MIRA INFORM REPORT

Report Date :

11.01.2011

IDENTIFICATION DETAILS

Name :	APPEAR TV AS
Registered Office :	Lilleakerveien 2 B, Oslo 0283
Country :	Norway
Financials (as on) :	31.12.2009
Date of Incorporation :	04.06.2004
Com. Reg. No.:	986942033
Legal Form :	Private Limited Company
Line of Business :	Other Technical Consulting

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	2,300,000 NOK
Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Norway	a1	a1

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

Company Summary

Company Name	APPEAR TV AS
Company Number	986942033
Company Type	PRIVATE LIMITED COMPANY
Status	Active
Address	LILLEAKERVEIEN 2 B
City	OSLO
Postcode	0283
Phone	22512900
Fax	24449021
Registered in Entity Reg	2004-06-09
Established Date	2004-06-04
Settled Stock Capital	794,340   NOK
Email	INFO@APPEARTV.COM
Website	WWW.APPERTV.COM
Decision Score Company Decision Score Company estimates a company's probability of default (commencement of bankruptcy proceedings, forced liquidation, insolvency and/ or composition) within 12 months . The model contains integrated policy codes. These are elements that will be of importance for the giving of credit that go beyond the statistical probability. See here for a policy code overview. When evaluating a sole proprietorship (type ENK) the probability of default (unsettled debt collection claim after 90 days) within 12 months is estimated. When evaluating an enterprise with liability (type ANS) we will notify who has been appraised. When evaluating a person as the liable partner, the probability of default (unsettled debt collection claim after 90 days) is used. When evaluating a company as the liable partner, the probability of default (commencement of bankruptcy proceedings, forced liquidation, insolvency and/ or composition) is used. Decision Score 1 - Lowest creditworthiness A company in this zone has a 15,3% chance of filing for bankruptcy, forced unwinding, insolvency and/or composition within 12 months. Statistically the company has a 31% chance of receiving a payment remark within 12 months. Decision Score 2 - Low creditworthiness A company in this zone has a 4,1% chance of filing for bankrupcy, forced unwinding, insolvency and/or composition within 12 months. Statistically the company has a 25% chance of receiving a payment remark within 12 months. Decision Score 3 - Creditworthy A company in this zone has a 1,7% chance of filing for bankrupcy, forced unwinding, insolvency and/or composition within 12 months. Statistically the company has a 15% chance of receiving a payment remark within 12 months. Decision Score 4 - High creditworthiness A company in this zone has a 0,6% chance of filing for bankrupcy, forced unwinding, insolvency and/or composition within 12 months. Statistically the company has a 6% chance of receiving a payment remark within 12 months. Decision Score 5 - Highest creditworthiness A company in this zone has a 0,1% chance of filing for bankrupcy, forced unwinding, insolvency and/or composition within 12 months. Statistically the company has a 2% chance of receiving a payment remark within 12 months.

Credit Limit / Decision Limit

Max Recommended Credit	2,300,000 NOK
Decision Limit Decision Limit estimates the recommended maximum credit a company should be granted. Credit limits are estimated for the following forms of business organizations: Ltd., PLC, Limited Liability Company, House building Cooperative / Housing cooperative, Mutual Insurance Company and Savings bank – providing they are in zone 3, 4 or 5. Decision Limit uses zone, turnover and equity as variables, and supplements Decision Score Company. Through increased security, Decision Limit helps the subscriber grant the right amounts of credit to the right customers. Uncritical use of the model is not advised. There may occur instances where it can be defensible to exceed the recommended maximum credit, or where the recommended credit is too high. When the limit of a new business in zone 3 is estimated, it is based on size of the company’s share capital. All public forms of business organization have a fixed limit of NOK 1 000 000. Forms of public business organization: County administrational enterprise (FKF) County municipality (FYLK) Municipal company (KF) Church council (KIRK) Municipality (KOMM) Organizational Link (ORGL) Government-owned Enterprise (SF) The Government (STAT) Intermunicipal company (IKS)
Payment Index Payment Index is a scoring solution which ranks insolvency in companies, meaning the probability of a company having unsettled debt collection after 90 days endurance. Companies which have a high probability of having an unsettled debt collection are placed in the red zone. Companies with a low probability are placed in the green zone. Private limited companies are the only type of companies that are ranked in the Payment Index. The scale ranks from 1 – 100. Newly registered PLCs have 0 score points ( no Payment Index ranking.) Red zone A company in the red zone has a 46.1% chance of having an unsettled debt collection after 90 days endurance. 4.5% of all Norwegian companies are in this zone. It is 6 times more likely that a company in this zone has an unsettled debt collection after 90 days endurance compared to an average Norwegian company. Yellow zone A company in the yellow zone has a 13.7% chance of having an unsettled debt collection after 90 days endurance. 12.7% of all Norwegian companies are in this zone.It is twice as likely that a company in this zone has an unsettled debt collection after 90 days endurance compared to an average Norwegian company. Green zone A company in the green zone has a 3.5% chance of having an unsettled debt collection after 90 days endurance. 82,8% of all Norwegian companies are in this zone. It is half as likely that a company in this zone has an unsettled debt collection after 90 days endurance compared to an average Norwegian company.

Payment Remarks Summary

No payment remarks for this company.

Number of Employees

Date	No. of Employees
2010	57
2009	45
2008	36
2007	30
2006	22
2005	18

Line of Business

Business Code	71129# Annen teknisk konsulentvirksomhet 71120# Teknisk konsulentvirksomhet 71100# Arkitektvirksomhet og teknisk konsulentvirksomhet 71000# Arkitektvirksomhet og teknisk konsulentvirksomhet, og teknis
	(# 71129 Other technical consulting 71120 # Technical consultancy # 71100 Architectural and engineering activities # 71000 Architectural and engineering activities and teknis)
Line of Business	UTVIKLING OG SALG AV PRODUKTER FOR TELEKOMMUNIKASJON.
Authorised Signatory	STYRETS LEDER ALENE.
Proxy	DAGLIG LEDER ALENE.

Voluntary pledge

No.	Reg. date	Description	Source	Amount	Changed	Status	Creditor
01 a	2008-01-17	Contract of Factoring	BRØNNØYSUNDREGISTRENE	2,000,000	--		FOKUS BANK
02 a	2009-07-13	Contract of Factoring	BRØNNØYSUNDREGISTRENE	3,000,000	--		FOKUS BANK

Annual Accounts

Income Statement

Accounts Date	2009-12-31	2008-12-31	2007-12-31
Currency	K NOK ('000)	K NOK ('000)	K NOK ('000)
Total Operating Income	172,519	90,955	46,144
Total Operating Cost	122,924	72,459	46,282
Operating Profit	49,595	18,495	-138
Total Finance Income	3,951	3,725	609
Total Finance Cost	4,301	1,442	450
Ordinary Profit Before Tax	49,245	20,778	21
Ordinary Profit After Tax	35,668	21,853	21
Net Profit	35,668	21,853	21

Balance Sheet

Accounts Date	2009-12-31	2008-12-31	2007-12-31
Currency	K NOK ('000)	K NOK ('000)	K NOK ('000)
Intangible Assets	1,247	1,076	0
Tangible Assets	2,503	1,881	676
Financial Fixed Assets	0	0	0
Total Fixed assets	3,750	2,957	676
Goods/Materials	1,429	1,568	1,552
Receivables	21,330	28,834	17,142
Investments	0	0	0
Bank Deposits & Cash	77,893	26,333	8,563
Other Assets	0	0	0
Total Current Assets	100,652	56,735	27,257
TOTAL ASSETS	104,402	59,692	27,933
Short Term Debts	31,619	23,456	13,864
Long Term Debts	0	0	0
Total Debts	31,619	23,456	13,864
Paid In Equity	15,240	14,362	14,048
Retained Earnings	57,543	21,874	21
Total Equity	72,782	36,236	14,069
TOTAL DEBTS & EQUITY	104,402	59,692	27,933

Ratios

Accounts Date	2009-12-31	2008-12-31	2007-12-31
Earnings	Very good	Very good	Less acceptable
Gross Profit Margin	28.75	20.33	-0.30
Interest Contribution Ratio	12.45	15.41	1.05
Solidity	Very good	Very good	Very good
Equity to Revenues Ratio	42.19	39.84	30.49
Debt to Equity Ratio	69.71	60.70	50.37
Liquidity	Very good	Very good	Very good
Quick Ratio	3.14	2.35	1.85
Quick Ratio 3	2.46	1.12	0.62

Auditor Remarks

Date	Remarks
2009-12-31	No registered remarks
2008-12-31	No registered remarks
2007-12-31	No registered remarks

Parent Company

There is no parent for this company.

Subsidiaries

No subsidiaries for this company.

Stockholders

Stockholder Name	Share
JENS PETER SØHOF	0,97%
971506164 ENEP AS	1,13%
GEIR ERTZAAS	1,51%
ANDERS HUNSTAD	1,53%
TOM ERIK HAGEN	1,53%
AAGE NYMARK	1,64%
SVEIN OLSEN	1,85%
HALVARD BRENNUM	1,85%
PETTER M JØRGENSEN	1,89%
ØVRIGE	3,40%
CREANDUM II KB	4,14%
THOMAS LIND	4,17%
978698549 OJADA AS	4,44%
JOHN ØIVIND SAXEBØL	5,27%
CREANDUM II LP	5,93%
CARL WALTER HOLST	7,67%
ACCELERATOR LTD	51,08%

Group Structure

No Group Structure for this company.

Subdivisions

Name	Address
APPEAR TV AS	LILLEAKERVEIEN 2 B,  0283,  OSLO,

Board Data

Managing Director	Status
Holst, Carl Walter
Chairman of the board	Status
ARNE GRÆE
Board member	Status
MARTIN SIGURD HAUGE
ELEN BENTE LOE
Auditor	Status
PRICEWATERHOUSECOOPERS AS

Current Events / History

Capital History
Date	Capital
2009-06-16	794,340
2008-06-17	792,000
2007-08-15	785,000
2007-03-17	740,000
2006-10-24	690,000
2006-08-03	650,000

Managing Director History

No information for this event.

Auditor History
Date	Name
2004-07-21	PRICEWATERHOUSECOOPERS AS
2004-06-09	PRICEWATERHOUSECOOPERS DA

Company Name

No information for this event.

Board Change
The board changed on 2009-10-19
ARNE GRÆE	Chairman of the board
MARTIN SIGURD HAUGE	Board member
ELEN BENTE LOE	Board member
The board changed on 2004-06-09
ARNE GRÆE	Chairman of the board
JOHN ØIVIND SAXEBØL	VARA REP.

Company Address
. Date	Street	Post Code	City
2010-05-31	LILLEAKERVEIEN 2 B	0283	OSLO
2005-11-22	LILLEAKERVEIEN 6 D	0283	OSLO
2004-06-09	SOLERUDVEIEN 25 D	0283	OSLO

Bankruptcy Information

No information for this event.

Annual Report / Accounts Received

Date

2010-05-28

Company Merged/Divided

No information for this event.

Expiry Notification

No information for this event.

Deletion Notification

No information for this event.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.44
UK Pound	1	Rs.70.61
Euro	1	Rs.58.63

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	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.