MIRA INFORM REPORT

Report No. :	314162
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	NOKIA INDIA PRIVATE LIMITED

Registered Office :	Flat No. 1204, 12^th Floor, Kailash Building, Kasturba Gandhi Marg, New Delhi - 110001

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	23.05.1995

Com. Reg. No.:	55-068904

Capital Investment / Paid-up Capital :	Rs. 355.793 Million

CIN No.: [Company Identification No.]	U74899DL1995PTC068904

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Marketing, Distribution and Sale of Mobile Phones.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track record. Profitability of the company is low during 2014. However, General Financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal 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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

Management Non-cooperative (91-11-43215330 / 124-4833000)

LOCATIONS

Registered Office :	Flat No. 1204, 12^th Floor, Kailash Building, Kasturba Gandhi Marg, New Delhi - 110001 India
Tel. No.:	91-11-43215330
Fax No.:	Not Available
E-Mail :	ext-pardeep.dhaka@microsoft.com pradeep.dhaka@nokia.com

DIRECTORS

AS ON 29.11.2013

Name :	Clement Joshua Foulger
Designation :	Director
Address :	364 1^st Main Road Natesa Nagar, Virugambakkam, Chennai, Tamilnadu India, 600092, , united states of america
Date of Appointment :	14.10.2014
DIN No. :	06991478

Name :	Mr. Siva Krishna Kambhampati
Designation :	Director
Address :	Flat No. E1d Vgn Imperia Phase 1, Vgn Mahalakshmi Nagar, Thiruverkadu, Chennai – 600073, Tamilnadu, India
Date of Appointment :	31.12.2014
DIN No. :	07058773

KEY EXECUTIVES

Name :	Mr. Pradeep Kumar Dhaka
Designation :	Secretary
Address :	104, Sector-9A, Gurgaon – 122001, Haryana, India
Date of Appointment :	18.08.2011
PAN No.:	APDPK1141A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.11.2013

Names of Shareholders		No. of Shares
Nokia Corporation		35579299
Nokia Pte Limited		01
Total		35579300

As on 29.11.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Marketing, Distribution and Sale of Mobile Phones.

Products :	Mobile Phones

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

PRODUCTION STATUS: Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged


Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building No-8, Tower-B7Th & 8^Th Floor, Dlf Cyber City
PAN No.:	AAEFP3641G

Memberships :	Not Available

Collaborators :	Not Available

Holding company :	Nokia Corporation, Finland

Subsidiary Company :	Alpha Mobile Payment Services India Private Limited, India

Fellow subsidiaries:	Here India Private Limited. (formerly known as Navteq India Private Limited) Intellisync Corporation Navteq NA, LLC Nokia (China) Investment Company Limited Nokia (Vietnam) LLC Nokia Asset Management OY Nokia D&S Asset Management OY Nokia Danmark A/S Nokia DO Brasil Tecnologia Ltda Nokia GMBH Nokia H.K. Limited Nokia Hcl Mobile Internet Service Private Limited Nokia Inc Nokia India sales Private Limited Nokia International OY, Congolese Nokia International OY, Mozambique Nokia International OY, Senegal Nokia Japan company Limited Nokia Komarom Kft Nokia Maroc S.A.R.L. Nokia Middle East and Africa FZ LLC Nokia Pakistan Mobile (Private) Limited Nokia Products Limited Nokia Pte Limited Nokia Romania S.R.L. Nokia Siemens Networks OYJ Nokia Siemens Networks Private Limited Nokia Siemens Tietoliikenne OY Nokia Telecommunications Limited Nokia Tmc Limited Nokia UK Limited Nokia West Africa (Nigeria) Limited Symbian Software India Private Limited. Symbian Software Limited Thumpspeed Software India Private Limited

CAPITAL STRUCTURE

As on 29.11.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

36000000	Equity Shares	Rs.10/- each	Rs.360.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

35579300	Equity Shares	Rs.10/- each	Rs. 355.793 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	355.790	355.790	356.000
(b) Reserves & Surplus	25325.000	66019.000	60222.000
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	25680.790	66374.790	60578.000

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	51.210	53.210	166.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	51.210	53.210	166.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	19229.000	37727.000	42269.000
(c) Other current liabilities	145.000	238.000	1157.000
(d) Short-term provisions	109.000	86.000	1635.000
Total Current Liabilities (4)	19483.000	38051.000	45061.000

TOTAL	45215.000	104479.000	105805.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4075.000	4785.000	5451.000
(ii) Intangible Assets	2.000	8.000	13.000
(iii) Capital work-in-progress	103.000	192.000	399.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	268.000
(c) Deferred tax assets (net)	0.000	771.000	1182.000
(d) Long-term Loan and Advances	12493.000	5570.000	5804.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	16673.000	11326.000	13117.000

(2) Current assets
(a) Current investments	0.000	147.000	0.000
(b) Inventories	583.000	6446.000	9286.000
(c) Trade receivables	26066.000	80718.000	65922.000
(d) Cash and cash equivalents	731.000	3141.000	16422.000
(e) Short-term loans and advances	1153.000	2701.000	1022.000
(f) Other current assets	9.000	0.000	36.000
Total Current Assets	28542.000	93153.000	92688.000

TOTAL	45215.000	104479.000	105805.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	TOTAL INCOME	110717.000	228420.000	245034.000

Less	TOTAL EXPENSES	108957.000	220366.000	233580.000

	PROFIT/ (LOSS) BEFORE TAX	1760.000	8054.000	11454.000

Less	TAX	1452.000	2257.000	3313.000

	PROFIT/ (LOSS) AFTER TAX	308.000	5797.000	8141.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	66019.000	60222.000	52081.000

Less	APPROPRIATIONS
	Interim Dividend	35046.000	0.000	0.000
	Dividend Distribution Tax	5956.000	0.000	0.000
	Total (M)	41002.000	0.000	0.000

	Balance Carried to the B/S	25325.000	66019.000	60222.000

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	78587.000	131547.000	115902.000
	Income from Services	1567.000	2238.000	6883.000
	TOTAL EARNINGS	80154.000	133785.000	122785.000

	Earnings / (Loss) Per Share (Rs.)	8.66	162.93	228.81

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	3.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.90	7.78	11.02

Return on Investment (ROI) (PBT/Networth)		0.07	0.12	0.19

Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.46	2.45	2.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	356.000	355.790	355.790
Reserves & Surplus	60222.000	66019.000	25325.000
Net worth	60578.000	66374.790	25680.790

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	245034.000	228420.000	110717.000
		(6.780)	(51.529)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	245034.000	228420.000	110717.000
Profit	8141.000	5797.000	308.000
	3.32%	2.54%	0.28%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

VIEW INDEX OF CHARGES: No Charges Exist for Company

FIXED ASSETS

Land
Buildings
Factory building
Plant and equipment
Factory equipments
Other plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Computer equipments
Leasehold improvements

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 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. 62.67
UK Pound	1	Rs. 93.26
Euro	1	Rs. 68.85

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	RAS

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.

MIRA INFORM REPORT

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