MIRA INFORM REPORT

Report Date :

06.09.2007

IDENTIFICATION DETAILS

Name :	NOKIA INDIA PRIVATE LIMITED

Registered Office :	4^th Floor, Commercial Plaza, Radisson Complex, National Highway No. 8, Mahipalpur, New Delhi 110032, Delhi

Country:	India

Financials (as on):	31.03.2005

Date of Incorporation :	23.05.1995

Com. Reg. No.:	55-68904

CIN No.: [Company Identification No.]	U74899DL1995PTC068904

TAN No.: [Tax Deduction & Collection Account No.]	DELN05529G DELN06295C

PAN No.: [Permanent Account No.]	AAACN2170R

Legal Form :	Private Limited Liability Company

Line of Business :	Mobile Phone, Multimedia, Enterprise Solutions and Networks

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company and part of worldwide Nokia Group. Available information indicates high financial responsibility of the company. Trade relations are fair. Fundamentals are strong and healthy. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in medium to long run. We are still trying for March 2006 results. Management categorily denied to part due to fierce competition in the Indian market.

LOCATIONS

Registered Office :	4^th Floor, Commercial Plaza, Radisson Complex, National Highway No. 8, Mahipalpur, New Delhi 110032, Delhi, India
Tel. No.:	91-11-26784100
Fax No.:	91-11-26779149 / 52227420
E-Mail :	pv.subba rao@nokia.com, sanjay.bhasin@nokia.com
Website :	http://www.nokia.co.in
Location :	Commercial

Nokia Networks:	701, Broadway Business Center, Ellisbridge, Law Garden Ahmedabad - 380006 , India SCO No. 367 - 368, 2F, Sec 34 A Chandigarh – 160034, India Nokia Multimedia, Networks, Enterprise Solutions 5F, Cybergreen, Building No. A & B, Cybercity, DLF - II, Gurgaon - 122002 Haryana - India Tel: 91 124 5199 000 Fax: 91 124 5199 100 Nokia, 2F, Landmark Tower Mahavir Marg, C Scheme, Jaipur - 302001 Rajasthan, India Kolkata, India 1F, Verma square, M-3, Gole Market, Mahanagar, Lucknow, Utter Pradesh-INDIA 3F, 308, Krishna Plaza, Garh Road, Meerut 250004, India 2F, 202, Paradigm-B, Mindspace, Link Road, Malad (W), Mumbai – 400064, India 3F. Radisson Complex Commercial Plaza. Mahipalpur New Delhi 110 037, India Tel: 91 11 6779000 Fax: 91 11 6779146 573 Dealing Chambers, JM Road, MAHARASTRA, 411004, INDIA INPUN01, 00002952, 2951 PUNE city 2951 PUNE India Nokia Telecom, SFZ SIPCOT Industrial Park, Phase III, A I Chennai, Tamil Nadu, India

Regional Head Office:	Located at : USA Singapore Australia China Beijing New Zealand Philippines Taiwan Vietnam Malaysia

Branches :	Located at v Hyderabad v Bangalore v Ahmedabad v Mumbai

DIRECTORS

Name :	Mr. Sanjeev Sharma
Designation :	Managing Director
Address:	C-63, 2^nd Floor, Defence Colony, New Delhi – 110 024
Date of Birth/Age :	9/9/1961
Date of Appointment :	29/03/2002

Name :	Mr. C Suresh Wadhwani
Designation :	Whole Time Director
Address:	1188 Hamicton Court, Gurgaon, Haryana.
Date of Birth/Age :	11/4/1961
Date of Appointment :	6/12/1995

Name :	Mr. Ambrish Bakaya
Designation :	While Time Director
Address:	G-2, 1^st Floor, kailash Colony, New Delhi – 110 048.
Date of Birth/Age :	2/3/1961
Date of Appointment :	22/9/1997

Name :	Mr. Ashish Chowdhary
Designation :	Director
Address:	D –1/ 15, 2^nd Floor, Vasant Vihar, New Delhi – 110 057
Date of Birth/Age :	29/07/1965
Date of Appointment :	2/7/2004

Name :	Mr. P Subba Rao
Designation :	Director
Address:	B 3/ F 1, Opposite Seeshmahal, Ameerpet Colony, Hyderabad – 500 016, Andhra Pradesh.
Date of Birth/Age :	29/07/1965
Date of Appointment :	2/7/2004

Name :	Mr. Bathina Nath Sridhar
Designation :	Director
Address:	72 Whisper Valley, Banjara Hills, Hyderabad – 500 034,Andhra Pradesh.
Date of Birth/Age :	01.07.1957
Date of Appointment :	25.03.2002

Name :	Mr. Lehtela J Johannes
Designation :	Director
Address:	Flat C – 1,Mill Bank No. 4, Boatclvrrd 3AVE, Chennai – 600 028, Tamilnadu.
Date of Birth/Age :	28.12.1958
Date of Appointment :	01.07.2005

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Nokia Corporation	35579299	100 %
Nokia Singapore Pte. Limited	1	--
TOTAL	35579300	100 %

BUSINESS DETAILS

Line of Business :	Mobile Phone, Multimedia, Enterprise Solutions and Networks

Products:	Software Telecommunication

GENERAL INFORMATION

Auditors :	Lovelock and Lewes Chartered Accountants

Holding Company:	Nokia Corporation, Finland

Subsidiaries company:	v Nokia Network, Brazil v Nokia (Hongkong ) Limited v Nokia (Thailand) Limited v Nokia Inc. USA v Nokia TMC Limited - Korea v Nokia UK Limited v Nokia Australia Pty Limited v Nokia Gmbh , Germany v Israel Communication Limited, Israel v Nokia Italia S.P. A. Italy v Nokia Japan Company Limited, Japan v Nokia Pte Limited, Singapore v Nokia Kounikasyon Limited, Sti v Nokia Taiwan Company Limited , Taiwan v Nokia Devenezuela C A v Nokia Mobil Phone, Australia v Nokia (Philippines) Inc – Philippines v Nokia Indonesia v Nokia Denmark A/s v Nokia Poland Ps Zoo v Nokia (China) Investment Company Limited v Nokia Spain SAU

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
3600000	Equity Shares	Rs. 10/- each	Rs. 360.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35579300	Equity Shares	Rs. 10/- each	Rs. 355.793 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004	31.03.2003 (15 Month)
SHAREHOLDERS FUNDS
1] Share Capital		355.793	355.793	355.793
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1458.297	881.474	381.178
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1814.090	1237.267	736.971
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	250.000
TOTAL BORROWING		0.000	0.000	250.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		1814.090	1237.267	986.971

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		231.575	72.447	94.296
Capital work-in-progress		35.509	7.228	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		139.620	17.466	15.643

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3187.713	1347.370	389.652
	Sundry Debtors	10423.446	2576.983	1089.547
	Cash & Bank Balances	3256.976	1737.039	688.427
	Other Current Assets	12.209	0.572	3.435
	Loans & Advances	1396.673	663.337	414.956
Total Current Assets		18277.017	6325.101	2586.017
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	15197.348	4358.100	1361.953
	Provisions	1672.283	826.878	347.032
Total Current Liabilities		16869.631	5184.978	1708.985
Net Current Assets		1407.386	1140.126	877.032

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		1814.090	1237.267	986.972

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004	31.03.2003 (15 Month)
Sales Turnover [including other income]	57521.765	25738.834	9486.064

Profit/(Loss) Before Tax	911.085	797.109	791.577
Provision for Taxation	344.262	296.814	301.899
Profit/(Loss) After Tax	576.823	500.295	489.678

Import Value	NA	NA	7075.043

Total Expenditure	56610.699	24581.725	8573.258

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004	31.03.2003 (15 Month)
PAT / Total Income	(%)	1.00	1.94	5.16

Net Profit Margin (PBT/Sales)	(%)	1.58	3.10	8.41

Return on Total Assets (PBT/Total Assets}	(%)	4.92	12.41	29.36

Return on Investment (ROI) (PBT/Networth)		0.50	0.64	1.07

Debt Equity Ratio (Total Liability/Networth)		9.30	4.19	2.66

Current Ratio (Current Asset/Current Liability)		1.08	1.22	1.51

6422.242

LOCAL AGENCY FURTHER INFORMATION

Performance of the Company:

The operational performance of the company during the year ended 31.03.2005 was quite encouraging with increasing in revenue and profits. All the division of the company have also contribute to the revenue substantially. The performance of the company was buoyant. The R & D division has achieved success by introducing various new systems, which had enable the company to improve the product mix substantially to cater to the new markets. The substantial growth in the revenue of the company could be possible because of the drive and dedicated efforts of the management. The company has recently introduced the costliest handset which was well accepted by the market.

Future Prospects:

The prospects of the company are very bright in the coming years. The company has taken a lead in establishing its place in CDMA market. in GSM market the company is far ahead of the competitors. New models, which were introduced in the market, were all accepted and the company is confident in introducing new models, which meet the requirements of the market. The company is in the final stage of commissioning a manufacturing plant in the SEZ of chennai, which will enable the company to have a higher penetration in the markets.

Incorporated on May 23, 1995 the subject is engaged in the business of Manufactures and Suppliers of Mobile Phone, Multimedia, Enterprise Solutions and Networks

A world leader in mobile communications, Nokia has established itself as the leading preferred brand in many markets where it is present in Asia Pacific

Located at Alexandra Technopark in Singapore, Nokia's regional corporate headquarters is a base from which over 650 staff provide leading-edge technology, product and solutions to the 20 diverse markets and Nokia offices in the Asia-Pacific region. Nokia Mobile Phones currently manufactures products out of three major facilities in Masan, Korea; and Beijing and Dongguan in China. Nokia has R&D centers in Japan and China, and an industrial park in Xingwang, Beijing with R&D and manufacturing facilities. Nokia Networks has technology and training centers in Australia, Japan and Thailand, as well as six joint ventures in China. Nokia Research Center, the corporate research unit, has offices in Japan and China. Nokia Ventures Organizations' operation in the region includes Nokia Internet Communications and Nokia Home Communications.

With effect from January 1, 2004 Nokia reorganized its structure in a move to further align the company’s overall structure with its strategy. The company includes four business groups:

Mobile Phone

Multimedia

Enterprise Solutions

Network

Nokia also includes two horizontal groups that support the mobile device business groups : customers and Market Operations and Technology Platforms.

Press Clippings

NOKIA: Nokia's hottest spot

India has been an unexpected success story for Nokia. And the happy times show no sign of waning

Monday, June 13, 2005

No other telecom equipment company had a more eventful year than Nokia. The Finnish vendor registered a huge 140 percent growth in its business in India, which catapulted its India operations to become Nokia's fifth largest market in the world. In the year prior to that, the India operations had ranked sixth; and in 2002 and 2001, ninth and tenth, respectively. This growth came from both the mobile handset and infrastructure segments.

Even though there was lot more competition in both the mobile phone segment last year, Nokia remained the undisputed leader. Besides its wide range of phones and the widespread business infrastructure that it has in India, its deepening commitment to the Indian market aided its 100 percent growth in the mobile phone business. Nokia's growing faith and commitment in India was reflected not just in its India-centric product strategy and marketing campaigns but also in its plan to invest in manufacturing in handset as well as infrastructure space.

In many ways, Nokia's success in India is a manifestation of the success of telecom here. The vendor was a key beneficiary of the tremendous growth that the mobile subscriber base witnessed past year and the huge investments that operators made in the expanding their networks.

V&D estimates CyberMedia Research

Highlights

v India emerged as the fifth largest market for Nokia globally

v Nokia India's revenue from GSM handsets in FY 2004–05 was Rs 46000 millions

v Infrastructure business contributed Rs 27710 millions

v Nokia announced plans to set up mobile handsets and infrastructure equipment manufacturing plant in India

The responsibilities of the Board of Directors

The Board of Directors represents and is accountable to the shareholders of the company. The Board's responsibilities are active and not passive and include the responsibility to regularly evaluate the strategic direction of the company, management policies and the effectiveness with which management implements its policies. The Board's responsibilities further include overseeing the structure and composition of the company's top management and monitoring legal compliance and the management of risks related to the company's operations. In doing so the Board may set out annual ranges and/or individual limits for capital expenditures, investments and divestitures and financial commitments not to be exceeded without Board approval.

The Board has the responsibility for appointing and discharging the Chief Executive Officer and the President and the other members of the Group Executive Board. Subject to the requirements of Finnish law, the independent directors of the Board will confirm the compensation and the employment conditions of the Chief Executive Officer and the President upon the recommendation of the Personnel Committee. The compensation and employment conditions of the other members of the Group Executive Board are approved by the Personnel Committee.

The basic responsibility of the members of the Board is to act in good faith and with due care so as to exercise their business judgment on an informed basis in what they reasonably and honestly believe to be the best interests of the company and its shareholders. In discharging that obligation, the directors must inform themselves of all relevant information reasonably available to them.

Election, composition and meetings of the Board of Directors

Pursuant to the articles of association, Nokia Corporation has a Board of Directors composed of a minimum of seven and a maximum of ten members. The members of the Board are elected for a term of one year at each Annual General Meeting, which convenes each March or April. Since the Annual General Meeting held on April 7, 2005, the Board has consisted of ten members. Nokia's CEO, Mr. Jorma Ollila, also serves as the Chairman of the Board. The other members of the Board are all non-executive and independent as defined in the Finnish rules and regulations. The Board convened nine times during 2004, three of the meetings were held in the form of a conference call, and the average ratio of attendance at the meetings was 100%. The non-executive directors meet without executive directors twice a year, or more often as they deem appropriate. Such sessions are presided over by the Vice Chairman of the Board or, in his absence, the most senior non-executive member of the Board. In addition, the independent directors meet separately at least annually. The Board and each committee also has the power to hire independent legal, financial or other advisors as it deems necessary.

The Board elects a Chairman and a Vice Chairman from among its members for one term at a time. On April 7, 2005 the Board resolved that Mr. Jorma Ollila should continue to act as Chairman and that Mr. Paul J. Collins should continue to act as Vice Chairman. The Board also appoints the members and the chairmen for its committees from among its non-executive, independent members for one term at a time.

Under Finnish law, if the roles of the Chairman and the Chief Executive Officer are combined, the company must have a President. The responsibilities of the President are defined in the Finnish Companies Act and other relevant legislation along with any additional guidance and instructions given from time to time by the Board and the Chief Executive Officer. The responsibilities of the Chief Executive Officer are determined by the Board.

The Board and each of its committees conducts annual performance self-evaluations, the results of which are discussed in the committees, respectively, and in the full Board. The Corporate Governance Guidelines concerning the directors' responsibilities, the composition and selection of the Board, Board committees and certain other matters relating to corporate governance are available through the following link

Audit Committee

The Audit Committee consists of a minimum of three members of the Board, who meet all applicable independence, financial literacy and other requirements of Finnish law and the rules of the stock exchanges where Nokia shares are listed, including the Helsinki Exchanges and the New York Stock Exchange. Since April 7, 2005, the Committee has consisted of the following four members of the Board: Messrs. Per Karlsson (Chairman), Georg Ehrnrooth, Vesa Vainio and Arne Wessberg.

The Audit Committee is established by the Board primarily for the purpose of overseeing the accounting and financial reporting processes of the company and audits of the financial statements of the company. The Committee is responsible for assisting the Board's oversight of (1) the quality and integrity of the company's financial statements and related disclosure, (2) the external auditor's qualifications and independence, (3) the performance of the external auditor subject to the requirements of Finnish law, (4) the performance of the company's internal controls and risk management and assurance function, and (5) the company's compliance with legal and regulatory requirements. The Committee also maintains procedures for the receipt, retention and treatment of complaints received by the company regarding accounting, internal controls, or auditing matters and for the confidential, anonymous submission by employees of the company of concerns regarding accounting or auditing matters.

Under Finnish law, their external auditor is elected by their shareholders at the Annual General Meeting. The Committee makes a recommendation to the shareholders in respect of the appointment of the external auditor based upon its evaluation of the qualifications and independence of the auditor to be proposed for election or re-election. The Committee meets at least four times per year based upon a schedule established at the first meeting following the appointment of the Committee. The Committee meets separately with the representatives of the management and the external auditor at least twice a year. The Audit Committee convened three regular meetings and one extended regular meeting in 2004.

Personnel Committee

The Personnel Committee consists of a minimum of three members of the Board, who meet all applicable independence requirements of Finnish law and the rules of the stock exchanges where Nokia shares are listed, including the Helsinki Exchanges and the New York Stock Exchange. Since April 7, 2005, the Personnel Committee has consisted of the following four members of the Board: Mr. Paul J. Collins (Chairman), Mr. Daniel R. Hesse, Dame Marjorie Scardino and Mr. Vesa Vainio.

The primary purpose of the Personnel Committee is to oversee the personnel policies and practices of the company. It assists the Board in discharging its responsibilities relating to all compensation, including equity compensation, of the company's executives and the terms of employment of the same. The Committee has overall responsibility for evaluating, resolving and making recommendations to the Board regarding (1) compensation of the company's top executives and their employment conditions, (2) all equity-based plans, (3) incentive compensation plans, policies and programs of the company affecting executives, and (4) other significant incentive plans. The Committee is responsible for ensuring that the above compensation programs are performance-based, properly motivate management, support overall corporate strategies and align with shareholders' interests. The Committee is responsible for the review of senior management development and succession plans. The Personnel Committee convened three times in 2004.

Corporate Governance and Nomination Committee

The Corporate Governance and Nomination Committee consists of three to five members of the Board, who meet all applicable independence requirements of Finnish law and the rules of the stock exchanges where Nokia shares are listed, including the Helsinki Exchanges and the New York Stock Exchange. Since April 7, 2005, the Corporate Governance and Nomination Committee has consisted of the following three members of the Board: Dame Marjorie Scardino (Chairman), Mr. Paul J. Collins and Mr. Vesa Vainio.

Te Corporate Governance and Nomination Committee's purpose is (1) to prepare the proposals for the general meetings in respect of the composition of the Board along with the director remuneration to be approved by the shareholders, and (2) to monitor issues and practices related to corporate governance and to propose necessary actions in respect thereof.

The Committee fulfills its responsibilities by (i) actively identifying individuals qualified to become members of the Board, (ii) recommending to the shareholders the director nominees for election at the Annual General Meetings, (iii) monitoring significant developments in the law and practice of corporate governance and of the duties and responsibilities of directors of public companies, (iv) assisting the Board and each committee of the Board in its annual performance self-evaluation, including establishing criteria to be used in connection with such evaluation, and (v) developing and recommending to the Board and administering the Corporate Governance Guidelines of the company. The Corporate Governance and Nomination Committee convened five times in 2004.

JOINT VENTURE

Nokia has entered into several joint ventures over time, particularly in the areas of manufacturing and research and development. Regional joint ventures have proven to be an effective way to combine Nokia's global technology leadership with strong local partners to accomplish faster and higher market penetration in new and emerging markets.

Meridea Financial Software Oy, Finland

Established 2001
New company founded by 3i, Accenture, Nokia and Sampo for producing and marketing of software for mobile and online financial services

Nokia (Suzhou) Telecommunications Co., Limited, China

Established 2001
Established in 1998 as soly-owned foreign company, became Joint Venture in 2001
Production of GSM base station and cellular transmission product
Partner Shanghai Alliance Investment Limited

Hangzhou R&D center, China

Established 2001
MoU between Nokia Networks and the Zhejiang Provincial Government of China signed on November 22, 2001
Software development, platform technology development related to Nokia's 3G networks
Start of operatioins at the beginning of 2002
To start cooperation with a local partner in 2003
Nice-business Solutions Finland Oy, Finland

Established 2000
Joint venture between ICL and Nokia focusing on developing solutions and services for Nokia's e-business and customer relationship management (CRM) needs

Nokia Neu Comm Tech Company Limited, China

Established 2000
Software products research and development
Partner NEU-ALPINE Software Holding Co. Limited

Nokia Citic Digital Technology Co. (Beijing) Limited, China

Established 1999
Development, manufacturing and marketing of digital multimedia terminals
Partners CITIC Technology Co. Limited and the Academy of Broadcasting Science

Symbian Limited, United Kingdom

Established 1998
Symbian supplies an advanced, open, standard operating system for mobile phones. Symbian OS is used in the Nokia 9200 Communicators, the Nokia 7650 and Nokia 3650 as well as in the recently announced announced Nokia N-Gage. Symbian OS is used in the S60 platform.
The shareholders are Nokia, Psion, Motorola, Samsung, Siemens, Sony Ericsson, Ericsson and Panasonic.

ChongQing Nokia Telecommunications Co. Limited, China

Established 1998
Provision of a full range of services, manufacture and supply of products for fixed networks
Partners ChongQing Telecommunications Bureau, ChongQing PTAC

Fujian Nokia Mobile Telecommunications Limited, China

Established 1997
Main activities in the field of GSM 900/1800 technical services, primarily network planning and optimization
Partner Fujian PTA

Nemo Technologies Limited, Finland

Established 1996
Development and production of cellular radio network measurement and optimization tools
Partner Elektrobit, Finland

Dongguan Nokia Mobile Phones Co., Limited, China

Established 1995
Production of mobile phones and accessories
Partner Dongguan Nan Xin Industrial Development Co., Limited

Beijing Capitel Nokia Mobile Telecommunications Co., Limited, China

Established 1995
Production of GSM digital cellular systems and mobile phones
Partner Beijing Capitel Co., Limited

Beijing Nokia Hangxing Telecommunications Systems Co., Limited, China

Established 1995
Production of mobile digital switches, base station controllers and fixed digital switches
Partner Beijing Hangxing Machinery Manufacturing Corporation

Sapura-Nokia Telecommunications Sdn Bhd, Malaysia

Established 1992
Implementation of a DX 200 digital switching system project
Partner Sapura Holdings

Nokia devotes substantial time and resources to creating standards and specifications for the communications industry. They promote open standards that match their customers' needs. Below you can find brief descriptions of those cooperation forums as well as standard and specification making and promoting bodies in which Nokia sees specific interest and opportunity, and also where their participation is most active.

MEMBERSHIP

3GPP: The Third Generation Partnership Project (3GPP) is a global body dedicated to developing 3G specifications. 3GPP is an initiative of standards organizations from Europe, Japan, the U.S., Korea, and China with 400 companies participating in the technical work. In 1997-98, Nokia was active in establishing 3GPP as the organization to develop global 3G standards based on Wideband Code Division Multiple Access (WCDMA) technology. Specifications for WCDMA radio access networks were rapidly established, and in 2000 Nokia promoted the transfer of Global System of Mobile Communications/ Enhanced Data Rates for GSM Evolution (GSM/EDGE) standardization to 3GPP. Commercial WCDMA products on the market are based on 3GPP Release99. Standardization continues with Releases 4, 5 and 6.

3GPP2: 3GPP2 is an initiative of standardization organizations from the U.S., Korea, Japan, and China. There were 75 participating member companies as of February 2005. Nokia activities in 3GPP2 support operators that have selected cdma2000 as their preferred 3G radio interface. Nokia actively contributes to the technical specifications group for cdma2000 radio and network standards, as well as 3GPP2 organizational and steering meetings.

Association of Radio Industries and Business: ARIB was designated as "the Center for Promotion of Efficient Use of Radio Spectrum" and "the Designated Frequency Change Support Agency" by the Japanese Ministry of Internal Affairs and Communications (MIC) under the provisions of the Japanese Radio Law. ARIB conducts studies and R&D, establishes standards, provides consultation services for radio spectrum coordination, cooperates with other overseas organizations and provides frequency change support services for the smooth introduction of digital terrestrial television broadcasting. These activities are conducted in cooperation with and/or with participation by telecommunication operators, broadcasters, radio equipment manufacturers and related organizations as well as under the support by MIC.

Bluetooth SIG is a trade association that is driving the development of a short-range wireless specification for connecting digital devices. Nokia is one of the nine promoter companies of Bluetooth SIG with 3Com, Ericsson, IBM, Intel, Lucent, Microsoft, Motorola and Toshiba. In addition Bluetooth SIG has a about two thousand Associate and Adopter members worldwide.

China Communication Standardization Association: CCSA is a telecommunication industrial standards association that has more than 180 members and observers (as of February 2005), including Chinese domestic telecom operators and vendors, joint ventures of international telecom vendors, and domestic research institutes and universities. Led by The Ministry of Information Industry, China, CCSA keeps pace with global industry standardization organizations, such as ITU, 3GPP, 3GPP2, OMA, etc., and accord with the Chinese market situation. Nokia Capital Telecommunications Limited actively participates in CCSA's standard activities and promotes open standards to support international roaming and interoperability.

The CE-ATA Working Group: CE-ATA was launched in September 2004 to develop a storage interface tailored to the needs of small form factor disk drives in portable consumer electronics applications. The benefits of CE-ATA are many. From an industry perspective, small form factor disk drive suppliers can take advantage of a storage interface tailored to the needs of such devices, resulting in highly optimized disk drive designs. Host silicon providers and product integrators will also benefit from the improved integration that the tailored interface affords due to its low pin count, favorable voltages and efficient protocol. For consumers, a disk drive interface tailored to the needs of the handheld and portable consumer market segments could spur storage use in innovative new products and lead to products with a more efficient storage solution.

CELF: The CE Linux Forum is an industry group that is focused on the advancement of Linux as an open source platform for consumer electronics devices. CELF was established in July 2003 by Matsushita, Sony, Hitachi, NEC, Philips, Samsung, and Toshiba. As a steering group member in the forum, Nokia sees the interoperability between consumer electronics and mobile devices becoming increasingly important in middleware (technology) standardization work. This work is critical in order to provide consumers with easy to use products that seamlessly work in different environments.

Communications and Information network Association of Japan: With the cooperation of member companies, CIAJ is committed to the healthy development of info-communication network industries through the promotion of info-communication technologies, and contributes to the realization of more enriched lives in Japan as well as the global community by supporting wide-spread and advanced uses of information in socio-economic and cultural activities.

Digital Living Network Alliance: DLNA was formed by Nokia together with 16 other industry leaders from the PC, consumer electronics and mobile industries in 2003 to simplify sharing of digital content among consumer electronics, PCs, and mobile devices. DLNA has over 200 member companies (as of February 2005). The group is working to establish a platform of interoperability based on open industry standards to enable the transparent home network so that consumers can easily consume, manage, and distribute digital content in new ways.

DVB: The Digital Video Broadcasting Project (DVB) is an industry-led consortium of over 300 broadcasters, manufacturers, network operators, software developers, regulators, and other bodies in over 35 countries committed to designing global standards for the delivery of digital television and data services. Nokia focuses on the development of the DVB standard in areas related to digital TV set top boxes and mobile datacast services.

ETSI: The European Telecommunications Standards Institute unites 900 members from five continents. ETSI members actively participate in 3GPP, and the organization also provides secretarial support (Mobile Competence Center MCC) for 3GPP. Since 2003 ETSI has also provided secretarial support and forum hosting service for Open Mobile Alliance (OMA). Nokia's other focus areas in ETSI include Broadband Radio Access Networks (BRAN), a body developing standards for wireless local area networks (LANs) and point-to-multipoint radio links, TErrestrial Trunked Radio (TETRA), and ETSI's Joint Technical Committee BROADCAST with the European Broadcasting Union (EBU).

GSA: The Global mobile Suppliers Association (GSA) has been established to ensure that the GSM/3G supplier industry is better informed for decision-making, and that it's views and requirements are adequately represented and accepted by influencers and decision makers, particularly in areas affecting investment and business growth opportunities, on a global scale. GSA is the representative body for the GSM/3G supplier industry. It is an organisation created to meet suppliers' needs and already represents over 80% of GSM/3G market share globally. Membership is open to all suppliers of GSM/3G systems and services, from across the entire supply chain.

IEEE: Institute of Electrical and Electronics Engineers is a technical professional association of more than 377,000 individual members in 150 countries. IEEE is active in technical publishing, conferences and standardization, covering areas from computer engineering, biomedical technology, and telecommunications to electric power, aerospace, and consumer electronics. IEEE Standards Association, amongst others, develops the 802.x local and metropolitan area wired and wireless standards. Nokia also sponsors an annual Internet Award through the IEEE Foundation. The award is given for exceptional contributions to the advancement of Internet technology for network architecture, mobility, and end-user applications.

Internet Engineering Task Force: IETF is an open community of network designers, operators, vendors, and researchers concerned with the evolution of the Internet architecture and the smooth operation of the Internet. Its main task is the standardization of the core protocols of the Internet, including IPv4, IPv6, IPSec, Mobile IP, IP routing, MPLS, DNS, TCP, TLS, SNMP and DIAMETER. The IETF also standardizes some key Internet application protocols such as SIP, RTP, HTTP and SMTP, which are the foundation for services like VoIP, WWW and e-mail. As the Internet technology has become widely adopted, IETF protocols also form the basis for the work of many other standardization organizations, such as OMA, 3GPP, 3GPP2 and W3C. Nokia has a strong and active presence in the IETF.

IPDC: The Internet Protocol (IP) Datacast Forum is an international non-profit industry association founded in 2001 by Nokia, Crown Castle International, Deutsche Telekom, Digita, NTL Broadcast, Philips, Retevision, SkyStream Networks, Teracom, and The Fantastic Corporation. The Forum facilitates the growth of IP-based multimedia services for deployment over broadband networks, including DVB (Digital Video Broadcasting) and DAB (Digital Audio Broadcasting). Nokia promotes the development and the launch of IP-based datacast services over DVB-T (Digital Video Broadcast, Terrestrial) networks.

ITU: International Telecommunication Union, part of United Nations system of international organizations, is where governments and the private sector coordinate telecom networks and services globally. ITU consists of Radiocommunication Sector (ITU-R), Telecommunication Sector (ITU-T) and Development Sector (ITU-D). Nokia is a member in all sectors and believes that ITU-R has an essential role in global radio spectrum management.

JCP: Java Community Process is a framework under which the international Java Community develops and maintains Java technology specifications, such as the language, virtual machine, and different application programming interfaces. JCP forms a de facto standardization process for Java related specifications.

Khronos Group: Khronos is a member-funded industry consortium focused on the creation of open standard, royalty-free APIs to enable the authoring and playback of dynamic media on a wide variety of platforms and devices.

Liberty Alliance project was formed to deliver and support a federated network identity solution for the Internet enabling single sign-on for consumers as well as business users. Founding members of Liberty Alliance are Nokia, American Express, America Online, France Telecom, GM, HP, Mastercard, NTT DoCoMo, RSA Security, Sony, SUN Microsystems, and Vodafone. In a federated view of the world, a person's online identity, their personal profile, personalized online configurations, buying habits, and history, and shopping preferences are administered by users, yet securely shared with the organizations they choose. The role of the Liberty Alliance project is to support the development, deployment, and evolution of an open, interoperable specification for a federated network identity.

MeT: Mobile Electronic Transactions is a company founded to establish a framework for secure mobile transactions, ensuring a consistent user experience independent of device, service, and network. The MeT is sponsored by Nokia, Ericsson, NEC, Panasonic, Siemens, and SonyEricsson. MeT is creating a common platform upon which various services can be built from a common set of components. MeT Limited is addressing the needs of application areas such as identification, authorization, credit and debit card payments, loyalty schemes, and ticketing.

Mobile IT forum: The mITF was established in Japan in order to assure early actualization of fourth generation mobile systems, such as fourth generation portable communication systems and Mobile Commerce. mITF does research and development and follows the emerging standardization activities on fourth generation mobile systems. It also coordinates with other related bodies globally, and provides information regarding 4G. mITF's purpose is to contribute to a healthy development of radio wave utilization.

MIDI Manufacturers Association: MMA has been the caretaker of Musical Instrument Digital Interface (MIDI) since its inception. MMA has overseen and helped to coordinate changes to the MIDI specification, which today remains one of the most relevant standards in the entertainment industry. The mission of MMA is to insure interoperability of MIDI products through an open standards process with broad industry participation, be proactive towards developing and enhancing MIDI to respond to market needs, encourage the use of MIDI technology and MIDI products in established and growth markets, and protect the meaning of the term MIDI as used in commerce. Nokia has contributed actively to multiple standards through MMA. The most notable of them are Scalable Polyphony MIDI (SP-MIDI), Mobile Downloadable Sounds (Mobile DLS), and Mobile eXtensible Music Format (Mobile XMF).

Multi Media Card Association: The MMCA is the open standard memory card organization, promoting worldwide adoption of a postage-stamp size, removable storage card designed especially for mobile phones and digital imaging. Founded in 1998 with 14 companies, the MMCA has grown rapidly and now has 190+ members worldwide (as of February 2005), representing all branches of mobile electronic applications, including semiconductor suppliers, software vendors and manufacturers of low power devices for storing and retrieving digital information.

Mobile Manufacturers Forum: The MMF is an international association of radio equipment manufacturers. The MMF was formed in 1998 to jointly fund key research projects, as well as to cooperate on standards, regulatory issues and communications activities concerning health and mobile phones. The goal of the MMF in research is to promote the highest quality independent research that provides relevant data to develop sound public policy.

Network Processing Forum: The NPF was organized to facilitate and accelerate the development of next-generation networking and telecommunications products based on network processing technologies. By establishing common specifications, the NPF enables equipment manufacturers to significantly reduce their design burden, while having the flexibility to use the best components to fit their requirements.

Open Base Station Architecture Initiative: The OBSAI aims to create an open market for cellular base stations. An open market will substantially reduce the development effort and costs that have been traditionally associated with creating new base station product ranges. Since OBSAI was first established in September 2002, well over one hundred companies have joined (as of February 2005), spanning base station manufacturing, module manufacturing, and component manufacturing. OBSAI members now have a complete suite of both interface and hardware specifications that will enable the production of base station modules to fit any base station utilising OBSAI interface specifications.

Open Communications Architecture Forum: OCAF conducts studies of NGN services to determine requirements for Commercial Off The Shelf technology that accelerates deployment of new carrier grade open platforms, advancing NGN infrastructure and services. The studies cover the complete solution stack and reflect views of the service provider, solution provider, and technology provider. Requirements identified by OCAF studies are documented in three predefined templates. When complete, one template describes functional requirements, a second template describes non-functional requirements (such as scalability, availability, security, and legal), and a third template describes standards requirements (such as ITU, SAF, ETSI, 3GPP, Open Mobile Alliance, IETF, etc).

Open Mobile Alliance: OMA creates specifications for mobile service enablers, and hosts interoperability program including interoperability testing for product implementations. As a sponsor member Nokia contributes to the specification requirement work, defining architectural frameworks, specification creation and interoperability program. Nokia implements OMA specifications in its mobile products.

Open Mobile Terminal Platform group: The OMTP group, formed in June 2004, aims to define those platform requirements necessary for mobile devices to deliver openly available standardized application interfaces that will provide customers with a consistent and improved user experience across different devices, while also enabling individual operators and manufacturers to customize and differentiate their offerings. Nokia participates OMTP activities as sponsor.

OSDL: Open Source Development Lab is dedicated to enable Linux and Linux-based applications for data center and carrier-class deployment. It gives open source developers around the world resources to bring Linux further into telecommunications and the enterprise. Nokia is supporting OSDL with 20 other industry leaders.

OSS/J: The OSS through Java™ Initiative is chartered to develop APIs that accelerate the development of innovative OSS/BSS solutions where all the applications function together. Nokia is one of the founding members of OSS/J. The initiative's API's help Service Providers jumpstart the deployment of end-to-end servives on next generation wireless networks and leverage the convergene of telecommunications and Internet-based solutions.

PCI Industrial Computer Manufacturers Group: PICMG is a consortium of over 450 companies (as of February 2005) who collaboratively develop open specifications for high performance telecommunications and industrial computing applications. The members of the consortium have a long history of developing leading edge products for these industries. PICMG specifications include CompactPCI® for Eurocard, rackmount applications and PCI/ISA for passive backplane, standard format cards. Most recently, PICMG completed the development of a new series of specifications, called AdvancedTCA®, for next-generation telecommunications equipment, with a new form factor and based on switched fabric architectures.

RosettaNet is a non-profit consortium of major information technology, electronic components, semiconductor manufacturing, and telecommunications companies working to create, implement, and promote open e-business process standards. These standards form a common e-business language, aligning processes between supply chain partners on a global basis. Today RosettaNet has over 500 member companies, and is a subsidiary of the Uniform Code Council, Inc. Nokia has taken an active role to drive the adoption of RosettaNet as a de facto standard in electronics and telecom industry supply chain integration.

Service Availability Forum: The SAF is a consortium of industry-leading communications and computing companies working together to develop and publish high availability and management software interface specifications. The SA Forum then promotes and facilitates specification adoption by the industry. The Service Availability™ Forum specifications enable the implementation of carrier-grade systems and services built with Commercial off-the-shelf (COTS) building blocks, for the benefit of Telecom Service Providers/Operators, Network Equipment Providers, and Independent Software Vendors.

The SD Card Association is an open industry standards organization established in 2000 by Matsushita Electric, SanDisk and Toshiba, and is supported by a consortium of over 700 companies (as of February 2005). The Association aims to set the technical and specification standards for SD memory card applications and related products and promote the wide acceptance of SD memory cards in a variety of applications.

Standard Mobile Imaging Architecture: The SMIA standard is an open standard for use by all companies making, buying or specifying miniature integrated camera modules for use in mobile applications. It is a complete standard and it is proposed that a product will be compliant with all portions of the standard. The main requirement is to be able to connect any SMIA-compliant sensor to any SMIA-compliant host system with matching capabilities and get a working system with acceptable performance.

Symbian was founded in 1998 with the aim of supporting a mass-market for Symbian OS based phones. Shareholders of Symbian are Nokia, Ericsson, SonyEricsson, Panasonic, Psion and Siemens. Symbian OS is built on open standards where possible and is equally available to all to license. Licensees have access to the source code. Symbian OS is a key component for OMA (Open Mobile Alliance) implementations and also the basis of user interfaces, such as the Series 60.

Trusted Computing Group: The TCG is an industry standardization body developing and promoting open specifications for trusted computing hardware and associated software interfaces. TCG's work spans different platforms, including PCs, servers, PDAs and mobile phones. TCG specifications aim to create a more secure computing environment, without fragmenting the security market.

TIA TR-45.3: The Telecommunications Industry Association subcommittee 45.3 deals with the evolution of Time Division Multiple Access (TDMA) Third Generation Wireless Standards (TIA/EIA-136). Nokia was a key advocate for convergence with GSM. The result is Enhanced General Packet Radio Service (EGPRS), a high-speed packet data service for both TIA/EIA-136 and GSM. Nokia continues to devote resources to the enhancement of EGPRS in 3GPP to ensure that the resulting standard meets the needs of both the TDMA and GSM communities.

TM Forum: The TeleManagement Forum (TM Forum) is a non-profit global organization that provides leadership, strategic guidance, and practical solutions to improve the management and operation of information and communications services. Its open membership of over 340 companies comprises incumbent and new-entrant service providers, computing and network equipment suppliers, software solution suppliers, and customers of communications services. TM Forum has been contributing to the Information and Communications Services (ICS) Industry for over 13 years. The TM Forum has liaison partnerships with all key standards and industry groups.

Telecommunication Technology Committee: The TTC of Japan was established as a private standardization organization in October 1985 to contribute to further activation of the field of telecommunications, in which the free competitive market principle was introduced based on the implementation of the Telecommunication Business Law in 1985, and to respond to the Japan/US Market Oriented Sector Service(MOSS) Conference, which was held in the same year. The purpose of this committee is to contribute to Japanese standardization in the field of telecommunications by establishing protocols and standards for telecommunications networks and terminal equipment, etc as well as to disseminate those standards.

Universal Plug and Play Forum: The UPnP Forum is an industry initiative whose goal is to enable simple and robust connectivity among stand-alone devices and PCs from many different vendors. The Forum consists more than 700 hundred vendors, including industry leaders in consumer electronics, computing, home automation, home security, appliances, printing, photography, computer networking, and mobile products. UPnP technology is all about making home networking simple and affordable for users.

USB Implementers Forum, Inc. is a non-profit corporation founded by the group of companies that developed the Universal Serial Bus specification. The USB-IF was formed to provide a support organization and forum for the advancement and adoption of Universal Serial Bus technology. The Forum facilitates the development of high-quality compatible USB peripherals (devices), and promotes the benefits of USB and the quality of products that have passed compliance testing. Board members of USB IF include Agere Systems, HP, Intel (the current chair), Microsoft, NEC and Philips. Nokia is actively involved in promoting new standards which promote the use of USB within the mobile device industry.

Video Electronics Standards Association: VESA is an organization that supports and sets industry-wide interface standards for the PC, workstation, and consumer electronics industries. VESA promotes and develops timely, relevant, open standards for the display and display interface industry, ensuring interoperability and encouraging innovation and market growth.

W3C: World Wide Web Consortium with its over 300 members, including Nokia, is developing common protocols that promote the evolution of the World Wide Web and its interoperability. HTML, XML and more than 40 other standards have been developed by W3C during the recent years. W3C is based at MIT (Massachusetts Institute of Technology) in the US, at ERCIM (European Research Consortium of Informatics and Mathematics) in Europe, and at Keio University in Japan. Several countries also have established local W3C offices.

WiMAX is a nonprofit corporation that has been formed to promote and certify the compliance and interoperability of devices based upon the IEEE 802.16 standards as well as future standards as may by developed by WiMAX. WiMAX promotes alignment of IEEE 802.16 standards with other standard bodies such as ETSI (HiperMAN) and China (CWTS) to ensure WiMAX is a worldwide standard. Most major telecommunications manufacturers are members (Ericsson, Siemens, Alcatel, Lucent, Nortel, Motorola). Nokia joined as principal member in November 2004.

The Wireless USB Promoter Group was formed to create a new wireless extension to USB that combines the speed and security of wired technology with the ease-of-use of wireless technology. The Promoter Group will speed time to market and ensure rapid consumer adoption by preserving and extending the investment in the existing USB device and class driver infrastructure. Broad industry participation in the Promoter Group demonstrates the multi-vendor support of the technology and will ensure interoperability of Wireless USB devices. The original USB principles of ease-of-use, compatibility, and low cost continue to influence every design decision made by the group.

WS-I: Web Services Interoperability 0rganization is an open, industry organization chartered to promote Web services interoperability across platforms, operating systems, and programming languages. The organization of over 150 members works across the industry and standards organizations to respond to customer needs by providing guidance, best practices, and resources for developing Web services solutions. Nokia believes that a rapidly increasing demand for new and versatile mobile content calls for an open specification that enables seamless connection between mobile networks and third party service provider systems.

WWRF: Wireless World Research Forum is the global forum with over 70 members for discussing research issues related to beyond 3G. The objective of WWRF is to formulate visions on strategic future research directions in the wireless field, among industry and academia, and to generate, identify, and promote research areas and technical trends for mobile and wireless system technologies. WWRF does no research itself, but research is carried out in separate projects. The forum is open to all interested parties.

3GPP: The Third Generation Partnership Project (3GPP) is a global body dedicated to developing 3G specifications. 3GPP is an initiative of standards organizations from Europe, Japan, the U.S., Korea, and China with 400 companies participating in the technical work. In 1997-98, Nokia was active in establishing 3GPP as the organization to develop global 3G standards based on Wideband Code Division Multiple Access (WCDMA) technology. Specifications for WCDMA radio access networks were rapidly established, and in 2000 Nokia promoted the transfer of Global System of Mobile Communications/ Enhanced Data Rates for GSM Evolution (GSM/EDGE) standardization to 3GPP. Commercial WCDMA products on the market are based on 3GPP Release99. Standardization continues with Releases 4, 5 and 6.

3GPP2: 3GPP2 is an initiative of standardization organizations from the U.S., Korea, Japan, and China. There were 75 participating member companies as of February 2005. Nokia activities in 3GPP2 support operators that have selected cdma2000 as their preferred 3G radio interface. Nokia actively contributes to the technical specifications group for cdma2000 radio and network standards, as well as 3GPP2 organizational and steering meetings.

The CE-ATA Working Group: CE-ATA was launched in September 2004 to develop a storage interface tailored to the needs of small form factor disk drives in portable consumer electronics applications. The benefits of CE-ATA are many. From an industry perspective, small form factor disk drive suppliers can take advantage of a storage interface tailored to the needs of such devices, resulting in highly optimized disk drive designs. Host silicon providers and product integrators will also benefit from the improved integration that the tailored interface affords due to its low pin count, favorable voltages and efficient protocol. For consumers, a disk drive interface tailored to the needs of the handheld and portable consumer market segments could spur storage use in innovative new products and lead to products with a more efficient storage solution.

CELF: The CE Linux Forum is an industry group that is focused on the advancement of Linux as an open source platform for consumer electronics devices. CELF was established in July 2003 by Matsushita, Sony, Hitachi, NEC, Philips, Samsung, and Toshiba. As a steering group member in the forum, Nokia sees the interoperability between consumer electronics and mobile devices becoming increasingly important in middleware (technology) standardization work. This work is critical in order to provide consumers with easy to use products that seamlessly work in different environments.

DVB: The Digital Video Broadcasting Project (DVB) is an industry-led consortium of over 300 broadcasters, manufacturers, network operators, software developers, regulators, and other bodies in over 35 countries committed to designing global standards for the delivery of digital television and data services. Nokia focuses on the development of the DVB standard in areas related to digital TV set top boxes and mobile datacast services.

ETSI: The European Telecommunications Standards Institute unites 900 members from five continents. ETSI members actively participate in 3GPP, and the organization also provides secretarial support (Mobile Competence Center MCC) for 3GPP. Since 2003 ETSI has also provided secretarial support and forum hosting service for Open Mobile Alliance (OMA). Nokia's other focus areas in ETSI include Broadband Radio Access Networks (BRAN), a body developing standards for wireless local area networks (LANs) and point-to-multipoint radio links, TErrestrial Trunked Radio (TETRA), and ETSI's Joint Technical Committee BROADCAST with the European Broadcasting Union (EBU).

GSA: The Global mobile Suppliers Association (GSA) has been established to ensure that the GSM/3G supplier industry is better informed for decision-making, and that it's views and requirements are adequately represented and accepted by influencers and decision makers, particularly in areas affecting investment and business growth opportunities, on a global scale. GSA is the representative body for the GSM/3G supplier industry. It is an organisation created to meet suppliers' needs and already represents over 80% of GSM/3G market share globally. Membership is open to all suppliers of GSM/3G systems and services, from across the entire supply chain.

IEEE: Institute of Electrical and Electronics Engineers is a technical professional association of more than 377,000 individual members in 150 countries. IEEE is active in technical publishing, conferences and standardization, covering areas from computer engineering, biomedical technology, and telecommunications to electric power, aerospace, and consumer electronics. IEEE Standards Association, amongst others, develops the 802.x local and metropolitan area wired and wireless standards. Nokia also sponsors an annual Internet Award through the IEEE Foundation. The award is given for exceptional contributions to the advancement of Internet technology for network architecture, mobility, and end-user applications.

IPDC: The Internet Protocol (IP) Datacast Forum is an international non-profit industry association founded in 2001 by Nokia, Crown Castle International, Deutsche Telekom, Digita, NTL Broadcast, Philips, Retevision, SkyStream Networks, Teracom, and The Fantastic Corporation. The Forum facilitates the growth of IP-based multimedia services for deployment over broadband networks, including DVB (Digital Video Broadcasting) and DAB (Digital Audio Broadcasting). Nokia promotes the development and the launch of IP-based datacast services over DVB-T (Digital Video Broadcast, Terrestrial) networks.

ITU: International Telecommunication Union, part of United Nations system of international organizations, is where governments and the private sector coordinate telecom networks and services globally. ITU consists of Radiocommunication Sector (ITU-R), Telecommunication Sector (ITU-T) and Development Sector (ITU-D). Nokia is a member in all sectors and believes that ITU-R has an essential role in global radio spectrum management.

JCP: Java Community Process is a framework under which the international Java Community develops and maintains Java technology specifications, such as the language, virtual machine, and different application programming interfaces. JCP forms a de facto standardization process for Java related specifications.

Mobile IT forum: The mITF was established in Japan in order to assure early actualization of fourth generation mobile systems, such as fourth generation portable communication systems and Mobile Commerce. mITF does research and development and follows the emerging standardization activities on fourth generation mobile systems. It also coordinates with other related bodies globally, and provides information regarding 4G. mITF's purpose is to contribute to a healthy development of radio wave utilization.

MultiMediaCard Association: The MMCA is the open standard memory card organization, promoting worldwide adoption of a postage-stamp size, removable storage card designed especially for mobile phones and digital imaging. Founded in 1998 with 14 companies, the MMCA has grown rapidly and now has 190+ members worldwide (as of February 2005), representing all branches of mobile electronic applications, including semiconductor suppliers, software vendors and manufacturers of low power devices for storing and retrieving digital information.

OSDL: Open Source Development Lab is dedicated to enable Linux and Linux-based applications for data center and carrier-class deployment. It gives open source developers around the world resources to bring Linux further into telecommunications and the enterprise. Nokia is supporting OSDL with 20 other industry leaders.

OSS/J: The OSS through Java™ Initiative is chartered to develop APIs that accelerate the development of innovative OSS/BSS solutions where all the applications function together. Nokia is one of the founding members of OSS/J. The initiative's API's help Service Providers jumpstart the deployment of end-to-end servives on next generation wireless networks and leverage the convergene of telecommunications and Internet-based solutions.

Trusted Computing Group: The TCG is an industry standardization body developing and promoting open specifications for trusted computing hardware and associated software interfaces. TCG's work spans different platforms, including PCs, servers, PDAs and mobile phones. TCG specifications aim to create a more secure computing environment, without fragmenting the security market.

TIA TR-45.3: The Telecommunications Industry Association subcommittee 45.3 deals with the evolution of Time Division Multiple Access (TDMA) Third Generation Wireless Standards (TIA/EIA-136). Nokia was a key advocate for convergence with GSM. The result is Enhanced General Packet Radio Service (EGPRS), a high-speed packet data service for both TIA/EIA-136 and GSM. Nokia continues to devote resources to the enhancement of EGPRS in 3GPP to ensure that the resulting standard meets the needs of both the TDMA and GSM communities.

TM Forum: The TeleManagement Forum (TM Forum) is a non-profit global organization that provides leadership, strategic guidance, and practical solutions to improve the management and operation of information and communications services. Its open membership of over 340 companies comprises incumbent and new-entrant service providers, computing and network equipment suppliers, software solution suppliers, and customers of communications services. TM Forum has been contributing to the Information and Communications Services (ICS) Industry for over 13 years. The TM Forum has liaison partnerships with all key standards and industry groups.

W3C: World Wide Web Consortium with its over 300 members, including Nokia, is developing common protocols that promote the evolution of the World Wide Web and its interoperability. HTML, XML and more than 40 other standards have been developed by W3C during the recent years. W3C is based at MIT (Massachusetts Institute of Technology) in the US, at ERCIM (European Research Consortium of Informatics and Mathematics) in Europe, and at Keio University in Japan. Several countries also have established local W3C offices.

WS-I: Web Services Interoperability 0rganization is an open, industry organization chartered to promote Web services interoperability across platforms, operating systems, and programming languages. The organization of over 150 members works across the industry and standards organizations to respond to customer needs by providing guidance, best practices, and resources for developing Web services solutions. Nokia believes that a rapidly increasing demand for new and versatile mobile content calls for an open specification that enables seamless connection between mobile networks and third party service provider systems.

WWRF: Wireless World Research Forum is the global forum with over 70 members for discussing research issues related to beyond 3G. The objective of WWRF is to formulate visions on strategic future research directions in the wireless field, among industry and academia, and to generate, identify, and promote research areas and technical trends for mobile and wireless system technologies. WWRF does no research itself, but research is carried out in separate projects. The forum is open to all interested parties

Nokia to supply Push to Talk to Fujian MCC in China

January 12, 2006

Espoo, Finland - Fujian Mobile Communications of China has chosen Nokia's Push to Talk over Cellular (PoC) platform to provide a new, instant communication service to enterprises in Fujian province, and plans to later expand the service to consumers.

The deal underlines Nokia's strength in the dynamic Chinese mobile market, as well as its leadership in Push to Talk technology. To date Nokia has over 45 PoC references globally.

In addition to the PoC platform, the contract includes Systems Integration (SI) services to Fujian MCC's provisioning and billing platforms. Nokia SI services integrate complex service platforms and related IT systems to work as a one seamless entity in the customer environment.

"They are pleased to continue their good cooperation with Fujian MCC and support them in getting the most out of their network resources," says James Lin, Vice President, Networks, Nokia China. "The Nokia PoC service attracts new subscribers, and can help operators increase their average revenue per user."

Nokia's PoC solution offers a direct one-to-one and one-to-many voice communication service in cellular networks. The 'always on' connection offers a direct and convenient voice connection with the press of a button. Nokia's end-to-end PoC solution will be compliant with the OMA standard. The Nokia PoC solution is compatible with the IP multimedia subsystem (IMS) as standardized in 3GPP.

Nokia has been the main GSM network supplier of Fujian MCC since 1995. Over the years, Fujian MCC has been piloting many new mobile services including China's first GPRS commercial trial network and China's first mobile multimedia service trial network using Nokia mobile solutions.

About Fujian MCC

Fujian Mobile Communications Corporation Limited is one of the wholly owned subsidiaries of China Mobile (HK) Limited and was listed in Hong Kong and New York Stock Exchanges in 1999. The operator serves Fujian province in east China with over 7.5 million mobile subscribers.

About Nokia

Nokia is a world leader in mobile communications, driving the growth and sustainability of the broader mobility industry. Nokia connects people to each other and the information that matters to them with easy-to-use and innovative products like mobile phones, devices and solutions for imaging, games, media and businesses. Nokia provides equipment, solutions and services for network operators and corporations.

Exercises with stock options of Nokia Corporation

January 10, 2006

A total of 67,004 shares of Nokia Corporation ("Nokia") were subscribed for as of December 30, 2005 based on Nokia's 2003 employee stock option plan. This resulted in an increase of EUR 4,020.24 in Nokia's share capital and an increase of EUR 959,320.84 in shareholders equity. The new shares carry full shareholder rights as from the registration date, January 10, 2006. The shares are admitted to public trading on the Helsinki Exchanges as of the same date together with the old Nokia share class (NOK1V).

As a result of the increase, the share capital of Nokia is currently EUR 266,033,192.40 and the total number of shares is 4,433,886,540 including the shares that are held by the company.

Nokia makes two of its most popular phones even better with Bluetooth technology

January 05, 2006

Nokia 6102i/6103 phones add popular Bluetooth technology to highly successful mid-range compact fold design

Las Vegas, Nevada, USA - Building upon the popularity of the Nokia 6101 and Nokia 6102 phones, Nokia (NYSE: NOK) today announced the Nokia 6102i and Nokia 6103 phones, both of which add the convenience of Bluetooth technology to the already strong feature sets found on these compact mid-range fold-style phones. The Nokia 6102i phone carries on the same striking design found on the Nokia 6102 phone, while the new Nokia 6103 phone features an updated modern look but retains the compact size and exceptional ease-of-use that made the Nokia 6101 phone such a hit with customers. The Nokia 6102i and Nokia 6103 phones will be available in a GSM 900/1800/1900 version primarily for markets in Europe, Africa and Asia while a GSM 850/1800/1900 version will be available primarily for markets in the Americas. Both phones are planned to be available during the 1st quarter of 2006 and are expected to retail for approximately €200, before applicable taxes or subsidies.

The addition of Bluetooth technology to this popular phone platform opens up a myriad of options for owners to increase the productivity and convenience of their mobile experience. Nokia offers a wide array of Bluetooth technology-enabled enhancements such as wireless car kits and wireless headsets as part of its line of mobile enhancements. Today, Nokia announced a new trio of wireless headsets including one of the smallest such devices ever made available. Additionally, with an increasing number of products being introduced to market incorporating Bluetooth technology - from laptops to automobiles - owners of the Nokia 6102i and Nokia 6103 phones will find an ever expanding number of ways to use their mobile devices.

"The Nokia 6101 and Nokia 6102 phones have proven to be extremely successful. The combination of a modern, compact folding design with a strong feature set and Nokia's easy-to-use interface has proven to be an irresistible draw for customers shopping for a mid-range handset," said Aage Snorgaard senior vice president of broad appeal products for Nokia. "With Bluetooth technology currently being on the top of many customers 'wish lists', the addition of Bluetooth technology to this equation will make the Nokia 6102i and Nokia 6103 phones even more attractive to wireless consumers."

Along with Bluetooth technology, the Nokia 6102i and Nokia 6103 phones offer a strong feature set including a VGA camera with dedicated camera key, Nokia Xpress audio messaging for sending audio clips with just the touch of a few buttons and dual color screens with support for animated wallpapers and screensavers. Synchronizable contact and calendar information, voice dialing and recording and a built-in handsfree speakerphone make the Nokia 6102i and Nokia 6103 phones a perfect productivity companion, while an integrated FM radio and downloadable content support including MIDI and MP3 ring tones, themes and games satisfy the need for fun.

About Nokia

Tero Ojanpera has been designated a Young Global Leader in 2006

January 09, 2006

Tero Ojanpera joins 175 leading executives, public figures and intellectuals under the age of 40 from 50 countries who have been selected to collectively shape the future.

Geneva, Switzerland - The Forum of Young Global Leaders, an affiliate of the World Economic Forum, proudly announces today that Tero Ojanpera, Chief Strategy Officer, Executive Vice-president & Member of the Group Executive Board of Nokia based in Europe, has been named a Young Global Leader 2006. He is one of 44 Europeans chosen to become Young Global Leaders in 2006 and will join a global community now including 410 leaders from all regions and stakeholder groups.

Established in 2004 by Professor Klaus Schwab, Executive Chairman of the World Economic Forum, the Forum of Young Global Leaders is a unique, multi-stakeholder community of the world's most extraordinary leaders who are 40 years old or younger and who are ready to dedicate a part of their time and energy to jointly work towards a better future. They engage together in the 2020 Initiative, a comprehensive endeavour, to understand current and future trends, risks and opportunities both at global and regional levels, formulate a positive vision for the world in 2020 and put forward concrete strategies to translate their vision into action.

Each year a new class of around 200 YGLs is selected for a five year membership, ultimately forming a community of 1,111 by 2009. The 2006 class was chosen from among 3,500 candidates by the Forum of Young Global Leaders' Nomination Committee, featuring 28 international media leaders, including Carl-Johan Bonnier of Bonnier AB in Sweden, Arthur Sulzberger, the publisher of the New York Times, Tom Glocer, chief executive of Reuters and Rui Chenggang, Director and Anchor of China Central Television in the People's Republic of China. The Committee is chaired by Her Majesty Queen Rania of the Hashemite Kingdom of Jordan.

The 2006 class of Young Global Leaders includes over 60 business leaders, more than 30 government leaders, and dozens of scholars, media and nongovernmental organization leaders. They come from 50 countries ranging from Argentina to Zimbabwe. Tero Ojanpera joins a community representing 90 countries that includes Larry Page and Sergey Brin, co-founders of Google; Mikheil Saakashvili, President of Georgia; Kumi Naidoo, Secretary-General and Chief Executive Officer, Civicus: World Alliance for Citizen Participation; Daniela Mercury, Singer, Brazil and Michelle Guthrie, Chief Executive Officer, Star Group.

During their first meeting in Zermatt, Switzerland and throughout 2005, Young Global Leaders formed task forces addressing priority global challenges for 2020 in the areas of development and poverty, global governance and security, environment, education, and health. In addition, a delegation of Young Global Leaders visited the earthquake-affected areas of Pakistan in December 2005 as a first effort in supporting disaster relief and long-term reconstruction.

The Young Global Leaders will meet as a community at their Annual Summit in Vancouver, Canada, 9-12 June 2006, when they will engage together in the 2020 Initiative, a comprehensive endeavour, to understand current and future trends, risks and opportunities at both the global and regional levels, formulate a positive vision for the world in 2020 and put forward concrete strategies to translate their vision into action.

For more information and a detailed list of all Young Global Leaders, please visit www.younggloballeaders.org as of 9 January 00.01 CET.

The Forum of Young Global Leaders is an independent, Geneva, Switzerland-based foundation whose mission is to build a unique, multi-stakeholder community of the world's most extraordinary leaders under the age of 40 and give them a platform to collaborate and shape best practices for the future of the world. Each year they identify and mobilize a new group of 200 exceptional men and women in business, politics, academia, the media and civil society from every region in the world. Together, they form a powerful international force for the global common good.

Consumer Durables

No.1 Nokia India: Thinking local

Sanjeev Sharma’s focus on the Indian consumer has made Nokia India a billion-dollar organisation

Global corporations, particularly world leaders, are rarely open to localisation of their products and strategies. For most of them, the term 'glocal' is more a smart management term than a pointer to act local. For Nokia India, however, glocal is becoming more of a habit.

In its first experiment with localisation in 1998, Nokia believes it created a bond with the Indian consumer with tunes like Sare jahan se achcha in its 5110 model. In 2000, its first Hindi user interface in the 3210 model gave Nokia the confidence to target its product development efforts at the Hindi-speaking population. Next year, Nokia introduced the Hindi text messsaging facility in the 3610.

But last year, Nokia India became more Indian than ever before. It launched two models - 1100 and 1108 - that had been developed specifically for India, after intensive research on the Indian customer's specific needs. The phone gave an integrated torch, a sheath-covered keypad for dust protection and a slip-free grip.

The models were creations of Nokia's Mobile Entry business unit - a team created to focusexclusively on developing products for markets with high population and low penetration. India, apart from China, Indonesia and Africa, was one of the top-priority markets.

The strategy seems to be working. Nokia's first 'Made for India' model, the 1100, is the largest selling model in the Indian GSM handsets market. Some of its features, like the torchlight, have become standard in models like the 3112 CDMA handset. Nokia's marketshare has gone up from 58.2 per cent in July 2003 to 59.6 per cent in July 2004. The five largest selling handset models in the market are all Nokia's. Besides, the company today has a substantial share of both ends of the market. It has 77 per cent of the Rs 3,000-4,000 phone market and about 68 per cent of the over-Rs 15,000 phone market.

No. 2 Titan Industries Bhaskar Bhat, managing director

Beginning next year, non-Hindi speaking customers will also have little to complain against Nokia India. The company has prioritised software development in at least seven Indian languages, to begin with. The roll-outs will begin in 2005.

Next, of course, is manufacturing. "They have been evaluating manufacturing (in India) for a long time. They are committed to development of a robust manufacturing sector," says Sanjeev Sharma, MD, Nokia India. What he wouldn't say is how and when.

No. 3 Samsung India K.S.Kim, CEO

For the moment, the Mobile Manufacturers Association - of which Nokia India is a member - has hired KPMG to prepare a study on the environmental and regulatory factors necessary to manufacture handsets in India. The study has involved representatives from the IT ministry as well. Mobile manufacturers would prefer long-term policy stability if they take a decision to invest in manufacturing in India.

Nokia, of course, is evaluating its own options. Foremost, it prefers to set up its manufacturing facilities around major international airports. There are around 400 parts in a handset. The average capacity of a mobile handset plant is 20 million units. That's eight billion components per annum - a logistical nightmare in any part of the world. The more co-located vendors there are, the better it is.

There is no vendor interest as yet, but even the most pessimistic agree that manufacturing handsets in India will become a necessity for Nokia very soon. The domestic market has already crossed the 40-million-units mark and the grey market has shrunk from 90 per cent in 2002 to under 25 per cent today. And, for the 23-billion Nokia, India has become the sixth largest market. And the country delivers around $1 billion in annual revenues, in comparison with the largest, the US's $4 billion.

Press Relaeses :

Multifunctional Mobiles Make the World Go Round

June 06, 2006

Results of Nokia Nseries Study Reveal Widespread Consumer Demand for Digital Convergence

Espoo, Finland - Almost one in two people around the world now use their mobile device as their main camera, over two thirds predict a music-enabled mobile will replace their MP3 player and nearly half want to connect up their mobile device with their home electronics. According to new research from Nokia, consumers are not only embracing convergence but clamoring for more of it.

With more and more functionality being packed into mobile devices, Nokia Nseries, Nokia's high performance multimedia range, commissioned research in 11 countries around the globe to discover people's views on today's and tomorrow's multitalented mobiles.

The world's growing love affair with mobile devices

Multifunctional mobile devices have already replaced certain gadgets in people's lives. Nearly half of respondents (44%) use their mobile device as their primary camera, with India being home to the most prolific mobile photographers (68%). Globally, seventy two percent now don't use a separate alarm clock and 73% use their mobile as their main watch or clock.

When it comes to surfing the web on the move, over a third (36%) of respondents are browsing on their mobile devices at least once a month. Inevitably, Japan leads the way in mobile internet usage with 37% admitting to going online on their mobile on a daily basis.

With an ever increasing list of features, it's not surprising that people can't imagine life without a mobile: 94% of those questioned plan to have a mobile in the future. People in Brazil love mobiles so much that 100% believe they'll own a mobile device in years to come. In fact, mobiles are so indispensable that over one in five (21%) would be more upset about losing their mobile than their wallet, credit cards and even their wedding ring.

Recording the impact of mobile music

Digital music has completely re-shaped the world's music buying and listening habits: the study found 67% of people around the world now download a percentage of their music and 87% claim their music in-take has increased since owning a digital music device. Germany clocks up the most listening time: 28% admit to listening to 21 hours or more of music every week. And what is the world listening to? Pop (35%), followed by rock (21%), dance (8%) and classical (7%).

Music-enabled mobiles devices are set to be at the heart of future digital music consumption: 67% predict the mobile phone will replace their MP3 player.

A home run by mobiles

According to Nokia's research, the world is embracing the concept of the mobile digital home where mobile devices act as household remote controls, beaming digital content like music and photos to compatible domestic devices. Almost half (42%) of respondents globally want their printer, PC, stereo, TV and mobile device interconnected. It's Saudi Arabia that is set to be the home of the digital home - 72% even want their refrigerator included in this network.

And looking to the future, more than one in two (58%) of those questioned would like to be able to control all their household appliances via their mobile device. This is especially true in India (85%).

Commenting on the findings, Tapio Hedman, senior vice president of marketing, Multimedia, at Nokia, said: "The results strongly demonstrate that people are buying into the idea of convergence - they really do want one device that does it all, from taking quality images, to storing their music collections and operating a digitally connected home. Their goal is to make it easy for people to have all of these experiences with them all the time - in a multimedia computer. "

Results overviews are available on Music, Multimedia Computers and Digital Home.

About Nokia

Now, Nokia handsets for gaming

Their Bureau,

New Delhi Feb. 8 Nokia is working on its `play new' strategy and will in six month offer a set of handsets for gaming.

"They are talking to partners both for content and technical assistance," said Mr Vineet Taneja, Director, Multimedia, Nokia India, which plans to offer individual and community gaming.

"The international experience in the area of gaming has been that unless you have local content, it doesn't work. They are talking to content providers both within the country and abroad," said Mr Taneja, adding that the company still has to work out a business model for gaming.

Nokia's N-Gage QD, marketed as a gaming mobile, is already available here. "It's a myth that India still has to catch up with the rest of the world where mobile technology is concerned.

Nokia's India launches come very soon after its international ones," says Mr Taneja. The country for example, says Nokia, is the third to experiment with mobile TV. Currently Nokia is conducting DVB- H trials, the technology that allows you to watch TV on the mobile, with Doordarshan.

It is hopeful of other broadcasters adopting its mobile TV solutions soon.

Convergence

Nokia is also promising convergence of devices and Internet services by introducing cameras and music players on its phones with solutions to share them easily on the Web. To coincide with the launch of its new handset, the Nokia N93i, the company announced a mobile film award in association with filmmaker Mr Subhash Ghai's institute, Whistling Woods International and Mediamatics Entertainment Private Limited.

Winners will get an opportunity to do a six month course at Whistling Woods, and two runner-ups will win sponsored trips to Universal Studios, and all three will win a N93i which is priced above Rs 42,000.

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. 40.94
UK Pound	1	Rs. 82.26
Euro	1	Rs. 55.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--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	YES
TOTAL		72

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/normal.	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

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

MIRA INFORM REPORT

IDENTIFICATION DETAILS

RATING & COMMENTS

RATING

LOCATIONS

DIRECTORS

MAJOR SHAREHOLDERS

BUSINESS DETAILS

GENERAL INFORMATION

CAPITAL STRUCTURE

ABRIDGED BALANCE SHEET

NETWORTH

TOTAL BORROWING

TOTAL

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]

Capital work-in-progress

INVESTMENT

DEFERREX TAX ASSETS

CURRENT ASSETS, LOANS & ADVANCES

Inventories

3187.713

Sundry Debtors

10423.446

Cash & Bank Balances

3256.976

Other Current Assets

12.209

Loans & Advances

1396.673

Total Current Assets

18277.017

Less : CURRENT LIABILITIES & PROVISIONS

Current Liabilities

15197.348

Provisions

1672.283

Total Current Liabilities

16869.631

Net Current Assets

1407.386

MISCELLANEOUS EXPENSES

TOTAL

PROFIT & LOSS ACCOUNT

Sales Turnover [including other income]

Profit/(Loss) Before Tax

Provision for Taxation

Profit/(Loss) After Tax

Import Value

Total Expenditure

KEY RATIOS

PAT / Total Income

(%)

1.00

Net Profit Margin

1.58

Return on Total Assets

4.92

Return on Investment (ROI)

0.50

Debt Equity Ratio

9.30

Current Ratio

1.08

LOCAL AGENCY FURTHER INFORMATION

Unit

SCORE & RATING EXPLANATIONS

RATING