MIRA INFORM REPORT

Report Date :

16.04.2012

IDENTIFICATION DETAILS

Name :	WEBSOURCE TECHNOLOGIES LIMITED
Registered Office :	Nirankar, 1133/ 5, Fergusson College Road, Opposite Police Grounds, Pune – 411 016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.03.2000
Com. Reg. No.:	11-14615
Capital Investment/ Paid-up Capital:	Rs.6.696 millions
CIN No.: [Company Identification No.]	U72900PN2000PLC014615
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	They are into software development and E Commerce Business.
No. of Employees:	Approximately 25

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 69000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

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

INFORMATION DECLINED BY

Name :	Ms. Kalyani
Designation :	Accounts Manager
Date :	14.04.2012

LOCATIONS

Registered Office :	Nirankar, 1133/ 5, Fergusson College Road, Opposite Police Grounds, Pune – 411 016, Maharashtra, India
Tel. No.:	91-20-25662021
Mobile No.:	91-9325643160 (Mr. Shekhar Pillai)
Fax No.:	91-20-25662024
E-Mail :	accounts@roomsxml.com
Website :	http://www.websource.co.in
Area :	2200 sq ft
Location :	Rented
Overseas Market :	Located at: v UK v Australia v Singapore

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Prakash Ramchandra Bang
Designation :	Chairman Cum Managing Director
Address :	Mantri Apartments, 1201/ A/ 5, Shivaji Nagar, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	02.10.1956
Qualification :	MBA
Date of Appointment :	21.03.2000
DIN No.:	00088837
Name :	Mr. Rajesh C Vaishnav
Designation :	Director
Address :	3/ 3, Kumar City, Kalyani Nagar, Pune – 411 014, Maharashtra, India
Date of Birth/Age :	27.12.1956
Date of Appointment :	30.09.2010
DIN No.:	00119614
Name :	Mr. Ruchir Prakash Bang
Designation :	Whole Time Director
Address :	Mantri Apartments, 1201/ A/ 5, Shivaji Nagar, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	27.08.1981
Qualification :	MBA
Date of Appointment :	21.03.2000
DIN No.:	00088900
Name :	Mr. Nitin Nagesh Gangla
Designation :	Director
Address :	68 A, Lorong Mydin, Singapore 416871
Date of Birth/Age :	20.04.1957
Date of Appointment :	14.06.2000
DIN No.:	02729653
Name :	Mr. Ujwal Rambilas Lahoti
Designation :	Director
Address :	2201, Dhavalgiri, Phapanas, Phapanaswadi, Nana Chowk, Grant Road, Mumbai – 400 036, Maharashtra, India
Date of Birth/Age :	04.01.1959
Date of Appointment :	14.06.2000
DIN No.:	00360785

KEY EXECUTIVES

Name :	Ms. Kalyani
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Banq Ramchandra Prakash	386100
Bang Prakash Ruchir	32100
Banq Prakash Vmrida	45100
Vaishnav Chandrakant Raiesh	40100
Bang Ramchandra Maid	40600
Laholi Ramvilas Ujwal	100
Sarda Punishottam Ravindra	3600
Jhavar Sudarshan Smlta	5000
Lahoti Overseas Lid.	50000
Chandak Shrivallabh Kishor	5600
Cliandak Kishor Shnjti	2500
Chandak Lonkaran Girish	1100
Sarda Rajendra Suchiia	3000
Sarda Purushotlam Raiendra	3500
Sarda Ravindra Hema	3000
Lahoti Murhdhar Kedarnath	200
Mandora Kishor Varshali	1200
Mandora Deokinandan Kishor	1400
Mandora Deokinandan Satish	1100
Mandora Satish Mitu	1400
Laholi Ramvilas Rukmini	100
Sarda Devkkaran Purushottam	100
Mantri Panduranq Suria	100
Banq Shivpralap Kisanpyah	100
Soni Radhakisan Ramkuwar	100
Jaiu Ramniwas Basanlibai	100
Dhoot Radheshyam Shivkania	100
Banc Prakash Anuj	32100
Vaishnav Shaswati jointly with Vaishnav Chandrakant Rajesh	10000
Chandak Mukund Ritesh	100
Total	669600

quity Share breakup (percentage of total equity)

AS ON 30.09.2011

Category	Percentage
Bodies Corporate	7.47
Directors or relatives of directors	87.60
Other top fifty (50) shareholders	4.93
Total	100.00

BUSINESS DETAILS

Line of Business :

They are into software development and E Commerce Business.

GENERAL INFORMATION

Customers :

v Turquoise Tours and Travel Limited , UK

v Holidaybound Limited , UK

v Metropolis Travel and Tours Limited , UK

v E.C. and S Developments, UK

v Cities Direct Limited , UK

v Discount City Hotels Limited , UK

v Hotelreservation.se, Sweden

v Transel Limited , Greece

v World Ticket Center, Holland

v Global Travel SL, Spain

v Great Deals Travel, FL, USA

v Excite Holidays, Australia

No. of Employees :

Approximately 25

Bankers :

ICICI Bank, Shivaji Nagar

Facilities:

Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Prakash Bang	10.728	0.000
Total	10.728	0.000

Banking Relations :	--
Auditors :
Name :	V.L. Jain and Company Chartered Accountant
Address :	4^th Floor, Indradhanushya Apartments, Opposite Firodiya Hostels, BMCC Road, Pune-411004, Maharashtra, India
Tel. No.:	91-20-25660452
Fax No.:	91-20- 25676755

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- Each	Rs.60.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
669600	Equity Shares	Rs.10/- Each	Rs.6.696 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		6.696	6.696	6.696
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.085	0.000	0.000
4] Share premium		10.711	10.711	10.711
5] (Accumulated Losses)		0.000	[4.969]	[1.597]
NETWORTH		17.492	12.438	15.810
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		10.728	0.000	0.000
TOTAL BORROWING		10.728	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		28.220	12.438	15.810
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.180	14.778	16.929
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.174	0.172	0.172
DEFERREX TAX ASSETS		1.136	1.590	0.256
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4.943	32.978	26.815
	Cash & Bank Balances	2.220	2.829	3.233
	Other Current Assets	18.017	2.382	0.000
	Loans & Advances	1.726	3.560	3.388
Total Current Assets		26.906	41.749	33.436
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.474	41.142	31.796
	Other Current Liabilities	0.894	3.705	1.728
	Provisions	0.808	1.004	1.459
Total Current Liabilities		2.176	45.851	34.983
Net Current Assets		24.730	[4.102]	[1.547]
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		28.220	12.438	15.810

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales and Services	260.228	265.930	178.535
		Other Income	3.407	0.776	1.067
		TOTAL	263.635	266.706	179.602
Less	EXPENSES
		Cost of Services	249.435	254.964	163.974
		Employee Emoulments	6.925	7.269	6.786
		Other Expenses	13.844	6.689	5.395
		Extraordinary item	[14.305]	0.000	0.000
		TOTAL	255.899	268.922	176.155
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		7.736	[2.216]	3.447
Less/ Add	DEPRECIATION/ AMORTISATION		2.206	2.335	2.077
	PROFIT BEFORE TAX		5.530	[4.551]	1.370
Less	TAX		1.040	[1.267]	0.441
	PROFIT AFTER TAX		4.990	[3.284]	0.929
Less	Income Tax Adjustment		[0.064]	0.088	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[4.969]	[1.597]	[2.526]
	BALANCE CARRIED TO THE B/S		0.085	[4.969]	[1.597]
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	258.501	263.405	178.413
	TOTAL EARNINGS		258.501	263.405	178.413
	Earnings Per Share (Rs.)		7.45	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.89	[1.23]	0.52
Net Profit Margin (PBT/Sales)	(%)	2.13	[1.71]	0.77
Return on Total Assets (PBT/Total Assets}	(%)	19.01	[8.05]	2.72
Return on Investment (ROI) (PBT/Networth)		0.32	[0.37]	0.09
Debt Equity Ratio (Total Liability/Networth)		0.74	3.69	2.21
Current Ratio (Current Asset/Current Liability)		12.36	0.91	0.96

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
- Due to Micro and Small Enterprises	0.000	0.000	0.000
- Others	0.474	41.142	31.796
Total	0.474	41.142	31.796

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
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	No
17) Major suppliers	No
18) Major customers	Yes
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	--
30) Major Shareholders, if available	Yes

Operational Review:

During the year, the company has done e-commerce based business of travel and hotel booking in the overseas market.

The company has earned an Income of around Rs. 263.600 Millions during the year as compared to Rs. 266.700 Millions during the last year. Company has earned profit before tax of Rs. 5.529 Millions

Future Outlook:

The company expects good business and turnover in future.

FIXED ASSETS:

v Computer

v Furniture and Fixtures

v Office Equipments

v Vehicles

v Web Based Products

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 records 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 records 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.51.41
UK Pound	1	Rs.81.93
Euro	1	Rs.67.66

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.