MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	ROOMSXML SOLUTIONS LIMITED
Registered Office :	Nirankar, 1133/5 Fergusson College Road, Opposite Police Grounds, Pune - 411016, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.01.2010
Com. Reg. No.:	11-135291
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U72900PN2010PLC135291
PAN No.: [Permanent Account No.]	AAECR6349E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing Software Solutions to Hotel Industry. (Hotel Rooms Distribution System)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2600
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The latest financials are not made available with the government. As per previous year’s, the profitability of the company appears to be low. External borrowing seems to be huge. However, trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for business dealings with great caution.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Anuj Prakash Bang
Designation :	Director
Contact No.:	91-9823066046
Date :	10.04.2013

LOCATIONS

Registered Office :	Nirankar, 1133/5 Fergusson College Road, Opposite Police Grounds, Pune – 411016, Maharashtra, India
Tel. No.:	91-20-65004942/ 25662021
Mobile No.:	91-9823066046 [Mr. Anuj Prakash Bang]
Fax No. :	91-20-25662024/ 25662021
E-Mail :	ruchir.bang@roomsxml.com rbang@websource.co.in
Website :	www.roomsxml.com
Area :	1000 sq. ft.
Location :	Owned
Overseas Office :	Located At: Australia Saudi Arabia United States Ukraine Libya

DIRECTORS

As on: 04.09.2012

Name :	Mr. Prakash Ramchandra Bang
Designation :	Managing Director
Address :	459 Sindh Housing Society, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	02.10.1956
Qualification:	BSC, MBA Marketing
Date of Appointment :	01.04.2012
PAN No.:	AARPB9078N
Din No.:	00088837
Name :	Mr. Ruchir Prakash Bang
Designation :	Director
Address :	459 Sindh Housing Society, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	27.08.1981
Qualification:	B Com, PGDMM
Date of Appointment :	01.04.2010
PAN No.:	AFAPB6829F
Din No.:	00088900
Name :	Mr. Anuj Prakash Bang
Designation :	Director
Address :	459, Sindh Housing Society, Aundh, Pune - 411007, Maharashtra, India
Date of Birth/Age :	02.09.1988
Qualification:	B Com, PGDMM
Date of Appointment :	01.04.2010
PAN No.:	ANWPB5792M
Din No.:	02868129
Name :	Ms. Manjula Vivek Malpani
Designation :	Director
Address :	39, Vascon Paradise, Baner Road, Pune - 411007, Maharashtra, India
Date of Birth/Age :	03.10.1961
Qualification:	Tech Diploma
Date of Appointment :	01.04.2010
Din No.:	01693710
Name :	Mr. Vivek Vishwanath Malpani
Designation :	Director
Address :	39 Vascon Paradise Off Baner Road, Baner, Pune - 411007, Maharashtra, India
Date of Birth/Age :	13.10.1958
Qualification:	MSC, MBA
Date of Appointment :	01.04.2010
Din No.:	00973701
Name :	Mr. Rajesh Chandrakant Vaishnav
Designation :	Director
Address :	B/101, Preci;ous Gems Society, Koregaon Park, Pune - 411011, Maharashtra, India
Date of Birth/Age :	27.12.1956
Qualification:	B Com, PGDMM
Date of Appointment :	01.04.2010
PAN No.:	ABQPV7097K
Din No.:	00119614

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 04.09.2012

Names of Shareholders	No. of Shares
Prakash Ramchandra Bang	100
Ruchir Prakash Bang	100
Anuj Prakash Bang	100
Vrunda Prakash Bang	100
Nupur Ruchir Bang	100
Rajesh Chandrakant Vaishnav	100
Indryani Biotech Limited, India	49400
TOTAL	50000

Equity Share Break up (Percentage of Total Equity)

As on: 04.09.2012

Category	Percentage
Bodies corporate	98.80
Directors or relatives of Directors	1.20
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Software Solutions to Hotel Industry. (Hotel Rooms Distribution System)

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Standard Chartered Bank, Shivaji Nagar Branch, India

Banking Relations :	--
Auditors :
Name :	V.L. Jain and Company Chartered Accountants
Address :	4^th Floor, Indradhanushya Apartment, Opposite Firodiya Hostels, BMCC Road, Pune-411004, Maharashtra, India
PAN.:	AAFFV9791A
Holding Company :	Indrayani Biotech Limited [L24231PN1992PLC065801]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their Relatives :	Websource Technologies Limited [U72900PN2000PLC014615] Address: Nirankar, 1133/5 Fergusson College Road, Opposite Police Grounds, Pune – 411016, Maharashtra, India Line of Business: Providing Software Solutions to Hotel Industry. (Hotel Rooms Distribution System) Websource Europe Limited, United Kingdom Websource Pacific Pty Limited, Australia Websource Asia Pte Limited, Singapore Quiksel Communications

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.150
4] (Accumulated Losses)		0.000
NETWORTH		0.650
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		21.895
TOTAL BORROWING		21.895
DEFERRED TAX LIABILITIES		1.194
TOTAL		23.739
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.870
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	28.360
	Cash & Bank Balances	2.412
	Other Current Assets	0.000
	Loans & Advances	6.600
Total Current Assets		37.372
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.471
	Other Current Liabilities	10.797
	Provisions	0.305
Total Current Liabilities		36.573
Net Current Assets		0.799
MISCELLANEOUS EXPENSES		0.070
TOTAL		23.739

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	392.576
		Other Income	0.001
		TOTAL (A)	392.577
Less	EXPENSES
		Manufacturing Service Cost	373.263
		Employees Related Expenses	5.179
		Administrative Selling Other Expenses	6.665
		TOTAL (B)	385.107
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.470
Less	FINANCIAL EXPENSES (D)		3.087
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.383
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.733
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.650
Less	TAX (H)		1.500
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.150
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000
	BALANCE CARRIED TO THE B/S		0.150
	EARNINGS IN FOREIGN CURRENCY		389.873
	Earnings / (Loss) Per Share (Rs.)		3.00

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	900.000	600.000

The above information has been parted by Mr. Anuj Prakash Bang

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	0.04
Net Profit Margin (PBT/Sales)	(%)	0.42
Return on Total Assets (PBT/Total Assets}	(%)	2.74
Return on Investment (ROI) (PBT/Networth)		2.54
Debt Equity Ratio (Total Debt/Networth)		33.68
Current Ratio (Current Asset/Current Liability)		1.02

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. In millions)
Sundry Creditors	25.471
Total	25.471

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	Yes
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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last one 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	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS AND FUTURE PROSPECTS:

This is the first year of the company after its incorporation on 8th January 2010. During the period the company has earned an income of Rs. 392.500 Millions and has earned the profit after tax of Rs. 0.149 Million. Directors are hopeful of achieving better results in the years to come.

On 1st April, 2010, Websource Technologies Limited had acquired 49300 shares of the company in its own name in addition to 100 shares already held by it, and 600 shares of the company as beneficial holder and consequently the company became a wholly owned subsidiary of Websource Technologies Limited, however, on 28th August, 2010 Indrayani Biotech Limited has acquired 49400 shares of the company in its own name and 600 share as beneficial holder from Websource Technologies Limited and consequently, the company is now a wholly owned subsidiary of Indrayani Biotech Limited.

UNSECURED LOAN

Particular	As on 31.03.2011 [Rs. in Millions]
Working Capital Loans	2.500
Loans Director	19.395
TOTAL	21.895

FIXED ASSETS:

• Land and Building
• Plant and Machinery
• Office Equipments

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 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. 54.53
UK Pound	1	Rs. 83.60
Euro	1	Rs. 71.33

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		27

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	-

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