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China Green Agriculture Beneish M-Score

: -4.35 (As of Today)
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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 -4.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NYSE:CGA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.69   Med: -1.97   Max: 0.58
Current: -4.35

-4.69
0.58

During the past 13 years, the highest Beneish M-Score of China Green Agriculture was 0.58. The lowest was -4.69. And the median was -1.97.


China Green Agriculture Beneish M-Score Historical Data

The historical data trend for China Green Agriculture'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.

China Green Agriculture Annual Data
Trend Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.13 -2.58 -1.75 -4.37 -4.33

China Green Agriculture Quarterly Data
Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -4.37 -4.69 -4.38 -4.33 -4.35

Competitive Comparison

For the Agricultural Inputs subindustry, China Green Agriculture'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.

   

China Green Agriculture Beneish M-Score Distribution

For the Agriculture industry and Basic Materials sector, China Green Agriculture's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Green Agriculture's Beneish M-Score falls into.



China Green Agriculture 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 China Green Agriculture 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 * 0.8922+0.528 * 0.9714+0.404 * 0.9918+0.892 * 1.0176+0.115 * 1.0999
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6913+4.679 * -0.377-0.327 * 1.2108
=-4.35

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Accounts Receivable was $99.1 Mil.
Revenue was 37.381 + 52.841 + 86.068 + 48.341 = $224.6 Mil.
Gross Profit was 7.253 + 8.393 + 14.447 + 8.424 = $38.5 Mil.
Total Current Assets was $203.1 Mil.
Total Assets was $250.9 Mil.
Property, Plant and Equipment(Net PPE) was $21.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.7 Mil.
Selling, General, & Admin. Expense(SGA) was $137.9 Mil.
Total Current Liabilities was $78.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -15.077 + -33.943 + -14.815 + -40.037 = $-103.9 Mil.
Non Operating Income was -0.003 + 0.496 + 0 + -0.049 = $0.4 Mil.
Cash Flow from Operations was 1.515 + -2.295 + -4.347 + -4.584 = $-9.7 Mil.
Accounts Receivable was $109.2 Mil.
Revenue was 42.141 + 43.215 + 85.827 + 49.565 = $220.7 Mil.
Gross Profit was 7.874 + 7.457 + 12.617 + 8.82 = $36.8 Mil.
Total Current Assets was $272.3 Mil.
Total Assets was $330.1 Mil.
Property, Plant and Equipment(Net PPE) was $23.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.4 Mil.
Selling, General, & Admin. Expense(SGA) was $196.0 Mil.
Total Current Liabilities was $84.8 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(99.144 / 224.631) / (109.202 / 220.748)
=0.44136384 / 0.49469078
=0.8922

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)
=(36.768 / 220.748) / (38.517 / 224.631)
=0.16656097 / 0.17146787
=0.9714

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 - (203.104 + 21.654) / 250.913) / (1 - (272.272 + 23.124) / 330.09)
=0.10423932 / 0.10510467
=0.9918

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
=224.631 / 220.748
=1.0176

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))
=(4.43 / (4.43 + 23.124)) / (3.707 / (3.707 + 21.654))
=0.16077521 / 0.14616932
=1.0999

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)
=(137.856 / 224.631) / (195.967 / 220.748)
=0.6136998 / 0.88774077
=0.6913

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)
=((0 + 78.023) / 250.913) / ((0 + 84.77) / 330.09)
=0.31095639 / 0.25680875
=1.2108

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
=(-103.872 - 0.444 - -9.711) / 250.913
=-0.377

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.

China Green Agriculture has a M-score of -4.35 suggests that the company is unlikely to be a manipulator.


China Green Agriculture Beneish M-Score Related Terms

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China Green Agriculture Business Description

China Green Agriculture logo
Industry
Basic Materials » Agriculture NAICS : 325320 SIC : 2879
Traded in Other Exchanges
Address
South Taibai Road, 3rd Floor, Borough A, Block A. No. 181, Shaanxi Province, Xi’an, CHN, 710065
China Green Agriculture Inc is engaged in the business of fertilizer and agricultural products. It involves the research, development, production, distribution, and sale of humic acid-based compound fertilizer, blended fertilizer, organic compound fertilizer, slow-release fertilizers, concentrated water-soluble fertilizers, and mixed organic-inorganic compound fertilizer and the development, production, and distribution of agricultural products, such as top-grade fruits, vegetables, flowers and colored seedlings in China. The company operates in four segments: Fertilizer products (Jinong), Fertilizer products (Gufeng), agricultural products (Yuxing), and Sales VIEs(variable interest entities). All of its operations are conducted in China.
Executives
Shi Yiru director 1217 S CATALINA AVENUE REDONDO BEACH CA 90277
Shen Jianlei director 3RD FLOOR, BOROUGH A, BLOCK A. NO. 181 SOUTH TAIBAI ROAD XI?AN, SHAANXI PROVINCE F4 PRC 710065
Fan Ale director 3RD FLOOR, BOROUGH A, BLOCK A. NO. 181 SOUTH TAIBAI ROAD XI?AN, SHAANXI PROVINCE F4 PRC 710065
Zhang Yizhao director 45 OLD MILLSTONE DRIVE, NIT 6 EAST WINDSOR NJ 08520
Fields Robert B director 215 EAST 68TH STREET NEW YORK NY 10021
Raeburn Barry L director C/O FUSHI INTERNATIONAL INC. 1 SHUANGQIANG ROAD, JINZHOU DALIAN F4 116100
To Yinshing David 10 percent owner 45 OLD MILLSTONE DR, UNIT 6 EAST WINDSOR NJ 08520
Schwartz Sanford other: Former Officer & 10% Owner 5353 MANHATTAN CIRCLE STE 101 BOULDER CO 80303
Friess Michael other: Former Officer & 10% Owner 5353 MANHATTAN CIRCLE STE 101 BOULDER CO 80303
Venette John H director, officer: CFO & Treasurer 5353 MANHATTAN CIRCLE SUITE 101 BOULDER CO 80303
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