IPhone 5 frequently going into no service.

About 2 months back I bought a new iPhone 5 and it turned out be worst phone experience. This iphone goes into no service mode frequently and remain there making me unreachable to anyone trying to call me. I changed the SIM card, switched to another operator, reset phone, reset network etc but the problem does not go away. I hoped the Apple guys would have fixed the problem in IOS7, but even after upgrade the problem repeats.
When I searched online I find lots people with the same problem. It is really a pity that Apple is not able to get the basic requirement of a mobile phone right. I can't understand why Apple is not doing anything about it even though many people are complaining. Probably they have become arrogant to don't care the customers any more. (That will be the begining of their end).
If anyone has any other tricks to resolve this problem, can you please let me know?

Hi Risdian, thanks for the comments and suggestions, however none seemed to lead to any success. When setting the carrier off automatic, after a few seconds of searching the device returns the message, "Unable to load network list", and I have placed my sim into another unlocked iPhone 5 and it worked perfectly, picking up service almost immediately. I can also iMessage and connect to wifi fine, so i don't fully understand the issue.
I guess my iPhone is in need of repair, so if there are no other conceivable 'at home' fixes, i'll have to bring the phone to the apple store for a diagnosis. Any other suggestions or comments would be happily welcomed
Thanks for replying and commenting, you were very helpful

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