MIRA INFORM REPORT

Report No. :	321050
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :	VISHAY COMPONENTS INDIA PRIVATE LIMITED (w.e.f. 08.04.2003)

Formerly Known As :	BC COMPONENTS INDIA PRIVATE LIMITED

Registered Office :	Loni Kalbhor, Near Pune Railway Station, Taluka Haveli, Sholapur Highway, Pune - 412201, Maharashtra
Tel. No.:	91-20-26913285

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	18.02.1999

Com. Reg. No.:	25-014320

Capital Investment / Paid-up Capital :	Rs. 916.360 Million

CIN No.: [Company Identification No.]	U32109PN1999PTC014320

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	PNEV03750F

PAN No.: [Permanent Account No.]	AAACB9652L

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Exporter of Electrical Capacitors and Resistors.

No. of Employees :	1050 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 5400000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a part of “Vishay Inter-technology Inc. – USA”. It is an established company having satisfactory track. The company possesses a favourable financial profile marked by adequate networth base and healthy capital structure during 2014. The rating also takes into consideration an average debt protection metrics along with increasing cash reserves and low liabilities reported in the books. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of group support, the subject can be considered for business dealings at usual trade terms and conditions.

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Neeta
Designation :	Key Executive
Contact No.:	91-20-26913285
Date :	04.05.2015

LOCATIONS

Registered Office / Factory :	Loni Kalbhor, Near Pune Railway Station, Taluka Haveli, Sholapur Highway, Pune - 412201, Maharashtra
Tel. No.:	91-20-26913285
Fax No.:	91-20-26913738 / 26914007 / 26913741
E-Mail :	bhavesh.marolia@vishay.com ananth.krishnan@vishay.com chanchal.punjabi@vishay.com
Website :	http://www.vishay.com
Location :	Owned
Locality :	Commercial

Sales Office:	Tower No.5, Cybercity, Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India
Tel. No.:	91-20-30516200
Fax No.:	91-20-30516297

DIRECTORS

As on 25.09.2014

Name :

Mr. Rajan Mukundrao Shringarpure

Designation :

Managing Director

Address :

Manikchand Malabar Hills, BDG A2, D201/2 02 595/2, Lullanagar, Kondhwa, Pune - 411056, Maharashtra, India

Date of Birth/Age :

01.10.1954

Date of Appointment :

01.04.2009

DIN No.:

01394331

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32109PN1999PTC014320	Vishay Components India Private Limited	Managing director	01/04/2009	21/06/2002	-	Active	NO
2	U32108MH1974PTC017768	Vishay Semiconductor India Private Limited	Director	24/09/2007	01/04/2007	16/06/2008	Active	NO

Name :

Mr. Ananthakrishnan Ramakrishnan

Designation :

Director

Address :

M5, Sacred Heart To WN, Wanawadi, Pune – 411040, Maharashtra, India

Date of Birth/Age :

04.07.1967

Date of Appointment :

29.09.2008

DIN No.:

02224645

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U32108MH1974PTC017768	Vishay Semiconductor India Private Limited	Director	29/09/2008	16/06/2008	-	Active	NO
2	U32109PN1999PTC014320	Vishay Components India Private Limited	Director	29/09/2008	16/06/2008	-	Active	NO
3	U31404TN1990PTC019244	VISHAY TRANSDUCERS INDIA Private Limited	Director	28/09/2009	01/07/2008	29/03/2010	Active	NO
4	U31400TN2009PTC074055	VISHAY PRECISION TRANSDUCERS INDIA PRIVATE LIMITED	Director	29/12/2009	29/12/2009	29/03/2010	Active	NO

Name :

Mr. Bee Leng Saw

Designation :

Director

Address :

20, Jalan Jelita, Singapore - 278344

Date of Birth/Age :

29.06.1964

Date of Appointment :

28.09.2009

DIN No.:

02472546

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U31404TN1990PTC019244	VISHAY TRANSDUCERS INDIA Private Limited	Director	28/09/2009	28/09/2008	26/02/2010	Active	NO
2	U32109PN1999PTC014320	Vishay Components India Private Limited	Director	28/09/2009	29/09/2008	-	Active	NO
3	U32108MH1974PTC017768	Vishay Semiconductor India Private Limited	Director	28/09/2009	29/09/2008	-	Active	NO

Name :

Mr. Lars Rajen Raoul Erenstein

Designation :

Director appointed in casual vacancy

Address :

Kirchbergstr, 25, K Ranzberg - 85402

Date of Birth/Age :

13.07.1964

Date of Appointment :

28.09.2011

DIN No.:

03595887

KEY EXECUTIVES

Name :	Ms. Neeta
Designation :	Key Executive

Name :	Mr. Ananthakrishnan Ramakrishnan
Designation :	Company Secretary
Address :	M5, Sacred Heart To WN, Wanawadi, Pune 411040, Maharashtra, India
Date of Birth/Age :	04.07.1967
Date of Appointment :	16.06.2008
PAN No.:	AAYPK8525C

MAJOR SHAREHOLDERS

As on 25.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Vishay Components BV, Netherlands	28174816	30.75
Vishay Intertechnology Inc., USA	63460940	69.25
Total	91635756	100.00

As on 25.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Electrical Capacitors and Resistors.

Products :	Electrical Capacitors Resistors

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Cheque

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1050 (Approximately)

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	C – 401, Fourth Floor, Panchshil Tech Park, Yerwada, (Near Don Bosco School) Pune – 411006, Maharashtra, India
Tel. No.:	91-20-66036000
Fax No.:	91-20-66015900
PAN No.:	ACHFS9181P

Memberships :	--

Collaborators :	--

Ultimate Holding Company :	Vishay Intertechnology Inc., USA

Fellow Subsidiaries :	BCcomponents Beyschlag GmbH – Germany BCcomponents Hongkong Limited – Hongkong Siliconix Technology C.V. – Netherlands Vishay Dale Electronics Inc. – USA Vishay Electronic GmbH – Germany Vishay Electronic SPOL SRO - Czech Republic Vishay Electronics Portugal Lda. – Portugal Vishay Europe Sales GmbH – Germany Vishay Intertechnology Asia Pte. Limited – Singapore Vishay Israel Limited – Israel Vishay Roederstein Electronics Inc – USA Vishay S.A. – France Vishay Thin Film Inc LLC – USA Vishay China Co. Limited – China Vishay Semiconductor India Private Limited – India Vishay Europe GMBH – Germany

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

95000000	Equity Shares	Rs.10/- each	Rs.950.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

91635756	Equity Shares	Rs.10/- each	Rs.916.360 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	916.360	916.360	916.360
(b) Reserves & Surplus	1002.470	859.300	731.220
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1918.830	1775.660	1647.580

(3) Non-Current Liabilities
(a) long-term borrowings	187.500	187.500	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.330	3.640	4.230
(d) long-term provisions	90.600	85.480	76.150
Total Non-current Liabilities (3)	278.430	276.620	80.380

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	332.900	276.900	364.670
(c) Other current liabilities	44.260	66.840	196.170
(d) Short-term provisions	54.680	42.930	39.370
Total Current Liabilities (4)	431.840	386.670	600.210

TOTAL	2629.100	2438.950	2328.170

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1064.650	1053.730	1108.490
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	41.930	59.900	10.840
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	63.860	53.820	31.620
(d) Long-term Loan and Advances	182.340	106.470	228.420
(e) Other Non-current assets	0.000	0.000	0.600
Total Non-Current Assets	1352.780	1273.920	1379.970

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	492.410	456.780	557.350
(c) Trade receivables	315.360	199.960	79.000
(d) Cash and cash equivalents	303.810	248.110	191.180
(e) Short-term loans and advances	127.010	202.800	120.010
(f) Other current assets	37.730	57.380	0.660
Total Current Assets	1276.320	1165.030	948.200

TOTAL	2629.100	2438.950	2328.170

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012

	SALES	NA	NA	NA

	EXPENSES	NA	NA	NA

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	434.940	369.350	320.410

Less	FINANCIAL EXPENSES	20.040	15.770	1.260

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	414.900	353.580	319.150

Less/ Add	DEPRECIATION/ AMORTISATION	198.360	169.000	145.920

	PROFIT/ (LOSS) BEFORE TAX	216.540	184.580	173.230

Less	TAX	73.370	56.500	18.910

	PROFIT/ (LOSS) AFTER TAX	143.170	128.080	154.320

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	700.360	572.280	417.960

	Balance Carried to the B/S	843.530	700.360	572.280

	Earnings / (Loss) Per Share (Rs.)	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	8.58	7.94	7.58

Return on Investment (ROI) (PBT/Networth)		0.11	0.10	0.11

Debt Equity Ratio (Total Debt /Networth)		0.10	0.11	0.00

Current Ratio (Current Asset/Current Liability)		2.96	3.01	1.58

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	916.360	916.360	916.360
Reserves & Surplus	731.220	859.300	1002.470
Net worth	1647.580	1775.660	1918.830

long-term borrowings	0.000	187.500	187.500
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	187.500	187.500
Debt/Equity ratio	0.000	0.106	0.098

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	No
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

The sales revenue in the financial year was higher by 13% compared to the previous year. The profit before tax also improved from 8.90% to 9.29% in this year despite the higher depreciation and interest costs. Improvement can be attributed to the product mix, better cost management and increased revenues from outsourcing.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	187.500	187.500
Total	187.500	187.500

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Freehold Land

· Buildings

· Plant and Machinery

· Tools and Moulds

· Furniture, Fixture and Equipments

· Motor Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.04
UK Pound	1	Rs.99.03
Euro	1	Rs.71.76

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	SUB

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	NO
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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%)

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	--

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

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