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Company - Netsol International Inc.
Symbol - NTWK - OTC BB (Soon to apply for Nasdaq listing)
CEO - Najeeb Ghauri
CEO -Netsol - Salim Ghauri
U.S. Office: (310) 395 4073
Fax: (310) 451 3953
Current Price 3 3/16 x 3 5/16
52 week low 2.50 - High 6.00
Outstanding Shares: 6,968,465
Fiscal Year June 30, 1999
Est. Revenues: $5 million
Long Term Debt: Nil
Est Net Income: $500,000
SEC Reporting: YES
SEC Reporting: YES
Capitalization: Reflects 100%
ownership of Network Solutions
Pakistan andNetsol UK, to be
completed in March 1999.
Current ownership: 51% - 43%
Mirage Holdings Inc. through its subsidiaries Network Solutions (Pvt.) Ltd. and Netsol UK provides leasing software solutions and services Internationally for the independent lease and finance subsidiaries of Mercedes Benz (NYSE:DCX) United Kingdom (Several Countries) Australia, Singapore, Thailand and Taiwan and Imperial Chem. Inds. Plc. (NYSE:ICI), the chemical giant of Great Britain. MGHI through these subsidiaries has already proven it has what it takes to succeed in this competitive software industry.
In our talks with current CEO Najeeb Ghauri, the company is on target to meeting the ' 99 estimate of $5 mil. in revenues, having currently earned $2.6 mil revenues so far since fiscal year began on 7/1/98. He also stated that with the completed acquisition expected this March for the remaining 49% of Network Solutions and 57% of Netsol, MGHI would meet all Nasdaq listing requirements except for the current share price. NASDAQ requires that a company must trade at $4 or more for 30 days along with the other financial requirements to gain listing on its exchange. Once MGHI is successful in obtaining NASDAQ status it will open the door to major brokerages being allowed to make a market in the stock and recommend it to their clients. T A P believes it is just matter of time that these events transpire based on the performance of MGHI and its management thus far.
Network Solutions is "the first software house in Pakistan to achieve the prestigious certification of ISO 9001. This distinction was awarded by AOQC MOODY International LTD, UK on February 12th, 1999, Mr. David Ember, Regional Manager (Singapore) Asia Pacific AOQC MOODY International LTD personally presented ISO 9001 certificate to Mr. Salem Ghauri, President/CEO of Network Solutions (Pvt.) Ltd. (Netsol) in a prestigious ceremony in Lahore, Pakistan." Netsol also is a Microsoft Certified Solution Provider' MCSP. "Netsol received this certification after a group of Netsol developers and system engineers became MCP/MCSE certified. Now Netsol is a part of a worldwide network of companies delivering high-quality, Microsoft-based solutions (MSFT). The demand for these solutions is growing every day and this will translate into profitability and success for Netsol.
Mr. Salim Ghauri, the CEO of Netsol International was quite jubilant in these certifications as he commented "I am very excited to see that our company is meeting all the quality standards and certifications which are second to none. This further validates the fact that Netsol and its team is ready to face the challenge of development, research, quality assurance and implementation to achieve customer satisfaction. Being awarded both of these certifications, ISO 9001 and MCSP, demonstrates the progress Netsol is making towards its goal of becoming a major player in the global IT industry."
The senior management team brings years of experience to the company. Its previous affiliations include Atlantic Richfield Corp., Unilever, Pepsi International, Mercedes Benz and BHP (Australia). This highly sophisticated and experienced management team has been assembled to execute the business plan with a major expansion of facilities already underway.
The company currently employs 90 people worldwide, with plans underway to expand to 250 employees as it completes a new 20,000-square-foot facility in Lahore, Pakistan. Expansion to 100,000 square feet supporting thousands of software engineers is anticipated as well. Company growth in U.S. is also anticipated as well, starting from current Mirage Holdings office located in Santa Monica Cal.
The recent merger of Daimler Benz with Chrysler provides an enormous opportunity for MGHI. The newly formed Daimler-Chrysler Finance Company already has $81 billion in assets, and is expanding. In an article titled "Daimler-Chrysler Unveils Big Plans For Financial-Services Division.", it stated that the Daimler Benz financial services division has now absorbed the Chrysler Financial Corporation.
"With a portfolio of $81 billion, the newly created Daimler-Chrysler Financial Services said it now ranks as the fourth largest financial institution in the world outside of the banking and insurance sectors....."
The article also stated that Daimler-Chrysler's capital services unit would be based in Norwalk, CT. Former Mercedes-Benz Credit Corp President George Bauer will be responsible for Europe, Latin America, Africa and Asia/Pacific. This development is a huge opportunity for MGHI, of which, management has already acted upon.
Network Solutions (Pvt.) Ltd. has headquarters and is registered in Pakistan a 100%
Tax-free zoned country for software exporters. This is a major incentive for software developers to increase their exports and grow the information technology offshore software development business. Software products are developed in Pakistan, where labor costs are just 10% of comparable U.S. software engineers. This competitive edge, combined with an experienced sales and service organization in the United Kingdom, has been successfully organized to generate multiple sources of revenue growth.
These include sales of software systems, consulting and project management. The recent recognition for its product lines and its ability to sell into international markets and plans to expand in the U.S. market place leads T A P to the conclusion that MGHI is currently undervalued at current level. T A P is glad to have the opportunity to add Mirage Holdings Inc. to our portfolio of stocks that has already out performed the top Market Funds and Market Indexes with an average return of approximately 593% so far this year.
(as of 3/3/99)
Turn Around Picks, to be referred to henceforth as T A.P, will not be held accountable for any information as far as its validity and / or accuracy on any company that T A P offers information on via our Website, Internet message boards and / or emailed to T A P members. It is our opinion that the information T A P provides is correct but cannot guarantee it, so when investing in any stock do your own research by getting prospectus on selected companies from your investment adviser / broker or preferably direct from company websites to save company costs / environment and try to verify all information, especially info found on the Internet. Research and opinions provided by T A P on all companies within our website, posted on Internet message boards or emailed to T A P members are for information purposes only and is not a solicitation to buy, sell or hold any security. T A P reserves the right to receive compensation from selected companies and discloses amount received in the disclaimer following each company write-up. T A P may from time to time at our own discretion buy, sell or trade shares of all companies T A P promotes on our Website, Internet message boards and / or emailed to T A P members and it is our policy not to give buy, sell, hold investment advice or price targets, therefore, T A P will not alert members / investors when or if T A P decides to buy, sell or trade our position in any stock, however, may release any or all such information at any given time, at our own discretion. Investing in any stock, security and / or equity involves risk and losses could result to all or part of your investment due to hidden and / or unforeseen, unfavorable economical events from within / without companies T A P promotes. In no way and under no circumstances will T A P be held responsible should such losses occur from your decision to buy, sell or hold a position in any or all of T A P selected companies promoted on this Website, Internet message boards and / or emailed to T A P members. Bottom line its your $$$ and your decision what you do with it!
T A P reserves the right to receive compensation from selected companies and has received 30K shares of MGHI common stock from Clearweather Investments Ltd., for promotion services provided for the period of 6 months. For write-ups on other companies in our T A P portfolio go to turnaroundpicks.com
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