Mangalore Chemicals & Fertilizers (NSE:MANGCHEFER) Beneish M-Score : -3.30 (As of Apr. 12, 2025)

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What is Mangalore Chemicals & Fertilizers 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 -3.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Mangalore Chemicals & Fertilizers's Beneish M-Score or its related term are showing as below:

NSE:MANGCHEFER' s Beneish M-Score Range Over the Past 10 Years
Min: -5.2 Med: -1.75 Max: -0.38
Current: -3.3

During the past 13 years, the highest Beneish M-Score of Mangalore Chemicals & Fertilizers was -0.38. The lowest was -5.20. And the median was -1.75.

Mangalore Chemicals & Fertilizers Beneish M-Score Historical Data

The historical data trend for Mangalore Chemicals & Fertilizers'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.

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Mangalore Chemicals & Fertilizers Beneish M-Score Chart

Mangalore Chemicals & Fertilizers Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-3.70

-5.20

-1.98

-2.37

-3.30

Mangalore Chemicals & Fertilizers 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															-	-3.30	-	-	-

Competitive Comparison of Mangalore Chemicals & Fertilizers's Beneish M-Score

For the Agricultural Inputs subindustry, Mangalore Chemicals & Fertilizers'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.

Mangalore Chemicals & Fertilizers's Beneish M-Score Distribution in the Agriculture Industry

For the Agriculture industry and Basic Materials sector, Mangalore Chemicals & Fertilizers's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mangalore Chemicals & Fertilizers's Beneish M-Score falls into.

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Mangalore Chemicals & Fertilizers 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 Mangalore Chemicals & Fertilizers 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 * 0.7743

0.528 * 0.9221

0.404 * 1.0117

0.892 * 1.0421

0.115 * 0.858

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9676

4.679 * -0.140489

0.327 * 0.8433

-3.30

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₹6,591 Mil.
Revenue was ₹37,922 Mil.
Gross Profit was ₹14,210 Mil.
Total Current Assets was ₹13,049 Mil.
Total Assets was ₹24,304 Mil.
Property, Plant and Equipment(Net PPE) was ₹11,148 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹716 Mil.
Selling, General, & Admin. Expense(SGA) was ₹84 Mil.
Total Current Liabilities was ₹10,566 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,174 Mil.
Net Income was ₹1,548 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹4,963 Mil.

Total Receivables was ₹8,168 Mil.
Revenue was ₹36,392 Mil.
Gross Profit was ₹12,575 Mil.
Total Current Assets was ₹15,544 Mil.
Total Assets was ₹26,591 Mil.
Property, Plant and Equipment(Net PPE) was ₹10,931 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹597 Mil.
Selling, General, & Admin. Expense(SGA) was ₹83 Mil.
Total Current Liabilities was ₹14,071 Mil.
Long-Term Debt & Capital Lease Obligation was ₹3,755 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)
	=	(6590.527 / 37922.452)	/	(8168.048 / 36392.097)
	=	0.17379	/	0.224446
	=	0.7743

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)
	=	(12574.722 / 36392.097)	/	(14209.819 / 37922.452)
	=	0.345534	/	0.374707
	=	0.9221

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 - (13048.683 + 11148.293) / 24304.292)	/	(1 - (15544.143 + 10931.292) / 26591.495)
	=	0.004416	/	0.004365
	=	1.0117

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
	=	37922.452	/	36392.097
	=	1.0421

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))
	=	(596.75 / (596.75 + 10931.292))	/	(715.777 / (715.777 + 11148.293))
	=	0.051765	/	0.060331
	=	0.858

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)
	=	(83.686 / 37922.452)	/	(82.996 / 36392.097)
	=	0.002207	/	0.002281
	=	0.9676

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)
	=	((3174.319 + 10566.286) / 24304.292)	/	((3755.415 + 14071.152) / 26591.495)
	=	0.565357	/	0.670386
	=	0.8433

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
	=	(1548.152 - 0	-	4962.643)	/	24304.292
	=	-0.140489

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.

Mangalore Chemicals & Fertilizers has a M-score of -3.30 suggests that the company is unlikely to be a manipulator.

Mangalore Chemicals & Fertilizers Beneish M-Score Related Terms

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Mangalore Chemicals & Fertilizers Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Agriculture » Mangalore Chemicals & Fertilizers Ltd (NSE:MANGCHEFER) » Definitions » Beneish M-Score

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530011:India

Address

Vittal Mallya Road, Level-11, UB Towers, UB City Number 24, Bengaluru, KA, IND, 560001

Website

https://www.mangalorechemicals.com

Mangalore Chemicals & Fertilizers Ltd manufactures and markets chemical fertilizers in the state of Karnataka. It manufactures both Nitrogenous and Phosphatic fertilizers and is the only manufacturer of fertilizers in the state of Karnataka. About 77% of the company's products are sold in the state of Karnataka, which meets about 10% of the needs of the farmers in the State.

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