MIRA INFORM REPORT

Report Date :

25.07.2008

IDENTIFICATION DETAILS

Name :	JURONG CONSULTANTS (INDIA) PRIVATE LIMITED
Formerly Known As :	JTCI [INDIA] CONSULTANTS PRIVATE LIMITED
Registered Office :	Jurong House, 1/5 Palace Road, Bangalore – 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	17.05.2000
Com. Reg. No.:	08-27096
CIN No.: [Company Identification No.]	U74140KA2000PTC027096
TAN No.: [Tax Deduction & Collection Account No.]	BLRJ01660B
PAN No.: [Permanent Account No.]	AAACJ8841M
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Consultancy Services [Architects Design]

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 290000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Jurong Group, Singapore. Available information indicates high financial responsibility of the company and its management. Their trade relations are fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings. It can be reported as a promising business partner in a medium to long run.

INFORMATION PARTED BY

Name :	Mr. Umesh
Designation :	Finance
Date :	17.06.2008

LOCATIONS

Registered Office :	Jurong House, 1/5 Palace Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22207292
Mobile No.:	91-9880019301 / 988019320
Fax No.:	91-80-22207297
E-Mail :	jurongindia@pacific.net.in bsmanjunath@vsnl.net
Website :	www.jurong.com
Corporate Office :	Canara Bank Building, Sheshadripuram, Bangalore – 560001, Karnataka, India
Tel No.:	91-80-23343096
Hyderabad Office :	954, Road No. 48, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India
Tel. No.:	91-40-23542094
Fax No.:	91-40-23542094
Pune Office :	#10/6 Kumar City, Kalyani Nagar, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-27034965
Fax No.:	91-20-27034183
Branches :	Located at China UAE Qatar

DIRECTORS

Name :	Mr. Munukutla Venkateswara Rao
Designation :	Whole Time Director
Address :	#21, Aditi, 1^st Main Road, 1^st Main Block, R.M.V. Stage 2, Bangalore – 560094, Karnataka, India
Date of Birth/Age :	10.08.1961
Date of Appointment :	02.05.2001
Name :	Mr. Seetoh Hoi Wat
Designation :	Director
Address :	76 Green Ridge, Cresent, Green Ridge, Singapore – 598958, Singapore
Date of Birth/Age :	01.03.1951
Date of Appointment :	25.01.2007
Name :	Mr. Tang Kwong Tat
Designation :	Director
Address :	# 16 Leedon Heights, # 12-03, Singapore – 267937, Singapore
Date of Birth/Age :	02.10.1957
Date of Appointment :	18.05.2000
Name :	Mr. Chong Hin Chin
Designation :	Director
Address :	Block 133, Geylang, East Avenue 1, # 19-201, Singapore – 380133, Singapore
Date of Birth/Age :	12.08.1956
Date of Appointment :	07.08.2004
Name :	Mr. Mao Whey Ying Tian Cheng Mao
Designation :	Director
Address :	# 56, Watten Rise, Singapore - 287376
Date of Birth/Age :	03.05.1950
Date of Appointment :	25.01.2007

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 18.05.2005)

Names of Shareholders	No. of Shares
Sajai Singh	1
Jurong Overseas Private Limited	1872973
Total	1872974

Equity shares Breakup (percentage of total equity)

(As on 30.09.2007)

Category	Percentage
Foreign holdings (Foreign institutional investor(s), Foreign companies (s), Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies or Others	100.00

BUSINESS DETAILS

Line of Business :

Providing Consultancy Services [Architects Design]

GENERAL INFORMATION

No. of Employees :	200
Bankers :	ICICI Bank, Bangalore

Banking Relations :	Good
Auditors :
Name :	Price Water House Chartered Accountants
Address :	Plot No. Y 14, Block EP, Sector 5, Salt Lake, Electronic Complex, Bidhan Nagar, Kolkata – 700091, West Bengal, India
Group Companies :	· Jurong Infrastructurer (India) Private Limited · Jurong International Consulting Private Limited Address : Unit 503, Abdullah bin darwish Building, Salem Streets, P. O. Box 48187, Abu Dhabi, United Arab Emirates Tel. : 971 – 26717176 Fax. : 971-26717277
Holding Company :	Jurong International Holdings Private Limited Address : Jurong Town Hall Road, # 08-00 The JTC Summit, Singapore 609434, Republic of Singapore Tel. : 65-62678333 Fax. : 65-62678283 Email : enquiry@jurong.com Jurong Overseas Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1872974	Equity Shares	Rs.10/- each	Rs.18.730 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		18.730	18.730	18.730
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		39.350	28.345	4.527
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.080	47.075	23.257
LOAN FUNDS
1] Secured Loans		24.213	0.602	10.782
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		24.213	0.602	10.782
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		82.293	47.677	34.039
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.116	6.506	4.034
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		6.001	2.390	1.940
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	107.311	77.532	54.330
	Cash & Bank Balances	0.125	0.879	0.081
	Other Current Assets	47.730	12.590	5.586
	Loans & Advances	3.724	2.007	3.605
Total Current Assets		158.890	93.008	63.602
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	84.507	52.327	35.124
	Provisions	9.207	1.900	0.413
Total Current Liabilities		93.714	54.227	35.537
Net Current Assets		65.176	38.781	28.065
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		82.293	47.677	34.039

KEY RATIOS

PARTICULARS	31.03.2007	31.03.2006	31.03.2005
Debt Equity Ratio (Total Liability/Networth)	2.03	1.16	1.99
Current Ratio (Current Asset/Current Liability)	1.70	1.72	1.79

LOCAL AGENCY FURTHER INFORMATION

Web Details:

Profile:

Subject is synonymous with Singapore’s industrialization efforts.  They have come a long way since the 60s, reinforcing their experience, nurturing talents and continuously improving the niche services.  Their offices in China, India, UAE and Qatar, reach out to a truly global mix of customers, and they are still growing.

Today, they help the customers mastermind their township dreams and economic zones, bioscience facilities, marine and infrastructure developments, residential and recreational amenities, and the list goes on.  All this, as part of their Consultancy, Design & Build and Facilities Management services, spreading across 126 cities in 36 countries.

As a multi-disciplinary organization, they are different in that they provide an entire value chain of services.  In other words, the customers can count on them from concept to completion, or alternatively, engage them for targeted services. Their professionals are trained to listen and make relevant recommendations that are of economic value. 

Management

Mr. Tang Tat Kwong

Group President and CEO

A Professional Engineer (Civil) by training, Er. Tang has been instrumental in the successes of many local and international projects such as industrial parks and buildings, marine and land reclamation and township infrastructure, across all the core services. In recent years, he has focused on growing the company’s overseas presence, making significant breakthroughs in India and the Middle East.

Mr. Seetoh Wat Hoi

EVP Corporate Services Division

Chief Financial Officer

Mr. Seetoh brings with him valuable experience harnessed over the years at senior management positions with various MNCs and Singapore organizations. He is responsible for the Group’s Corporate Services which includes Finance, Legal and Risk Management, Information Technology and Corporate Secretariat.

Mr. Mao Whey Ying

EVP Consultancy

President, JURONG Consultants

A true veteran in Consultancy services, Er. Mao's 30 years' experience with the parent company speaks volumes of her contributions to the Group. With her professional engineering background (Civil), Er. Mao drives key projects, the most recent being the biomedical hub, Biopolis at one-north, Singapore. Er. Mao is currently giving her undivided attention to developing the Group's niche Consultancy services.

Dr. David Tse Tze Kwong

EVP, Turnkey/EPCM

President, JURONG Primewide Dr Tse’s academic achievements (Civil Engineering) is equally matched by his experience in completing numerous industrial and building projects in the region. He is a Chartered Engineer in the UK, Australia and Singapore and is also an Accredited Checker for independent design review work. Dr Tse will focus on growing the Group's Turnkey business, particularly in the Middle East.

Mr. Ng Koh Kow

EVP, Facilities Management

President, SMM

A Civil Engineer by training, Mr. Ng spent many years in Singapore's Ministry of Defence, contributing in the areas of infrastructure and facilities development and maintenance management. Subsequently, he joined Singapore Technologies to handle the development, marketing and operation of industrial parks in Wuxi, China and Ho Chi Minh City, Vietnam. His passion remains unfazed, as he actively markets the Group's FM expertise overseas.

Mr. Mun Kwok Kin

SVP and Chief Human Resource Officer

Mr. Mun has spent more than 20 years in the human resource (HR) function, despite having had an Engineering start. His true calling began with HR stints in Singapore’s Ministry of Defence and Land Transport Authority. Today, Mr. Mun is responsible for the Group's HR directions, managing all related issues for staff strength of more than 800, in the Singapore and overseas offices.

Customer

S.K. Mazumdar

Project Manager Horizon Singapore Terminals Pte Ltd

Markku Oja

Area Manager, Nokia Real Estate, Greater China

Keith Robertson

Area Manager, Facilities Engineering Services, Baxter Health Corporation

China-Singapore Suzhou Industrial Park

WeiTing Authority

Prof. E. Birgitte Lane

Executive Director, A*STAR Institute of Medical Biology

Awards

Defence Science and Technology Agency (DSTA)

Maintenance Agency Services for MINDEF Controlled properties in Northern Singapore

Ministry of Environment & Water Resource (MEWR)

Managing Agent for at the Environment Building on Scotts Road

Novartis Institute for Tropical Diseases (NITD)

Facility Management Services for NITD laboratory at Biopolis

Sing Tel

Managing Agent for SingTel Building (1 Serangoon Ave 5) and 11 hello! Shops in Singapore

A*STAR - Institute for Infocomm Research (I2R)

Integrated Facilities Management Services for Institute for Infocomm & Research (I2R) Building

Media

$100m Biopolis Phase III starts taking shape

The Business Times, 3 April 2008

Construction of the $100 million Biopolis Phase III project began yesterday and the 41,500 sqm complex will be ready by Q4 2009. Mr Patrick Teo, CEO of Crescendas Bionix, said, he hopes to achieve a take-up rate of at least 50 per cent by middle of June.

The growth of the biomedical sciences industry is likely to place greater demand on space, and JTC Corp plans to expand the Biopolis cluster further.

Ecclestone on S’pore GP:

It feels like magic, It has incredible infrastructure, It might be better than Monaco

The Straits Times, 25 March 2008

The Chief Executive of Formula One Management was impressed with the Republic’s preparations so far for its September debut. "I'm very happy with what I've seen and how far advanced the progress is, especially with the pit building," the Briton said.

Ecclestone praised the speed of the work so far, and said he was sure "everything would be okay in time for the race".

Saudi mega city's link to MM Lee

The Strait Times, 19 January 2008

Two years ago, Minister Mentor Lee Kuan Yew offered suggestions to the blueprint of proposed mega city - called King Abdullah Economic City (KAEC), which eventually led to changes to its masterplan. THE KAEC is one of the six economic cities being created to diversify the resource-rich country's economy and reduce its dependence on oil.

The City would be a 168 sqkm metropolis, made up with six components - a port, a central business district, industrial district, resorts, education zone and a residential zone.

Quoted by Mr Fahd A. Al-Rasheed, deputy governor and head of Economic Cities in the Saudi Arabian General Investment Authority (Sagia):

"Singapore had a major impact on the city's development. MM Lee gave us major comments. We changed the plans, changed the whole masterplan."

RSP Architects is the master planner for KAEC, while township planner JURONG International has signed a memorandum with Saiga to provide consultancy and advisory services, its executive vice president Mao Whey Ying said.

Singapore firms take big stake in India’s property boom The Straits Times, 30 April 2007

Local Singapore firms are striking while the iron is hot, as India’s property market heats up. Singapore firms such as JURONG International are in the thick of action in acquiring projects. Currently, India has an 80ha Township in Amritsar designed by JURONG.

JURONG International is also designing a 3-million-sq ft IT Park for the Phoenix Group in addition to another 600,000-sq-ft IT Park for iLabs. Other projects include luxury condominiums for the KSR Group.

French-Singapore group to design undersea caverns

February 27, 2007, the Straits Times

Singapore has moved a step closer to its first undersea rock caverns for oil storage off Jurong Island. Industrial landlord JTC Corporation has appointed a consortium, Geostock-JURONG Consultants, to design and manage the construction of the first phased of the $2 billion caverns.

Geostock, based in France, was the consultant for 12 of the 18 caverns completed in the past 10 years worldwide. Its partner, Singapore-based JURONG Consultants, has expertise in engineering consultancy, project management and construction supervision.

Work on the first phase began earlier this month. The caverns will be completed in phases, starting from 2010.

JURONG International strikes out into an unlikely field

November 6, 2006, the Business Times

Industrial planner and developer JURONG International is making a name for itself in new and unlikely field – India’s housing market. JURONG India currently has $303 million of firm orders for design (consultancy) and design and builds contracts.

Its first residential deal was signed in 2003, for HM World City, a 15-tower development on about 10ha in Bangalore, but its initial projects were infotech parks and commercial developments.

The company is also making waves with the upscale Nirvana Township in Bangalore and the Monte Vista in Coimbatore.

Singapore firm lands high-tech city contract

October 10, 2006, the Straits Times

JURONG International, a Singapore-based consultancy group, is doing a feasibility study for a $2 billion high-tech industrial city in Qatar. To be called Smart Industrial City, it is slated to play a leading role in the emirate’s goal to be the region’s financial, services and knowledge hub, a move that has prompted a construction boom in this energy-rich peninsula that borders Saudi Arabia.

JURONG is also helping to develop a 15sqkm Qatar Free Zone in Doha, which is made up of a free trade zone and a logistics and storage zone.

JURONG to study US$2b Qatar construction deal

October 9, 2006, the Business Times

JURONG International signed an agreement with Qatar’s Masraf Al Rayan to conduct a USD2 billion feasibility study on its smart industrial city, which spreads over 5 sqkm and focuses on electronics, manufacturing and technology sectors.

Trade between Singapore and Qatar grew from USD3.6 billion in 2004 to USD4.1 billion last year.

JURONG International arm wins US$70m W African deal

August 4, 2006, The Business Times

JURONG International’s subsidiary, JURONG Primewide, bagged a contract worth US$70 million to design and ultimately implement a West African port’s expansion plan. The contract was awarded by Lonrho Africa, which holds a 63% stake in the port.

The Luba Freeport is already home to oil services companies like Schlumberger, Exxon Mobil, Noble Energy, Chevron Texaco, Petronas, etc.

CEO Tang Tat Kwong disclosed that work on the feasibility study had commenced and upon completion of the design, the construction contract will be negotiated.

Jurong International’s to bank on Mid-East growth

July 26, 2006, the Business Times

JURONG International is eyeing the Middle East as a key growth area as the region’s oil-rich economies sprout numerous infrastructure projects. The company expects to grow its consultancy services revenue from the Middle East by 20-25% in the year to March 31, 2007.

Besides Qatar, JURONG International has Middle East projects in the UAE, Jordan, Oman, Egypt, Bahrain and Saudi Arabia.

Key cities in Jurong International’s thrust into western region

April 20, 2006, The Business Times

Chongqing and Xian, along with Chengdu, are the beachheads for JURONG International’s foray into what’s likely to be China’s next high-growth region – western China. Both account for 85% of the company’s order book for master planning projects.

Since 2000, it has had a registered office in Chongqing and three years later, it opened a representative office in Chengdu.

Singapore group clinches Changxing contract

March 1, 2005, the Business Times

A Singapore consortium led by JURONG International has clinched a master planning contract for Changxing Island Zone in China – opening up opportunities for other Singapore companies.

It is the first Changxing Island contract awarded to a foreign investor by the municipal government. JURONG International will spearhead the design of the industrial zone, which will complement port development on the island.

Qatar setting up free trade zone

February 13, 2006, Gulf Times

Qatar yesterday announced plans to set up the state’s first free trade zone and a logistic and storage zone. The Singapore-based JURONG International, which has been chosen as the project management consultancy firm, had carried out its first feasibility study in October last.

Minister of Economy and Commerce, Sheikh Mohamed bin Ahmed bin Jassim al-Thani inked the deal with JURONG’s President and CEO Tang Tat Kwong.

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.41.96
UK Pound	1	Rs.83.78
Euro	1	Rs.65.82

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
TOTAL		63

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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