MIRA INFORM REPORT

Report No. :	320422
Report Date :	07.05.2015

IDENTIFICATION DETAILS

Name :	NETWORK INFORMATION TECHNOLOGY LLC (NIT)

Registered Office :	Al Garhoud Building, Suite 101, Sheikh Rashid Road, Garhoud Area, P O Box: 23043, Dubai

Country :	United Arab Emirates

Financials (as on) :	31.12.2014

Date of Incorporation :	25.06.1995

Com. Reg. No.:	26149, Dubai

Legal Form :	Limited Liability Company - LLC

Line of Business :	IT Services and Products.

No. of Employees :	21

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

United Arab Emirates

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

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi-emirate government that was refinanced in March 2014. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.

Source : CIA

SUMMARY

Company Name : NETWORK INFORMATION TECHNOLOGY LLC (NIT)

Country of Origin : Dubai, United Arab Emirates

Legal Form : Limited Liability Company - LLC

Registration Date : 25^th June 1995

Commercial Registration Number : 26149, Dubai

Trade Licence Number : 238293

Chamber Membership Number : 34502

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Total Workforce : 21

Activities : IT services and products

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Alangamani Natrajan, Financial Manager

COMPANY NAME

NETWORK INFORMATION TECHNOLOGY LLC (NIT)

ADDRESS

Building : Al Garhoud Building, Suite 101

Street : Sheikh Rashid Road

Area : Garhoud Area

PO Box : 23043

Town : Dubai

Country : United Arab Emirates

Telephone : (971-4) 2822522

Facsimile : (971-4) 2827080

Mobile : (971-50) 4946773

Email : info@nit.ae / accounts@nit.ae / furqan@nit.ae

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

KEY PRINCIPALS

Name Nationality Position

· Basil Al Fakir Syrian Managing Director

· Faisal Aqil Emirati Director

· Alangamani Natrajan - Financial Manager

· Sajesh Kundathil - Administration Manager

· Mujib Rahman - Technical Manager

· Roshan Scariah - Accountant

LEGAL FORM & OWNERS

Date of Establishment : 25^th June 1995

Legal Form : Limited Liability Company - LLC

Commercial Reg. No. : 26149, Dubai

Trade Licence No. : 238293 (Expires 24/06/2015)

Chamber Member No. : 34502

Issued Capital : UAE Dh 300,000

Paid up Capital : UAE Dh 300,000

Name of Shareholder (s) Percentage

· Faisal Aqil 51%

· Basil Al Fakir 49%

AFFILIATED COMPANIES

· Seine Computers LLC

Flower of Garhoud Building, 3^rd Floor, Suite 203

Al Maktoum Street

PO Box: 23043

Dubai

Tel: (971-4) 2822522

Fax: (971-4) 2827080

· Network Information Technology Co

Damascus

Syria

OPERATIONS

Activities: Subject’s activities are performed through the following divisions:

Trading Division

This division is engaged in the wholesale, distribution and retail of IT related products including servers, CD ROM drives, internet appliances, switches, hubs, storage units and printer accessories, as well as many software programmes.

IT Services

Engaged in the provision of complete IP surveillance and security solutions, network solutions, installation and maintenance, as well as providing LAN and WAN services, cabling, and consultancy services

Subject has been awarded Best Axis Communications Distributor Middle East 2014 by long-term partner Axis, as well as being awarded Distributor of the Year 2014 by long-term vendor partner Milestone.

Import Countries: Europe, Japan and the United States of America

International Suppliers:

· Axis Communications Sweden

· Cisco Systems United States of America

· Santa Cruz Operation Inc. United States of America

· Novell United States of America

· Hubbell United States of America

· Pioneer Japan

· Delopte India

· Raytech United Kingdom

· Mile Stone System Denmark

Clients:

· Dubai Police Force Dubai

· Sharjah Police Force Sharjah

· KLM Royal Dutch Dubai

· British Council Library Dubai

· Dubai Polytechnic Dubai

· Dubai Aviation College Dubai

· Dubai Municipality Dubai

Brand Names: AIMETIS, AXIS, AXXON, KENTIMA, MILESTONE, COGNIMATICS, DELOPT, GANETEC GLOBAL SOLUTIONS, FIBRENETIX, PIVOT, PROMISE TECHNOLOGY INC, GENETEC, QNAP, RAZBERI, AVAYA, FIRETIDE, NETGEAR, R&M, PAXTON, OPTEX, FALTCOM, OBSERVIT, MATROX and RAYTEC.

Operating Trend: Steady

Subject has a workforce of 21 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: United Arab Emirates Dirham (UAE Dh)

Year Ending 31/12/13: Year Ending 31/12/14:

Total Sales UAE Dh 128,000,000 UAE Dh 92,300,000

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Mr Alangamani Natrajan, Financial Manager

BANKERS

· HSBC Bank Middle East

Deira Souk Branch

PO Box: 66

Dubai

Tel: (971-4) 2535000

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.96.81
Euro	1	Rs.71.51

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

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.