The application has access to the following:
Network communication
full Internet access
Allows an application to create network sockets.
Your location
fine (GPS) location
Access fine location sources such as the Global Positioning System on the phone, where available. Malicious applications can use this to determine where you are, and may consume additional battery power.
coarse (network-based) location
Access coarse location sources such as the cellular network database to determine an approximate phone location, where available. Malicious applications can use this to determine approximately where you are.
Phone calls
read phone state and identity
Allows the application to access the phone features of the device. An application with this permission can determine the phone number and serial number of this phone, whether a call is active, the number that call is connected to, ect.
modify phone state
Allows the application to control the phone features of the device. An application with this permission can switch networks, turn the phone radio on and off and the like without ever notifying you.
Paid services.
directly call phone numbers
Allows the application to call phone numbers without your intervention. Malicious applications may cause unexpected calls on your phone bill. Note that this does not allow the application to call emergency numbers.
Your messages
receive SMS
Allows application to receive and process SMS messages. Malicious applications may monitor your messages or delete them without showing them to you.
Hardware controls
control vibrator
Allows the application to control the vibrator.
Storage
modify/delete SD card contents
Allows an application to write to the SD card.
Other
android.permission.READ_EXTERNAL_STORAGE
beast thing 4, a 2 & a 4 yr old!