Refactored again: poor man's MySQL replicator monitor

I saw that both Haidong Ji and Geert VanderKelen have proposed a Python monitor for MySQL replication, calling it the "poor man's version".
See Poor man’s MySQL replication monitoring and Geert's Refactored: Poor man’s MySQL replication monitoring.
Having Python in your server doesn't really qualify as "poor man". In many cases it's a luxury, and thus, here's my shot at the problem, using a Bash shell script.
Unlike its Python-based competition, this version also checks that the slave is replicating from the intended master, and that it is not lagging behind.

#!/bin/bash

USERNAME=msandbox
PASSWORD=msandbox
EXPECTED_MASTER_HOST=127.0.0.1
EXPECTED_MASTER_PORT=27371

SLAVE_HOST=127.0.0.1
SLAVE_PORT=27372

MYSQL="mysql -u $USERNAME -p$PASSWORD "
MASTER="$MYSQL -h $EXPECTED_MASTER_HOST -P $EXPECTED_MASTER_PORT"
SLAVE="$MYSQL -h $SLAVE_HOST -P $SLAVE_PORT"

$MASTER -e 'SHOW MASTER STATUS\G' > mstatus
$SLAVE -e 'SHOW SLAVE STATUS\G' > sstatus

function extract_value {
    FILENAME=$1
    VAR=$2
    grep -w $VAR $FILENAME | awk '{print $2}'
}

Master_Binlog=$(extract_value mstatus File )
Master_Position=$(extract_value mstatus Position )

Master_Host=$(extract_value sstatus Master_Host)
Master_Port=$(extract_value sstatus Master_Port)
Master_Log_File=$(extract_value sstatus Master_Log_File)
Read_Master_Log_Pos=$(extract_value sstatus Read_Master_Log_Pos)
Slave_IO_Running=$(extract_value sstatus Slave_IO_Running)
Slave_SQL_Running=$(extract_value sstatus Slave_SQL_Running)

ERROR_COUNT=0
if [ "$Master_Host" != "$EXPECTED_MASTER_HOST" ]
then
    ERRORS[$ERROR_COUNT]="the slave is not replicating from the host that it is supposed to"
    ERROR_COUNT=$(($ERROR_COUNT+1))
fi

if [ "$Master_Port" != "$EXPECTED_MASTER_PORT" ]
then
    ERRORS[$ERROR_COUNT]="the slave is not replicating from the host that it is supposed to"
    ERROR_COUNT=$(($ERROR_COUNT+1))
fi

if [ "$Master_Binlog" != "$Master_Log_File" ]
then
    ERRORS[$ERROR_COUNT]="master binlog ($Master_Binlog) and Master_Log_File ($Master_Log_File) differ"
    ERROR_COUNT=$(($ERROR_COUNT+1))
fi

POS_DIFFERENCE=$(echo ${Master_Position}-$Read_Master_Log_Pos|bc)

if [ $POS_DIFFERENCE -gt 1000 ]
then
    ERRORS[$ERROR_COUNT]="The slave is lagging behind of $POS_DIFFERENCE"
    ERROR_COUNT=$(($ERROR_COUNT+1))
fi

if [ "$Slave_IO_Running" == "No" ]
then
    ERRORS[$ERROR_COUNT]="Replication is stopped"
    ERROR_COUNT=$(($ERROR_COUNT+1))
fi

if [ "$Slave_SQL_Running" == "No" ]
then
    ERRORS[$ERROR_COUNT]="Replication (SQL) is stopped"
    ERROR_COUNT=$(($ERROR_COUNT+1))
fi

if [ $ERROR_COUNT -gt 0 ]
then
    EMAIL=myname@gmail.com
    SUBJECT="ERRORS in replication"
    BODY=''
    CNT=0
    while [ "$CNT" != "$ERROR_COUNT" ]
    do
        BODY="$BODY ${ERRORS[$CNT]}"
        CNT=$(($CNT+1))
    done
    echo $SUBJECT
    echo $BODY
    echo $BODY | mail -s "$SUBJECT" $EMAIL
else
    echo "Replication OK"
    printf "file: %s at %'d\n" $Master_Log_File  $Read_Master_Log_Pos
fi