MIRA INFORM REPORT

Report No. :	311870
Report Date :	13.03.2015

IDENTIFICATION DETAILS

Name :	YES FASHIONS PRIVATE LIMITED
Registered Office :	7^th Floor Meridian Tower, Udhna Darwaja, Surat – 395002, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.10.1989
Com. Reg. No.:	04-012948
Capital Investment / Paid-up Capital :	Rs.60.560 Million
CIN No.: [Company Identification No.]	U18100GJ1989PTC012948
TAN No.: [Tax Deduction & Collection Account No.]	SRTY00004E
PAN No.: [Permanent Account No.]	AAACY0934E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, exporter and supplier of yarn, trousers, shirts, jeans, sarees, semi-stitched suits, synthetic fabrics, grey fabric etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has reported rise in its profitability for the year 2013-14. The financial position of company seems to be sound. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

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 31-03-2014.

LOCATIONS

Registered Office :	7^th Floor Meridian Tower, Udhna Darwaja, Surat – 395002, Gujarat, India
Tel. No.:	91-261-2357991 / 2357995
Fax No.:	91-261-2357992
E-Mail :	roc_info@yahoo.in

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Jawaharbhai Mohanbhai Gondalia

Designation :

Director

Address :

5, Aagam Heritage, Near South Gujarat Univercity, Behind Vatsalya Bunglows, Vesu, Surat - 395007, Gujarat, India

Date of Birth/Age :

09.02.1963

Date of Appointment :

26.10.1989

DIN No.:

00015087

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18100GJ1989PTC012948	YES FASHIONS PVT LTD	Director	26/10/1989	26/10/1989	-	Active	NO
2	U17291GJ1994PTC022105	SEVEN STAR HOLDINGS PVT LTD	Director	20/05/1994	20/05/1994	12/08/2014	Active	NO
3	U17119GJ2002PTC040415	YES GARMENTS PRIVATE LIMITED	Director	31/01/2002	31/01/2002	12/08/2014	Active	NO
4	U70109GJ2006PTC048366	YES INFRA SOLUTION PRIVATE LIMITED	Director	31/05/2006	31/05/2006	12/08/2014	Active	NO
5	U65993GJ1985PTC008297	KIPRITE INVESTMENT FINANCE PVT LTD	Director	04/08/2008	04/08/2008	-	Active	NO
6	U18101GJ2004PTC045200	DEVIKA APPARELS PRIVATE LIMITED	Director	30/03/2010	30/03/2010	12/08/2014	Active	NO
7	U45209GJ2015PTC082250	AALIDHRA-FAIRDEAL INFRA PRIVATE LIMITED	Director	12/02/2015	12/02/2015	-	Active	NO

Name :

Mr. Manan Jawaharbhai Gondalia

Designation :

Director

Address :

1007 Wilson Tower, Ghod Dod Road, Surat - 395007, Gujarat, India

Date of Birth/Age :

12.11.1980

Date of Appointment :

01.06.2003

DIN No.:

00015175

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U18100GJ1989PTC012948	YES FASHIONS PVT LTD	Director	01/06/2003	01/06/2003	-	Active	NO
2	U17291GJ1994PTC022105	SEVEN STAR HOLDINGS PVT LTD	Director	01/06/2003	01/06/2003	12/08/2014	Active	NO
3	U65993GJ1985PTC008297	KIPRITE INVESTMENT FINANCE PVT LTD	Director	25/06/2008	25/06/2008	04/08/2008	Active	NO
4	U17116GJ1990PTC013565	YES EMBROIDERY PRIVATE LIMITED	Director	25/06/2008	25/06/2008	12/08/2014	Active	NO
5	U18101GJ2004PTC045200	DEVIKA APPARELS PRIVATE LIMITED	Director	30/03/2010	30/03/2010	12/08/2014	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Jawaharbhai M Gondalia	65181
Jawaharbhai M Gondalia (HUF)	29770
Champaben Gondalia	24477
Virjibhai Gondalia	1000
Ramuben Gondalia	6422
Ukabhai Gondalia	450
Seven Star Holding Private Limited, India	50645
Vrujlal Gondalia (HUF)	15509
Alkaben Gondalia	1250
Manna Gondalia	49857
Ratankumar Gondalia	30713
Deeshaben Gondalia	250
Alkaben Kalyani	1
Atulkumar Kalvani	1
Hi-Libas Private Limited, India	70940
Jay Shivnath Dye and Printing Works	1
Yes Garments Private Limited, India	58710
B K Kedia (HUF)	1
PDK Textile Private Limited, India	1
Rupendra Dhillon	1
Yes Embroidery Private Limited, India	62000
Mithil Gondalia	51870
Kuntesh J Gondalia (HUF)	6898
Manan J Gondalia (HUF)	5606
Kiprite Inv. Fin Private Limited, India	56363
Yes Energy Private Limited, India	17680
Total	605597

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	52.24
Directors or relatives of Directors	47.76
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, exporter and supplier of yarn, trousers, shirts, jeans, sarees, semi-stitched suits, synthetic fabrics, grey fabric etc.
Products :	· Yarn · Trousers · Shirts · Jeans · Sarees · Semi-Stitched Suits · Synthetic Fabrics · Grey Fabric
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Company Name :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark :	Not Available

Customers :

Company Name :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Maximum Limit Dealt :	Not Available
Experience :	Not Available
Remark :	Not Available

No. of Employees :

Not Available

Bankers :

Banker Name :	The Cosmos Co-Operative Bank Limited
Branch :	Ground Floor, Mederian Towers, Udhna Char Rasta, Surat – 395002, Gujarat, India
Person Name (With Designation) :	Not Available
Contact Number :	Not Available
Name of Account Holder :	Not Available
Account Number :	Not Available
Account Since (Date/Year of Account Opening) :	Not Available
Average Balance Maintained :	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Available
Account Operation :	Not Available
Remark :	Not Available

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee term loans from banks	153.602	171.754
Foreign currency term loans from banks	101.918	101.918
Short Term Borrowings
Working capital loans from banks	620.463	481.504
Total	875.983	755.176

Banking Relations :	--
Auditors :
Name :	Nams and Company Chartered Accountants
Address :	6003, World Trade, Centre, Ring Road, Surat – 395002, Gujarat, India
PAN No.:	AAIFA0107A
Membership :	--
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Hi-Libas Private Limited Seven Star Holdings Private Limited Yes Embroidery Private Limited Kiprite Investment Finance Private Limited S.J. Garments Glory Garments Evva Enterprise Arjun Enterprise Ayush Enterprise Kavita Creation C.J. Fashions Malay Weaves P.R. Textiles Weaves India B.V. Creation Mithil Fab Pavitra Saachi Designer Sarees Private Limited Yes Garments Private Limited Galaxy Synthetics Mars Enterprises Limited Devika Apparels Private Limited Yes Infra Solution Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
730000	Equity Shares	Rs.100/- each	Rs.73.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
605597	Equity Shares	Rs.100/- each	Rs.60.560 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	60.560	52.733	32.762
(b) Reserves & Surplus	184.311	145.655	79.931
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	8.776	10.700
Total Shareholders’ Funds (1) + (2)	244.871	207.164	123.393
(3) Non-Current Liabilities
(a) long-term borrowings	315.241	324.921	226.180
(b) Deferred tax liabilities (Net)	46.769	34.279	22.837
(c) Other long term liabilities	0.994	3.641	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	363.004	362.841	249.017
(4) Current Liabilities
(a) Short term borrowings	620.463	481.504	355.737
(b) Trade payables	193.900	202.128	142.487
(c) Other current liabilities	88.337	48.408	27.832
(d) Short-term provisions	8.215	8.381	7.560
Total Current Liabilities (4)	910.915	740.421	533.616
TOTAL	1518.790	1310.426	906.026
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	464.977	456.797	258.166
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7.075	6.996	6.996
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	35.034	32.601	42.701
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	507.086	496.394	307.863
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	322.560	335.578	218.674
(c) Trade receivables	592.534	387.790	349.864
(d) Cash and cash equivalents	40.964	41.350	9.960
(e) Short-term loans and advances	15.677	9.648	18.375
(f) Other current assets	39.969	39.666	1.290
Total Current Assets	1011.704	814.032	598.163
TOTAL	1518.790	1310.426	906.026

PROFIT & LOSS ACCOUNT

Particulars	31.03.2014	31.03.2013	31.03.2012
Sales Turnover	NA	NA	NA
Profit/Loss for the year	19.090	18.000	14.881
Earnings	US $ 8088847	--	--

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Debt Equity Ratio (Total Debt /Networth)	3.82	3.89	4.72
Current Ratio (Current Asset/Current Liability)	1.11	1.10	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	32.762	52.733	60.560
Reserves & Surplus	79.931	145.655	184.311
Share Application money pending allotment	10.700	8.776	0.000
Net worth	123.393	207.164	244.871
long-term borrowings	226.180	324.921	315.241
Short term borrowings	355.737	481.504	620.463
Total borrowings	581.917	806.425	935.704
Debt/Equity ratio	4.716	3.893	3.821

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Intercorporate borrowings	19.761	26.166
Loans and advances from related parties	39.960	25.083
Total	59.721	51.249

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10539320	06/12/2014	80,000,000.00	THE COSMOS CO-OPERATIVE BANK LTD	GROUND FLOOR, MEDERIAN TOWERS, UDHNA CHAR RASTA, SURAT, GUJARAT - 395002, INDIA	C38459509
2	10536380	05/12/2014	80,000,000.00	THE COSMOS CO-OPERATIVE BANK LTD	GROUND FLOOR, MEREDIAN TOWERS, UDHNA CHAR RASTA,, SURAT, GUJARAT - 395002, INDIA	C36833697
3	10522079	16/09/2014	30,000,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	GROUND FLOOR, MERIDIAN TOWERS, UDHNA DARWAJA, SURAT, GUJARAT - 395002, INDIA	C22485460
4	10420893	12/04/2013	20,000,000.00	THE COSMOS CO-OPERATIVE BANK LTD	GROUND FLOOR, MEDERIAN TOWERS,, UDHNA CHAR RASTA, SURAT, GUJARAT - 394210, INDIA	B73497372
5	10193016	11/11/2009	73,500,000.00	THE COSMOS CO. OPERATIVE BANK LIMITED	UG 2 MADERIAN TOWERS,, UDHNA DARWAJA, SURAT, GUJARAT - 395002, INDIA	A76024124
6	90112859	13/01/2014 *	1,121,043,000.00	THE COSMOS CO-OPERATIVE BANK LIMITED	GROUND FLOOR, MEDERIAN TOWERS, UDHNA CHAR RASTA, SURAT, GUJARAT - 395002, INDIA	B95868105
7	80027285	30/03/2009 *	222,497,000.00	THE COSMOS CO OPERATIVE BANK LIMITED	UG 2 MEREDIAN TOWERS, UDHNA DARWAJA, SURAT, GUJARAT - 395002, INDIA	A61359139
8	90107719	14/09/2001 *	30,250,000.00	BANK OF BARODA	UDHYOGNAGAR, SURAT, GUJARAT, INDIA	-
9	90107710	18/08/1998	9,244,000.00	THE SURAT PEOPLE'S CO-OP BANK LTD.	VASUDHARA . PARSI SHERI, NAVAPURA, SURAT, GUJARAT, INDIA	-
10	90112418	03/03/1998	14,600,000.00	THE SURAT PEOPLE 'S CO-OP BANK LTD.	VASUDHARA PARSI SHERI ; NAVAPARA, SURAT, GUJARAT, INDIA	-
11	90108979	11/03/1993	1,650,000.00	BANK OF BARODA	UDHNA BRANCH, SURAT, GUJARAT, INDIA	-
12	90108804	15/10/1998 *	9,000,000.00	BANK OF BARODA	UDHNA BRANCH, SURAT, GUJARAT, INDIA	-
13	90112086	31/05/2001 *	9,000,000.00	BANK OF BARODA	UDHNA BRANCH, SURAT, GUJARAT, INDIA	-
14	90108737	27/02/1991	3,483,000.00	GUJARAT STATE FINANCIAL CORPORATION	JAL DARSHAN BLDG. ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Office Equipment

· Computer

· Vehicles

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.62.57
UK Pound	1	Rs.93.57
Euro	1	Rs.65.95

INFORMATION DETAILS

Analysis Done by :	SUC
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--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		46

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.