I looked through a German magazine (Stiftung Warentest) that covered a lot of cameras and turned up these that are listed as very good for close photos (nahaufnahmen)
Listed in order of how the magazine rated them for overall quality.
Canon IXUS 230 HS (american ELPH 310 HS)
Nikon S100
Canon A4000 IS
Olympus SH21
Nikon AW100
Pentax VS20
The first two were rated "good" for overall quality and the last four were ranked "satisfactory" for overall quality.
I hope that helps. Sorry I don't have any direct any experience with any of those cameras. Most of the cameras I have are "travel zooms" like Canon SX260 and those are rated as average for close photos. The ones listed above were rated very good for close photos.
Someone earlier said mentioned the XZ1 as being very good. I have one of those and agree with his statements. Great camera, very good price currently for what you get. But does not fit in your pocket so well (is not ultracompact like your title asked for). The ones listed above in general are small and fit in a pocket, and some cost less.