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Rajgor Castor Derivatives (NSE:RCDL) Beneish M-Score : 2.99 (As of Jun. 19, 2024)


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What is Rajgor Castor Derivatives 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.

Warning Sign:

Beneish M-Score 2.99 higher than -1.78, which implies that the company might have manipulated its financial results.

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

NSE:RCDL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.77   Med: 5.61   Max: 13.98
Current: 2.99

During the past 5 years, the highest Beneish M-Score of Rajgor Castor Derivatives was 13.98. The lowest was -2.77. And the median was 5.61.


Rajgor Castor Derivatives Beneish M-Score Historical Data

The historical data trend for Rajgor Castor Derivatives'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.

Rajgor Castor Derivatives Beneish M-Score Chart

Rajgor Castor Derivatives Annual Data
Trend Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
- - -2.77 13.83 2.99

Rajgor Castor Derivatives Semi-Annual Data
Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score - - -2.77 13.83 2.99

Competitive Comparison of Rajgor Castor Derivatives's Beneish M-Score

For the Packaged Foods subindustry, Rajgor Castor Derivatives'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.


Rajgor Castor Derivatives's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Rajgor Castor Derivatives's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Rajgor Castor Derivatives's Beneish M-Score falls into.



Rajgor Castor Derivatives 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 Rajgor Castor Derivatives 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 * 5.258+0.528 * 0.9989+0.404 * 0.8805+0.892 * 1.3173+0.115 * 1.0489
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0+4.679 * 0.235492-0.327 * 0.8824
=2.99

* 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 ₹992 Mil.
Revenue was ₹5,648 Mil.
Gross Profit was ₹310 Mil.
Total Current Assets was ₹1,645 Mil.
Total Assets was ₹1,878 Mil.
Property, Plant and Equipment(Net PPE) was ₹213 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹0 Mil.
Total Current Liabilities was ₹1,096 Mil.
Long-Term Debt & Capital Lease Obligation was ₹23 Mil.
Net Income was ₹98 Mil.
Gross Profit was ₹0 Mil.
Cash Flow from Operations was ₹-344 Mil.
Total Receivables was ₹143 Mil.
Revenue was ₹4,288 Mil.
Gross Profit was ₹235 Mil.
Total Current Assets was ₹570 Mil.
Total Assets was ₹778 Mil.
Property, Plant and Equipment(Net PPE) was ₹198 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹14 Mil.
Selling, General, & Admin. Expense(SGA) was ₹34 Mil.
Total Current Liabilities was ₹482 Mil.
Long-Term Debt & Capital Lease Obligation was ₹43 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)
=(991.684 / 5648.358) / (143.173 / 4287.806)
=0.17557 / 0.033391
=5.258

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)
=(235.128 / 4287.806) / (310.07 / 5648.358)
=0.054836 / 0.054896
=0.9989

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 - (1644.547 + 212.93) / 1878.171) / (1 - (570.219 + 198.306) / 778.264)
=0.011018 / 0.012514
=0.8805

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
=5648.358 / 4287.806
=1.3173

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))
=(14.043 / (14.043 + 198.306)) / (14.328 / (14.328 + 212.93))
=0.066132 / 0.063047
=1.0489

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)
=(0 / 5648.358) / (33.638 / 4287.806)
=0 / 0.007845
=0

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)
=((22.547 + 1096.002) / 1878.171) / ((43.404 + 481.842) / 778.264)
=0.595552 / 0.674894
=0.8824

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
=(97.839 - 0 - -344.455) / 1878.171
=0.235492

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.

Rajgor Castor Derivatives has a M-score of 2.99 signals that the company is likely to be a manipulator.


Rajgor Castor Derivatives Beneish M-Score Related Terms

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Rajgor Castor Derivatives (NSE:RCDL) Business Description

Comparable Companies
Traded in Other Exchanges
N/A
Address
Science City Road, 1118, Fortune Business Hub, Near Satyamev Elysium, Sola, Ahmedabad, GJ, IND, 380060
Rajgor Castor Derivatives Ltd has commenced manufacturing of Refined Castor Oil First Stage Grade (F.S.G.), Castor De-Oiled Cake, and High Protein Castor De-Oiled Cake for the domestic market. It is currently operating on a B2B business Model and offers its customers Castor Oil and its derivatives. It focuses on operations relating to quality control, inventory management, and business development. Being a customer-centric company, its prime focus is to attain the utmost client satisfaction by offering them quality products.

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