MIRA INFORM REPORT

Report Date :

26.09.2014

IDENTIFICATION DETAILS

Name :	UNIVERSAL CORPORATION BVBA

Registered Office :	Hoveniersstraat 53 2018 Antwerpen

Country :	Belgium

Financials (as on) :	30.09.2013

Date of Incorporation :	14/07/1998

Com. Reg. No.:	463862215

Legal Form :	Private Limited Company

Line of Business :	Wholesale of diamonds and other precious stones

No. of Employees :	Not Available

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 :	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 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Belgium

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank

Source : CIA

Company name and address

Business number	463862215
Company name	UNIVERSAL CORPORATION BVBA
Address	HOVENIERSSTRAAT 53
	2018 ANTWERPEN
Number of staff	0
Date of establishment	14/07/1 998
Telephone number	032132396
Fax number	022030137

Commentary

The business was established over 16 years ago.

No employees are recorded for this business. ^

The business has been at the address for over 6 years.

The business saw an increase in their Cash Balance of 160% during the latest trading period.

Turnover in the latest trading period decreased 37% on the previous trading period

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX NET WORTH WORKING CAPITAL
30/09/2013	5,207,578	9,413 139,475	133,586
30/09/201 2	8,287,844	8,523 132,876	126,130
30/09/2011	1 3,503,11 4	24,130 126,667	114,847

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES CAPITAL	CASHFLOW
30/09/2013	2,639,384	0 18,592	18,831
30/09/2012	2,509,263	0 18,592	20,955
30/09/2011	6,918,886	0 18,592	31,985

Payment expectations

Past payments		Payment expectation days	95.84
Industry average payment expectation days	1 25.38	Industry average day sales outstanding	143.79
Day sales outstanding	111.84

Profit & loss

Annual accounts	30-09-2013	%	30-09-2012	%	30-09-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	5,207,578	-37.17	8,287,844	-38.62	13,503,114	60,297,713	-91.36
Total operating expenses	5,169,149	-37.31	8,246,016	-38.74	13,460,233	59,739,491	-91.35
Operating result	38,429	-8.13	41,828	-2.46	42,881	175,271	-78.07
Total financial income	-	-	33	14.57	29	62,326	-
Total financial expenses	29,016	-12.97	33,339	77.53	18,780	185,726	-84.38
Results on ordinary operations before taxation	9,413	10.45	8,523	-64.68	24,130	53,280	-82.33
Taxation	2,815	21.70	2,313	-66.14	6,830	23,303	-87.92
Results on ordinary operations after taxation	6,599	6.26	6,210	-64.10	17,300	36,451	-81.90
Extraordinary items	0	-	0	-	0	7,296	-100
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	6,599	6.26	6,210	-64.10	17,300	43,976	-84.99
OTHER INFORMATION
Gross Operating Margin	54,580	-20.06	68,278	4.22	65,515	36,581	49.20
Dividends	-	-	-	-	-	221,730	-
Director remuneration	-	-	-	-	-	128,969	-
Employee costs	-	-	-	-	-	145,646	-
Wages and salary	-	-	-	-	-	114,405	-
Employee pension costs	-	-	-	-	-	1,459	-
Social security contributions	-	-	-	-	-	28,519	-
Other employee costs	0	-	0	-	0	2,716	-100
Amortization and depreciation	12,233	-17.04	14,746	0.42	14,685	17,463	-29.95

balance sheet

Annual accounts	30-09-2013	%	30-09-2012	%	30-09-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-0		-0		1,072	-100
Tangible fixed assets	22,593	-32.48	33,464	-30.01	47,814	198,920	-88.64
Land & building	-	-	-	-	-	400,113	-
Plant & machinery	-	-	-	-	840	27,608	-
Furniture & Vehicles	22,593	-32.48	33,464	-28.76	46,974	15,267 4,171	47.99
Leasing & Other Similar Rights	-	-	-	-	-	44,547 27,638	-
Other tangible assets	0	-0		-0		9,199	-100
Financial fixed assets	800	0	800	0	800	250,422	-99
Total fixed assets	23,393	-31.73	34,264	-29.52	48,614	357,904	-93.46
Inventories	667,401	-23.41	871,406	-23.75	1,142,790	3,155,662	-78.85
Raw materials & consumables	-	-	-	-	-	7,018,384	-
Work in progress	0	-0		-0		1,415	-100
Finished goods	0	-0		-0		2,111,769	-100
Other stocks	667,401	-23.41	871,406	-23.75	1,142,790	444,722	50.07
Trade debtors	1,595,607	8.69	1,468,049	-70.71	5,012,860	4,107,372	-61.15
Cash	349,166	160	134,275	-81.13	711,589	575,664,562	-99
other amounts receivable	3,816	200	1,269	-58.19	3,034	212,208	-98.20
Miscellaneous current assets	0	-0		-0		-566,157,647	0
Total current assets	2,615,991	5.70	2,474,999	-63.98	6,870,272	7,159,054	-63.46
Total Assets	2,639,384	5.19	2,509,263	-63.73	6,918,886	7,476,070 1,165,529	-64.70

CURRENT LIABILITIES

Trade creditors	1,357,357	11.32	1,219,334	-78.42	5,649,376	2,917,880	-53.48
Short term group loans	-	-	-	-	-	-	-
Financial debts	370,233	-4.26	386,698	4.43	370,288	4,476,090 118,514	-91.73
Current portion of long term debt	10,013	7.94	9,277	8.05	8,586	85,283 14,135	-88.26
Amounts Payable for Taxes, Remuneration & Social Security	3,585	15.65	3,100	-55.71	7,000	7,713 -	-87.71
Miscellaneous current liabilities	741,216	1.47	730,459	1.43	720,175	223	- -
Total current liabilities	2,482,404	5.69	2,348,868	-65.23	6,755,425	5,084,038	-51.17
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	17,505	-36.39	27,518	-25.21	36,795	-98.45	- -
Deffered taxes	-	-	-	-	-	58,297 69,470	-
Provisions for Liabilities & Charges	0	-	0	-	0	5,359 0	-100
Other long term liabilities	0	-	0	-	0	241,551	-100
Total long term debts SHAREHOLDERS EQUITY	17,505	-36.39	27,518	-25.21	36,795	667,878	-97.38
Issued share capital	18,592	0	18,592	0	18,592	1,043,967	-98.22
Share premium account	-	-	-	-	-	86,926	-
Reserves	120,883	5.77	114,284	5.75	108,075	646,544	-81.30
Revaluation reserve	-	-	-	-	-	907,399	-
Total shareholders equity	139,475	4.97	132,876	4.90	126,667	1,714,1 20	-91.86
Working capital	133,586	5.91	126,130	9.82	114,847	2,075,016	-93.56
Cashflow	18,831	-10.14	20,955	-34.48	31,985	58,205	-67.65
Net worth	139,475	4.97	132,876	4.90	126,667	1,713,047	-91.86

ratio analysis

Annual accounts TRADING PERFORMANCE	30-09-2013	change(%)	30-09-2012	change(%)	30-09-2011	Industry average 2013	%
Profit Before Tax	0.18	80.0	0.10	-44.44	0.18	-8,00	2.25
Return on capital employed	6	12.99	5.31	-64.02	14.76	-14,00	42.86
Return on total assets employed	0.36	5.88	0.34	-2.86	0.35	-5,00	7.20
Return on net assets employed	6.75	5.30	6.41	-66.35	19.05	-15,00	45.00
Sales / net working capital	38.98	-40.68	65.71	-44.11	117.57	170,00	-99
Stock turnover ratio	12.82	21.98	10.51	24.23	8.46	51,00	-74.86
Debtor days	111.84	72.99	64.65	-52.29	135.50	143,79	-22.22
Creditor days SHORT TERM STABILITY	95.84	77.58	53.97	-64.77	153.19	125,38	-23.56
Current ratio	1.05	0	1.05	2.94	1.02	4,00	-93.00
Liquidity ratio / acid ratio	0.78	14.71	0.68	-20.0	0.85	3,00	-74.00
Current debt ratio	17.80	0.68	17.68	-66.85	53.33	15,00	18.67
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	285.18	-10.52	318.71	-2.88	328.16	249,00	14.53
Equity in percentage	5.28	-0.38	5.30	189	1.83	-261,00	2.02
Total debt ratio	17.92	0.22	17.88	-66.65	53.62	16,00	12.00

Industry comparison

Activity code 46761

Activity description Wholesale of diamonds and other precious stones

Payment expectations

Payment expectation days 95.84

Day sales outstanding 111.84

Industry quartile analysis

Payment expectations

Company result 95.84

Lower 126.42

Median 78.01

Upper 48.73

Day sales outstanding

Company result 111.84

Lower 103.77

Median 54.50

Upper 25.06

Shareholder Details

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 -

SHAREHOL DER 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

Summons

There Is No Data For This Company

Protested Bills

There Is No Data For This Company

Bankruptcy and other legal events

There Is No Data For This Company

Director details

Current director details

Name NIMISH MODY

Position Principal Manager

Start Date 17/06/2010

Street 96 BELGIËLEI ANTWERPEN

Post code 2018

Country Belgium

Position Non Statutory Partner

Start Date 14/07/1998

Street 96 BELGIËLEI ANTWERPEN

Post code 2018

Country Belgium

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.

- 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 –

- Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

- The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.42
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIS

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.

MIRA INFORM REPORT

Company name and address

Commentary

Accounts

Accounts

Payment expectations

Company information

Profit & loss

balance sheet

CURRENT LIABILITIES

ratio analysis

Industry comparison

Payment expectations

Industry quartile analysis

Day sales outstanding

Shareholder Details

Individual Shareholders

Director details

Unit