MIRA INFORM REPORT

Report No. :	347359
Report Date :	29.10.2015

IDENTIFICATION DETAILS

Name :	UGAM BVBA

Registered Office :	Pelikaanstraat 62, 2018 Antwerpen

Country :	Belgium

Financials (as on) :	30.06.2014

Date of Incorporation :	31.05.1997

Com. Reg. No.:	460772467

Legal Form :	Private Limited Liability

Line of Business :	Subject is wholesale of diamonds and other precious stones.

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow but correct

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 shifts in foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.

Source : CIA

Company name

UGAM BVBA

Company summary

Business number	460772467
Branche Unit Number	2082136474
Company name	UGAM BVBA
Address	PELIKAANSTRAAT 62
	2018 ANTWERPEN
Number of staff	-
Date of establishment	31/05/1997
Telephone number	032132170
Fax number	032132170

ULTIMATE HOLDING COMPANY
Company name	Company Number
-	-

Commentary

The business was established over 18 years ago.

No employees are recorded for this business.

The business has been at the address for over 17 years.

The business saw an increase in their Cash Balance of 231% during the latest trading period.

Accounts

DATE OF LATEST ACCOUNTS	TURNOVER	PROFIT BEFORE TAX	NET WORTH	WORKING CAPITAL
30/06/2014	2,520,290	2,977	114,657	113,961
30/06/2013	2,825,970	3,372	121,691	121,581
30/06/2012	2,530,905	6,283	117,854	117,045
Accounts
DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
30/06/2014	1,304,318	-	107,000	3,164
30/06/2013	1,137,479	-	18,592	4,536
30/06/2012	1,213,858	-	18,592	8,917

Payment expectations

Past payments		Payment expectation days	108.96
Industry average payment	192.87	Industry average day sales	194.87
expectation days		outstanding
Day sales outstanding	78.71

Court data summary

BANKRUPTCY DETAILS

Court action type no

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Contractor details

Registered contractor	-
number
Contractor description	-
Date struck off register
Personnel (NSSO classification)
Code	-
Description	-
Joint Industrial Committee (JIC)
Significant Events
Event Date	31/05/1997
Event Description	Legal creation
Event Details

Company accounts

Assets
Annual accounts	30-06-2014	%	30-06-2013	%	30-06-2012	%	30-06-2011	%	30-06-2010
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR
Total fixed assets	696	533	110	-86.42	809	-31.35	1,179	1013	106
Intangible fixed assets	0	-	0	-	0	-	0	-	0
Tangible fixed assets	696	533	110	-86.42	809	-31.35	1,179	1161	93
Land & building	0	-	0	-	0	-	0	-	0
Plant & machinery	0	-	0	-	0	-	0	-	0
Furniture & Vehicles	696	533	110	-86.42	809	-31.35	1,179	1161	93
Leasing & Other Similar Rights	0	-	0	-	0	-	0	-	0
Other tangible assets	0	-	0	-	0	-	0	-	0
Financial fixed assets	0	-	0	-	0	-	0	-100	12
Total current assets	1,303,622	14.62	1,137,369	-6.24	1,213,049	-29.67	1,724,687	8.61	1,587,919
Inventories	550,493	-17.09	664,001	-18.13	811,000	-2.19	829,124	33.88	619,300
Raw materials & consumables	0	-	0	-	0	-	0	-	0
Work in progress	0	-	0	-	0	-	0	-	0
Finished goods	0	-	0	-	0	-	0	-	0
Other stocks	550,493	-17.09	664,001	-18.13	811,000	-2.19	829,124	33.88	619,300
Trade debtors	543,475	32.49	410,208	13.46	361,558	-53.81	782,804	-11.00	879,560
Other amounts receivable	5,887	251	1,674	-	0	-100	1,522	66.98	911
Cash	203,768	231	61,486	51.85	40,491	-63.60	111,238	26.20	88,147
Miscellaneous current assets	0	-	0	-	0	-	0	-	0
Total Assets	1,304,318	14.67	1,137,479	-6.29	1,213,858	-29.67	1,725,866	8.68	1,588,025

Liabilities

Total shareholders equity	114,657	-5.78	121,691	3.26	117,854	7.50	109,636	3.85	105,577
Issued share capital	107,000	475	18,592	0	18,592	0	18,592	0	18,592
Share premium account	0	-	0	-	0	-	0	-	0
Revaluation reserve	0	-	0	-	0	-	0	-	0
Reserves	7,657	-92.57	103,099	3.87	99,262	9.03	91,044	4.67	86,985
Provisions for Liabilities & Charges	0	-	0	-	0	-	0	-	0
Deffered taxes	0	-	0	-	0	-	0	-	0
Creditors	1,189,661	17.12	1,015,788	-7.32	1,096,003	-32.19	1,616,229	9.02	1,482,448
Other long term loans	0	-	0	-	0	-	0	-	0
Long term group loans	-	-	-	-	-	-	-	-	-
Other long term liabilities	0	-	0	-	0	-	0	-	0
Total long term debts	0	-	0	-	0	-	0	-	0
Current portion of long term debt	0	-	0	-	0	-	0	-	0
Financial debts	0	-	0	-	0	-	0	-	0
Trade creditors	751,043	32.76	565,713	-10.21	630,011	-44.74	1,140,032	26.35	902,263
Amounts Payable for Taxes,	1,200	0	1,200	-58.70	2,906	70.92	1,700	41.67	1,200
Remuneration & Social Security
Miscellaneous current liabilities	437,418	-2.55	448,875	-3.07	463,087	-2.40	474,497	-18.05	578,985
Total current liabilities	1,189,661	17.12	1,015,788	-7.32	1,096,003	-32.19	1,616,229	9.02	1,482,448
Total Liabilities	1,304,318	14.67	1,137,479	-6.29	1,213,858	-29.67	1,725,866	8.68	1,588,025

ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.12	0	0.12	-52.00	0.25	38.89	0.18	-	0.00
Return on capital employed	2.60	-6.14	2.77	-48.03	5.33	-9.97	5.92	29500	0.02
Return on total assets employed	0.23	-23.33	0.30	-42.31	0.52	36.84	0.38	-	0.00
Return on net assets employed	2.60	-6.14	2.77	-48.03	5.33	-9.97	5.92	29500	0.02
Sales / net working capital	22.12	-4.82	23.24	7.49	21.62	-35.21	33.37	89.49	17.61
Stock turnover ratio	21.84	-7.06	23.50	-26.65	32.04	39.85	22.91	-31.26	33.33
Creditor days	108.96	48.91	73.17	-19.73	91.15	-20.97	115.33	-35.02	177.49
Debtor days	78.71	48.57	52.98	1.61	52.14	-33.95	78.94	-54.32	172.80
SHORT TERM STABILITY
Current ratio	1.10	-1.79	1.12	0.90	1.11	3.74	1.07	0	1.07
Liquidity ratio / acid ratio	0.63	34.04	0.47	27.03	0.37	-32.73	0.55	-15.38	0.65
Current debt ratio	10.38	24.31	8.35	-10.22	9.30	-36.91	14.74	4.99	14.04
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-
Cashflow	3,164	-30.25	4,536	-49.14	8,917	88.05	4,742	3940	117
Net worth	114,657	-5.78	121,691	3.26	117,854	7.50	109,636	3.85	105,577
LONG TERM STABILITY
Gearing	-	-	-	-	-	-	-	-	-
Equity in percentage	8.79	-17.85	10.70	10.20	9.71	52.91	6.35	-4.51	6.65
Total debt ratio	10.38	24.31	8.35	-10.22	9.30	-36.91	14.74	4.99	14.04
Working capital	113,961	-6.27	121,581	3.88	117,045	7.92	108,458	2.83	105,471

Profit & loss
Operating Income	-	-	-	-	-	-	-	-	-
Turnover	2,520,290	-10.82	2,825,970	11.66	2,530,905	-30.08	3,619,625	94.83	1,857,826
Total operating expenses	2,515,789	-10.85	2,821,923	11.85	2,522,851	-30.08	3,608,152	94.46	1,855,473
Gross Operating Margin	7,991	-41.82	13,734	30.99	10,485	-24.16	13,825	239	4,075
Operating Charges	-	-	-	-	-	-	-	-	-
Employee costs	-	-	60	-	-	-	-	-	-
Wages and salary	-	-	-	-	-	-	-	-	-
Employee pension costs	-	-	-	-	-	-	-	-	-
Social security contributions	-	-	-	-	-	-	-	-	-
Other employee costs	-	-	60	-	0	-	0	-	0
Director remuneration	-	-	-	-	-	-	-	-	-
Amortization and depreciation	458	-34.49	699	0.00	699	2.42	683	630	93
Operating result	4,501	11.20	4,047	-49.75	8,055	-29.80	11,474	387	2,353
Total financial income	0	-99	183	96.78	93	42059	0	-84.40	1
Total financial expenses	1,524	77.71	858	-54.01	1,865	-62.55	4,979	113	2,331
Results on ordinary operations before	2,977	-11.73	3,372	-46.33	6,283	-3.27	6,495	26984	24
taxation
Extraordinary Income	-	-	-	-	-	-	-	-	-
Extraordinary Charges	-	-	-	-	-	-	-	-	-
Extraordinary items	-	-	0	-	0	-	0	-	0
Results for the Year Before Taxation	2,977	-11.73	3,372	-46.33	6,283	-3.27	6,495	26984	24
Other appropriations	-	-	-	-	-	-	-	-	-
Taxation	271	58.37	-464	24.00	-1,935	-179	2,435	-	-
Results on ordinary operations after	2,706	-29.48	3,837	-53.32	8,218	102	4,059	16828	24
taxation
Net result	2,706	-29.48	3,837	-53.32	8,218	102	4,059	16828	24
Profit (Loss) for the Year to be appropiated	2,706	-29.48	3,837	-53.32	8,218	102	4,059	16828	24
Dividends	9,740	-	-	-	-	-	-	-	-

Social Balance Sheet Details

Social Balance Sheet		Total
During the reporting year
ended 30-06-2014
Full-time Employees		-
Part-time Employees		-
Total Fte Employees		-
Number of hours worked
Full-time Employees		-
Part-time Employees		-
Total		-
Personnel Charges
Full-time Employees		-
Part-time Employees		-
Total		-
Benefits In Addition To Wages		-
During the previous reporting year
Average number employees in Fte		-
Actual working hours		-
Personnel Charges		-
Benefits In Addition To Wages		-
Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	-	-	-
Contracts
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding	-	-	-
Substitution
Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non	-	-	-
university)
Higher education	-	-	-
(university)
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	-	-	-
Working Category	Full-Time	Part-Time	Total Fte
Management	-	-	-
White collar worker	-	-	-
Blue collar worker	-	-	-
Other	-	-	-
Temporary personnel		Total
Average number of temporary staff		-
Actual working hours		-
Cost of temporary staff		-
New staff and leavers	Full-Time	Part-Time	Total Fte
New Starters	-	-	-
Leavers	-	-	-

Total of formal continuing vocational training initiatives
for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of less formal and informal continuing vocational
training initiatives for workers paid by the employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-
Total of initial training initiatives at the expense of the
employer	Male	Female
Number of employees	-	-
Number of training hours	-	-
Net costs for enterprise	-	-

Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones

Payment Information

Suspension of payments / moratorium history
Amount	-
Details	-
Payment expectations
Payment expectation days	108.96
Day sales outstanding	78.71
Industry comparison
Activity code	46761
Activity description	Wholesale of diamonds and other precious stones
Industry average payment expectation days	192.87
Industry average day sales outstanding	194.87

INDUSTRY QUARTILE ANALYSIS PAYMENT EXPECTATIONS

Company result	108.96
Lower	134.78
Median	60.30
Upper	28.46

Day sales outstanding
Company result	78.71
Lower	131.59
Median	85.12
Upper	47.22

Shareholder Details

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

Linked Companies

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

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

Position	Manager
Start Date	15/10/1997
Street	35 BELGIËLEI ANTWERPEN
Post code	2018
Country	Belgium
Name	Udayan Sheth

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.

- 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.65.04
UK Pound	1	Rs.99.58
Euro	1	Rs.71.75

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

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

Company summary

Commentary

Accounts

Payment expectations

Court data summary

Company information

Contractor details

Company accounts

Social Balance Sheet Details

Shareholder Details

Linked Companies

Director details

Unit