MIRA INFORM REPORT

Report Date :

02.03.2011

Note: The correct name of the company is NOKIA SIEMENS NETWORKS INDIA PRIVATE LIMITED

IDENTIFICATION DETAILS

Name :	NOKIA SIEMENS NETWORKS INDIA PRIVATE LIMITED (w.e.f.17.05.2007)
Formerly Known As :	SIEMENS PUBLIC COMMUNICATION NETWORKS PRIVATE LIMITED
Registered Office :	10^thFloor, Raheja Towers 26-27, M.G.Road, Bangalore, Karnataka-560001.
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	17.12.1993
Com. Reg. No.:	08-015044
CIN No.: [Company Identification No.]	U85110KA1993PTC015044
TAN No.: [Tax Deduction & Collection Account No.]	DELN08029A
PAN No.: [Permanent Account No.]	AACCN3871F
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in the business of providing telecom services.

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 5400000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Nokia Siemens Networks Private Limited. It is a well established and reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION DECLINED BY

Management non co-operative.

LOCATIONS

Registered Office :	10^thFloor, Raheja Towers 26-27, M.G.Road, Bangalore, Karnataka-560001, India.
E-Mail :	pv.subba-rao@nokia.com jns@airtelbroadband.in partha.sen@nsn.com countrycontrolling.india@nsn.com aditya.tripathi@nsn.com
Corporate Office :	7F, Tower – A, Building No.9A, Cybercity, DLF, Phase-III, Gurgaon – 122 002, Haryana, India
Tel No.:	91-124-4504000
Fax No. :	91-124-4504999
Factory :	Gate No.1, Plot No.OZ-8, Oragadam, Kacheepuram, Tamil Nadu, India
Tel. No.:	91-44-67111692
Fax No.:	91-44-67111724

DIRECTORS

As On : 27.06.2008

Name :	Mr. Juergen Schubert
Designation :	Director
Address :	12^th Floor, Vastu, Dr. Thadani Road, Worli, Mumbai, Maharashtra, India
Date of Birth/Age :	07.05.1947
Date of Appointment :	18.09.1996
Date of Ceasing :	30.04.2007
Name :	Mr. Michael Kuehner
Designation :	Whole Time Directors
Address :	3/11, Shanti Niketan, Ground Floor, New Delhi, Delhi, India
Date of Birth/Age :	15.02.1952
Date of Appointment :	01.11.2005
Name :	Mr. Thorsten Heins
Designation :	Director
Address :	Penzberg, Inder AU 18, Munich, Germany
Date of Birth/Age :	29.12.1957
Date of Appointment :	16.06.2005
Date of Ceasing :	30.04.2007
Name :	Mr. Patrick DE Royer
Designation :	Director
Address :	C-29/30, Prithvi Apartments, Altamount Road, Mumbai, Maharashtra, India
Date of Birth/Age :	25.01.1951
Date of Appointment :	01.02.2006
Date of Ceasing :	30.04.2007
Name :	Mr. Hans Juergen Bill
Designation :	Director
Address :	Rettenberger WEG 31, Stanberg, Munich, Germany
Date of Birth/Age :	18.05.1960
Date of Appointment :	10.12.2003
Date of Ceasing :	30.04.2007
Name :	Mr. Gerlinde Sturam
Designation :	Whole Time Director
Address :	C/0, Spcnl, Plot No.485, 484, Udyog Vihar, Sector 20, Gurgaon, Haryana, India
Date of Birth/Age :	05.03.1963
Date of Appointment :	01.07.2006
Date of Ceasing :	30.04.2007
Name :	Mr. Suresh C. Wadhwani
Designation :	Director
Address :	521-B, Hamilton Court, DLF City, Phase-IV, Gurgaon, Haryana, India
Date of Birth/Age :	11.04.1961
Date of Appointment :	30.04.2007
DIN No :	00015291
Name :	Mr. Ashish Chowdhary
Designation :	Director
Address :	D-1/12 Vasant Vihar, New Delhi, India
Date of Birth/Age :	29.07.1965
Date of Appointment :	30.04.2007
Name :	Mr. Aninda Chatterjee
Designation :	Whole Time Director
Address :	1B, Building-1, Ganguly Apartments, 8^th Dr. Ashutosh Sastri Road, Beliaghata, Kolkata, West Bengal, India
Date of Birth/Age :	19.09.1965
Date of Appointment :	13.07.2007
Name :	Mr. Thomas Marcus Antesz
Designation :	Director
Address :	A1, 604, Suasana Sentral Condominium, 2, Jalanstesen, Sentral 5-504070, Kualalumpur, Malaysia
Date of Birth/Age :	15.04.1967
Date of Appointment :	01.04.2004
Date of Ceasing :	30.04.2007

KEY EXECUTIVES

Name :	Mr. Partha Kamal Sen
Designation :	Secretary
Address :	Flat No.8, CI, Brook Tower, Hiland Park, Kolkata, West Bengal
Date of Birth/Age :	26.07.1958
Date of Appointment :	18.04.1997
Date of Ceasing :	17.12.2007
Name :	Mr. Rakesh Bapna
Designation :	Secretary
Address :	E-203, Park View City, Sohna Road, Gurgaon, Haryana, India
Date of Birth/Age :	25.06.1972
Date of Appointment :	29.02.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.06.2008

Names of Shareholders	No. of Shares
Nokia Siemens Networks Private Limited N. A., India	12424990
Nokia Siemens Tietoliikenne OY, Jointly Nokia Siemens Networks Private Limited, Finland	10
Total	12425000

AS ON 27.06.2008

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing telecom services.

GENERAL INFORMATION

No. of Employees:

Not Divulged by the Management.

Bankers :

Not Divulged

Facilities :

SECURED LOAN	31.03.2008 Rs. In Millions	30.09.2006 Rs. In Millions
Finance Lease obligation (Secured by hypothecation of vehicles taken on lease)	5.610	19.484
Total	5.610	19.484
UNSECURED LOAN	31.03.2008 Rs. In Millions	31.09.2006 Rs. In Millions
Inter Corporate Deposits from Siemens Limited	0.000	575.000
Total	0.000	575.000

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Building 8, 7^th and 8^th Floor, Tower B, DLF Cybercity, Gurgaon-122002, Haryana, India
Holding Company :	· Nokia Siemens Networks Private Limited CIN No : U72900DL2006PTC155149

CAPITAL STRUCTURE

As On : 31.03.2008

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12425000	Equity Shares	Rs. 10/- each	Rs. 124.250 millions

Note : out of the above equity shares, 12424990 equity shares are held by the holding company. Nokia Siemens Private Limited and 10 equity shares are held by Nokia Siemens Tietoliikenne OY. The ultimate holding company of Nokia Siemens Networks Private Limited is Nokia Siemens Network B. V.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008	30.09.2006	30.09.2005
SHAREHOLDERS FUNDS
1] Share Capital		124.250	124.250	124.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1244.975	882.298	958.720
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1369.225	1006.548	1082.970
LOAN FUNDS
1] Secured Loans		5.610	19.484	33.448
2] Unsecured Loans		0.000	575.000	900.000
TOTAL BORROWING		5.610	594.484	933.448
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1374.835	1601.032	2016.418
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		285.737	412.984	442.459
Capital work-in-progress		12.124	13.495	18.664
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		326.000	142.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	855.834	578.760	409.948
	Sundry Debtors	4524.646	2276.590	2335.502
	Cash & Bank Balances	180.987	169.810	237.646
	Other Current Assets	0.000	0.000	96.000
	Loans & Advances	497.440	686.839	405.927
Total Current Assets		6058.907	3711.999	3485.023
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3700.972	1270.911	1206.006
	Other Current Liabilities	533.082	692.736	200.333
	Provisions	1073.879	715.799	523.389
Total Current Liabilities		5307.933	2679.446	1929.728
Net Current Assets		750.974	1032.553	1555.295
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1374.835	1601.032	2016.418

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2008	30.09.2006	30.09.2005
	SALES
		Income	11501.000	6190.030	4775.770
		Other Income	282.520	232.740	380.040
		TOTAL (A)	11783.520	6422.770	5155.810
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	NA	NA
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	NA
	PROFIT BEFORE TAX (E-F) (G)		665.440	368.320	398.460
Less	TAX (H)		241.580	161.390	122.760
	PROFIT AFTER TAX (G-H) (I)		423.860	206.930	275.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		179.070	276.490	0.790
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	21.000	0.000
		Dividend	0.000	248.500	0.000
		Tax on Dividend	0.000	34.850	0.000
	BALANCE CARRIED TO THE B/S		602.930	179.070	276.490
	EARNINGS IN FOREIGN CURRENCY VALUE		2753.334	2731.920	NA

KEY RATIOS

PARTICULARS		31.03.2008	30.09.2006	30.09.2005
PAT / Total Income	(%)	3.60	3.22	5.35
Net Profit Margin (PBT/Sales)	(%)	5.79	5.95	8.34
Return on Total Assets (PBT/Total Assets}	(%)	9.96	8.63	10.15
Return on Investment (ROI) (PBT/Networth)		0.49	0.37	0.37
Debt Equity Ratio (Total Liability/Networth)		3.88	3.25	2.64
Current Ratio (Current Asset/Current Liability)		1.14	1.39	1.81

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2008	30.09.2006	30.09.2005
Sundry Creditors	3700.972	1270.911	1206.006
Total	3700.972	1270.911	1206.006

FINANCIAL RESULTS

During the current period, the Company has changed its accounting year from 30 September to 31 March and also extended its current financial year to 18 months. Therefore, the current year Financial Statements are for a period of 18 months (from 1^st October, 2006 to 31^st March, 2008) as compared to the previous year Financial Statements that were for a period of 12 months (from 1^st October, 2005 to 30^th September, 2006). Accordingly, the current period figures are not comparable to the previous year figures.

FIXED ASSTES

· Leasehold Land

· Building

· Plant and Machinery

· Furniture and Fittings

· Vehicles

· Software

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 records 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.45.12
UK Pound	1	Rs.73.43
Euro	1	Rs.62.32

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.