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TripBorn Beneish M-Score

: 0.00 (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.

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

During the past 4 years, the highest Beneish M-Score of TripBorn was 0.00. The lowest was 0.00. And the median was 0.00.


TripBorn Beneish M-Score Historical Data

The historical data trend for TripBorn'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.

TripBorn Annual Data
Trend Mar17 Mar18 Mar19 Mar20
Beneish M-Score
- - -3.63 4.04

TripBorn Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20
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 12.64 4.04 -6.39 -7.89 -7.21

Competitive Comparison

For the Lodging subindustry, TripBorn'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.

   

TripBorn Beneish M-Score Distribution

For the Travel & Leisure industry and Consumer Cyclical sector, TripBorn's Beneish M-Score distribution charts can be found below:

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



TripBorn 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 TripBorn 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 * 0.4341+0.528 * 0.4919+0.404 * 0.2478+0.892 * 0.0627+0.115 * 0.0459
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 3.38+4.679 * -0.2846-0.327 * 3.8941
=-7.21

* 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 (Dec20) TTM:Last Year (Dec19) TTM:
Accounts Receivable was $0.04 Mil.
Revenue was 0.115 + 0.106 + 0.044 + 0.17 = $0.44 Mil.
Gross Profit was 0.035 + 0.041 + 0.014 + 0.034 = $0.12 Mil.
Total Current Assets was $0.69 Mil.
Total Assets was $0.75 Mil.
Property, Plant and Equipment(Net PPE) was $0.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.05 Mil.
Selling, General, & Admin. Expense(SGA) was $0.57 Mil.
Total Current Liabilities was $2.49 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.039 + -0.055 + -0.164 + -2.648 = $-2.91 Mil.
Non Operating Income was 0.017 + 0.006 + 0.002 + -2.358 = $-2.33 Mil.
Cash Flow from Operations was -0.141 + -0.103 + 0.125 + -0.242 = $-0.36 Mil.
Accounts Receivable was $1.32 Mil.
Revenue was 2.82 + 2.128 + 1.826 + 0.165 = $6.94 Mil.
Gross Profit was 0.446 + 0.104 + 0.394 + 0.029 = $0.97 Mil.
Total Current Assets was $4.83 Mil.
Total Assets was $20.84 Mil.
Property, Plant and Equipment(Net PPE) was $11.27 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.44 Mil.
Selling, General, & Admin. Expense(SGA) was $2.71 Mil.
Total Current Liabilities was $8.06 Mil.
Long-Term Debt & Capital Lease Obligation was $9.86 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)
=(0.036 / 0.435) / (1.323 / 6.939)
=0.08275862 / 0.19066148
=0.4341

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)
=(0.973 / 6.939) / (0.124 / 0.435)
=0.14022193 / 0.28505747
=0.4919

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 - (0.693 + 0.01) / 0.745) / (1 - (4.827 + 11.274) / 20.843)
=0.05637584 / 0.22751044
=0.2478

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
=0.435 / 6.939
=0.0627

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))
=(0.44 / (0.44 + 11.274)) / (0.045 / (0.045 + 0.01))
=0.03756189 / 0.81818182
=0.0459

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)
=(0.574 / 0.435) / (2.709 / 6.939)
=1.31954023 / 0.39040208
=3.38

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 + 2.494) / 0.745) / ((9.86 + 8.058) / 20.843)
=3.34765101 / 0.85966512
=3.8941

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
=(-2.906 - -2.333 - -0.361) / 0.745
=-0.2846

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.

TripBorn has a M-score of -7.21 suggests that the company is unlikely to be a manipulator.


TripBorn Beneish M-Score Related Terms

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TripBorn Business Description

TripBorn logo
Industry
Consumer Cyclical » Travel & Leisure NAICS : 721110 SIC : 7011
Traded in Other Exchanges
N/A
Address
762 Perthshire Pl, Near Prahalad Nagar Garden, Satellite, Abingdon, MD, USA, 21009
TripBorn Inc is an online travel agency. The company offers travel reservations and related travel services to travel agents in India. The company operate as a B2B online travel agency that serves travel agents and travel companies based in India in booking travel services and products for their customers. Through its internet-based platform, travel agents can search and book domestic and international air tickets, hotels, vacation packages, rail tickets and bus tickets, as well as ancillary travel-related services and e-commerce money transfer products. The company serves approximately 6,534 agents across India.
Executives
Maxim Partners Llc 10 percent owner C/O MAXIM GROUP LLC 99 SUNNYSIDE BLVD. WOODBURY NY 11797
Mjr Holdings Llc 10 percent owner C/O MAXIM GROUP LLC 99 SUNNYSIDE BLVD. WOODBURY NY 11797
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