MIRA
INFORM REPORT
|
Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SIEMENS LIMITED |
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Registered Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400 018, |
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Country : |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
02.03.1957 |
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Com. Reg. No.: |
11-10839 |
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CIN No.: [Company
Identification No.] |
U28290MH1957PLC010839 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS44080B |
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PAN No.: [Permanent
Account No.] |
AAACS0764L |
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Legal Form : |
A public limited
liability company. The company's shares are listed on Stock Exchanges. |
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Line of Business : |
Manufacturing and
Marketing of Switchgear Items |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 43480000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
subsidiary of Siemens AG, It can be
considered for your proposed business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
130, Pandurang
Budhkar Marg, Worli, Mumbai - 400 018, |
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Tel. No.: |
91 - 22 –
24987000/01/02/24931349/50 |
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Fax No.: |
91 - 22 –
24987500/52/24941758 |
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E-Mail : |
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Website : |
http://www.siemens.co.in |
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Head Office : |
Plot No.2, Sector
2, Kharghar Node, Navi Mumbai - 410 208, |
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Tel. No.: |
91 - 22 -
27568000 |
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Fax No.: |
91 - 22 -
27568018 |
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Sales Office : |
v
Shanti
Chamber, Terapanth Marg, Navrangpura, P.O. Box No. 4111, Ahmedabad – 380009,
Gujarat, India Tel. No. 91-79-27546172/6803 Fax No. 91-79-27546711 v
1st
Floor, Jyoti Mahal No. 49, Tel. No. 91-80-22270609/22272532 Fax No. 91-80-22219450 v
No.
84, Tel. No. 91-80-28528641-56/28091651 Fax No. 91-80-28521117 v
SCO
188/190, 2nd Floor, Sector 34a, Guru Nanak Complex, Tel. No. 91-172-2666618/619 Fax No. 91-172-2666621 v
144, Tel. No. 91-44-28273275/7731/7734/9319 Fax No. 91-44-28255731 v
29,
First Floor, Tel. No. 91-422-2380908 Fax No. 91-422-2380271 v
43,
Shanti Palli, Rashbihari Bypass Connector, Kolkata – 700042, West Tel. No. 91-33-24421139-40/24428641-46 Fax No. 91-33-24421147 v
130,
Pandurang Budhkar Marg, Worli, Mumbai – 400018, Tel. No. 91-22-24987000 Fax No. 91-22-24987500 v
4A,
Ring Road, I.P. Estate, Box No. 7036, New Delhi – 110002, India Tel. No. 91-11-23738589 to 98 Fax No. 91-11-23314178 v
Vasant
Vihar, 1205/2/6, Tel. No. 91-20-25539577/9760/4976 Fax No. 91-20-25539758 v
9-1-87/119/2,
1st Floor, Tel. No. 91-40-27702552/4544/3863 Fax No. 91-40-27702951 v
Vinijya
Bhavan, Tel. No. 91-265-2341579/330563 Fax No. 91-265-2341579 v
Plot
No. 6A, Sector 18, Maruti Industrial Area, Huda, Gurgaon – 122015, Tel. No. 91-124-6349360-67 Fax No. 91-124-6343142 |
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Factory 1 : |
v
E-76,
Waluj MIDC Area, Tel. No. 91-240-2554008/007 Fax No. 91-240-2554007 v
Plot
No. L6, Verna Electronic City, Tel. No. 91-832-2783420 Fax No. 91-832-2783422 v
Thane
Tel. No. 91-22-27600001/06 Fax No. 91-22-27600030 v
Plot
No. C-1, Additional Industrial Area, MIDC, Ambad, Nashik – 422010, Tel. No. 91-253-2382348/1326/1327/2206/382105/1325/2542 /2429/2153/2382082/2006 Fax No. 91-253-2381262 v
130,
Pandurang Budhkar Marg, Worli, Mumbai – 400018, Tel. No. 91-22-24987000 Fax No. 91-22-24987500 |
DIRECTORS
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Name : |
Mr. D. C. Shroff |
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Designation : |
Director |
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Other
Directorships |
Crawford Bayley
and Company – Solicitor and Senior Partner |
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Name : |
Mr. Y. H. Jhaveri
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Designation : |
Director |
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Other
Directorships |
S. B. Billimoria
and Company – Chartered Accountants and Senior Partner |
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Name : |
Dr. K. Wucherer |
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Designation : |
Nominee Director |
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Experience : |
Over 30 years |
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Name : |
Mr. P. M. Thampi |
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Designation : |
Director |
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Other
Directorships |
Ex-CMD of BASF
India Limited, Chemical Engineer |
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Name : |
Mr. J. Schubert |
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Designation : |
Managing Director |
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Date of Birth/Age : |
58 years |
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Experience : |
28 years |
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Other
Directorships |
SAG |
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Name
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Mr. H. Gelis |
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Designation |
Executive
Director |
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Age |
45 years |
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Experience |
28 years |
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Qualification |
BS/BA, BS/EE |
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Other
Directorships |
Siemens AG |
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Name
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Mr. A. B.
Nadkarni |
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Designation |
Whole time
Director |
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Age |
57 years |
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Qualification |
B.E. [M], Dip. In
Cper, Mgt. |
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Experience |
31 years |
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Name
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Mr. O. P. Narula |
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Designation |
Whole time
Director |
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Age |
64 years |
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Qualification |
B.Sc, Engg. [E] |
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Experience |
42 years |
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Name
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Mr. Harminder
Singh |
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Designation |
Whole time
Director |
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Age |
54 years |
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Experience |
32 years |
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Qualification |
B.Sc, Engg. [E] |
KEY EXECUTIVES
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Corporate Resources |
Human Resource Development K. R. Upili Corporate Planning R. Dalvi top* Projects R. Dalvi Corporate Communications Ms. K. Ghatge Strategic Purchase A. S. Shikarwar Corporate Quality and Projects S. Ramaswamy Corporate Secretariat A.
Jangid Corporate Finance R. Rangarajan Accounts & Taxation P. Joglekar Import/Export Admin P. Sant |
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Location In-charge |
Head Office S. D. Tare Kharghar V. B. Parulekar Pune A. J. Kaul Ahmedabad A.
Mehta Vadodara NN Kolkata S. Kar Chennai G. Ghosh S. Divakar R. Sharma NN M. Vasudeva R. Sachdeva |
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Audit Commitee |
Y. H. Malegam (Chairman) Dr. K. Wucherer / Dr. 0. Schmitt Deepak S. Parekh Ashok Jangid (Corporate Secretary) |
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Investors
Grievance Committee |
D. C. Shroff (Chairman) J. Schubert N. J. Jhaveri Ashok Jangid (Corporate Secretary) |
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Remuneration Committee |
N. J. Jhaveri (Chairman) D. C. Shroff Deepak S. Parekh Y. H. Malegam Ashok Jangid (Corporate Secretary) |
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Finance Committee |
H. Gelis (Chairman) J. Schubert Ashok Jangid R. Rangarajan |
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Name : |
Mr. Ashok P.
Jangid |
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Designation : |
Corporate
Secretary and Compliance Officer |
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Non-executive Directors : |
Mr. Deepak S. Parekh Designation : Chairman Qualification : B. Com, FCA ( Date
of Birth :
18.10.1944 Date
of Appointment : 07.11.2003 Housing Development Finance Corpn. Limited Infrastructure Development & Finance Co. Limited GlaxoSmithKline Pharmaceuticals Limited HDFC Asset Management Co. Limited HDFC Chubb General Insurance Co. Limited HDFC Standard Life Insurance Co. Limited Hindustan Lever Limited Mahindra & Mahindra Limited Hindustan Oil Exploration Corporation
Limited Castrol
India Limited The Indian Hotels Co. Limited Motor Industries Co. Limited Borax Morarji Limited Zodiac Clothing Company Limited Bharat Bijlee Limited Exide Industries Limited Lafarge India Private Limited Name : Mr. D. C. Shroff Designation : Director Qualification : BA (Hons.), LL.B., Solicitor Date of Birth : 08.08.1944 Date of Appointment : 20.02.1997 Avi-Oil India Private Limited Bayer Polychem ( Ciba Speciality Chemicals ( CMP Private Limited Ingersoll-Rand ( Kulkarni Power Tools Limited Lubrizol India Private Limited Maersk Logistics India Private Limited Professional Oral Care Products Private
Limited SKF India Limited Swiss Re Services India Private Limited Unifrax India Limited UTV Software Communications Limited Warner Bros. Pictures India Private
Limited Name : Mr. Y. H. Malegam Designation : Director Qualification : CA Date of Birth : 24.09.1933 Date of Appointment : 01.04.1998 ABC Bearings Limited Bayer CorpSciences ( Bayer MaterialScience Private Limited Bharatiya Reserve Bank - Note Mudran Private Limited Cabot ( The Clearing Corporation of India Limited Hindustan Construction Co. Limited National Stock Exchange of India Limited National Securities Clearing Corporation Limited Nicholas Piramal India Limited Tata Coffee Limited Tata Tea Limited Zodiac Clothing Company Limited Bharat Bijlee Limited Exide Industries Limited Lafarge India Private Limited Name : Prof. Dr. K. Wucherer Designation : Director Special Director (nominee of Siemens AG) Qualification : Prof. Dr.-lng., Dr.-lng. E.h. Date of Birth : 09.07.1944 Date of Appointment : 01.10.2000 Siemens AG (Member of the Manging Board) Name : Mr. N. J, Jhaveri Designation : Director Qualification : B. Com, Masters from Date of Birth : 09.08.1935 Date of Appointment : 09.11.2000 Afcons Infrastructure Limited Indian Aluminium Co. Limited National Securities Depository Limited Pidilite Industries Limited Star Paper Mills Limited Usha Martin Limited Voltas Limited Juniper Hotels Private Limited TAIB Capital Corporation Limited Kier Afcons ( Siemens Information Systems Limited SKF India Limited Gujarat State Petronet Limited Name : Dr. O. Schmitt Designation : Alternate Director for Prof. Dr. K.
Wucherer Qualification : Ph. D. in National Economics Date of Birth : 10.09.1951 Date of Appointment : 15.12.2000 Whole-time Directors Name : Mr. J. Schubert Designation : Managing Director Qualification : Dip. Ing. Date of Birth : 07.05.1947 Date of Appointment : 01.10.1996 Siemens Information Systems Limited Siemens Public Communication Networks Private Limited Siemens VDO Automotive Limited Siemens BPO Services Private Limited Name : Mr. H. Gelis Designation : Executive Director Qualifacation : BS. Elect, BS / BA Date of Birth : 05.09.1959 Date of Appointment : 01.01.2001 Siemens Information Systems Limited Siemens BPO Services Private Limited Siemens Public Communication Networks Private Limited Name : Mr. Harminder Singh Designation : Whole-time Director Qualification : B.Sc, Engg. (E) Date of Birth : 07.10.1948 Date of Appointment : 01.04.1998 Siemens Industrial Turbomachinery Services Private Limited Siemens Power Engineering Private Limited Corporate Secretary Name : Mr. Ashok Jangid Designation : Corporate Secretary and Chief Compliance
Officer Qualification : B.Com, LL.B, FCS Date of Birth : 21.09.1960 Date of Appointment ; 14.12.1996 Siemens Hearing Instruments Private
Limited Siemens Nixdorf Information Systems Private Limited Siemens Corporate Finance Private Limited Torrent Power Services Private Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Indian Financial
Institutions |
633052 |
0.38 |
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Mutual Funds |
15298594 |
9.07 |
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Foreign Institutional
Investors |
14624666 |
8.68 |
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Insurance
Companies |
14666793 |
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Bodies Corporate |
93020545 |
55.18 |
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Bodies Corporate |
4566069 |
2.71 |
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Individual
(Nominal Share Capital upto Rs.1 Lakh ) |
24900034 |
14.77 |
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Individual (Nominal
Share Capital in excess of Rs.1 Lakh) |
828688 |
0.49 |
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Trust |
18469 |
0.01 |
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Directors and
their Relatives |
22190 |
0.01 |
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Central
Government / Sate Government |
1000 |
0.000 |
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TOTAL |
168580100 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Switchgear Items |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Switchgear items |
Nos. |
110840000 |
10980850 |
10656981 |
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Electric
motor/generators |
Nos. |
14000 |
15860 |
14646 |
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Switchboards,
control boards and misc. Accessories |
Nos. |
4840 [Boards] |
8000 |
1804 |
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X-ray equipment |
Nos. |
520 |
1283 |
1115 |
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Electro medical
equipment |
Nos. |
245 |
209 |
23 |
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Measuring and
control instruments |
Nos. |
47677 |
65.0 |
--- |
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Railway Signaling
equipments and static converters for railways |
Nos. |
58320 |
--- |
---- |
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Rectifier
cubicles and misc. equipment |
MW |
64.5 |
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|
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Variable AC/DC derive
systems, motor control modules and programmable control systems |
Nos. |
6248 |
6248 |
1606 |
|
control systems |
Nos. |
50 |
50 |
2 |
|
Electronic measurand converter |
Nos. |
1277 |
1277 |
153 |
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Static Converter for railways |
Nos. |
610 |
610 |
220 |
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Audio frequency track circuit |
Nos. |
900 |
900 |
125 |
|
Interlocking relays |
Nos. |
250000 |
250000 |
175175 |
|
Auxiliary inverter for AR locomotive |
Nos. |
50 |
50 |
52 |
|
locomotive |
Nos. |
72 |
72 |
49 |
|
Electrical control cabinet |
Nos. |
288 |
288 |
55 |
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Circuit breakers above 1000 volts |
Nos. |
1000 |
1000 |
629 |
|
Single stage/ multi stage turbines |
Nos. |
200 |
48 |
42 |
GENERAL INFORMATION
|
Suppliers : |
v
Yesbee
Valves Private Limited v
Caldyne
Automatics Limited v
Amico
Engineers Private Limited v
Anilux
Coated Products Private Limited v
Bharat
Wire Ropes Limited v
Cmc
Manufacturing Company Private Limited v
Dolphin
Die Cast Private Limited v
Emco
Lenze Private Limited v
Esdee
Paints Limited v
Grand
Polycoats Company Private Limited v
Caldyne
Automatics Limited v
Ashida
Electronics Private Limited |
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No. of Employees : |
5971 |
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Bankers : |
v
American
Express Bank Limited v
Bank
of v
Citibank
N.A. v
Deutsche
Bank AG v
HDFC
Bank Limited v
The v
Standard
Chartered Bank Limited v
State
Bank of v
Syndicate
Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat S. Raut
& Company Chartered
Accountants Cost Auditors R. Nanabhoy &
Company Chartered
Accountants |
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Associates/Subsidiaries : |
-
National
and German Electrical and Electronic Services Company Powerplant Performance
Improvement Limited -
Siemens
LLC SUBSIDIARIES v
v
v
Eviop-Tempo
A.E. Electrical Equipment Manufacturers v
Siemens
Limited – v
Siemens
Israel Limited v
Siemens
Vacuum Interrupters [ v
Siemens
VDO Automotive Limited v
Siemens
Limited, v
Siemens
Sanayi ve Ticaret A.S v
Siemens
S.A, v
SYKATEC
System, Komponenten, Arwendungstechnologie GmbH and Company KG v
Siemens
Shared Services LLC v
Siemens
Miltronics Process Instruments, Inc. v
Siemens
Dematic AG v
Siemens
Metering Limited, v
Siemens
Hearing Instruments Private Limited v
Siemens
Power Engineering Private Limited v
Siemens
Building Technologies Private Limited v
Siemens
Industrial Services Limited v
Acuson
Corporation v
SFS
GmbH/PEF v
Siemens
S.A., Brussel v
Siemens
A/S v
Siemens
plc v
Siemens
S.P.A. v
Siemens
Power Generation Limited v
Siemens
Aktiengesellschaft Osterreich v
Siemens
S.A., Lissabon v
Siemens
d.o.o. v
Siemens
– v
Siemens
Inc. v
Siemens
Business Services Pte. Limited v
SCSL
Limited v
Siemens
S.A., v
Siemens
Electrical Apparatus Limited v
Siemens
Canada Limited v
Siemens
VDO Automotive Inc. v
Siemens
S.A. de C.V. v
Siemens
Energy and Automation Inc. v
Siemens
Medical Solutions USA, Inc. v
Siemens
Information and Communication Networks Inc. v
Siemens
Bangladesh Limited v
Siemens
Limited, v
OSRAM
India Private Limited v
Siemens
Public Communication Networks Private Limited v
P.T. v
Electrical
Services and Products [ v
Siemens
v
Siemens
Limited, v
Siemens
Pte. Limited, v
SBS
Geschatfsgebiet Siemens IT Service v
Siemens
Nixdorf Information Systems Limited v
Siemens
Shared Services Private Limited v
Siemens
Automotive S.T.O. v
SBS
Siemens Group and Service v
Siemens
Atea v
Siemens
A.S. Ballerup DK v
Siemens
S.p.A., v
Siemens
v
Siemens
Medical Systems, v
Siemens
Communication Limited v
Siemens
– Asahi Medical Technology v
Siemens
Showa Solar v
Siemens
Elect Engineering SDN, Bh. v
Siemens
Medical Systems Limited v
Siemens
Advanced Engieering v
Siemens
LLC v
Powerplant
Performance Improvement Limited v
Siemens
Automotive s.r.o., Michalovce |
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Parent Company
|
Siemens AG, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.2.00 each |
Rs.500.000 millions |
|
150,000,000 |
10.5% Cumulative
Redeemable Preference Shares |
Rs.10.00each |
Rs.1500.000 millions |
|
|
TOTAL |
|
Rs.2000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
168580100 |
Equity Shares |
Rs.2.00 each |
Rs.337.160
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
337.160 |
331.384 |
331.384 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
10533.695 |
7476.241 |
5730.174 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
10870.855 |
7807.625 |
6061.558 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured
Loans |
20.032 |
25.657 |
28.872 |
|
TOTAL
BORROWING
|
20.032 |
25.657 |
28.872 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
188.819 |
181.251 |
|
|
|
|
|
|
|
TOTAL
|
10890.887 |
8022.101 |
6271.681 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
2621.184 |
1970.140 |
1866.713 |
|
Capital work-in-progress
|
1541.629 |
367.825 |
61.868 |
|
|
|
|
|
|
|
INVESTMENT
|
4639.729 |
3302.577 |
1215.215 |
|
DEFERREX TAX ASSETS
|
276.619 |
339.152 |
329.433 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
4842.246
|
3283.990
|
1698.235 |
|
|
Sundry Debtors
|
11097.716
|
7319.803
|
4172.586 |
|
|
Cash & Bank Balances
|
9394.447
|
4855.139
|
4309.852 |
|
|
Loans & Advances
|
4164.082
|
1811.194
|
1802.032 |
|
|
Other Current Assets
|
3.597
|
|
|
Total Current Assets
|
29502.088
|
17270.126
|
11982.705 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
(24275.052)
|
12759.018
|
8552.122 |
|
|
Provisions
|
(3415.310)
|
2468.701
|
632.131 |
Total Current Liabilities
|
(27690.362)
|
15227.719
|
9184.253 |
|
Net
Current Assets
|
1811.726
|
2042.407
|
2798.452 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
10890.887 |
8022.101 |
6271.681 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
||
Sales Turnover [including other income]
|
46852.777 |
29061.733 |
18906.580 |
||
|
|
|
|
|
||
Profit/(Loss) Before Tax
|
5054.749 |
3631.052 |
2298.962 |
||
Provision for Taxation
|
1396.104 |
1083.546 |
785.230 |
||
Profit/(Loss) After Tax
|
3658.645 |
2547.506 |
1513.732 |
||
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Earnings in
Foreign Currency : |
|
|
|
||
|
|
Export Earnings |
2114.919 |
559.407 |
|
|
|
|
Commission Earnings |
399.015 |
387.243 |
1563.001 |
|
|
|
Other Earnings |
8038.609 |
3240.744 |
|
|
|
Total Earnings |
10552.543 |
4187.394 |
1563.001 |
||
|
|
|
|
|
||
|
Imports : |
|
|
|
||
|
|
Raw Materials |
2614.040 |
1571.194 |
|
|
|
|
Stores & Spares |
11144.065 |
7221.116 |
5614.680 |
|
|
|
Capital Goods |
681.528 |
92.052 |
|
|
|
|
Others |
0.000 |
0.000 |
|
|
|
Total Imports |
14439.633 |
8884.362 |
5614.680 |
||
|
|
|
|
|
||
Total Expenditure
|
34639.116 |
25430.681 |
16703.582 |
||
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
31.12.2006 1st Qtr |
31.03.2007 2nd Qtr |
|
Sales Turnover |
16269.000 |
21291.800 |
|
Other Income |
213.400 |
117.200 |
|
Total Income |
16482.400 |
21409.000 |
|
Total Expenditure |
15099.500 |
19674.500 |
|
Operating Profit |
1382.900 |
1734.500 |
|
Interest |
-126.200 |
-104.500 |
|
Gross Profit |
1509.100 |
1839.000 |
|
Depreciation |
102.700 |
108.800 |
|
Tax |
466.700 |
720.500 |
|
Reported PAT |
980.700 |
1080.500 |
200612
Quarter 1 --------------- Notes EPS is Basic & Diluted Status of Investor
Complaints for the quarter ended December 31, 2006 Complaints Pending at the
beginning of the quarter 02 Complaints Received during the quarter 05
Complaints disposed off during the quarter 05 Complaints unresolved at the end
of the quarter 02 1. The Board of Directors of the Company at its meeting held
on January 27, 2006 approved the sub division of the equity shares from Rs 10
fully paid-up to Rs 2 fully paid-up each. Accordingly the number of equity
shares shown under 'Aggregate of Public Shareholding' has increased from
15,111,910 to 75,559,555. Further, in accordance with accounting standard 20,
'Earnings Per Share' issued by Institute of Chartered Accountants of India
(ICAI) the EPS for the comparative previous period has been calculated based on
the revised number of shares. 2. Operating income (Profit before tax less other
income & interest Income) rose by 76% to reach Rs 1129 million for the
quarter ended December 31, 2006 as compared to Rs 641 million for the quarter
ended December 31, 2005. 3. Consequent to the merger of SVDO with the Company
the method and rates of depreciation in respect of SVDO assets were revised
with effect from October 01, 2004 to align them with the method and rates
followed by the Company. Therefore, there is a net additional charge of
depreciation for Rs 61.20 million for the quarter ended December 31, 2005. 4.
Effective October 01, 2006 the Company adopted accounting standard
interpretation 30 'Applicability of Accounting Standard 29 to onerous contracts'
issued by ICAI. Pursuant to the adoption, the Company recognized a provision of
Rs 127 million in the financial results for the quarter ended December 31,
2006. 5. The Board of Directors of the Company at its meeting held on November
23, 2006, approved a detailed formal plan for discontinuance of its business
activities pertaining to enterprise networks and services (EN) which form part
of the 'Information and Communication' segment of the Company. The Board of
Directors has approved the sale of EN at its meeting held on January 18, 2007
subject to the approval of the shareholders by postal ballot. For this purpose
the business has been valued at Rs 580 million as at September 30, 2006 to be
suitably adjusted at the date of actual transfer Profit before tax and profit
after tax pertaining to EN business included in above financial results are Rs
25.04 million and Rs 16.61 million for the quarter ended December 31, 2006 and
Rs 146.38 million and Rs 97.11 million for the year ended September 30, 2006 respectively
6. Figures for the previous period have been regrouped wherever necessary to
make them comparable. 7. The financial results for the quarter ended December
31, 2006 and December 31, 2005 have been subjected to a limited review by the
statutory auditor of the Company. 8. The above financial result were reviewed
and approved by the Audit Committee and the Board of directors approved the
same at their meeting held on January 18, 2007.
KEY RATIOS
|
PARTICULARS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
|
Debt-Equity Ratio |
0.00 |
0.00 |
0.01 |
|
Long Term
Debt-Equity Ratio |
0.00 |
0.00 |
0.01 |
|
Current Ratio |
1.08 |
1.15 |
1.22 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets
Ratio |
8.20 |
5.43 |
3.47 |
|
Inventory |
11.79 |
11.66 |
13.05 |
|
Debtors |
5.20 |
5.05 |
4.92 |
|
Interest Cover
Ratio |
95.66 |
92.92 |
146.50 |
|
Operating Profit
Ratio |
11.59 |
13.64 |
13.48 |
|
Profit Before
Interest And Tax Margin (%) |
10.67 |
12.64 |
12.17 |
|
Cash Profit
Margin (%) |
8.44 |
9.78 |
9.27 |
|
Adjusted Net
Profit Margin (%) |
7.52 |
8.77 |
7.96 |
|
Return On Capital
Employed (%) |
54.61 |
52.72 |
41.96 |
|
Return On Net
Worth (%) |
38.59 |
36.74 |
27.59 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
High |
Rs.1232.00 |
|
Low |
Rs.1183.00 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Asset
Intangible Asset
- Goodwill
- Technical know-how
- Customer Contracts
Tangible Assets
- Land
- Building Plant and Furniture
- Machinery Fittings and Office Equipment
- Vehicles Equipment given on Lease
History:
Siemens
Limited (SL), the Indian subsidiary of Siemens AG,
Siemens, who commenced business in 1993 by setting up a manufacturing unit at
Saltlake in
As part of Global restructuring exercise in Siemens Group the company has
divested its entire holding in Siemens Metering Limited and Siemens Automotive
Systems Limited But the company has increase its stake in Siemens Information
Systems thus making it a 100% subsidiary of the company. Siemens Information
Systems specializes in providing information technology solutions, which are
marketed globally.
During 2000, Siemens acquired Birla VXL's 26 % stake in the joint venture
company, VXL Landis & Gyr with a view to augment its portfolio in the power
generation & distribution business. Further SL has acquired 100% stake in
Siemens Building Technologies Private Limited (SBT), a company engaged in the
business of supply, engineering and installation of Building Automation
Systems, Fire Alarm Systems and Security related products from Siemens Building
Technologies Ag,
The company has signed an agreement during February 2005,to acquire a 51% stake
in Pimac Engineering & Services Private Limited (Pimac). Pimac is engaged
in the business of maintenance and servicing of gas turbines and rotating
equipments. This acquisition will strengthen the portfolio of Siemens' Power
Generation in
Siemens has decided to purchase the entire 100% stake in its telecom company,
Siemens Public Communication Networks Private Limited (SPCNL), which is engaged
in the business of providing telecom network equipment including supply, design
and installation & also in software development. The company has also
decided to purchase 51% stake in Bangalore based-Siemens Shared Services
Private Limited (SSSPL),which is engaged in the business of back office and customer
contact services to Siemens operating companies in the USA and to the third
parties. During the 2003-04 the company's subsidiary Siemens Nixdorf
Information Systems Private Limited, is proposed to wind-up as soon as
possible, which is subject to all statutory and regulatory approvals.
The Board of Directors of the company has approved the proposal for the merger
of Siemens VDO Automotive Limited (SVDO) with the company and has also
recommended a share exchange ratio of 1:12 i.e. 1 equity share of Rs.10/- each
of the company for every 12 equity share of Rs.10/- of SVDO. This scheme of
merger is subject to all the necessary statutory/ regulatory approvals. The
company merged Demag Delaval Industrial Turbo machinery Private Limited, a
wholly owned subsidiary with itself with effect from 17th November 2005.
Operations
The Company has
posted an impressive performance during the Financial Year ended on 30th
September, 2006. The New Orders received by the Company almost doubled to
Rs.82,025 million (Rs.41,233 million during 2004-05). The major contributors
were the Power Generation, Power Transmission & Distribution, Automation
& Drives and Industrial Solutions & Services Divisions. Turnover rose
sharply by 64% to Rs.45,103 million (Rs.27,485 million during 2004-05) and the
Profit after Tax rose by 41% to Rs.3,601 million (Rs.2,548 million during
2004-05). While all the Divisions contributed to the growth, Power Generation,
Power Transmission & Distribution, Automation & Drives and Industrial
Solutions & Services Divisions were the key drivers.
Sub-division of Face Value of
Equity Shares:
Pursuant to the approval received from the Members by way of Postal Ballot,
each Equity Share of the Company of Face Value of Rs.10 has been Sub-divided
into 5 Equity Shares of the Face Value of Rs.2 each (Stock Split) with effect
from 21st June, 2006.
Consequently, the Paid-up Share
Capital of the Company of Rs.337,160,200 now comprises of 168,580,100 Equity Shares
of Rs.2 each (prior to Stock Split 33,716,020 Equity Shares of Rs.10
each).
Further, consequent to the said
Stock Split, new International Securities Identification Number (ISIN)
INE003A01024 has been created for the Company's Shares in dematerialized
form.
Mergers, Acquisitions &
Divestments:
a. Siemens VDO Automotive Ltd.,
During the year under review, SVDO merged with the Company with effect from
16th January, 2006 (Effective Date). Consequent to the merger, SVDO has become
'Siemens VDO Automotive Division' of the Company.
Key details of the said Merger are summarized as follows:
Appointed date 1st October,
2004
Effective date 16th January,
2006
Share Exchange Ratio 1 Equity
Share of Rs.10 of the Company for every 12 Equity Shares of Rs.10 each of
SVDO
Record Date 21st February, 2006
No. of new Equity 577,617 Equity
Shares of Rs.10 eachShares of the Company issued to the Membersof SVDO
Date of Allotment 14th March,
2006
The aforesaid 577,617 new Equity
Shares rank pari passu with the Equity Shares of the Company and shall be
entitled for full amount of Dividend for the year ended on 30th September,
2006, if declared by the Members at the 49th Annual General Meeting to be held
on 18th January, 2007. The said new Equity Shares have been listed on Bombay
Stock Exchange Ltd. (BSE) and National Stock Exchange of India Ltd.
(NSE).
b. Acquisition of Isolator business of Elpro International Ltd.:
As a part of Investment-led growth strategy and to further strengthen the
Company's position in the growing power sector, the Company had, with effect
from 3rd May, 2006, purchased/acquired the Undertaking of Elpro International
Ltd. engaged in the business of manufacture and sale of Isolators, together
with its employees, assets & liabilities and the manufacturing facilities
located at Balanagar, Hyderabad (Isolator Undertaking).
The said Isolator Undertaking has been integrated with the Power Transmission
& Distribution Systems Division of the Company.
Acquisition of Equity stake in
Flender Ltd.:
The Company had, on 31st May,
2006, acquired 50% Equity stake, comprising of 2,160,000 Equity Shares of Rs.10
each, in Flender Ltd., Kolkata for a total consideration of Rs.677.58 million.
The balance 500io is held by A. Friedr. Flender AG,
Further, the Board of Directors of
the Company has at its Meeting held on 25th July, 2006 approved the acquisition
of the balance 50% Equity stake from A. Friedr. Flender AG,
Acquisition of additional 23%
Equity stake in Siemens Industrial Turbomachinery Services Pvt. Ltd.
(SITS):
On 1st April, 2005, the Company
acquired 51% Equity stake in SITS making it a subsidiary. On 28th September,
2006, the Company has acquired an additional 23% of the total Paid-up Equity of
SITS comprising of 20,930 Equity shares of Rs.100 each for a total
consideration of Rs.44.85 million and thereby increasing its total stake in
SITS to 74%. The balance 26% stake is held by Pimac Engineers Pvt. Ltd.,
Sale/Divestment:
In line with the strategic
changes in the Communications Group worldwide recently announced by Siemens AG,
Germany, parent company, the following in-principle decisions were taken by the
Board of Directors of the Company at its Meeting held on 23,d November, 2006,
subject to receipt of all requisite consents, approvals, etc. of the Members
and statutory and regulatory authorities, as applicable:
i. Sale/transfer of
Communications Enterprise Networks Division of the Company (COM EN):
The Board of Directors has
approved, in-principle, the sale/transfer of the Company's Undertaking
comprising of COM EN Division, engaged in the Enterprise Networks Business, on
a going concern basis, with effect from 1st April, 2007 to a 100% subsidiary
company to be incorporated in
ii. Divestment of 100% stake in
Siemens Public Communication Networks Pvt. Ltd. (SPCNL):
The Board of Directors has also
decided, in-principle, to divest/sell the Company's 100% Equity stake
comprising of 12,425,000 Equity Shares of Rs.10 each in SPCNL, primarily
engaged in the business of fixed networks mobile networks and carrier services,
to Nokia Networks India Pvt. Ltd., (name will be change to Nokia Siemens
Networks India Pvt. Ltd.) a Company to be owned by Nokia Siemens Networks,
Netherlands (a 50 : 50 Joint Venture of Nokia Corporation, Finland and Siemens
AG, Germany).
8. Subsidiary Companies
a. Siemens Information Systems Ltd., Mumbai (SISL) - a 100% Subsidiary:
For the year ended on 30th September, 2006, SISL has posted a good performance
with a total income of Rs.8,737 million (2004-05: Rs.6,552 million) and a Net
Profit of Rs.1,356 million (2004-05: Rs.1,251 million). During the Financial
Year 2005-06, SISL declared two Interim Dividends aggregating to 1,260%
(2004-05: 1,220%). No Final Dividend was declared by SISL for the Financial
Year 2005-06.
b. Siemens Public Communication Networks Pvt. Ltd.,
For the year ended on 30th
September, 2006, SPCNL has posted a total income of Rs.6,423 million
(2004-05-Rs.5,156 million) and a Net Profit of Rs.207 million (2004-05: Rs.276
million). An Interim Dividend of 100% and a Final Dividend of 100% were
declared by SPCNL for year ended on 30th September, 2006. No dividend was
declared during the previous year 2004-05.
c. Siemens Information Processing Services Pvt. Ltd.,
The Company is holding 51% Equity stake in SIPS. The balance 49% is held by
SISL, a 100% subsidiary of the Company. Thus, SIPS is a 100% Subsidiary of the Company.
During the year ended on 302' September, 2006, SIPS has posted a total income
of Rs.867 million (2004-05: Rs.504 million) and a Net Profit of Rs.101 million
(2004-05: Rs.64 million). An Interim Dividend of 150% and a Final Dividend of
150% were declared by SIPS for the year ended on 30th September, 2006. No
Dividend was declared during the previous year 2004-05.
d. Siemens Industrial Turbomachinery Services Pvt. Ltd.,
During the year ended on 30th September, 2006, SITS has posted a total income
of Rs.142 million and a Net Profit of Rs.8 million. During the previous
Financial Year from 1st April, 2005 to 30th September, 2005 (Six months), the
total income stood at Rs.142 million and Net Profit at Rs.18 million. A
Dividend of 37% was declared by SITS for year ended on 30th September, 2006. No
dividend was declared during the previous Financial Year from 1st April, 2005
to 30th September, 2005.
e. Siemens Nixdorf Information Systems Pvt. Ltd., Mumbai (SNIL) - 100%
Subsidiary:
SNIL is a 100% subsidiary of
SISL and being a subsidiary of a subsidiary, SNIL is treated as a subsidiary of
the Company. SNIL has ceased its commercial activities and it is proposed to
wind it up as soon as possible subject to all statutory and regulatory
approvals.
On an application made by the Company pursuant to the provisions of Section
212(8) of the Companies Act, 1956, the Government of India, Ministry of Company
Affairs, New Delhi, (MCA) vide its letter No. 4713031 2006-CL-III dated 22'd
September, 2006, exempted the Company from annexing to this Report, the Annual
Reports of the above subsidiary companies for the year ended on 30th September,
2006. Pursuant to the said letter from MCA, a gist of the financial performance
of the subsidiary companies is disclosed in this Annual Report. However, if any
Member of the Company or subsidiary companies so desires, the Company will make
available copies of Annual Accounts of the above subsidiary companies and
related information free of cost. The Annual Accounts of the said Subsidiaries
are also available for inspection by any Member at the Registered Office of the
Company and of the subsidiary companies concerned between 10.00 a.m. and 12.00
noon on any working day of the Company up to the date of the forthcoming 492'
Annual General Meeting to be held on 18th January, 2007.
9. Foreign Exchange Earnings and
Expenditure:
Details concerning Foreign
Exchange Earnings and Expenditure have been given under Note No. 24(iii) of the
Notes to the Accounts.
General Performance Review
During 2005-06, the GDP grew at a robust rate of 8.4 and for the first quarter
of the current year, (April-June'06) clocked a growth of 8.9%. The economy has
been on an overall growth trajectory, emerging as one of the fastest growing
economies in the world. The services sector continued to play a prominent role
in this growth by virtue of both its high share as well as rapid expansion. It
grew at a healthy rate of over 10% and contributed 64% to the overall growth.
The industry sector grew at a higher 8.79'0 with the manufacturing sector
having put up a strong performance registering 9% growth. Agriculture, forestry
& fishing sector, which grew by 3.9% during the period showed an improving
trend.
Infrastructure development has been the key in sustaining economic growth in
the country.
Siemens with its strong
portfolio in infrastructure covering Power plants, Transmission &
Distribution, Airports and Railways, was in a good position to leverage the
wide spectrum of opportunities in the present growing infrastructure segment.
The Power Generation (PG) Division witnessed an exemplary performance with
several breakthrough orders in domestic as well as export markets. Similar
performance was witnessed in the Power Transmission and Distribution (PTD)
division with huge export orders and substantial growth in the High Voltage
segment. The business volume of the power segment alone grew by 255%. The
Transportation Systems business consolidated its market leadership amidst
fierce competition from international players. The entry into the traction
segment further strengthened the position of the transportation group in
The Industry segment sustained a growth rate of 8.7% in 2005-06 with the
overall index of industrial production (IIP) recording a growth of 8.1%. The
IIP has also continued its impressive performance during the first five months
(April-August) of 2006-07 by reporting year on year acceleration of 10.6%. This
strong growth momentum continues to be dominated by the buoyant manufacturing
and construction sectors. The growth in domestic and overseas demand has been a
catalyst for investments, new projects, as-well as plans for modernization and
capacity enhancement being announced. This has spurred the business confidence.
The capital goods and consumer goods sector had a stellar performance in
2005-06 recording double-digit growth. Industries such as cement, coal,
automobile, and metal also grew well. As a consequence, Siemens' Industrial
businesses registered an impressive performance.
The Healthcare market in
The Telecom sector in
The Indian Software and services industry maintained its steady growth and
witnessed increased spends by the companies. The Global Industry witnessed a
gradual shift from cost reduction & regulatory compliance to revenue growth
oriented initiatives. The year also witnessed the coming of age of the Indian
IT multinationals with the traditionally India-centric, indigenous players
beginning to build noticeable global presence. In this scenario, Siemens
Information Systems Ltd., registered impressive performance across all its
business parameters.
To sum up, a GDP growth of 8.4%, multi-billion dollar FDI proposals, domestic
companies going on aggressive overseas expansion and surging stock markets
finally forced the world to acknowledge
Further reviews on each of
Siemens' businesses are given separately in the following paragraphs:
Energy:
Power Generation (PG) Division:
The power sector continued to
remain favorable in 2005-06. New thermal power generation projects of
approximately 6500 MW were finalized in the last fiscal. Overall, there was a
capacity addition of 3,468 MW (utilities) & electricity generation grew by
5%. To fulfill its mission, 'Power for all by 2012', the Government continued
its emphasis on enhancing power generating capacity through green-field
projects and modernization of old power plants. Further, the industrial sectors
such as steel, paper and cement have done exceptionally well, resulting in
commensurate addition in industrial power plants. As a consequence, the power
plant automation market also witnessed a substantial growth in the last
fiscal.
The Power Generation(PG) Division witnessed an exemplary performance in
2005-06, with healthy growth in all parameters. The Order value jumped by 598%
and Sales increased by 184% over the last fiscal. The Division maintained its
position as no. 2 supplier of turbines in the industrial sector. Apart from
substantial improvement in service network, divisions's successes were driven
by high rate of innovation, leading to local value creation and addition.
Amongst several breakthrough orders won by PG, the most significant order was
from Torrent Group for setting up 1100 MW Sugen CCPP at
PG commissioned several projects successfully including the 130 MW STG Set for
JSW Steel and 57 MW STG for Essar Steel. PG also developed SST 200 low-end
turbines for <8 MW market range and introduced RG3 based Brushless
Excitation systems in
Outlook:
With Government's ambitious
target of adding about 61GW in Xth plan, investments in new projects and
modernization of existing power plants are expected to continue. The Government
has already initiated setting up of ultra mega power projects of 4000 MW each
with public-private partnership. Private sector players like TATAs, Reliance,
Torrent, Essar have shown keen interest in developing large capacities in the
private sector. PG Division has clearly identified its growth areas that
include focusing on large utility projects, industrial sector power projects,
targeting service market and enhancing exports to neighboring countries as well
as offering instrumentation packages, wider product spectrum, upgrades and
services. Further, with addition of the new Industrial turbine factory, the
Division would be in a better position to take advantage of the market
opportunities.
Achievements
1957
- The Company was
incorporated on 2nd March, as a private limited company under the name
"Siemens Engineering and Manufacturing Company of India Private
Limited".
- The Company
Manufacture switchboards, switch gear, different types of motors upto 315 KW,
assembly of railway signaling equipment, X-ray and other electro medical
equipment, installation, testing and commissioning of electrical plant and equipment
undertaking repair work of motors, generators, transformers, calorific and
measuring instruments, certain household appliances and marine electrical
equipment and selling of products manufactured by the Company as well as those
of its licensees.
-
On 23rd
March, the Company entered into a collaboration agreement with two foreign
companies, viz., Siemens & Halske AG and Siemens-Schuckertwerke AG of
-
By an
agreement dated 7th May, the Company took over with effect from 1st April, all
the assets and liabilities of the then existing "Siemens Department"
of Protos Engineering Company private Limited as a going concern.
-
When
the company was incorporated at its repair shop, switchboard manufacture was
being carried on at Worli, Mumbai.
1959
-
The
Company acquired at
1961
-
The
Company took over the East Asiatic Siemens-Reiniger-Werke AG as a going concern
with the corresponding assets and liabilities.
-
500
shares allotted without payment in cash. 3,500 shares issued to promoters,
directors, etc.
1962
-
1,000
No. of equity shares issued without payment in cash.
1965
-
7,000
No. of Equity shares issued - 3,770 to Siemens AG of
1966
-
On 1st
October, the name of the Siemens & Halske AG was changed to Siemens AG and at
the same time, it took over the manufacturing and business activities of
Siemens-Schuckertswerke AG and Siemens-Reiniger-Werke AG, all the 6,120 No. of
equity shares held by them in the capital of the Company were transferred to
Siemens Asia Investments AG of Zurich, Switzerland, which was a wholly owned
subsidiary of Siemens Ag.
1967
-
The
name of the Company was changed from Siemens Engineering & Manufacturing
Co. of India Limited, to Siemens India Limited, with effect from 23rd October.
The name of the company was again changed from Siemens India Limited, to
Siemens Limited, with effect from 31st March 1987.
1970
-
Siemens-Reiniger-Werke
AG and Siemens-Schuckertwerke AG were merged with Siemens AG on 10th July and
30th July, respectively.
-
Shares sub-divided.
12,00,000 shares issued at par in March 1971: 6,00,000 shares allotted to
Siemens Asia Investment AG and 6,00,000 shares offered to public.
1974
-
24,00,000
Bonus shares issued in prop. 1:1.
1976
-
24,00,000
Bonus shares issued in prop. 1:2.
1981
-
The
Company offered for public subscription 5,00,000 - 13.5% second debentures of
Rs 100 each during May. These debentures are redeemable during October 1992.
-
The
Company also issued 4,00,000 - 14% third debentures of Rs 100 each which are redeemable
in three equal installments on 6th, 7th, 8th year from 13th June, 1991, at
premium of 5% payable during second installment.
-
36,00,000
Bonus shares issued in prop. 1:2.
1985
-
A new company
under the name of Siemen Communication Systems Private Limited was incorporated
as a
-
subsidiary
of the Company to undertake the manufacture of certain items of
Telecommunication equipment for export purposes. Siemens Telecom Limited is
another subsidiary of the Company.
1986
-
27,00,000
Bonus Equity shares in prop. 1:4 and allotted on 5.6.1987. 74,38,800 No. of
equity shares then issued (prem. Rs 30 per share) as follows:
-
(i)
67,50,000 shares as rights in prop. 1:2 (only 65,29,497 shares taken);
-
(ii)
3,37,512 shares to employees (all were taken up) and
-
(iii)
3,51,288 shares to Siemens AG, West Germany other than as rights to maintain
their equity holding at 51%. 49,703 additional shares allotted to employees out
of the unsubscribed rights quota to retain over subscription. All these
72,68,000 shares allotted on 1.10.1987.
1987
-
The
Medical Engineering division installed five kidney stone crushers units known
as `Lithostar' and a number of biplane angiograph equipments and a Gamma
camera.
-
The
Company introduced for the first time automatic warning systems for the Indian
Railways. The Company developed low-tension switchgear equipment compatible
with electronic circuits.
-
Software
Centre was established at the head office in Mumbai to cater to the software
package requirements of the control and automation systems and also to tap the
export market.
1988
-
Examination
tables with new 800 MA high frequency generators coupled with image intensifier
television systems were introduced in the market. The Company installed two
more magnetic resonance units.
-
The
drives and projects division introduced in the market a new range of
microprocessor-based digital D.C. Drives and energy optimizing A.C. Drives.
-
The
Medical Engineering division secured an order for the installation of all
imaging equipments in the Manipal group of hospitals at
-
The
Company issued 4,00,000 - 14% fourth debentures of Rs 100 each, which are redeemable
in one lot at a premium of 15% on 13th December, 1996.
1990
-
The
Company undertook a project to set up a plant at Waluj in
-
The
Company proposed to set up a factory at
1991
-
The new
series of the state-of-the-art-technology contractors and bi-relays were being
introduced by the Switchgear division at the Kalwa Works.
-
The
Motors, drives and automation division launched the microprocessor based and
modular drives for machine tools and compact controllers. To protect the
functioning of vital equipment in various industries, the division proposed to
launch microprocessor based Digitalised Uninterruptible Power Supply Systems
(UPS) - the Siemens System 42.
-
The
Medical engineering division launched a mobile C-arm image intensifier system,
saving valuable foreign exchange.
-
The
motors, drives and automation division launched the microprocessor based
modular drives for AC and DC applications, microprocessor based digital
uninterrupted power supply and micro PLC Simatic 90U.
-
To
enhance non-conventional sources of energy generation, the Company developed
and supplied 250 KW windmill generators.
-
The
Medical Engineering division introduced a low cost mid-tier whole body scanner
SOMATOMARC and a low field permanent magnet MRI system MAGNETOM p8. Also,
developed a high frequency mobile X-ray Unit.
-
WTL,
undertook to manufacture Rural Automatic Exchange (RAX) in
-
The
name of Siemen Communication Systems Private Limited was changed to Siemens
Information Systems, Limited
1993
-
The Software
Centre (Siemens Communication Software Limited) would be part of global R&D
Centre for the Public Communication Network Division of Siemens AG,
-
Base
for SIPART DR20 Digital Controller.
-
In
order to meet-stringent control requirements of chemical and Petro-chemical
industries, the Company introduced State-of-the-art advanced process control
system at Nashik.
-
The
Company issued 69,22,666 No. of equity shares of Rs 10 each at a premium of Rs
125 per share on Rights basis in the proportion of 1:3. All were taken up.
-
Another
3,46,104 No. of equity shares of Rs 10 each at a premium of Rs 125 per share
were offered to the employees, etc. of the company and its Associate Companies.
All were taken up.
-
The
Company issued 3,60,230 additional equity shares of Rs 10 each at a premium of
Rs 125 per share to Siemens AG to maintain their 51% shareholding in the
Company after the rights issue and issue to employees.
-
76,29,000
shares issued as rights equity shares.
1994
-
The
automation system division launched new products viz. Simatic S5-1154 a mid
range hot standby PLC, the LS/Coros B WIN a windows system.
-
The
components division introduced new products such as same filters, film capacitors,
and ferrites into the entertainment field.
-
The
motors, drives and UPS systems division introduced Smallex UPS (upto 5 KVA),
single phase and mid range of UPS (upto 30 KVA three phase input and single phase
output, a state-of-the-art and very compact drive micro master to serve the
entire market of drives and UPS in low voltage areas.
-
The
Medical Engineering division introduced a new mobile high frequency X-ray unit
with Digital Technology SIMOX-D. The division was the first to introduce the
heart cauterization equipment.
-
The
Company added a sophisticated flow solder machine and upgraded the test set up
incorporating a number of automatic testing stations at
-
The
Company through a joint venture with International Ferrites Limited with ACC,
Siemens. Metsushita components GmbH & Co. KG and WEBEL proposed to
manufacture soft ferrites in which the Company would be 10% equity partners in
this project located at Kalyani.
-
The
Company entered into a MOU with M/s. Asia Chip Card,
1995
The Automation system division introduced SITRANS range of transmitters;
SIMATIC Pcs distributed Control Systems (DCS) and the OXYMAT/ULTRAMAT range of
gas analysis.
-
The
motors, drives and UPS Systems division introduced the latest generation of
both AC & DC drives.
-
The
private communication systems division introduced in
-
The
Railway and Transport System Division proposed to introduce 3 - phase drive
packages for diesel electric locomotives. The switchgear division commissioned
SAPR3. New products such as high technology feature-packed, state-of-the-art
equipments and systems i.e. large digital EPABXs microwave Tran receivers,
optical fiber cables and access products.
-
Efforts
were made to introduce new products and technologies such as wireless and fiber
in subscriber loop, SDH ATM for long distance transmission network.
-
The
Company's R&D unit developed mobile C-arm X-ray unit with high resolution
image intensifier system type `Optimobile D' process controller SIPART-DR 20,
Microprocessor Controlled current source inverter SIMOVERT-A, microprocessor
controlled voltage source DC link converters for three phase AC Drives type
SIMOVERT-P, net range power contractors and relays, Point Machine and motor for
special machine tools type IPH-6.
-
The
Company has developed 24 KV out door vacuum circuit bracker, new series of ILA
8 motors and generators upto 710 KW for variable frequency drives,
micro-processor based loco-energy meter to display all loco parameters to
driver, stand alone PLC - MICRO 90, new generation of contactors, bi-metal
relays and limit switches, new range of high frequency X-ray generators etc.
1996
-
The
Company suffered losses due to discontinuance of the operations of the Telecommunications
division, the cost of Voluntary Retirement Scheme, higher operating costs,
lower capacity utilization etc.
-
The
Company received necessary permission during the year to issue preference
shares upto Rs 1800.000 millions on private placement basis.
-
Authorized
capital increased. 50,000,000 pref. shares issued on private placement basis.
1997
-
57,000,000
10.5% pref. shares issued during the year.
-
The
Company proposes to transfer the Tool Room facility located at Kalwa Works,
Thane, and
-
The
Company proposes to transfer Industrial electronic equipment manufacturing
facility at Nashik to another 100% subsidiary company and Automotive Systems
Division at Nashik to Siemens Automotive Systems Private Limited.
1998
-
Siemens
AG,
-
Siemens
Communication Software (SCS), a division of SPCL, will also take away the part
of software development associated with public communications business from
Siemens Information Systems Ltd, a subsidiary of Siemens Limited
-
Siemens
Public Communications is a 70:30 joint venture between Siemens Germany and
Siemens Ltd India.
-
Siemens
Telecom Ltd, a joint venture between Siemens and Bharti Telecom formally
launched its Euroset and Emerald series of phones in
-
Siemens
has set up a core team to network with the private operators as they being their
rollout. The joint venture would be supplying to Bharti's network in Madhya
Pradesh and has got the trial from Essar for
-
IBM
Global Services India, a joint venture between IBM and the Tata, has entered into
a services contract with Siemens to support the latter's IT infrastructure in
-
IBM and
Siemens have entered into an IT partnership to support Siemens India's
infrastructure.
-
The
Company consolidated its position as a `Total Solution Provider' in Power
Transmission and Distribution business by setting up a new manufacturing unit
of High Voltage Circuit Breaker at
-
The
Motion Control Group of Siemens AG has formed a technical collaboration with
HMT for training and technical know-how to manufacture CNCs (Computer Numerical
Controls).
1999
-
Electronic
Hi-Tech Components Limited (EHC), has entered into a joint venture with
California-based Siemens Solar Industries and set-up 1 mega watt (MW) photo
voltaic production facility at Nashik.
-
Siemens
Solar Industries (SSL) holds 74 per cent stake while EHC, another Siemens
subsidiary has picked-up 26 per cent in the joint venture.
-
The
Indian venture at Nashik will be the fifth joint venture of Siemens.
-
A
wholly owned subsidiary of
-
Siemens
has set up Unisphere Solutions Inc along with these companies to target
leadership in the converged voice and data and Internet networking solutions.
2000
-
The
Company launch of `total hotel solutions' for the hospitality industry to cater
to the growing needs of the corporate travelers.
-
Siemens
launched its new line of information and communication solutions - Hicom 150 E
Office and ESL8i - targeted at small and medium enterprises.
-
The
Company has launched its fifth round of voluntary retirement scheme in four
years.
-
Siemens
has launched a new C-Arm-Multimobile 4C, a multi-use mobile image intensifier
television system, in the domestic market.
-
The
Company and Brokat signed a MoU, which will pave the way for millions of mobile
phone users to conduct transactions with their mobile phones including
purchasing products and services, paying bills, and even auctioning items.
-
The
private communications systems division of Siemens Ltd, has formed a strategic
marketing alliance with the telecom giant ITI Limited
-
The
Company will be launching three new WAP enabled phones in the Indian market in
July.
-
Siemens
Ltd has introduced the Multimobile 4C medical system that is a mobile image
intensifier television system. - Siemens Teleco Ltd the joint venture company
between Siemens and Bharati Telecom has launched the sleek and compact hand
cellophane Siemens C-28.
-
Siemens
and its
-
The
advanced engineering arm of Siemens, ATD-ITPS, has entered into an agreement
with software company Offsite Management Systems (OMS) in order to jointly
undertake the marketing and project engineering of chemical, oil and gas
offsite automation systems. - Siemens has launched three WAP-enabled devices,
C35i, M35i and S35i.
-
The
Company has informed that the company is in the process of divesting its 51%
holding in Siemens Telecom Limited, in favour of Bharti Telecom Limited, the
other joint venture partner in STL.
-
Dr. G.
Wilhelm has resigned and D. K. Wucherer was appointed as a Director w.e.f
October 1.
2001
-
Siemens
Limited is launching the A35 mobile phone in the country.
-
Siemens
Information Systems Ltd, a wholly owned subsidiary of Siemens Limited, signed a
partnership contract with Avraham Goldratt Institute of USA (AGI).
-
Siemens
received the approval of its shareholders to go ahead with a buyback of shares
from the open market through the two premier stock exchanges.
-
Siemens
has announced the launch of two of its latest cell-phone models -- ME45 and S45
-- which feature
2002
-
Siemens
Ltd has informed that Mr. S.K. Thackersey has ceased to be a Director of the
company with effect from January 17, 2002
2003
-Mr. P.M Thampi has
been appointed as the Director of the company.
-Siemens Mobile
Acceleration, a subsidiary of Siemens Information and Communication Mobile
Group has tied up with Contests2win India (c2w).
-Mr Prashanth Doshi
has been appointed as Officiating Compliance Officer of the company in the
absence of Mr. Ashok P Jangid.
-Siemens Ltd has
introduced new mobile with low prices of Rs.5000 in an attempt to acquire lower
market segment.
-The Energy group
of Siemens segment has bagged the order of supplying two gas turbines to the
Konaseema Power project in Andhra Pradesh.
-Appointed Mr
Deepak S Parekh as an Additional Director of the company .
-Yashoda acquire
cath lab from Siemens
-Siemens bags order
worth Rs 4830 million from the Ministry of Railways
2004
Siemens launches
total imaging matrix technology.
BUSINESS
The company is engaged
in Manufacturing and Marketing of Switchgear Items, Electric Motors/Generators,
Switchboards, Control boards and Miscellaneous Accessories, X-ray equipment,
electro medical equipment, measuring & control instruments, railway
signaling equipments, rectifier cubicles and Miscellaneous equipment, Variable
speed AC/DC Drive Systems, Motor control modules and programmable control
systems, AC/DC machines, protection systems, data acquisition, logging and
control systems, uninterrupted power supply systems, EPABX/EPAX/Intercom &
key telephone systems, Digital electronic switching systems, transmission
equipment, medical electronic diagnostic equipment, optical fiber cables and
solar products/systems.
Press clipping
Siemens
Transportation bags order for Mumbai Suburban Railways
Siemens Limited
Transportation Systems Division (TS) has bagged a Rs. 4830 million order from
the Ministry of Railways for supply of complete electrical systems for Mumbai
suburban trains, making it the single biggest order for the company in recent
times.
December 29, 2003, Mumbai: Siemens today announced the signing of a
major order of Rs. 4830 million with the Ministry of Railways for the supply of
complete electrical equipment including the traction package for Mumbai
suburban trains. This comes in the wake of the Railways' drive to upgrade its
train services and ease the congestion on Mumbai suburban rail network thereby
provide greater relief to commuters.
After a competitive
bidding process that involved four parties, Siemens Limiteds Transportation
Systems Division (TS) won the mega order to be executed over a period of 36
months. The system will be supplied to Integral Coach Factory (ICF), Chennai,
which will build the complete trains for operation on both of Mumbai suburban
arterial networks, the Central and Western Railway.
This order involves
development, engineering, manufacturing, supply, and supervision of erection
and commissioning of complete energy-saving electrical system on trains. The
scope includes supply of Pantograph, Current Transformers (CTS), Potential
Transformers (PTS), Vacuum Circuit Breakers, traction transformers, traction
converters, motors, microprocessor-based controls and other auxiliary equipment
including passenger information systems.
This equipment has
state-of-the-art IGBT-based (Insulated Gate Bipolar Transistor) three-phase
technology with microprocessor-based controls, whereas, the entire system is
based on Siemens' SIBASTM controls with self-diagnostic features. The System
supplied will be suitable for operation on dual voltages, i.e. both the 1,500 V
direct current (DC) system, which is currently in use, and the 25,000 V
50-cycles systems, which will replace it in the future.
Built on
proprietary know-how and designs of field-proven technology of Siemens AG,
these systems will be adapted to suit local environmental and climatic
conditions and will have a high level of local value-added content, to be
largely procured or locally manufactured. Offering multiple benefits, the
system will not only reduce energy consumption by upto 30 percent, but will
also decrease the overall maintenance cost resulting in a considerable saving
for the Railways. Passenger comfort is considerably enhanced due to smooth
acceleration and braking without jerks.
Comments Mr. J.
Schubert, Managing Director, Siemens Ltd, "Over the past two years, the
Government of India has taken some initiatives to improve the transportation
infrastructure, particularly roads and highways. It is encouraging to see that
the Government is now also increasing thrust on the rail transportation sector,
which is in need of modernization, especially to ease the congestion, provide
greater safety and enhance comfort for passengers." He further added,
"This order is a strategic breakthrough for their transportation business
in
Explaining the importance of the order, Mr. V.B. Parulekar, Executive Vice
President and head of Transportation Systems Division, says, "This is a
major challenge for all involved to meet the stringent quality and delivery
demands. With their longstanding experience in this segment, backed by the
latest technology from Siemens AG, a world leader in Transportation systems,
they are confident to make this project a successful and beneficial venture for
the Railways. This order will provide a huge boost not only to their business,
but will also benefit the ancillary industry in a larger way."
The Transportation Systems Division of Siemens Limited is a leading provider of
electrical systems for the safety and traction segments for Indian Railways
(IR). The Division's portfolio includes solutions for rail automation, railway
electrification, light and heavy rail, locomotives, trains, turnkey projects
and integrated services. Over the past few years, the Division has registered
an impressive double-digit growth despite budgetary constraints on new
investments faced by the Railways
It employs around
3811 persons in its set-ups.
Press
releases
Siemens to be Global Partner of Expo 2010
Partnership to make the Expo vision – “
München/
Siemens is the very first multinational
company to independently become the Expo 2010 Global Sponsorship Partner. Under
an agreement signed today in
“Ever since the
Great Exhibition of 1851 in
Expo 2010 – which
will take place from May 1 to October 31, 2010 – is expected to attract over 70
million visitors from
“Expo 2010 is a
milestone in their partnership. We’d like to express their sincerest thanks to
China, the city of Shanghai and, most of all, to the Bureau of Shanghai World
Expo Coordination for this opportunity to help make the Expo vision – Better
City, Better Life – a reality,” said Dr. Richard Hausmann, President and CEO of
Siemens China.
The partnership
agreement was signed today by Dr. Klaus Wucherer, member of the Corporate
Executive Committee of Siemens AG, Dr. Richard Hausmann, President and CEO of
Siemens China, and Mr. Hong Hao, Director General of Shanghai World Expo
Coordination. Mr. Hu Yanzhao, Vice Mayor of Shanghai Municipality, Madam Zhong
Yanqun, Vice Chairman of Executive Committee of World Expo 2010
Madam Zhong Yanqun
emphasized that the successful preparation and organization of World Expo 2010
would not be possible without the support from all walks of life, especially
from the business circle. The participation of Siemens further added to the
number of enterprises that sponsor Expo 2010. Meanwhile, Siemens is the very
first multinational company to independently become Expo 2010 Global
Sponsorship Partner. This will encourage more multinational companies to
participate in Expo 2010. The Shanghai Expo serves as an opportunity as well as
a stage, for not only companies in
“Siemens is linked
with
Since 2001,
Siemens has been actively assisting and making a major contribution to the
preparations for
Siemens AG (
Exelon Generation awards Siemens the “2006 Operational Excellence Award”
for consistent, seamless support of its Nuclear and Power business units
Exelon Power and Exelon Nuclear, two business
units of Exelon Generation, have honored Siemens Power Generation with the 2006
Operational Excellence Award for Siemens’ dedication to safety, emergency
response, quality and service implementation. The award recognizes suppliers
that demonstrate exceptional performance in support of Exelon's operations.
Exelon Power serves the Mid-Atlantic, Northeast and
As the largest
nuclear operator in the
Exelon honors
suppliers that excel in key focus areas, including supplier diversity, safety,
emergency response and operational excellence, by recognizing them with awards
at their annual Exelon Supplier Summit. The 2006 Operational Excellence Award
was presented to Siemens at the 2007 Exelon Supplier Summit held in
"From the
Exelon Nuclear perspective, Siemens has achieved this honor through consistent
and outstanding leadership, as well as an overwhelming sense of plant and
equipment ownership. The integration of the emergent LP turbine blading work at
Braidwood and the emergent generator repairs at Byron represent great
leadership examples where Siemens was able to implement these challenges with a
high degree of human performance, quality, and more importantly, safety,”
commented Tyler Anthony, Exelon Energy Delivery vice president, Transmission
and Substation, and former vice president of Outage and Planning Services at
Exelon Nuclear.
He further stated,
“Siemens stands out as a unique service supplier that is always in lock-step or
one step ahead of Exelon in support of their common goals and plant operation.
Remarkably, the Siemens leadership team has been able to seamlessly integrate a
large and complex organization into a ‘one-stop-shop’ in support of Exelon
Nuclear in order to achieve their operational goals for 2006.”
Mark Schiavoni,
president of Exelon Power added, “Siemens has been very responsive and flexible
to Exelon Power's needs during this past year. For one specific outage, Siemens
implemented a risk-management tool that enabled Exelon to solve potential problems
and put contingency actions into play yielding significant benefits. Siemens
not only addressed the high profile issues, but also brought forward solutions
to smaller problems, which contributed to their superb outage execution and
performance."
“Exelon is an
important alliance customer that has exhibited confidence in their service
capabilities for many years, and it is a tremendous honor to receive this award
from a company with such high standards,” said Craig Weeks, president of the
Siemens Power Generation Operating Plant Service Division. “It demonstrates how
the alignment of their goals can lead to an ongoing, successful partnership.”
Siemens signed a
service alliance agreement with Exelon Nuclear in 2002 and with
Exelon Power in
2003. Siemens previously received the Exelon Safety Award from
Exelon Nuclear in
2005.
The Power
Generation Group (PG) of Siemens AG is one of the premier companies in the
international power generation sector. In fiscal 2006 (which ended September
30), Siemens PG posted sales amounting to more than EUR10 billion and received
new orders totaling EUR12.5 billion, according to U.S. GAAP. Group profit
amounted to EUR782 million. On September 30, 2006, PG had a work force of
approximately 36,400 worldwide. Further information at:
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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. 40.97 |
|
|
1 |
Rs. 80.73 |
|
Euro |
1 |
Rs. 54.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|