MIRA INFORM REPORT

 

 

Report Date :           

18.06.2011

 

IDENTIFICATION DETAILS

 

Name :

NETSOL TECHNOLOGIES LIMITED

 

 

Registered Office :

Netsol IT Village, Software Technology Park, NetSol Avenue, Main Ghazi Road, Lahore Cantt,  

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2010

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

0037024

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Export of Computer Software and its related services

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Pakistan

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Business Name

 

NETSOL TECHNOLOGIES LIMITED

 

 

Full Address       

 

Registered Address

Netsol IT Village, Software Technology Park, NetSol Avenue, Main Ghazi Road, Lahore Cantt, Pakistan

                       

Tel #

92 (42) 111-448-800, 35727096

Fax #

92 (42) 35726740

Email

www.netsolpk.com

 

 

Short Description Of Business

 

a.

Nature of Business        

Engaged in Export of Computer Software and its related services developed in Pakistan

b.

Year Established

1996

c.

Registration #

0037024

 

 

Branches

 

In Karachi & Islamabad                

 

 

Auditors

 

Kabani & Co.

(Chartered Accountants)

 

 

Legal Status

           

Netsol Technologies Limited incorporated in Pakistan on 1996 as a Private Company limited by shares later converted into Public Limited Company on November 05, 2004. The Company has been listed on Karachi Stock Exchange of Pakistan.

 

 

Details of Directors

 

Names

Designation

Mr. Salim Ullah Ghauri

 

Mr. Najeed Ullah Ghauri

 

Mr. Naeem Ullah Ghauri

 

Mr. Shahid Javed Burki

 

Mr. Vaseem Anvar

 

Mr. Sajjad Hussain Kirmani

 

Mr. Zahid Bashir Mirza

 

Mr. Asad Ullah Ghauri

Chairman & CEO

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Holding Company

 

NETSOL TECHNOLOGIES INC, U.S.A., a Nevada Corporation, 24025 Park Sorrento Ste. 220, Calabasas holds majority of shareholding of the Company

 

 

Associated Companies

 

·         TIG-Netsol (Private) Limited, Pakistan.

·         Netsol CQ, U.K.

 

 

Products

 

Engaged in Export of Computer Software and its related services developed in Pakistan 

 

 

Number of Employees

 

102

 

 

 

Annual Software Development Capacity

 

Netsol Technologies Limited is engaged in Software Development, Maintenance and licensing, due to the complicated nature of the software development process annual development capacity cannot be determined.

 

 

Annual Sales Revenue (Last 2 Years)

 

Years

In Pak Rupees

2009

2010

1,081,395,000/-

1,845,022,000/-

 

 

Clientele

 

Mainly Multinational Companies, Government Enterprises, Manufacturing Companies, Banks & Financial Institutions

 

 

Bankers

 

·         The Royal Bank of Scotland, Pakistan.

·         Standard Chartered Bank, Pakistan.

·         Faysal Bank Limited, Pakistan.

·         Habib Bank Limited, Pakistan.

·         Habib Metropolitan Bank Limited, Pakistan.

·         Bank Alhabib Limited, Pakistan.

 

 

Future Outlook

 

The management is quite optimistic about the future outlook of your Company. Joint venture with Atheed Group of Saudi Arabia would provide more access to clients in Middle East & GCC region. Demand of our flagship product “NetSol Financial Suite” is also increasing in different geographic areas with the passage of time and we expect to continue with the current momentum in the next financial year. We are also continuing to focus on management of costs, while building a world-class sales and marketing organization to grow the Company within a fast-moving marketplace and take it to the next level.

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 85.85

UK Pound

1

           Rs. 140.20

Euro

1

           Rs. 123.20

 

 

Comments

 

Subject is a well-established company having fine track. Directors are reported as experienced, respectable and having satisfactory means of their own. Payments are usually correct and as per commitments. Company can be considered for normal business dealings at usual trade terms and conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.43

Euro

1

Rs.63.62

 

 

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

----

 

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%)

 

 

 

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.