MIRA INFORM REPORT

Report Date :

10.05.2007

IDENTIFICATION DETAILS

Name :	FREMANTLEMEDIA LTD
Registered Office :	1 Stephen Street, London, W1T 1AL
Country :	United Kingdom
Financials (as on) :	31.12.2005
Date of Incorporation :	16/06/1933
Com. Reg. No.:	00276928
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Television formats sales company

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Unknown
Litigation :	Clear

Company Identification Details

Subject Reported on	FREMANTLEMEDIA LTD
Holding Company	Fremantlemedia Group Ltd
Ultimate Holding Company	PEARSON PLC
Trading Address	1 STEPHEN ST,LONDON,W1T 1AL
Telephone	020-7691-6000

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	00276928
Date of Incorporation	16/06/1933
Registered Office	1 Stephen Street, London, W1T 1AL
Date of Last Annual Return to Registry	04/06/2006
Activities	Television formats sales company
Accounts	The last filed accounts cover the period to 31/12/2005

Recently Filed Documents

Details of the most recent documents

Date Received	Description
04/06/2006	Annual Return
31/12/2005	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	SARAH FRANCES HAMILTON TINGAY  (One or more of this director's other companies has adverse information related to it)
Occupation	LEGAL DIRECTOR
Address	23,  ROKESLY AVENUE , LONDON , N8 8NS
Country of Origin	BRITISH
Date of Birth	10/07/1956
Appointment Date	18/06/2001
Other Appointments	FREMANTLE (UK) PRODUCTIONS LIMITED, THAMES TELEVISION SERVICES LTD , RTL GROUP LIMITED , THAMES TELEVISION LTD , THAMES TELEVISION ANIMATION LTD , EUSTON FILMS LTD , DOMINFAST INVESTMENTS LTD , WITZEND PRODUCTIONS LTD , SELECTV LTD , F MUSIC TV LTD , RADIO LUXEMBOURG (LONDON) LTD , FREMANTLEMEDIA GROUP LTD , FREMANTLEMEDIA LTD, SOMERFORD BROOKE PRODUCTIONS LTD , GLANDIBUS LTD , THAMES CABLE AND SATELLITE SERVICES LIMITED, FREMANTLE MUSIC PUBLISHING INTERNATIONAL LIMITED, SELECTV COMMUNICATIONS CONSULTANTS LTD , EUROWIDE TELEVISION LTD , ALOMO PRODUCTIONS LTD , TALKBACK PRODUCTIONS LTD, PTV DORMANT LTD , UNITED WORLD TELEVISION LTD , FREMANTLE LICENSING LTD , PREMIUM PICTURES LTD , FREMANTLEMEDIA ANIMATION LTD , FREMANTLEMEDIA WORLDWIDE LTD , CHANNEL FIVE HOLDINGS LTD , FREMANTLEMEDIA OVERSEAS LTD , FREMANTLEMEDIA SERVICES LTD , CLT-UFA UK TELEVISION LTD , THAMES TELEVISION HOLDINGS LTD , TALKBACKTHAMES UK LTD , FREMANTLE GROUP PENSION TRUSTEE LTD , CLT-UFA UK RADIO SALES LIMITED, CLT-UFA (LONDON) LTD
DIRECTOR	ANTHONY LEWIS COHEN
Occupation	MANAGING DIRECTOR
Address	91,  RODENHURST ROAD , LONDON , SW4 8AF
Date of Birth	06/10/1953
Appointment Date	26/07/2004
Other Appointments	FREMANTLEMEDIA GROUP LTD, FREMANTLEMEDIA LTD,  FREMANTLEMEDIA SERVICES LTD , RODENHURST INVESTMENTS LTD
DIRECTOR	DAVID  ELLENDER
Occupation	SALES DIRECTOR
Address	THE PARAGON 43,  SEARLES ROAD , LONDON , SE1 4YL
Country of Origin	BRITISH
Date of Birth	03/02/1956
Appointment Date	26/07/2004
Other Appointments	FREMANTLEMEDIA LTD
DIRECTOR	IAN RYDER MARCHANT OUSEY
Occupation	FINANCE DIRECTOR
Address	VICTORIA LODGE 20,  PRINCE CONSORT DRIVE , ASCOT , BERKS , SL5 8AW
Country of Origin	BRITISH
Date of Birth	19/12/1962
Appointment Date	08/08/2005
Other Appointments	FREMANTLEMEDIA GROUP LTD , FREMANTLEMEDIA LTD, FREMANTLEMEDIA SERVICES LTD , FREMANTLE GROUP PENSION TRUSTEE LTD , STANIAS SECURITIES COMPANY
DIRECTOR	GARY RUSSELL CARTER
Occupation	MEDIA EXECUTIVE
Address	NIEUMARKT 5N 1011,  JP AMSTERDAM THE , NETHERLANDS , THE NETHERLANDS ,
Country of Origin	BRITISH
Date of Birth	06/07/1961
Appointment Date	06/10/2006
Other Appointments	FREMANTLEMEDIA LTD, THOMAS CARTER PROJECTS LTD
SECRETARY	MS  HELEN FARNABY
Address	6 CROSS STREET,  , FARNBOROUGH , HAMPSHIRE , GU14 6AB
Country of Origin	BRITISH
Date of Birth	28/09/1958
Appointment Date	20/08/1998

Recently Resigned Directors (last 3)

DIRECTOR	ALAN EDWARD BOYD
Occupation	CHIEF EXECUTIVE
Address	KINGS KEEP , HEDGERLEY LANE , GERRARDS CROSS , BUCKS , - -
Country of Origin	BRITISH
Date of Birth	14/10/1941
Resignation Date	03/07/2006
DIRECTOR	SIMON JOHN SPALDING
Occupation	SALES & MARKETING EXECUTIVE
Address	AMBERSTONE , HIGHFIELD PARK , MARLOW , BUCKS , - -
Country of Origin	BRITISH
Date of Birth	03/07/1960
Resignation Date	13/12/2005
DIRECTOR	PETER ARTHUR FINCHAM
Occupation	DIRECTOR
Address	6 , CHEPSTOW VILLAS , LONDON , - -
Country of Origin	BRITISH
Date of Birth	26/07/1956
Resignation Date	22/04/2005

Share Summary

Share information is not held for this company.

Mortgages and Charges

There are no mortgages

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Television formats sales company
Sic Code	Description
9211	Motion picture and video production
Staff Employed	80
Auditors	PricewaterhouseCoopers LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	HSBC Bank plc P.O. Box 181
Sort Codes	400515
Bankers	HSBC Bank plc P.O. Box 125
Sort Codes	400250

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
SALES	193,586	129,339	37,204	39,336
Export Sales	45,462	33,986	21,765	24,369
Other operating income	2,982	1,136
Cost of goods sold	133,708	88,060	22,553	26,101
GROSS PROFIT	59,878	41,279	14,651	13,235
Other Expenses	943	736	980	1,149
General administration costs (-)	52,739	38,485	14,245	8,835
Wages and Salaries	47,933	28,801
Depreciation	6,832	4,763
Net Operating Profit(Loss)	9,178	3,194	-574	3,251
Non Trading Income	4,605	3,559	291
Group Non Trading Income	1,059	3,436
Total Non Trading Income	5,664	7,095	0	291
Interest expenses & similar (-)	4,682	48	1	297
Other financial charges	5,427	8,230
Financial Expenses	10,109	8,278	1	297
PRE TAX PROFIT	4,733	2,011	-575	3,245
Other Taxation	2,106	-430	1,157	581
Taxation	0	1,796	-266	0
PROFIT AFTER TAX	2,627	645	-1,466	2,664
Net Profit	2,627	645	2,664
Dividends Payable	0	0	0	0
RETAINED PROFITS	2,627	645	2,664

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Currency	GBP	GBP	GBP	GBP
Consolidated?	No	No	No	No
TOTAL FIXED ASSETS	82,409	88,622	1	1
Total Fixed Assets	16,741
Intermediate Assets	1	1	1	1
Intangible Assets	65,667	69,826
TOTAL CURRENT ASSETS	226,945	232,178	43,402	98,110
Stocks	11,214	8,467	731	2,210
Trade Debtors	25,473	25,142	11,154	12,082
Other Receivables	715	584	262
Prepaid expenses	29,337	21,443	8,201	11,015
Group Loans	56,823	72,833	10,296	4,727
Cash	97,342	98,419	8,330	60,493
Tax Recoverable	2,391	2,256	2,057
own shares	3,650	3,034	2,633	7,321
TOTAL ASSETS	309,354	320,800	43,403	98,111
TOTAL CURRENT LIABILITIES	120,637	130,131	38,122	90,917
Trade Creditors	15,738	11,064	7,791	4,350
Bank Overdraft	108	120
Taxes	6,352	8,483	408	1,062
Other Current Liabilities	844	856	144	496
Due From Group	40,187	68,818	14,464	70,408
Hire Purchase	4,227	3,617
Accruals & deferred income	53,181	37,173	15,315	14,601
WORKING CAPITAL	106,308	102,047	5,280	7,193
TOTAL LONG TERM LIABS	81,754	86,333	2,155	2,602
Taxation	600	1,333	1,763	2,079
Total Hire Purchase / Leasing	80,773	85,000
Other Long Term Liabilities	381	392	523
NET ASSETS/(LIABILITIES)	188,717	190,669	5,281	7,194
SHARE CAPITAL + RESERVES	106,963	104,336	3,126	4,592
Issued Share Capital	1	1	1	1
Share Premium Accounts	100,565	100,565
Profit and Loss account	6,397	3,770	3,125	4,591
SHAREHOLDERS FUNDS	106,963	104,336	3,126	4,592
CAPITAL EMPLOYED	188,717	190,669	5,281	7,194
TANGIBLE NET WORTH	41,296	34,510	3,126	4,592

Key Credit Ratios

Accounts Date	31/12/2005	31/12/2004	31/12/2003	31/12/2002
Current Ratio	1.88	1.78	1.14	1.08
Profit Before Tax	0.02	0.02	-0.02	0.08
Creditors Days (D.P.O)	42.96	45.86	126.09	60.83
Quick Ratio	-	-	-	-
Return on Assets	1.94	0.80	-	-
T.N.W/Total Assets	0.13	0.11	0.07	0.05
Return on Capital	0.04	0.02	-	-
Working Capital/Sales	0.01	0.01	0.00	0.00
Equity Gearing	0.42	0.26	0.01	0.02
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover increased by more than 50% in the period. Turnover totaled GBP  193,586,000 for the period.
Operating Profit	Totaled GBP 9,178,000 In the period prior a profit of GBP   3,194,000 was achieved.
Pre Tax	The subject made a profit of GBP 4,733,000 compared with a profit of GBP  2,011,000 in the previous period.
Working Capital	The company's working capital improved in the period by 4%
Tangible Net Worth	Net worth increased by 6,786,000 during the period and now stands at GBP  41,296,000
Fixed Assets	The subjects fixed assets reduced during the period by GBP  2,054,000 to GBP  16,741,000 and are now 5% of total assets compared with 6% in the previous period
Long Term Liabilities	The company's long term liabilities increased during the period by 9% and are now 327% of net worth compared with 358% in the previous period
Long Term Liabilities	Long term liabilities are now 44% of total assets compared with 38% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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