - | 0.327 * 1.2176 |
| = | -5.64 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₦1,206 Mil.
Revenue was 8831.956 + 4794.406 + 3817.617 + 4101.183 = ₦21,545 Mil.
Gross Profit was -6509.951 + -2215.468 + -3088.411 + -283.185 = ₦-12,097 Mil.
Total Current Assets was ₦11,429 Mil.
Total Assets was ₦352,452 Mil.
Property, Plant and Equipment(Net PPE) was ₦263,437 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦1,794 Mil.
Selling, General, & Admin. Expense(SGA) was ₦2,374 Mil.
Total Current Liabilities was ₦141,575 Mil.
Long-Term Debt & Capital Lease Obligation was ₦162,978 Mil.
Net Income was -48013.204 + -28232.291 + -30073.424 + -7932.37 = ₦-114,251 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₦0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 1355.708 = ₦1,356 Mil.
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Total Receivables was ₦4,719 Mil.
Revenue was -643.085 + 6661.974 + 9902.698 + 16383.401 = ₦32,305 Mil.
Gross Profit was -6957.874 + 1755.954 + 1699.008 + 6404.71 = ₦2,902 Mil.
Total Current Assets was ₦16,190 Mil.
Total Assets was ₦279,211 Mil.
Property, Plant and Equipment(Net PPE) was ₦187,859 Mil.
Depreciation, Depletion and Amortization(DDA) was ₦1,797 Mil.
Selling, General, & Admin. Expense(SGA) was ₦2,796 Mil.
Total Current Liabilities was ₦88,281 Mil.
Long-Term Debt & Capital Lease Obligation was ₦109,860 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) |
| = | (1205.868 / 21545.162) | / | (4718.668 / 32304.988) |
| = | 0.055969 | / | 0.146066 |
| | = | 0.3832 |
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) |
| = | (2901.798 / 32304.988) | / | (-12097.015 / 21545.162) |
| = | 0.089825 | / | -0.561472 |
| | = | -0.16 |
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 - (11429.016 + 263437.087) / 352451.831) | / | (1 - (16190.462 + 187859.463) / 279211.168) |
| = | 0.220131 | / | 0.269191 |
| | = | 0.8178 |
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 |
| = | 21545.162 | / | 32304.988 |
| | = | 0.6669 |
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)) |
| = | (1796.65 / (1796.65 + 187859.463)) | / | (1794.366 / (1794.366 + 263437.087)) |
| = | 0.009473 | / | 0.006765 |
| | = | 1.4003 |
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) |
| = | (2373.636 / 21545.162) | / | (2795.587 / 32304.988) |
| = | 0.11017 | / | 0.086537 |
| | = | 1.2731 |
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) |
| = | ((162978.2 + 141575.25) / 352451.831) | / | ((109860.464 + 88280.533) / 279211.168) |
| = | 0.864099 | / | 0.709646 |
| | = | 1.2176 |
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 |
| = | (-114251.289 - 0 | - | 1355.708) | / | 352451.831 |
| | = | -0.328008 |
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.
Notore Chemical Industries has a M-score of -5.64 suggests that the company is unlikely to be a manipulator.
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