MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	NORDIAN AS
Formerly Known As :	NORDIAN MEDIA AS
Registered Office :	Klinestadmoen 1, SANDEFJORD 3241
Country :	Norway
Financials (as on) :	2011
Date of Incorporation :	23.12.2006
Legal Form :	Limited company
Line of Business :	Service activities incidental to air transportation
No. of Employees :	4

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 :	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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Norway	A1	A1

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

norway - ECONOMIC OVERVIEW

The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for the largest portion of export revenue and about 20% of government revenue. Norway is the world's second-largest gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. In anticipation of eventual declines in oil and gas production, Norway saves state revenue from the petroleum sector in the world's second largest sovereign wealth fund, valued at over $500 billion in 2011 and uses the fund's return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-11, however, the government budget is set to remain in surplus.

REGISTERED NAME & COMPANY SUMMARY

Company Name	NORDIAN AS		Company Number	990643296
Company name	NORDIAN AS	Company number	990643296
Address	Klinestadmoen 1
City	SANDEFJORD 3241	Legal form	Limited company
Website address		E-mail address	-
Telephone Number	00 47 33423660	Fax Number	00 47 33423661
Registration date	23/12/2006	Status	Active
Previous Name	NORDIAN MEDIA AS	Share capital	100,000
Name change date	25/12/2006	Currency	-
		Number of employees	4

DIRECTORS/MANAGEMENT

Current Directors

Name	Address	Function
Nordvik, Tor Arild	Fløyasletta 24 SANDEFJORD 3235	General manager/CEO
Nordvik, Tor Arild	Fløyasletta 24 SANDEFJORD 3235	Chairman of the board
Løvøy, Terje	Telthusveien 11 SANDNES 4319	Board member(s)
Nordvik, Svein Magne	Sandslihovden 23 SANDSLI 5254	Deputy board member/substitute

Other Company Officials

No data exist

NEGATIVE INFORMATION

No negative information found.

SHARE & SHARE CAPITAL INFORMATION

Shareholders

Shareholder Name	Number of Shares	Percentage Share
SELJESTAD AS	1,000	100.0

PAYMENT INFORMATION

N/a

GROUP STRUCTURE & AFFILIATED COMPANIES

Ultimate Holding Company

Safe Number	Company Name	Company Number
NO01028119	SELJESTAD AS	990622205

FINANCIAL INFORMATION

Key Financials

Year to Date	Sales Revenue	Profit Before Tax	Total Equity
2011	4,913,000	631,000	1,125,000
2010	3,781,000	-955,000	493,000
2009	5,341,000	359,000	1,448,000
2008	5,457,000	968,000	1,089,000
2007	58,000	24,000	121,000

Profit & Loss Account

	Financial Year	2011		2010		2009		2008		2007
	Currency	NOK		NOK		NOK		NOK		NOK
	Consolidated Accounts	No		No		No		No		No
	Sales Revenue	4,913,000	29.9 %	3,781,000	-29.2 %	5,341,000	-2.1 %	5,457,000	9,308.6 %	58,000
	Other operating income	0	-	0	-	0	-100.0 %	42,000	-	0
	Total Operating Income	4,913,000	29.9 %	3,781,000	-29.2 %	5,341,000	-2.9 %	5,499,000	9,381.0 %	58,000
	Total Operating Expenses	4,143,000	-10.6 %	4,632,000	-7.6 %	5,012,000	4.5 %	4,798,000	14,011.8 %	34,000
	Operating Profit	770,000	190.5 %	-851,000	-357.9 %	330,000	-52.9 %	701,000	2,820.8 %	24,000
	Wages & Salaries	1,493,000	-24.1 %	1,966,000	-3.2 %	2,030,000	25.3 %	1,620,000	5,125.8 %	31,000
	Depreciation	4,000	-81.0 %	21,000	0.0 %	21,000	23.5 %	17,000	-	0
	Financial Income	11,000	-69.4 %	36,000	-92.8 %	503,000	22.4 %	411,000	-	0
	Financial Expenses	150,000	7.1 %	140,000	-70.4 %	473,000	228.5 %	144,000	-	0
	Profit Before Tax	631,000	166.1 %	-955,000	-366.0 %	359,000	-62.9 %	968,000	3,933.3 %	24,000
	Tax	0	-	0	-	0	-	0	100.0 %	-3,000
	Profit After Tax	631,000	166.1 %	-955,000	-366.0 %	359,000	-62.9 %	968,000	4,509.5 %	21,000
	Extraordinary Result	0	-	0	-	0	-	0	-	0
	Dividends	-	-	-	-	-	-	-	-	-
	Net Result after Dividends	631,000	166.1 %	-955,000	-366.0 %	359,000	-62.9 %	968,000	4,509.5 %	21,000

Balance Sheet

	Financial Year	2011		2010		2009		2008		2007
	Currency	NOK		NOK		NOK		NOK		NOK
	Consolidated Accounts	No		No		No		No		No
	Land & Buildings	0	-	0	-	0	-	0	-	0
	Plant & Machinery	0	-	0	-	0	-	0	-	0
	Other Tangible Assets	0	-100.0 %	4,000	-84.0 %	25,000	-45.7 %	46,000	-	0
	Total Tangible Assets	0	-100.0 %	4,000	-84.0 %	25,000	-45.7 %	46,000	-	0
	Intangible Assets	0	-	0	-	0	-	0	-	0
	Other Fixed Assets	0	-	0	-	0	-	0	-	0
	TOTAL FIXED ASSETS	0	-100.0 %	4,000	-84.0 %	25,000	-45.7 %	46,000	-	0
	Inventories	680,000	-37.0 %	1,080,000	62.2 %	666,000	15.2 %	578,000	-	0
	Trade Receivables	779,000	-20.0 %	974,000	29.7 %	751,000	-49.8 %	1,495,000	-	0
	Other Receivables	107,000	-55.4 %	240,000	224.3 %	74,000	-28.8 %	104,000	-	0
	Cash & Bank Deposits	2,187,000	14.6 %	1,908,000	-37.3 %	3,045,000	5.1 %	2,897,000	2,061.9 %	134,000
	Other Current Assets	1,000	0.0 %	1,000	-	0	-	0	-	0
	TOTAL CURRENT ASSETS	3,754,000	-10.7 %	4,203,000	-7.3 %	4,536,000	-10.6 %	5,074,000	3,686.6 %	134,000
	TOTAL ASSETS	3,754,000	-10.8 %	4,207,000	-7.8 %	4,561,000	-10.9 %	5,120,000	3,720.9 %	134,000
	Trade Creditors	93,000	-39.2 %	153,000	4.8 %	146,000	-21.9 %	187,000	-	0
	Short Term Liabilities to Financial Institutions	0	-	0	-	0	-	0	-	0
	Short Term Liabilities to Group	0	-	0	-	0	-	0	-	0
	Other Short Term Loans	0	-	0	-	0	-	0	-	0
	Miscellaneous Current Liabilities	436,000	-58.4 %	1,048,000	2.8 %	1,019,000	-34.7 %	1,560,000	11,042.9 %	14,000
	TOTAL CURRENT LIABILITIES	529,000	-56.0 %	1,201,000	3.1 %	1,165,000	-33.3 %	1,747,000	12,378.6 %	14,000
	Long Term Liabilities to Financial Institutions	281,000	-53.2 %	600,000	-	0	-	0	-	0
	Other Long Term Loans	400,000	-20.0 %	500,000	0.0 %	500,000	-	0	-	0
	Long Term Pension Commitments	0	-	0	-	0	-	0	-	0
	Other Long Term Liabilities	1,418,000	0.4 %	1,413,000	-2.4 %	1,448,000	-36.6 %	2,283,000	-	0
	TOTAL LONG TERM LIABILITIES	2,099,000	-16.5 %	2,513,000	29.0 %	1,948,000	-14.7 %	2,283,000	-	0
	TOTAL LIABILITIES	2,629,000	-29.2 %	3,714,000	19.3 %	3,113,000	-22.8 %	4,031,000	28,692.9 %	14,000
	Share Capital	100,000	0.0 %	100,000	0.0 %	100,000	0.0 %	100,000	0.0 %	100,000
	Share Premium Reserve	0	-	0	-	0	-	0	-	0
	Revaluation Fund	0	-	0	-	0	-	0	-	0
	Total Retained Earnings	1,025,000	160.8 %	393,000	-70.8 %	1,348,000	36.3 %	989,000	4,609.5 %	21,000
	Other Reserves	0	-	0	-	0	-	0	-	0
	TOTAL EQUITY	1,125,000	128.2 %	493,000	-66.0 %	1,448,000	33.0 %	1,089,000	800.0 %	121,000

Other Financials

	Financial Year	2011		2010		2009		2008		2007
	Total Exports	-	-	-	-	-	-	-	-	-
	Working Capital	3,225,000	7.4 %	3,002,000	-10.9 %	3,371,000	1.3 %	3,327,000	2,672.5 %	120,000
	Net Worth	1,125,000	128.2 %	493,000	-66.0 %	1,448,000	33.0 %	1,089,000	800.0 %	121,000
	Capital Employed	3,224,000	7.3 %	3,006,000	-11.5 %	3,396,000	0.7 %	3,372,000	2,686.8 %	121,000

Ratios

	Financial Year	2011	2010	2009	2008	2007
	Pre-Tax Profit Margin	12.84	-25.26	6.72	17.74	41.38
	Return on Capital Employed	19.57	-31.77	10.57	28.71	19.83
	Return on Total Assets Employed	16.81	-22.70	7.87	18.91	17.91
	Return on Net Assets Employed	56.09	-193.71	24.79	88.89	19.83
	Sales/Net Working Capital	1.52	1.26	1.58	1.64	0.48
	Stock Turnover Ratio	13.84	28.56	12.47	10.59	0.00
	Debtor Days	57.87	94.03	51.32	100.00	-
	Creditor Days	6.91	14.77	9.98	12.51	-
	Current Ratio	7.10	3.50	3.89	2.90	9.57
	Liquidity Ratio/Acid Test	5.81	2.60	3.32	2.57	9.57
	Current Debt Ratio	0.47	2.44	0.80	1.60	0.12
	Solvency Ratio	29.97	11.72	31.75	21.27	90.30
	Equity in Percentage	29.97	11.72	31.75	21.27	90.30
	Total Debt Ratio	2.34	7.53	2.15	3.70	0.12

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Industry

Main Industry Code & Description	Service activities incidental to air transportation
Secondary Industry Code & Description	-
Other Industry Code & Description	-

Event History

Date	Description
03/09/2012	Limit Change
03/09/2012	Rating Change
23/11/2011	Limit Change
23/11/2011	Rating Change

Rating History

No data exist

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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