MIRA INFORM REPORT

 

 

Report No. :

337738

Report Date :

21.08.2015

 

IDENTIFICATION DETAILS

 

Name :

COVERFOX INSURANCE BROKING PRIVATE LIMITED

 

 

Registered Office :

3rd Floor, Wing B, Krislon House, Opposite Marwa House, Ganesh Nagar, Off Saki Vihar Road, Saki Naka, Andheri (East), Mumbai – 400 072, Maharashtra

Tel. No.:

91-22-65036444

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.05.2013

 

 

Com. Reg. No.:

11-243810

 

 

Capital Investment / Paid-up Capital :

Rs.5.000 million

 

 

CIN No.:

[Company Identification No.]

U66000MH2013PTC243810

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC19903C

 

 

PAN No.:

[Permanent Account No.]

AAFCC2890J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is an Insurance Regulatory and Development Authority (IRDA) approved broker, and its business is to sell insurance products of various insurance companies online.

 

 

No. of Employees :

Information declined by the Management. 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated on 30th May 2013, having moderate track record.

 

Management has denied to disclose any information to us.

 

Reserves of the company seems to be low.

 

However, business is active as per the status shown in the Registrar of Companies. Payments are reported to be slow.

 

The company can be considered for business dealings on safe and secured trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

 

INFORMATION DECLINED

 

Management non-cooperative

 

(Tel. No.: 91-22-65036444)

 

LOCATIONS

 

Registered Office :

3rd Floor, Wing B, Krislon House, Opposite Marwa House, Ganesh Nagar, Off Saki Vihar Road, Saki Naka, Andheri (East), Mumbai – 400 072, Maharashtra, India

Tel. No.:

91-22-65036444

Fax No.:

Not Available

E-Mail :

varun@coverfox.in

info@coverfox.com

Website :

https://www.coverfox.com

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Anurag Mehrotra

Designation :

Director

Address :

1303, Dosti Clover Dosti Acres, Off S.M. Road, Wadala (East), Mumbai – 400 037, Maharashtra, India

Date of Birth/Age :

05.07.1977

Date of Appointment :

14.06.2013

DIN No.:

01950688

 

 

Name :

Mr. Varun Dua

Designation :

Director

Address :

Aastha, Plot No.71, Sector-10A, Vashi, Navi Mumbai – 400 705, Maharashtra, India

Date of Birth/Age :

25.02.1981

Date of Appointment :

30.05.2013

DIN No.:

02092948

 

 

Name :

Vaidyanathaswamy Srinivasan

Designation :

Director

Address :

Flat 1203, Avalon, Rahejaacropolis, Deonar Pada Road, Deonar, Mumbai – 400 088, Maharashtra, India

Date of Birth/Age :

07.04.1965

Date of Appointment :

14.06.2013

DIN No.:

06510677

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

 

No. of Shares

Varun Dua

 

155328

Devendra Kumar Rane

 

155328

Anurag Mehrotra

 

78656

Aniket Thakkar

 

3200

Bimal Kumar Jhunjhunwala

 

10016

Chandrasekhar Iyer 

 

4992

Chetan Mehrotra jointly with Rena Mehrotra

 

10016

Chetna Duggal

 

4992

Ganga Gopalkrishnan

 

18752

Kusumakar Kaushik

 

4992

Bhairavi Lilani jointly with Milind Merchant

 

10016

Permanshu Singh

 

4992

Rajeev Sathe

 

4992

Sanjay Bhandarkar

 

4992

Shrikant Srinivas

 

4992

Sona Rajesh

 

4992

Vaidyanathaswamy Srinivasan

 

18752

Total

 

500000

 

AS ON 24.11.2014

 

Names of Allottee

 

 

No. of Shares

Glitterbug Technologies Private Limited, India

 

23560

Total

 

23560

 

AS ON 30.09.2014

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

65.88

Other top fifty shareholders

 

34.12

Total

 

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is an Insurance Regulatory and Development Authority (IRDA) approved broker, and its business is to sell insurance products of various insurance companies online.

 

 

Products/ Services :

·         HEALTH INSURANCE:

  • Family Health Insurance
  • Health Insurance for Parents
  • Health Insurance for Senior Citizens
  • Compare Health Insurance
  • Health Insurance Claims
  • Health Insurance
  • Cashless Health Insurance
  • Mediclaim Insurance
  • Personal Accident Insurance
  • Maternity Insurance
  • Critical Illness Insurance
  • Individual Health Insurance

·         CAR INSURANCE:

  • Compare Car Insurance
  • Car Insurance Renewal
  • Zero Depreciation Car Insurance
  • Car Insurance
  • New Car Insurance
  • Expired Car Insurance

·         BIKE INSURANCE:

  • Two Wheeler Insurance
  • Compare Two Wheeler Insurance
  • Renew Two Wheeler Insurance

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the Management. 

 

 

Bankers :

Banker Name

Not Divulged

Branch Address

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

Bhana Shah Doshi and Company

Chartered Accountants

Address :

3, Solitaire Building, Behind Bank of Baroda, S.V. Road Santacruz (West), Mumbai – 400 054, Maharashtra, India

Tel. No.:

91-22-26006006/ 26055484

E-Mail :

bimaldoshi@mtnl.net.in

bhanashahdoshi@gmail.com

Income-tax PAN of auditor or auditor's firm :

AAJFB8370M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprises over which major shareholders/ directors have control :

Glitterbug Technologies Private Limited

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

550000

Equity Shares

Rs.10/- each

Rs.5.500 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

523560

Equity Shares

Rs.10/- each

Rs.5.236 million

 

 

 

 

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.10/- each

Rs.5.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

500000

Equity Shares

Rs.10/- each

Rs.5.000 million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2014

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1) Shareholders' Funds

 

 

 

(a) Share Capital

 

 

5.000

(b) Reserves & Surplus

 

 

3.098

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

8.098

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

 

 

0.000

(b) Deferred tax liabilities (Net)

 

 

0.011

(c) Other long term liabilities

 

 

0.000

(d) Long-term provisions

 

 

0.000

Total Non-current Liabilities (3)

 

 

0.011

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

0.000

(b) Trade payables

 

 

0.000

(c) Other current liabilities

 

 

0.475

(d) Short-term provisions

 

 

0.000

Total Current Liabilities (4)

 

 

0.475

 

 

 

 

TOTAL

 

 

8.584

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

0.224

(ii) Intangible Assets

 

 

0.000

(iii) Capital work-in-progress

 

 

0.000

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

0.035

(e) Other Non-current assets

 

 

1.000

Total Non-Current Assets

 

 

1.259

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

3.700

(b) Inventories

 

 

0.000

(c) Trade receivables

 

 

0.010

(d) Cash and cash equivalents

 

 

3.298

(e) Short-term loans and advances

 

 

0.264

(f) Other current assets

 

 

0.053

Total Current Assets

 

 

7.325

 

 

 

 

TOTAL

 

 

8.584

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

 

31.03.2014

 

SALES

 

 

 

 

 

Revenue

 

 

0.479

 

 

Other Income

 

 

NA

 

 

TOTAL                                    

 

 

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

 

 

NA

 

 

 

 

 

Less

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

 

(2.919)

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

 

 

0.002

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

 

(2.921)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

 

 

0.064

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

 

 

(2.985)

 

 

 

 

 

Less

TAX                                                                 

 

 

0.011

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

 

 

(2.996)

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

 

 

(9.43)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

Current maturities of long-term debt

 

 

NA

Cash generated from operations

 

 

NA

Net cash flows from (used in) operations

 

 

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2014

Net Profit Margin

(PAT/Revenue)

(%)
 

 

(625.47)

 

 
 

 

 

Operating Profit Margin

(PBIDT/Revenue)

(%)
 

 

(609.39)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

(34.77)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

(0.37)

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
 

 

0.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

15.42

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity-Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last about 10 months

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last about 10 months

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE:

 

The registered office of the company has been shifted from Aastha, Plot No.71, Sector-10A, Vashi, Navi Mumbai – 400 705, Maharashtra to the present address but the same has not been updated in the Government Registry.

 

 

CORPORATE INFORMATION:

 

Subject is private limited company incorporated on 30th May 2013. It is an Insurance Regulatory and Development Authority (RDA) approved broker and received its broking licence on 27th December 2013. The company’s business is to sell insurance products of various insurance companies online.

 

 

PERFORMANCE, OPERATIONS AND FUTURE PROSPECTS:

 

·         During the year the Company occurred a loss of Rs.2.996 million

 

·         Loss before depreciation and tax as on 31.03.14 is Rs.2.921 million

 

·         After providing for Depreciation of Rs.0.064 million the company has incurred a loss after tax of Rs.2.996 million.

 

 

INDEX OF CHARGES:

 

No Charges Exist for Company.

 

 

FIXED ASSETS:

 

·         Plant and Equipment

·         Computers

·         Air Conditioner

·         Furniture and Fixture

·         Office Equipment 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                                       None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.65.24

UK Pound

1

Rs.102.21

Euro

1

Rs.72.57                      

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

1

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--PROFITABILITY

1~10

-

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

2

--CREDIT LINES

1~10

1

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

11

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.