MIRA INFORM REPORT

Report Date :

05.04.2011

IDENTIFICATION DETAILS

Name :	UNIVERSAL CORPORATION BVBA

Registered Office :	Hoveniersstraat 53 Antwerpen 2018

Country :	Belgium

Financials (as on) :	30.09.2010

Date of Incorporation :	14.07.1998

Com. Reg. No.:	463862215

Legal Form :	Private Limited Liability Company

Line of Business :	Wholesale of diamonds and other precious stones

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory
Payment Behaviour :	Regular
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Belgium

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

Company Summary

Company Summary
Business Name	UNIVERSAL CORPORATION BVBA
Business Number	463862215
Address	HOVENIERSSTRAAT 53 ANTWERPEN
Post Code	2018
Telephone	032132396
Fax Number	032261325
Date of Establishment	14/07/1998
Number of Employees	0

Credit Information Summary
Company Status	ACTIVE
Purchase Limit (€)	700,000
Date of Deposit at Registry	28/02/2011
Date of Last Accounts	30/09/2010
Turnover	6,955,924
Results of Ordinary Operations Before Tax	13,612
Networth	109,366

Past Payments
Payment Expectation Days	156.75
Days Sales Outstanding	121.96
Industry Average Payment Expectation Days	137
Industry Average Day Sales Outstanding	124.66

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Accounts & Ratio

Period
Accounts End Date	30/09/2010	%	30/09/2009	%	30/09/2008
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	6,955,924	108.8%	3,331,345	31.8%	2,527,928
Total Operating Expenses	6,927,120	108.7%	3,319,191	32.0%	2,515,209
Operating Result	28,804	137.0%	12,154	-4.4%	12,719
Total Financial Income	-	-	-	-	-
Total Financial Expenses	10,484	21.3%	8,640	87.9%	4,597
Results on Ordinary Operations Before Tax	18,320	421.3%	3,514	-56.7%	8,122
Taxation	4,708	301.2%	-2,340	-223.2%	1,900
Results on Ordinary Operations After Tax	13,612	132.5%	5,854	-5.9%	6,222
Extraordinary Items	0	-	0	-	0
Net Result	13,611	132.5%	5,854	-5.9%	6,222
Other Information
Dividends	-	-	-	-	-
Director Remuneration	-	-	-	-	-
Employee Costs	0	-	0	-	0
- Wages & Salaries	-	-	-	-	-
- Social Security Contributions	-	-	-	-	-
- Other Employee Costs	-	-	-	-	-
Amortization & Depreciation	4,201	93.7%	2,169	17.4%	1,847

Balance Sheet
Accounts End Date	30/09/2010	%	30/09/2009	%	30/09/2008
Weeks	52	-	52	-	52
Intangible Fixed Assets	0	-	0	-	0
Tangible Fixed Assets	6,972	37.3%	5,077	-9.9%	5,634
- Land And Buildings	0	-	0	-	0
- Plant And Machinery	1,680	-33.3%	2,520	-25.0%	3,360
- Other Tangible Assets	5,292	107.0%	2,557	12.4%	2,274
Financial Fixed Assets	800	0.0%	800	0.0%	800
Total Fixed Assets	7,772	32.2%	5,877	-8.7%	6,434
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	1,194,931	15.0%	1,038,862	-12.6%	1,188,768
Trade Debtors	2,324,152	100.9%	1,157,111	-13.3%	1,334,712
Cash	268,447	67.5%	160,279	11.0%	144,338
- Miscellaneous Current Assets	0	-	0	-	0
Total Current Assets	3,790,108	60.8%	2,357,619	-11.7%	2,669,911

- Trade Creditors	2,974,955	94.7%	1,528,221	-34.9%	2,347,745
- Short Term Group Loans	0	-	0	-	0
- Other Short Term Loans	0	-	0	-	0
- Miscellaneous Current Liabilities	713,558	-4.5%	747,137	203.3%	246,317
Total Current Liabilities	3,688,513	62.1%	2,275,358	-12.3%	2,594,062

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	0	-	0	-	0
- Other Long Term Liabilities	0	-	0	-	0
Total Long Term Debts	0	-	0	-	0

- Issued Share Capital	18,592	0.0%	18,592	0.0%	18,592
- Share Premium Account	0	-	0	-	0
- Reserves	90,774	30.5%	69,546	9.2%	63,692
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	109,366	24.1%	88,138	7.1%	82,284

Working Capital	101,595	23.5%	82,261	8.5%	75,849
Net Worth	109,366	24.1%	88,138	7.1%	82,284

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	0.26	136.4%	0.11	-65.6%	0.32
Return On Capital Employed	16.75	319.8%	3.99	-59.6%	9.87
Return On Total Assets Employed	0.48	220.0%	0.15	-50.0%	0.30
Return On Net Assets Employed	18.03	322.2%	4.27	-60.1%	10.71
Sales / Net Working Capital	68.47	69.1%	40.50	21.5%	33.33
Operating Efficiency
Stock Turnover Ratio	17.18	-44.9%	31.18	-33.7%	47.03
Debtor Days	121.96	-3.8%	126.78	-34.2%	192.72
Creditor Days	156.75	-6.7%	168.05	-50.7%	340.70
Short Term Stability
Current Ratio	1.03	-1.0%	1.04	1.0%	1.03
Liquidity Ratio / Acid Ratio	0.70	20.7%	0.58	1.8%	0.57
Current Debt Ratio	33.73	30.6%	25.82	-18.1%	31.53
Long Term Stability
Gearing	0	-	0	-	0
Equity In Percentage	0.03	-25.0%	0.04	33.3%	0.03
Total Debt Ratio	0	-	0	-	0

Industry Comparison
Activity Code	46761
Activity Description	Wholesale of diamonds and other precious stones
Industry Average Credit Limit (€)	160,182

Payment Expectations

Payment Expectations
Payment Expectation Days	156.75
Day Sales Outstanding	121.96

Industry Comparison
Activity Code	4676
Activity Description	Wholesale of other intermediate products
Industry Average Day Sales Outstanding	124.66
Industry Average Payment Expectation Days	137

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	41.25
Payment Expectations - Median	90.32
Payment Expectations - Upper	162.53
Day Sales Outstanding
Day Sales Outstanding - Lower	31.52
Day Sales Outstanding - Median	75.21
Day Sales Outstanding - Upper	158.58

Shareholders

No holding companies for this company.

No subsidiaries for this company.

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
Full Name	NIMISH MODY
Position	Manager
Address	96 BELGIELEI ANTWERPEN
Postal Code	2018
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.65
UK Pound	1	Rs.71.93
Euro	1	Rs.63.24

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

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.

Latest Branch Details
Street	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	//

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

Latest Event
Serial Number	134575
Event Description	Transfer of registered office

company details
Business Number	463862215
Name	UNIVERSAL CORPORATION BVBA
Fax Number	032261325
Establishment Date	14/07/1998
Company Status	ACTIVE
Company Type	Private limited liability company
Activity Description	Wholesale of diamonds and other precious stones
Activity Code	46761
Liable For Vat	yes
Currency	Euro (€)