MIRA INFORM REPORT

Report Date :

09.11.2013

IDENTIFICATION DETAILS

Name :	MICROCHIP TECHNOLOGY IRELAND LIMITED
Registered Office :	1st Floor, Block 31, Woodford Business Park, Northern Cross Santry, 216410
Country :	Ireland
Financials (as on) :	31.03.2012
Date of Incorporation :	13.02.2004
Com. Reg. No.:	IE381811
Legal Form :	Not Available
Line of Business :	Manufacture of Electric Motors, Generators and Transformers.
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 :	Good
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 – March, 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Ireland	B1	B1

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

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Summary – Company Information

Company Name	MICROCHIP TECHNOLOGY IRELAND LIMITED	Company Number	IE381811
Registered Address	1ST FLOOR BLOCK 31
	WOODFORD BUSINESS PARK NORTHERN CROSS SANTRY216410
Website Address	-
Telephone Number		Fax Number
TPS	No	FPS	No
Incorporation Date	13/02/2004	Company Status	Active - Accounts Filed
Previous Name	--	Type	Other
Date of Change	--	Filing Date of Accounts	-
		Share Capital	€1
SIC03	31100	Currency	USD
SIC03 Description	Manufacture of electric motors, generators and transformers
SIC07	33140
SIC07 Description	REPAIR OF ELECTRICAL EQUIPMENT
Principal Activity	The importation and sale of semi-conductors. Accounts data converted from US Dollars.

Accounts Due Date –

DIRECTORS/MANAGEMENT

Directors

Total Current Directors	3
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	3

Current Directors

Name	NAWAZ SHARIF	Date of Birth	16/03/1970
Officers Title		Nationality
Present Appointments	2	Function	Director
Appointment Date	13/02/2004
Address	13 KINGHORN PARK, MAIDENHEAD, BERKSHIRE, ENGLAND SL6 7TX
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	BJORNHOLT JAMES ERIC	Date of Birth	01/08/1970
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	01/01/2009
Address	391 E VINEDO LANE, TEMPE AZ 85284, UNITED STATES
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	SANDRA MARIE GRAHAM	Date of Birth	08/11/1964
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	21/09/2011
Address	91 THE VILLAGE, BETTYGLEN, RAHENY, DUBLIN 5
Other Actions	View Director Report
Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	NAWAZ SHARIF	Date of Birth	16/03/1970
Officers Title		Nationality
Present Appointments	2	Function	Company Secretary
Appointment Date	13/02/2004
Address	13 KINGHORN PARK, MAIDENHEAD, BERKSHIRE, ENGLAND SL6 7TX
Other Actions
Disqualified		Disqualified End Date
Disqualification Exception	No

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
MICROCHIP TECHNOLOGY (BARBADOS) II INC	USD	1	ORDINARY	1	100

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Exact CJ Details

There are no exact CJ details

Possible CJ Details

There are no possible CJ details

Writ Details

Mortgage Summary

Outstanding	0
Satisfied	0

SHARE & SHARE CAPITAL INFORMATION

Share Capital

€1

PAYMENT INFORMATION

Summary – Payment History

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
31/03/2012	€696,541,516	€29,866,051	€74,067,121	14
31/03/2011	€722,084,538	€31,463,364	€70,582,870	14
31/03/2010	€505,474,775	€22,311,804	€125,341,254	13

Payment Information Summary

Days Beyond Terms

Trend Indicator

                         Average Payment Experience  

N/A	26
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience

Within Terms 91+ Days

GROUP STRUCTURE & AFFILIATED COMPANIES

Group Structure

Statistics

Group	5 companies
Linkages	11 companies
Countries	In 3 countries

Summary

Holding Company	-
Ownership Status	Intermediately Owned
Ultimate Holding Company	MICROCHIP TECHNOLOGY, INC

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
MICROCHIP TECHNOLOGY, INC		-	-	$1,581,623,000
ARIZONA MICROCHIP TECH...	03593068	31.03.2013	N
MICROCHIP TECHNOLOGY (...	N/A	-	-
MICROCHIP TECHNOLOGY...	IE381811	31.03.2012	N	€696,541,516
MICROCHIP LIMITED	02189500	31.03.2012	N	£45,580,572

FINANCIAL INFORMATION

Financials

Profit & Loss

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
	Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
	Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
	Turnover	€696,541,516	-3.5%	€722,084,538	42.9%	€505,474,775	11.8%	€452,314,608	-7.3%	€487,789,960
	Export	-	-	-	-	-	-	-	-	-
	Cost of Sales	€373,123,943	-5%	€392,750,390	46.2%	€268,625,953	19.5%	€224,753,471	-3.3%	€232,517,460
	Gross Profit	€323,417,572	-1.8%	€329,334,148	39%	€236,848,822	4.1%	€227,561,136	-10.9%	€255,272,500
	Wages & Salaries	€730,504	-1.5%	€741,476	25.6%	€590,347	-6%	€628,310	-4.9%	€660,686
	Directors Emoluments	€335,729	-24.6%	€445,012	60.2%	€277,855	-11.9%	€315,340	-54.3%	€690,455
	Operating Profit	€29,622,205	-4.5%	€31,014,084	41.8%	€21,877,351	10.8%	€19,736,090	-6.5%	€21,113,251
	Depreciation	€14,939	66.2%	€8,989	-30.8%	€12,982	-63.7%	€35,774	-0.2%	€35,832
	Audit Fees	€98,942	4%	€95,165	4.1%	€91,420	3.9%	€87,963	-36.3%	€138,004
	Interest Payments	-	-	-	-	-	-	-	-	-
	Pre Tax Profit	€29,866,051	-5.1%	€31,463,364	41%	€22,311,804	5.7%	€21,114,608	-9.1%	€23,228,090
	Taxation	-€3,700,323	1.3%	-€3,749,105	-31.6%	-€2,849,506	5.6%	-€3,017,102	15.8%	-€3,585,264
	Profit After Tax	€26,165,728	-5.6%	€27,714,259	42.4%	€19,462,298	7.5%	€18,097,505	-7.9%	€19,642,826
	Dividends Payable	€22,658,439	-71.4%	€79,304,537	-	-	-	-	-	-
	Retained Profit	€3,507,288	106.8%	-€51,590,278	-365.1%	€19,462,298	7.5%	€18,097,505	-7.9%	€19,642,826

Balance Sheet

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Tangible Assets	€10,772,894	0.2%	€10,751,315	-2.2%	€10,990,411	3.8%	€10,584,318	6.7%	€9,922,879
	Intangible Assets	€385,882	-49.4%	€762,756	-34.8%	€1,168,997	-21.9%	€1,496,760	-14.3%	€1,747,249
	Total Fixed Assets	€11,158,776	-3.1%	€11,514,070	-5.3%	€12,159,408	0.6%	€12,081,078	3.5%	€11,670,128
	Stock	€87,347	-11.2%	€98,325	-30.2%	€140,882	-36.2%	€220,877	-9.5%	€244,020
	Trade Debtors	€85,135,994	-2.1%	€87,003,548	29.1%	€67,368,831	58.5%	€42,511,573	-33.3%	€63,766,607
	Cash	€85,815,049	-1.3%	€86,981,516	-43.3%	€153,471,918	62.8%	€94,274,101	75.8%	€53,617,881
	Other Debtors	€8,207,004	4.1%	€7,882,678	-21%	€9,981,902	-9.2%	€10,994,248	16.5%	€9,434,830
	Miscellaneous Current Assets	€557,737	112.8%	€262,106	-43.1%	€460,530	100.6%	€229,585	-25.9%	€309,846
	Total Current Assets	€179,803,131	-1.3%	€182,228,173	-21.3%	€231,424,064	56.1%	€148,230,384	16.4%	€127,373,183
	Trade Creditors	€32,976	-90.7%	€355,574	236.5%	€105,664	7%	€98,712	-71.9%	€350,979
	Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
	Other Short Term Finance	€83,031,800	-1.5%	€84,288,448	-6.5%	€90,189,648	160.6%	€34,613,052	1.7%	€34,046,880
	Miscellaneous Current Liabilities	€33,830,010	-12.2%	€38,515,351	37.8%	€27,946,907	17.8%	€23,731,992	-9.9%	€26,336,145
	Total Current Liabilities	€116,894,786	-5.1%	€123,159,373	4.2%	€118,242,218	102.3%	€58,443,756	-3.8%	€60,734,003
	Bank Loans & Overdrafts and LTL	0	-	0	-	0	-	0	-	0
	Other Long Term Finance	0	-	0	-	0	-	0	-	0
	Total Long Term Liabilities	0	-	0	-	0	-	0	-	0

Capital & Reserves

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Called Up Share Capital	€1	-	€1	-2.6%	€1	4.1%	€1	7.2%	€1
	P & L Account Reserve	€63,375,558	5.8%	€59,891,307	-47.6%	€114,374,166	25.3%	€91,315,331	33.4%	€68,442,896
	Revaluation Reserve	-	-	-	-	-	-	-	-	-
	Sundry Reserves	€10,691,562	-	€10,691,562	-2.5%	€10,967,087	3.9%	€10,552,374	7%	€9,866,411
	Shareholder Funds	€74,067,121	4.9%	€70,582,870	-43.7%	€125,341,254	23%	€101,867,706	30.1%	€78,309,308

Other Financial Items

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Net Worth	€73,681,239	5.5%	€69,820,115	-43.8%	€124,172,257	23.7%	€100,370,946	31.1%	€76,562,059
	Working Capital	€62,908,345	6.5%	€59,068,800	-47.8%	€113,181,846	26.1%	€89,786,628	34.7%	€66,639,180
	Total Assets	€190,961,907	-1.4%	€193,742,243	-20.5%	€243,583,472	51.9%	€160,311,462	15.3%	€139,043,311
	Total Liabilities	€116,894,786	-5.1%	€123,159,373	4.2%	€118,242,218	102.3%	€58,443,756	-3.8%	€60,734,003
	Net Assets	€74,067,121	4.9%	€70,582,870	-43.7%	€125,341,254	23%	€101,867,706	30.1%	€78,309,308

Cash Flow

	Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
	Net Cashflow from Operations	-	-	-	-	-	-	-	-	-
	Net Cashflow before Financing	-	-	-	-	-	-	-	-	-
	Net Cashflow from Financing	-	-	-	-	-	-	-	-	-
	Increase in Cash	-	-	-	-	-	-	-	-	-

Miscellaneous

Date Of Accounts	31/03/12	(%)	31/03/11	(%)	31/03/10	(%)	31/03/09	(%)	31/03/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€74,067,121	4.9%	€70,582,870	-43.7%	€125,341,254	23%	€101,867,706	30.1%	€78,309,308
Number of Employees	14	-	14	7.7%	13	-7.1%	14	-	14
Auditors	ERNST & YOUNG
Auditor Comments	The audit report contains no adverse comments
Bankers	J P MORGAN
Bank Branch Code	60-95-76

Ratios

	Date Of Accounts	31/03/12	31/03/11	31/03/10	31/03/09	31/03/08
	Pre-tax profit margin %	4.29	4.36	4.41	4.67	4.76
	Current ratio	1.54	1.48	1.96	2.54	2.10
	Sales/Net Working Capital	11.07	12.22	4.47	5.04	7.32
	Gearing %	0	0	0	0	0
	Equity in %	38.90	36.60	51.70	64.10	57
	Creditor Days	0.01	0.17	0.07	0.07	0.26
	Debtor Days	44.49	43.85	48.51	34.21	47.58
	Liquidity/Acid Test	1.53	1.47	1.95	2.53	2.09
	Return On Capital Employed %	40.32	44.57	17.80	20.72	29.66
	Return On Total Assets Employed %	15.63	16.23	9.15	13.17	16.70
	Current Debt Ratio	1.57	1.74	0.94	0.57	0.77
	Total Debt Ratio	1.57	1.74	0.94	0.57	0.77
	Stock Turnover Ratio %	0.01	0.01	0.02	0.04	0.05
	Return on Net Assets Employed %	40.32	44.57	17.80	20.72	29.66

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Commentary

No exact match CCJs are recorded against the company.
There has been no significant change in the company's credit rating.
The credit limit on this company has fallen 1.8% in comparison to the previously suggested credit limit.
Sales in the latest trading period decreased 3.5% on the previous trading period.
Net Worth increased by 5.5% during the latest trading period.
A 1.4% decline in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 5.1% compared to the previous trading period.
The company saw a decrease in their Cash Balance of 1.3% during the latest trading period.
The audit report contains no adverse comments.
No recent changes in directorship are recorded.
The company is part of a group.
The company was established over 9 years ago.

Status History

No Status History found

Event History

Date	Description
29/01/2013	Annual Returns
29/01/2013	New Accounts Filed
29/01/2013	New Accounts Filed
26/01/2012	Annual Returns
26/01/2012	New Accounts Filed
26/01/2012	New Accounts Filed
21/09/2011	GARY PAUL MARSH has left the board
21/09/2011	New Board Member (SANDRA MARIE GRAHAM) appointed
21/01/2011	Annual Returns
21/01/2011	New Accounts Filed
21/01/2011	New Accounts Filed
21/01/2010	Annual Returns
21/01/2010	New Accounts Filed
21/01/2010	New Accounts Filed
09/02/2009	Annual Returns

Previous Company Names

No Previous Names found

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.73
UK Pound	1	Rs.100.92
Euro	1	Rs.84.06

INFORMATION DETAILS

Report Prepared by :

NIT

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.