MIRA INFORM REPORT

Report No. :	324427
Report Date :	30.05.2015

IDENTIFICATION DETAILS

Name :	JQ NETWORK PTE LTD
Registered Office :	6, Temasek Boulevard, 26-01/05, Suntec Tower Four, 038986
Country :	Singapore
Financials (as on) :	30.09.2014
Date of Incorporation :	27.01.1996
Com. Reg. No.:	199600696-M
Legal Form :	Private Limited Company
Line of Business :	Subject is Hardware Consultancy (Including Systems Consultancy)
No. of Employee :	12 [2015]

RATING & COMMENTS

MIRA’s Rating :

B

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

Status :	Moderate
Payment Behaviour :	Slow
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)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports. Growth in 2014 was slower at 13.9%, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations and, with the nine other ASEAN members, will form the ASEAN Economic Community in 2015.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199600696-M
COMPANY NAME	:	JQ NETWORK PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	27/01/1996
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	6, TEMASEK BOULEVARD, 26-01/05, SUNTEC TOWER FOUR, 038986, SINGAPORE.
BUSINESS ADDRESS	:	6, TEMASEK BOULEVARD, 26-01/05, SUNTEC TOWER FOUR, 038986, SINGAPORE.
TEL.NO.	:	65-65172000
FAX.NO.	:	65-65172001
CONTACT PERSON	:	STANLEY IP SIK MING ( DIRECTOR )
PRINCIPAL ACTIVITY	:	HARDWARE CONSULTANCY (INCLUDING SYSTEMS CONSULTANCY)
ISSUED AND PAID UP CAPITAL	:	2.00 ORDINARY SHARE, OF A VALUE OF SGD 2.00
SALES	:	USD 115,022,000 [2014]
NET WORTH	:	USD 1,666,000 [2014]
STAFF STRENGTH	:	12 [2015]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	LIMITED
PAYMENT	:	POOR
MANAGEMENT CAPABILITY	:	WEAK
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	MARGINAL GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) hardware consultancy (including systems consultancy).

Share Capital History

Date	Issue & Paid Up Capital
27/05/2015	SGD 2.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
DIMENSION DATA ASIA PACIFIC PTE. LTD.	6, TEMASEK BOULEVARD, 26-01/05, SUNTEC TOWER FOUR, 038986, SINGAPORE.	199301842Z	2.00	100.00
			---------------	------
			2.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MR. WILLIAM BRUCE GRAHAME PADFIELD
Address	:	22A, TUDOR CLOSE, 297979, SINGAPORE.
IC / PP No	:	S2736374A
Nationality	:	SINGAPOREAN
Date of Appointment	:	23/09/2003

DIRECTOR 2

Name Of Subject	:	STANLEY IP SIK MING
Address	:	90D, CORONATION ROAD WEST, 266301, MALAYSIA.
IC / PP No	:	S2588433G
Nationality	:	SINGAPOREAN
Date of Appointment	:	11/09/2008

MANAGEMENT

1)	Name of Subject	:	STANLEY IP SIK MING
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	MADELYN KWANG YEIT LAM
	IC / PP No	:	S1426198B
	Address	:	869, TAMPINES STREET 83, 12-179, 520869, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The Subject is a service provider.

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[		]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[	X	]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The Subject refused to disclose its clientele.

OPERATIONS

Services

:

HARDWARE CONSULTANCY (INCLUDING SYSTEMS CONSULTANCY)

Total Number of Employees:
YEAR	2015
GROUP	N/A
COMPANY	12

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) hardware consultancy (including systems consultancy).

The Subject refused to disclose its suppliers.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-65172000
Match	:	N/A
Address Provided by Client	:	6 TEMASEK BOULEVARD 26-01/05 SUNTEC TOWER FOUR
Current Address	:	6, TEMASEK BOULEVARD, 26-01/05, SUNTEC TOWER FOUR, 038986, SINGAPORE.
Match	:	NO

Other Investigations

On 25th May 2015 we contacted one of the staff from the Subject and he provided limited information.

The address provided is incomplete.

The Subject refused to disclose its bankers.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2010 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2010 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	(12.36%)	]
Return on Net Assets	:	Unfavourable	[	0.18%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	2 Days	]
Debtor Ratio	:	Unfavourable	[	77 Days	]
Creditors Ratio	:	Unfavourable	[	101 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Acceptable	[	0.96 Times	]
Current Ratio	:	Unfavourable	[	0.97 Times	]
The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Unfavourable	[	0.04 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's losses increased but its turnover showed a  fluctuating trend. This indicate the Subject was slowly losing its market share due to its competitors. The Subject's liquidity was at an acceptable range. If the Subject is able to obtain further short term financing, it should be able to meet all its short term obligations. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	INFORMATION TECHNOLOGY
Singapore's infocomm services industry is well-positioned to tap into the new business opportunities of the digital age. An early mover in infocomm technology, Singapore today ranks as the second most network-ready country in the world and the first in Asia, according to the World Economic Forum's "Global Information Technology Report 2014". The roll out of the Intelligent Nation 2015 Master Plan and the National Broadband Network will further strengthen Singapore's infrastructure network.
Furthermore, BMI has a positive outlook for the growth of Singapore's IT market in 2014, which will underperform emerging market growth rates, but is expected to outperform against other developed markets. Strong income growth, exposure to the APAC growth story and government policy will all support IT market growth over the medium term. Growth from the sales of PC and devices will slow as high device penetration in the city state means little prospect for first time sales, but short replacement cycles and strong demand for premium devices will ensure it remains a lucrative market for vendors. Considering the government active push to promote Singapore as a destination for cloud, big data and analytics services, Singapore should be a strong contender in the data centre space against peers such as Australia, Taiwan, South Korea and Hong Kong.
The information & communications sector grew by 2.3% in the third quarter of 2014. Previously, in the fourth quarter of 2013, the information & communications sector grew by 5.0%, following the 6.0% expansion in the preceding quarter. For the whole of 2013, growth was 5.5%, lower than the 6.2% in 2012.
Nonetheless, computer hardware sales forecast to increase from SGD2.926bn in 2014 to SGD3.333bn in 2018, equating to a compound annual growth rate (CAGR) of 3.5% in local currency terms. The slowdown in tablet sales represents downside by a stabilization in desktop and notebook volumes will see the market continue to grow over the medium term. Besides, software sales forecast to increase from SGD1.436bn in 2014 to SGD1.733bn in 2018, representing a CAGR of 5.2% in local currency terms. SME demand for basic enterprise software (particularly SaaS), complex deployments by large enterprises and investments in security software will all be growth areas.
IT Services sales forecast to increase from SGD3.236bn in 2014 to SGD4.091bn in 2018, equating to a CAGR of 5.9% in local currency terms. Growing demand for cloud computing, big data and analytics services from telecoms, healthcare, logistics and government will support IT services outperformance.
The Intelligent Nation 2015 master plan lays out the blueprint for Singapore’s infocomm strategies in the digital age, with the creation of some 80,000 jobs and an increase of value-add to SGD 26 billion. The master plan will incorporate emerging technologies and leverage strategic developments. Some of these emerging developments include Cloud Computing, Business Analytics and Green ICT. While Singapore has performed well in international e-Government rankings, the next e-Government master plan is already in the pipeline to ensure that we remain at the forefront of e-Government practice and services.
OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1996, the Subject is a Private Limited company, focusing on hardware consultancy (including systems consultancy). Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. The Subject have a strong support from its shareholder. However, the Subject does not have a strong capital position. Without a strong capital, the Subject may face difficulties to expand its business compared to other large corporation.

Being a small company, the Subject's business operation is supported by 12 employees. Overall, we regard that the Subject's management capability is weak. Without capable management, the Subject is unlikely to be successful and often contribute to unacceptable levels of accountability. Weak management can affect productivity, profitability, sales growth and ultimately can result in the failure of a business.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject managed to maintain an adequate liquidity level, indicating that the Subject has the ability to meet its financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 1,666,000, the Subject should be able to maintain its business in the near terms.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth .

The poor payment habit may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market.

In view of the above, we only recommend credit be proceeded to the Subject with guarantee.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

JQ NETWORK PTE LTD

Financial Year End	2014-09-30	2013-09-30	2012-09-30	2011-09-30	2010-09-30
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	SUMMARY	SUMMARY	SUMMARY
Currency	USD	USD	SGD	SGD	SGD
TURNOVER	115,022,000	72,636,000	99,738,134	117,399,080	133,558,754
	----------------	----------------	----------------	----------------	----------------
Total Turnover	115,022,000	72,636,000	99,738,134	117,399,080	133,558,754
Costs of Goods Sold	(103,211,000)	(64,199,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	11,811,000	8,437,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(76,000)	755,000	2,807,340	2,119,281	3,474,276
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(76,000)	755,000	2,807,340	2,119,281	3,474,276
Taxation	(130,000)	(167,000)	(400,714)	(314,070)	(626,591)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(206,000)	588,000	2,406,626	1,805,211	2,847,685
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	1,872,000	2,784,000	11,029,724	9,224,513	6,376,828
	----------------	----------------	----------------	----------------	----------------
As restated	1,872,000	2,784,000	11,029,724	9,224,513	6,376,828
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,666,000	3,372,000	13,436,350	11,029,724	9,224,513
DIVIDENDS - Ordinary (paid & proposed)	-	(1,500,000)	-	-	-
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	1,666,000	1,872,000	13,436,350	11,029,724	9,224,513
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	79,000	37,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
	79,000	37,000	-	-	-
	=============	=============	-	-	-
DEPRECIATION (as per notes to P&L)	6,000	7,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
	6,000	7,000	-	-	-
	=============	=============

BALANCE SHEET

JQ NETWORK PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	2,000	8,000	2,147,976	6,504,791	6,311,769
Investments	1,710,000	1,710,000	-	-	-
Deferred assets	29,000	16,000	-	-	-
Others	978,000	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	2,717,000	1,726,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	2,719,000	1,734,000	2,147,976	6,504,791	6,311,769
Stocks	532,000	407,000	-	-	-
Trade debtors	24,422,000	12,359,000	-	-	-
Other debtors, deposits & prepayments	1,640,000	431,000	-	-	-
Amount due from related companies	2,004,000	37,000	-	-	-
Cash & bank balances	7,353,000	5,719,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	35,951,000	18,953,000	24,003,546	28,064,125	51,816,966
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	38,670,000	20,687,000	26,151,522	34,568,916	58,128,735
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	28,663,000	16,550,000	-	-	-
Other creditors & accruals	450,000	363,000	-	-	-
Amounts owing to holding company	4,690,000	1,350,000	-	-	-
Amounts owing to related companies	3,141,000	378,000	-	-	-
Provision for taxation	60,000	174,000	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	37,004,000	18,815,000	22,698,096	19,168,989	42,844,591
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	(1,053,000)	138,000	1,305,450	8,895,136	8,972,375
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	1,666,000	1,872,000	3,453,426	15,399,927	15,284,144
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	-	-	2	2	2
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	-	-	2	2	2
Retained profit/(loss) carried forward	1,666,000	1,872,000	13,436,350	11,029,724	9,224,513
Others	-	-	(9,982,926)	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	1,666,000	1,872,000	3,453,424	11,029,724	9,224,513
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,666,000	1,872,000	3,453,426	11,029,726	9,224,515
TOTAL LONG TERM LIABILITIES	-	-	-	4,370,201	6,059,629
	----------------	----------------	----------------	----------------	----------------
	1,666,000	1,872,000	3,453,426	15,399,927	15,284,144
	=============	=============	=============	=============	=============

FINANCIAL RATIO

JQ NETWORK PTE LTD

TYPES OF FUNDS
Cash	7,353,000	5,719,000	-	-	-
Net Liquid Funds	7,353,000	5,719,000	-	-	-
Net Liquid Assets	(1,585,000)	(269,000)	1,305,450	8,895,136	8,972,375
Net Current Assets/(Liabilities)	(1,053,000)	138,000	1,305,450	8,895,136	8,972,375
Net Tangible Assets	1,666,000	1,872,000	3,453,426	15,399,927	15,284,144
Net Monetary Assets	(1,585,000)	(269,000)	1,305,450	4,524,935	2,912,746
BALANCE SHEET ITEMS
Total Borrowings	0	0	-	-	-
Total Liabilities	37,004,000	18,815,000	22,698,096	23,539,190	48,904,220
Total Assets	38,670,000	20,687,000	26,151,522	34,568,916	58,128,735
Net Assets	1,666,000	1,872,000	3,453,426	15,399,927	15,284,144
Net Assets Backing	1,666,000	1,872,000	3,453,426	11,029,726	9,224,515
Shareholders' Funds	1,666,000	1,872,000	3,453,426	11,029,726	9,224,515
Total Share Capital	0	0	2	2	2
Total Reserves	1,666,000	1,872,000	3,453,424	11,029,724	9,224,513
LIQUIDITY (Times)
Cash Ratio	0.20	0.30	-	-	-
Liquid Ratio	0.96	0.99	-	-	-
Current Ratio	0.97	1.01	1.06	1.46	1.21
WORKING CAPITAL CONTROL (Days)
Stock Ratio	2	2	-	-	-
Debtors Ratio	77	62	-	-	-
Creditors Ratio	101	94	-	-	-
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	-	-	-
Liabilities Ratio	22.21	10.05	6.57	2.13	5.30
Times Interest Earned Ratio	0.04	21.41	-	-	-
Assets Backing Ratio	0.00	0.00	1,726,713.00	7,699,963.50	7,642,072.00
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.07)	1.04	2.81	1.81	2.60
Net Profit Margin	(0.18)	0.81	2.41	1.54	2.13
Return On Net Assets	0.18	42.31	81.29	13.76	22.73
Return On Capital Employed	0.18	42.31	81.29	13.76	22.73
Return On Shareholders' Funds/Equity	(12.36)	31.41	69.69	16.37	30.87
Dividend Pay Out Ratio (Times)	0.00	2.55	-	-	-
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

NGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.76
UK Pound	1	Rs.97.80
Euro	1	Rs.69.91

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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.