MIRA INFORM REPORT

Report Date :

04.10.2011

IDENTIFICATION DETAILS

Name :	NOKIA SIEMENS NETWORKS PRIVATE LIMITED (w.e.f.31.03.2007)
Formerly Known As :	NOKIA NETWORKS INDIA PRIVATE LIMITED
Registered Office :	1507, Regus Business Centre, Eros Corporate Towers, Level 15, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	01.11.2006
Com. Reg. No.:	155149
Capital Investment / Paid-up Capital :	Rs.2099.660 millions
CIN No.: [Company Identification No.]	U72900DL2006PTC155149
TIN No.:	07190324978
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Telecommunication Equipments. Computer Software and Software services
No. of Employees :	Not Available

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 23098880
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Available information indicates high financial responsibility of the company. 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

LOCATIONS

Registered Office :	1507, Regus Business Centre, Eros Corporate Towers, Level 15, Nehru Place, New Delhi – 110019, India
E-Mail :	Countrycontrolling.india@nsn.com
Website :	www.nokiasiemensnetworks.com
Corporate Office :	7^th Floor, Tower A, Building No – 9A, DLF Cyber City, Phase – III, Gurgaon – 122002 Haryana, India
Tel. No.:	91-124-4504000 / 4504600 / 4004100
Fax No.:	91-124-4503999
Branches :	B-9, Sector- 62, Near Fortis Hospital, Green Boulevard, Noida-201309, Uttar Pradesh, India
Tel. No.:	91-120-4717777 / 4718888

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Sanjay Ajmera
Designation :	Director
Date of Birth/Age :	31.01.1973
Date of Appointment :	11.05.2010
DIN No.:	03065149

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72900DL2006PTC155149	Nokia Siemens Networks Private Limited	Director	30/09/2010	11/05/2010	-	Active	NO
2	U74999DL2003PTC209110	Atrica Systems And Services India Private Limited	Additional director	12/05/2011	12/05/2011	-	Active	NO

Name :	Mrs. Monika Mohil
Designation :	Director
Date of Birth/Age :	24.06.1965
Date of Appointment :	31.03.2007
DIN No.:	01844379

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72900DL2006PTC155149	Nokia Siemens Networks Private Limited	Director	31/03/2007	31/03/2007	-	Active	NO
2	U74999DL2003PTC209110	Atrica Systems And Services India Private Limited	Director	03/03/2008	03/03/2008	-	Active	NO

Name :	Mr. URS Pennanen
Designation :	Director
Date of Birth/Age :	25.02.1966
Date of Appointment :	10.02.2010

Name :	Mr. Satendre Singh
Designation :	Director
Date of Birth/Age :	28.06.1971
Date of Appointment :	05.05.2008

Name :	Mr. Suresh C Wadhwani
Designation :	Director
Date of Birth/Age :	11.04.1961
Date of Appointment :	13.05.2011
DIN No.:	00015291

S.No.	Cin	Name Of The Company	Current Designation Of The Director	Date Of Appointment At Current Designation	Original Date Of Appointment	Date Of Cessation	Company Status	Defaulting Status
1	U74899dl1995ptc068904	Nokia India Private Limited	Director	06/12/1995	06/12/1995	30/09/2007	Active	No
2	U70101dl2005ptc136155	Hika Real Estates Private Limited	Director	12/05/2005	12/05/2005	-	Active	Yes
3	U51909dl2005ptc138199	Suvan Exports Private Limited	Director	01/07/2005	01/07/2005	-	Active	Yes
4	U72900dl2006ptc155149	Nokia Siemens Networks Private Limited	Additional Director	13/05/2011	14/02/2007	-	Active	No
5	U85110ka1993ptc015044	Nokia Siemens Networks India Private Limited	Additional Director	30/04/2007	30/04/2007	14/11/2008	Active	Yes
6	U74999dl2003ptc209110	Atrica Systems And Services India Private Limited	Director	03/03/2008	03/03/2008	14/11/2008	Active	No

KEY EXECUTIVES

Name :	Mr. Aditya Tripathi
Designation :	Secretary
Date of Birth/Age :	12.03.1978
Date of Appointment :	29.02.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Nokia Siemens Networkers BV, Netherlands	209965990
Nokia Siemens Tietoliikenne OY, Finland	10
Total	209966000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Telecommunication Equipments. Computer Software and Software services
Products :	· Telecommunications Equipments · SEZ Developer · Computer Software and Software Services
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	L/C, Cash, Credit

PRODUCTION STATUS

AS ON 31.03.2009

Particulars	Unit	Installed Capacity	Actual Production
BSC Equipment	Nos.	1200	490
BTS Equipments
-Dual TRX module	Nos.	6800	8745
-System module	Nos.	3600	379
Micro Wave Radio	Nos.	2400	2105
Digital Electronic Switching System	Ports	1363	1248
Synchronous Multiplexer	Terminals	3	8

GENERAL INFORMATION

Customers :

Retailers

No. of Employees :

Not Available

Bankers :

State Bank of Mauritius

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2009	31.03.2008
Other Loans and Advances
Vehicle Lease Obligation	1.308	0.000
Total	1.308	0.000
Note: Secured by way of Hypothecation of Vehicle taken on leave. Amount repayable within one year Rs. 1.163 millions
UNSECURED LOAN
Short Term Loan and Advances From
Banks	1870.000	2040.000
Others (Nokia India Private Limited)	842.324	10235.000
Total	2712.324	12275.000

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	Building 8, 7th and 8th Floor, Tower B, DLF Cyber City, Gurgaon 122002, Haryana, India
Holding Company:	Nokia Siemens Networks BV, Netherlands
Subsidiary:	Atrica Systems and Services India Private Limited CIN No.: U74999MH2003PTC139626
Associates :	· Vietnam Posts and Telecommunications (VNPT), Hanoi · Technologiezentrum- FSrcierg. Vorpommem GmbH · ML and S manufacturing, logistics and services Management GmbH · ML and S manufacturing, logistics and services GmbH and Company KG · Nokia Siemens Networks Technology Service Limited · Hunan Huano Technology Company Limited · Puno · ETSI Technologies Inc. Manila · Site-Con Inc · Nokia Siemens Networks Kuwait Company W.L.L., Kuwait · Pishahang Communications Networks Development Company, Iran · Nokia Al-Saudia Company Limited (being renamed) · Nokia Parslratel Networks Development Company · MOBIRAIL V.O.F. · Fujian Funa Mobile Comm Tech Company Limited · Nokia Siemens Networks AL-SAUD1A Company Limited · Iskratel D.O.O. Kranj · Iranian Telecommunication Manufacturing Company

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
215000000	Equity Shares	Rs. 10 each	Rs.2150.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
209966000	Equity Shares	Rs. 10 each	Rs.2099.660 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		2099.660	1864.310	1864.310
2] Share Application Money		0.000	2353.500	0.000
3] Reserves & Surplus		3675.060	353.644	109.829
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5774.720	4571.454	1974.139
LOAN FUNDS
1] Secured Loans		0.177	1.308	0.000
2] Unsecured Loans		0.000	2712.324	12275.000
TOTAL BORROWING		0.177	2713.632	12275.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5774.897	7285.086	14249.139
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4181.104	2348.482	518.982
Capital work-in-progress		241.413	716.885	347.904
INVESTMENT		0.000	0.000	1898.775
DEFERREX TAX ASSETS		2082.257	1182.250	200.528
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3846.929	2824.964	958.848
	Sundry Debtors	17953.784	25770.773	20003.082
	Cash & Bank Balances	151.567	394.722	1113.937
	Other Current Assets	3107.322	3037.678	1095.219
	Loans & Advances	1461.143	2253.270	1422.923
Total Current Assets		26520.745	34281.407	24594.009
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	14990.743	5939.514
	Other Current Liabilities	25333.957	15292.396	7249.778
	Provisions	1916.665	960.799	121.767
Total Current Liabilities		27250.622	31243.938	13311.059
Net Current Assets		(729.877)	3037.469	11282.950
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		5774.897	7285.086	14249.139

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Sales	31505.821	21432.517
		Other Income	6639.653	1190.583
		TOTAL (A)	38145.474	22623.100
Less	EXPENSES
		Office Expenses
		Administrative Expenses	36638.207	22325.450
		Advertising Expenses
		TOTAL (B)	36638.207	22325.450
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1507.267	297.650
Less	FINANCIAL EXPENSES (D)		NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1507.267	297.650
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA
	PROFIT BEFORE TAX (E-F) (G)		1507.267	297.650
Less	TAX (H)		733.903	187.799
	PROFIT AFTER TAX (G-H) (I)		773.364	109.851
	IMPORTS
		Raw Materials	6324.267	5941.858
		Stores & Spares	119.820	13.020
		Others	15360.631	2502.909
	TOTAL IMPORTS		21804.718	8457.787
	Earnings Per Share (Rs.)		4.15	1.70

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	2.02	0.48
Net Profit Margin (PBT/Sales)	(%)	NA	4.78	1.38
Return on Total Assets (PBT/Total Assets}	(%)	NA	4.11	1.18
Return on Investment (ROI) (PBT/Networth)		NA	0.32	0.15
Debt Equity Ratio (Total Liability/Networth)		4.71	7.42	12.96
Current Ratio (Current Asset/Current Liability)		0.97	1.09	1.84

LOCAL AGENCY FURTHER INFORMATION

AMAIGAMATION OF NOKIA SIEMENS NETWORKS INDIA PRIVATE LIMITED

The Company vide resolution passed in the meeting of the Board of Directors held on 29^:I1 February, 2008 and based on the consent from the shareholders, filed a petition with the Hon'ble High Court of Karnataka at Bangalore to amalgamate Nokia Siemens Networks India Private Limited, its 100% subsidiary company, with itself.

As per the order of the Hon’ble High Court of Karnataka at Bangalore dated 9th January, 2009. Nokia Siemens Networks India Private Limited (NSNIPL). has amalgamated with the company as per the provision of Section 391 to 394 of The Companies Act, 1956. the appointed date being 1st April, 2008

As per the said Order, the company has assumed all rights and obligations of erstwhile NSNIPL under ail the Agreement(s), contracts, or any other form of commercial or contractual document/s of NSNIPL

In compliance of the orders of the Hon‘ble High Court of Karnataka at Bangalore, the Financial Results of Nokia Siemens Networks Private Limited as on 31^s' March, 2009 has been consolidated to include the financials of Nokia Siemens Networks India Private Limited as well.

NOTE:

Registered office of the company has been shifted from 2^nd floor, Commercial Plaza Radission Complex NH 08, Mahipalpur, New Delhi 110037, India to the present address 1507, Regus Business Centre, Eros Corporate Towers, Level 15, Nehru Place, New Delhi – 110019

FIXED ASSETS:

· Land

· Building

· Computer

· Plant and Machinery

· Office Equipments

· Vehicle

· Good Will

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.49.42
UK Pound	1	Rs.76.72
Euro	1	Rs.65.85

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		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.