BUSINESS INFORMATION REPORT

1. Summary Information

		Country	INDIA
Company Name	NOKIA SIEMENS NETWORKS INDIA PRIVATE LIMITED	Principal Name 1	MR. MICHAEL KUEHNER
Status	SATISFACTORY	Principal Name 2	MR. SURESH C. WADHWANI
		Registration #	08-015044
Street Address	10^THFLOOR, RAHEJA TOWERS, 26-27, M.G. ROAD, BANGALORE – 560 001, KARNATAKA
Established Date	17.12.1993	SIC Code	--
Telephone#	NOT AVAILABLE	Business Style 1	SUBJECT IS ENGAGED IN THE BUSINESS OF PROVIDING TELECOM SERVICES.
Fax #	NOT AVAILABLE	Business Style 2	--
Homepage	NOT AVAILABLE	Product Name 1	--
# of employees	INFORMATION DECLINED BY THE MANAGEMENT	Product Name 2	--
Paid up capital	RS.124,250,000/-	Product Name 3	--
Shareholders	BODIES CORPORATE-100%	Banking	NOT DIVULGED
Public Limited Corp.	NO	Business Period	18 YEARS
IPO	NO	International Ins.	--
Public Enterprise	NO	Rating	Ba (50)
Related Company
Relation	Country	Company Name	CEO
HOLDING COMPANY	--	NOKIA SIEMENS NETWORKS PRIVATE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2008		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	5,203,073,000	Current Liabilities	4,234,054,000
Inventories	855,834,000	Long-term Liabilities	5,610,000
Fixed Assets	285,737,000	Other Liabilities	1,073,879,000
Deferred Assets	326,000,000	Total Liabilities	5,313,543,000
Invest& other Assets	12,124,000	Retained Earnings	1,244,975,000
		Net Worth	1,369,225,000
Total Assets	6,682,768,000	Total Liab. & Equity	6,682,768,000
Total Assets (Previous Year – 30.09.2006)	4,280,478,000
P/L Statement as of	31.03.2008		(Unit: Indian Rs.)
Sales	11,501,000,000	Net Profit	423,860,000
Sales(Previous yr – 30.09.2006)	6,190,030,000	Net Profit(Prev.yr)	206,930,000

MIRA INFORM REPORT

Report Date :

05.01.2012

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 – 560 001, Karnataka
Country :	India
Financials (as on) :	31.03.2008
Date of Incorporation :	17.12.1993
Com. Reg. No.:	08-015044
Capital Investment / Paid-up Capital :	Rs.124.250 millions
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.
No. of Employees :	Information declined by the Management

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 5477000
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 records. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

Name :	Mr. Shudeep Majumdar
Designation :	Communication Department
Contact No.:	91-7838369161 91-124-4504000
Date :	04.01.2012

LOCATIONS

Registered Office :	10^thFloor, Raheja Towers, 26-27, M.G. Road, Bangalore – 560 001, Karnataka, India
Mobile No.:	91-7838369161 (Mr. Shudeep Majumdar)
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, Tamilnadu, India
Tel. No.:	91-44-67111692
Fax No.:	91-44-67111724

DIRECTORS

AS ON 27.06.2008

Name :

Mr. Michael Kuehner

Designation :

Whole Time Directors

Address :

3/11, Shanti Niketan, Ground Floor, New Delhi, India

Date of Birth/Age :

15.02.1952

Date of Appointment :

01.11.2005

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

Date of Ceasing :

14.11.2008

DIN No :

00015291

Other Directorship :

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	06-12-95	06-12-95	30-09-07	Active	NO
2	U70101DL2005PTC136155	Hika Real Estates Private Limited	Director	12-05-05	12-05-05	-	Active	NO
3	U51909DL2005PTC138199	Suvan Exports Private Limited	Director	01-07-05	01-07-05	-	Active	NO
4	U72900DL2006PTC155149	Nokia Siemens Networks Private Limited	Additional director	13-05-11	14-02-07	-	Active	NO
5	U85110KA1993PTC015044	Nokia Siemens Networks India Private Limited	Additional director	30-04-07	30-04-07	14-11-08	Active	YES
6	U74999DL2003PTC209110	Atrica Systems and Services India Private Limited	Director	03-03-08	03-03-08	14-11-08	Under Process of Striking off	NO

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

KEY EXECUTIVES

Name :	Mr. Partha Kamal Sen
Designation :	Secretary
Address :	Flat No.8, CI, Brook Tower, Hiland Park, Kolkata, West Bengal, India
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
Name :	Mr. Shudeep Majumdar
Designation :	Communication Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.06.2008

Names of Shareholders	No. of Shares
Nokia Siemens Networks Private Limited, India	12424990
Nokia Siemens Tietoliikenne OY, Finland Jointly Nokia Siemens Networks Private Limited	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:

Information declined 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 Accountants
Address :	Building 8, 7^th and 8^th Floor, Tower B, DLF Cybercity, Gurgaon – 122 002, 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 Networks 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 (18 Months)	30.09.2006 (12 Months)	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 (18 Months)	30.09.2006 (12 Months)	30.09.2005
	SALES
		Income	11501.000	6190.030	4775.770
		Other Income	282.520	232.740	380.040
		TOTAL	11783.520	6422.770	5155.810
Less	EXPENSES
		Office Expenses	11118.080	6054.450	4757.350
		Administrative Expenses
		Advertising Expenses
		TOTAL	11118.080	6054.450	4757.350
	PROFIT BEFORE TAX		665.440	368.320	398.460
Less	TAX		241.580	161.390	122.760
	PROFIT AFTER TAX		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
	Earnings Per Share (Rs.)		34.11	16.65	22.19

KEY RATIOS

PARTICULARS		31.03.2008 (18 Months)	30.09.2006 (12 Months)	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

FINANCIAL RESULTS

During the current period, the Company has changed its accounting year from 30^th September to 31^st 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

v Leasehold Land

v Building

v Plant and Machinery

v Furniture and Fittings

v Vehicles

v 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] 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.53.14
UK Pound	1	Rs.83.08
Euro	1	Rs.69.25

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.