MIRA INFORM REPORT

Report Date :

28.11.2012

IDENTIFICATION DETAILS

Name :	UNIVERSAL CORPORATION BVBA
Registered Office :	HOVENIERSSTRAAT 53 BUS 45 ANTWERPEN 2018
Country :	Belgium
Financials (as on) :	30.09.2011
Date of Incorporation :	14.07.1998
Legal Form :	Private Limited Company (BL/LX)
Line of Business :	Wholesale of diamonds and other precious stones
No. of Employees :	Not Available

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 (31.03.2011)	Current Rating (30.06.2012)
Belgium	A1	A1

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

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

Business number	463862215	Company name	UNIVERSAL CORPORATION BVBA
		Telephone number	032132396
Address	HOVENIERSSTRAAT 53 BUS 45 ANTWERPEN	Fax number	022030137
Post code	2018	Number of staff	0
Date of establishment	14/07/1998

Ultimate holding company

Company name	Company Number	View linked companies from outside this company's group structure
-	-	No linked companies have been found.

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
30/09/2011	13,503,114	24,130	126,667
30/09/2010	6,955,924	18,320	109,366
30/09/2009	3,331,090	11,131	95,755

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
30/09/2011	6,918,886	800	18,592	711,589	0
30/09/2010	3,797,880	800	18,592	268,447	0
30/09/2009	2,371,113	800	18,592	160,279	0

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	153.19
Industry average payment expectation days	178.53	Industry average day sales outstanding	110.98
Day sales outstanding	135.50

back in return.

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Business number	463862215	Company name	UNIVERSAL CORPORATION BVBA
Fax number	022030137	Date founded	14/07/1998
Company status	active	Company type	Private Limited Company (BL/LX)
Currency	Euro (€)	Date of latest accounts	30/09/2011
Activity code	46761	liable for VAT	yes
Activity description	Wholesale of diamonds and other precious stones	VAT Number	BE.0463.862.215
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	-

JOINT INDUSTRIAL COMMITTEE (JIC)

Export accounts to CSV file

comparison mode

average

median

Profit & loss

	Annual accounts	30-09-2011	%	30-09-2010	%	30-09-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Turnover	13,503,114	94.12	6,955,924	108	3,331,090	57,473,792	-76.51
	Total operating expenses	13,460,233	94.31	6,927,120	109	3,311,319	56,687,612	-76.26
	Operating result	42,881	48.87	28,804	45.68	19,771	289,257	-85.18
	Total financial income	29	26418	0	120	0	173,233	-99
	Total financial expenses	18,780	79.12	10,484	21.34	8,640	333,755	-94.37
	Results on ordinary operations before taxation	24,130	31.72	18,320	64.58	11,131	111,227	-78.31
	Taxation	6,830	45.07	4,708	201	-2,340	38,852	-82.42
	Results on ordinary operations after taxation	17,300	27.10	13,611	1.04	13,471	85,202	-79.70
	Extraordinary items	0	-	0	-	0	7,593	-100
	Other appropriations	0.00	-	0.00	-	0.00	-	-
	Net result	17,300	27.10	13,611	1.04	13,471	92,703	-81.34
	other information
	Dividends	-	-	-	-	-	137,001	-
	Director remuneration	-	-	-	-	-	126,807	-
	Employee costs	-	-	-	-	-	157,194	-
	Wages and salary	-	-	-	-	-	133,416	-
	Employee pension costs	-	-	-	-	-	8,542	-
	Social security contributions	-	-	-	-	-	33,013	-
	Other employee costs	0	-	0	-	0	4,448	-100
	Amortization and depreciation	14,685	249	4,201	93.68	2,169	20,971	-29.98

balance sheet

	Annual accounts	30-09-2011	%	30-09-2010	%	30-09-2009	Industry average 2011	%
	Weeks	52		52		52
	Currency	EUR		EUR		EUR
	Intangible fixed assets	0	-	0	-	0	1,871	-100
	Tangible fixed assets	47,814	585	6,972	37.32	5,077	202,564	-76.40
	Land & building	-	-	-	-	-	370,492	-
	Plant & machinery	840	-50.0	1,680	-33.33	2,520	27,495	-96.94
	Other tangible assets	46,974	787	5,292	106	2,557	31,354	49.82
	Financial fixed assets	800	0	800	0	800	303,813	-99
	Total fixed assets	48,614	525	7,772	32.24	5,877	410,070	-88.14
	Inventories	1,142,790	-4.36	1,194,931	14.19	1,046,480	3,401,474	-66.40
	Raw materials & consumables	-	-	-	-	-	3,184,382	-
	Work in progress	0	-	0	-	0	2,406	-100
	Finished goods	0	-	0	-	0	2,336,826	-100
	Other stocks	1,142,790	-4.36	1,194,931	14.19	1,046,480	465,191	145
	Trade debtors	5,012,860	115	2,324,152	100	1,157,111	4,284,193	17.01
	Cash	711,589	165	268,447	67.49	160,279	313,202	127
	other amounts receivable	3,034	17.66	2,578	88.64	1,367	407,283	-99
	Miscellaneous current assets	0	-	0	-	0	39,765	-100
	Total current assets	6,870,272	81.27	3,790,108	60.24	2,365,237	7,870,597	-12.71
	current liabilities
	Trade creditors	5,649,376	89.90	2,974,955	94.67	1,528,221	2,845,618	98.53
	Short term group loans	-	-	-	-	-	-	-
	Other short term loans	378,874	-	0	-	0	2,375,455	-84.05
	Miscellaneous current liabilities	727,175	1.91	713,558	-4.49	747,138	90.73	- -
	Total current liabilities	6,755,425	83.15	3,688,513	62.11	2,275,358	5,482,509	23.22
	Long term debts
	Long term group loans	-	-	-	-	-	-	- -
	Other long term loans	36,795	-	-	-	-	-97.58	- -
	Other long term liabilities	0	-	0	-	0	284,342	-100
	Total long term debts	36,795	-	0	-	0	900,736	-95.92
	shareholders equity
	Issued share capital	18,592	0	18,592	0	18,592	1,011,981	-98.16
	Share premium account	-	-	-	-	-	173,859	-
	Reserves	108,075	19.06	90,774	17.64	77,163	813,872	-86.72
	Revaluation reserve	-	-	-	-	-	772,031	-
	Total shareholders equity	126,667	15.82	109,366	14.21	95,755	1,849,940	-93.15
	Working capital	114,847	13.04	101,595	13.04	89,878	2,388,088	-95.19
	Net worth	126,667	15.82	109,366	14.21	95,755	1,848,069	-93.15

ratio analysis

	Annual accounts	30-09-2011	change(%)	30-09-2010	change(%)	30-09-2009	Industry average 2011	%
	Trading performance
	Profit Before Tax	0.18	-30.77	0.26	-21.21	0.33	-717,00	0.03
	Return on capital employed	14.76	-11.88	16.75	44.15	11.62	-14,00	105
	Return on total assets employed	0.35	-27.08	0.48	2.13	0.47	-32,00	1.09
	Return on net assets employed	19.05	13.73	16.75	44.15	11.62	-22,00	86.59
	Sales / net working capital	117.57	71.71	68.47	84.75	37.06	60,00	-99
	Stock turnover ratio	8.46	-50.76	17.18	-45.32	31.42	42,00	-79.86
	Debtor days	135.50	11.10	121.96	-3.81	126.79	56.949,00	-99
	Creditor days	153.19	-2.27	156.75	-6.95	168.45	251,00	-38.97
	short term stability
	Current ratio	1.02	-0.97	1.03	-0.96	1.04	4,00	-94.00
	Liquidity ratio / acid ratio	0.85	21.43	0.70	20.69	0.58	3,00	-71.67
	Current debt ratio	53.33	58.11	33.73	41.96	23.76	17,00	213
	Liquidity ratio reprocessed	-	-	-	-	-	-	-
	long term stability
	Gearing	328.16	-	-	-	-	272,00	20.65
	Equity in percentage	1.83	-36.46	2.88	-28.71	4.04	-1.052,00	0.17
	Total debt ratio	53.62	58.97	33.73	41.96	23.76	18,00	197

LIMIT HISTORY

no limit history data found

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
industry average credit rating	64.48
Industry average credit limit	140177.31

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	153.19
Day sales outstanding	135.50

Industry comparison

Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	178.53
Industry average day sales outstanding	110.98

Industry quartile analysis

Payment expectations
Company result	153.19
Lower	129.09
Median	75.20
Upper	41.95
Day sales outstanding
Company result	135.50
Lower	109.67
Median	57.26
Upper	24.45

Summary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

No minority shareholders found

Minority Interests

No minority interests found

Individual Shareholders

Shareholder Name
Forename	Sunil	Middle name	-
Surname	Shah
Shareholder Details
Start date	14/07/1998	End date	-
Percentage owned	-
Shareholder Address
Street name	Mechelsesteenweg	House number	195
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

Shareholder Name
Forename	Nimish	Middle name	-
Surname	Mody
Shareholder Details
Start date	14/07/1998	End date	-
Percentage owned	-
Shareholder Address
Street name	Belgiëlei	House number	96
Minor town	-	Postal town	Antwerpen
Post code	2018	Country	Belgium

PROTESTED BILLS

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO DETAILS

Business number	463862215
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

BANKRUPTCY DETAILS

There is no bankruptcy data against this company

court data

there is no data for this company

Current director details

Name	NIMISH MODY
Position	Principal Manager
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	NIMISH MODY
Position	Non Statutory Partner
Street	96 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium

Former Director Details

DIAMOND INDUSTRY – INDIA

- From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

- The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

- The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

- Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

- Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

- The diamond jewellery industry in India today may be more than Rs 60000 mil and is rated amongst the fastest growing  in the world. Indi ranks third in the world in domestic diamond consumption.

- Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

- Excerpts from Times of India dated 30^th October 2010 is as under –

DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT

This could be the biggest credibility crisis the Indian diamond industry has ever faced. Fifteen banks run the risk of losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months ago, they had not repaid  these dues. Bankers believe many diamantaires borrowed money during the economic downturn two years ago and diverted funds to businesses like real estate and capital markets. Many of themselves made money from these businesses but their diamond companies have gone sick and declared insolvency.

- Most of the money borrowed from the banks in the name of their diamond business has been diverted in real estate and the share market. The banks are not in a position to seize their properties because in many cases, these were purchased in the name of their relatives and friends.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

SDA

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.