MIRA INFORM REPORT

Report Date :

06.02.2008

IDENTIFICATION DETAILS

Name :	SIEMENS LIMITED

Registered Office :	130, Pandurang Budhkar Marg, Worli, Mumbai – 400 018, Maharashtra

Country :	India

Financials (as on) :	30.09.2007

Date of Incorporation :	02.03.1957

Com. Reg. No.:	11-10839

CIN No.: [Company Identification No.]	U28920MH1957PLC010839

TAN No.: [Tax Deduction & Collection Account No.]	MUMS44080B

PAN No.: [Permanent Account No.]	AAACS0764L

Legal Form :	A public limited liability company. The company's shares are listed on Stock Exchanges.

Line of Business :	Manufacturing and Marketing of Switchgear Items

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 64000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of Siemens AG, Germany. Available information indicates high financial responsibility of the company. The company is improving its' financial position, steadily. Financial position of the company is satisfactory. Payments are usually correct and as per commitments. It can be considered for your proposed business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	130, Pandurang Budhkar Marg, Worli, Mumbai - 400 018, Maharashtra, India
Tel. No.:	91 - 22 – 24987000/01/02/24931349/50
Fax No.:	91 - 22 – 24987500/52/24941758
E-Mail :	kavita.ghatge@siemens.co.in corporate-secretariat.in@siemens.com
Website :	http://www.siemens.co.in

Head Office :	Plot No.2, Sector 2, Kharghar Node, Navi Mumbai - 410 208, Maharashtra
Tel. No.:	91 - 22 - 27568000
Fax No.:	91 - 22 - 27568018

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 1^st Floor, Jyoti Mahal No. 49, St. Marks Road, Bangalore – 560001, Karnataka, India Tel. No. 91-80-22270609/22272532 Fax No. 91-80-22219450 v No. 84, Keonics Electronics City, Hosur Road, Bangalore – 561229, Karnataka, India Tel. No. 91-80-28528641-56/28091651 Fax No. 91-80-28521117 v SCO 188/190, 2^nd Floor, Sector 34a, Guru Nanak Complex, Chandigarh – 160022, Maharashtra, India Tel. No. 91-172-2666618/619 Fax No. 91-172-2666621 v 144, Mahatma Gandhi Road, P.O. Box No. 3323, Chennai – 600034, Tamilnadu, India Tel. No. 91-44-28273275/7731/7734/9319 Fax No. 91-44-28255731 v 29, First Floor, Addis Street, Grey Town, Coimbatore – 641018, India Tel. No. 91-422-2380908 Fax No. 91-422-2380271 v 43, Shanti Palli, Rashbihari Bypass Connector, Kolkata – 700042, West Bengal, India Tel. No. 91-33-24421139-40/24428641-46 Fax No. 91-33-24421147 v 130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, Maharashtra, India 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, Shirole Road, Pune – 411004, Maharashtra, India Tel. No. 91-20-25539577/9760/4976 Fax No. 91-20-25539758 v 9-1-87/119/2, 1^st Floor, St. John’s Road, Secunderabad – 500025, Andhra Pradesh, India Tel. No. 91-40-27702552/4544/3863 Fax No. 91-40-27702951 v Vinijya Bhavan, Race Course Road, Vadodara – 390007, Gujarat, India Tel. No. 91-265-2341579/330563 Fax No. 91-265-2341579 v Plot No. 6A, Sector 18, Maruti Industrial Area, Huda, Gurgaon – 122015, Haryana, India Tel. No. 91-124-6349360-67 Fax No. 91-124-6343142

Factory :	v E-76, Waluj MIDC Area, Aurangabad – 431136, India Tel. No. 91-240-2554008/007 Fax No. 91-240-2554007 v Plot No. L6, Verna Electronic City, Panaji Margao Road, Verna - 403722, Goa, India Tel. No. 91-832-2783420 Fax No. 91-832-2783422 v Thane Belapure Road, P.O. Box 85, Thane – 400601, Maharashtra, India Tel. No. 91-22-27600001/06 Fax No. 91-22-27600030 v Plot No. C-1, Additional Industrial Area, MIDC, Ambad, Nashik – 422010, Maharashtra, India 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, Maharashtra, India Tel. No. 91-22-24987000 Fax No. 91-22-24987500

DIRECTORS

Name :	Mr. Deepak S. Parekh
Designation :	Chairman
Date of Birth/Age :	18.10.1944
Qualification :	B. Com, FCA (England & Wales)
Date of Appointment :	07.11.2003
Previous Employment :	Bharat Bijlee Limited Borax Morarji Limited Castrol India Limited Exide Industries Limited Glaxo SmithKline Pharmaceuticals Limited HDFC Asset Management Company Limited HDFC General Insurance Company Limited HDFC Standard Life Insurance Company Limited Housing Development Finance Corporation Limited Hindustan Oil Exploration Company Limited Hindustan Unilever Limited (formerly Hindustan Lever Limited) Infrastructure Development Finance Company Limited Lafarge India Private Limited Mahindra & Mahindra Limited The Indian Hotels Company Limited Zodiac Clothing Company Limited

Name :	Mr. D. C. Shroff
Designation :	Director
Date of Birth/Age :	08.08.1944
Qualification :	BA (Hons.), LL.B., Solicitor
Date of Appointment :	20.02.1997
Previous Employment :	Avi-Oil India Private Limited Bayer Polychem (India) Limited Ciba Speciality Chemicals (India) Limited CMP Private Limited Ingersoll-Rand (India) Limited 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
Date of Birth/Age :	24.09.1933
Qualification :	CA
Date of Appointment :	01.04.1998
Previous Employment :	ABC Bearings Limited Bayer CorpSciences (India) Limited Bayer MaterialScience Private Limited Bharatiya Reserve Bank - Note Mudran Private Limited Cabot (India) Limited The Clearing Corporation of India Limited Hindustan Construction Company Limited National Stock Exchange of India Limited National Securities Clearing Corporation Limited Nicholas Piramal India Limited Tata Coffee Limited Tata Tea Limited

Name :	Prof. Dr. K. Wucherer
Designation :	Special Director (nominee of Siemens AG)
Date of Birth/Age :	09.07.1944
Qualification :	Prof. Dr.-lng., Dr.-lng. E.h.
Date of Appointment :	01.10.2000

Name :	Mr. Stephan Schneider
Designation :	Alternate Director for Prof. Dr. K. Wucherer
Date of Birth/Age :	22.03.1958
Date of Appointment :	23.07.2007

Name :	Mr. Narendra J. Jhaveri
Designation :	Director
Date of Birth/Age :	09.08.1935
Qualification :	B. Com., Masters from London School of Economics
Date of Appointment :	09.11.2000
Previous Employment :	Afcons Infrastructure Limited Edelweiss Capital Limited Gujarat State Petronet Limited Hindalco Industries Limited Indian Aluminium Company Limited Juniper Hotels Private Limited Kier Afcons (India) Private Limited Manipal Health System Private Limited Phoenix ARC Private Limited Pidilite Industries Limited Siemens Information Systems Limited Siemens Medical Solutions Diagnostics Limited (formerly Bayer Diagnostics India Limited) SKF India Limited Ultra Tech Cement Limited Usha Martin Limited Voltas Limited

Name :	Mr. Keki Dadiseth
Designation :	Director
Date of Birth/Age :	20.12.1945
Qualification :	B. Com., FCA (England & Wales)
Date of Appointment :	27.01.2006
Previous Employment :	Britannia Industries Limited ICICI Prudential Life Insurance Company Limited ICICI Prudential Trust Limited Indian Hotels Company Limited Nicholas Piramal India Limited Omnicom India Marketing Advisory Services Private Limited Times Global Broadcasting Company Limited

Name :	Mr. Pradip V. Nayak
Designation :	Director
Date of Birth/Age :	06.09.1943
Qualification :	Degree in Economics & Politics Read Law at Gray's Inn, London
Date of Appointment :	27.01.2006
Previous Employment :	ABN Amro Trustee (India) Private Limited GlaxoSmithkline Pharmaceuticals Limited Siemens Medical Solutions Diagnostics Limited (formerly Bayer Diagnostics India Limited) Vibrac Animal Health India Private Limited

Name :	Mr. Joe Kaeser
Designation :	Director
Date of Birth/Age :	23.06.1957
Qualification :	MBA
Date of Appointment :	01.10.2006

Name :	Dr. Otmar Schmitt
Designation :	Alternate Director for Mr. J. Kaeser
Date of Birth/Age :	10.09.1951
Qualification :	PhD in National Economics
Date of Appointment :	15.12.2000
Previous Employment :	Siemens Corporate Finance Private Limited

Name :	Mr. Juergen Schubert
Designation :	Managing Director and Director (up to 31.12.2007)
Date of Birth/Age :	07.05.1947
Qualification :	Dip Ing.
Date of Appointment :	01.10.1996
Previous Employment :	Siemens Information Processing Services Private Limited Siemens Information Systems Limited

Name :	Mr. Patrick de Royer
Designation :	Executive Director
Date of Birth/Age :	25.10.1951
Qualification :	MBA
Date of Appointment :	01.01. 2001
Previous Employment :	Flender Limited Siemens Building Technologies Private Limited (formerly iMetrex Technologies Private Limited) Siemens Corporate Finance Private Limited Siemens Information Processing Services Private Limited Siemens Information Systems Limited

Name :	Mr. Kumbakonam R. Upili
Designation :	Whole-time Director
Date of Birth/Age :	20.03.1947
Qualification :	B.Com, Diploma in Business Management
Date of Appointment :	27.01.2006
Previous Employment :	Siemens Corporate Finance Private Limited

Name :	Mr. Vijay V. Paranjape
Designation :	Whole-time Director
Date of Birth/Age :	25.07.1948
Qualification :	B.E.
Date of Appointment :	01.02.2007
Previous Employment :	• Flender Limited

Name :	Mr. Vilas B. Parulekar
Designation :	Whole-time Director
Date of Birth/Age :	25.07.1949
Qualification :	B.E
Date of Appointment :	01.02.2007

Name :	Dr. Armin Bruck
Designation :	Whole-time Director (from 01.10.2007 to 31.12.2007) Managing Director (from 01.01.2008)
Date of Birth/Age :	06.02.1963
Qualification :	PhD in Operations Research Business Degree in Economics and Informatics
Date of Appointment :	01.10.2007
Previous Employment :	• Siemens Building Technologies Private Limited (formerly iMetrex Technologies Private Limited) • Siemens Information Processing Services Private Limited • Siemens Information Systems Limited

KEY EXECUTIVES

Name :	Mr. Ashok Jangid
Designation :	Vice President and Company Secretary
Date of Birth/Age :	21.09.1960
Qualification :	B.Com, LLB, FCS
Date of Appointment :	14.12.1996
Previous Employment :	• Siemens Enterprise Communications Private Limited • Siemens Hearing Instruments Private Limited • Siemens Nixdorf Information Systems Private Limited • Winergy Drive Systems India Private Limited

Committees of Directors
Audit Committee	Mr. Y. H. Malegam (Chairman) Mr. J. Kaeser / Dr. 0. Schmitt Mr. Deepak S. Parekh Mr. K. Dadiseth Mr. Ashok Jangid (Secretary)

Investors Grievance Committee	Mr. D. C. Shroff (Chairman) Mr. J. Schubert Mr. Pradip V. Nayak Mr. Ashok Jangid (Secretary)

Remuneration Committee	Mr. N.J.Jhaveri (Chairman) Mr. D. C. Shroff Mr. Deepak S. Parekh Mr. Pradip V. Nayak Mr. Ashok Jangid (Secretary)

Corporate Governance; Committee	Mr. K. Dadiseth (Chairman) Mr. Deepak S. Parekh Mr. Y. H. Malegam Mr. D. C. Shroff Mr. J. Kaeser / Dr. O. Schmitt Mr. J. Schubert Mr. Ashok Jangid (Secretary)

Corporate Management	Managing Director : Mr. J. Schubert Executive Director Mr. P. De Royer

Business Segments	Industry Industrial Solutions & Services Mr. N. Sivasubramanian Mr. S. Krishnan Automation & Drives Mr. V. V. Paranjape Mr. R. M. Gala Power Power Generation Mr. R. Sachdeva Mr. T. T. Joseph Power Transmission & Distribution Mr. A. K. Dixit Mr. A. V. Kamath

Corporate Resources	Corporate Communications Mr. K. Ghatge Corporate Planning Mr. R. Dalvi *top Projects Mr. R. Dalvi Corporate Strategic Purchase & Logistics Mr. A. S. Shikarwar Corporate Secretariat Mr. Ashok Jangid Regional Compliance Office Mr. S. Banerjee Liasion Office - Colombo, Sri Lanka Mr. S. Rajiv Siemens One and Key Account Management Mr. S. Ramakrishna Intellectual Property Mr. Ekkehard Ruyter Corporate Accounts Mr. P. Joglekar Corporate Taxation Mr. D. Nageswar Rao Corporate Finance** Mr. P. Bhambani

Location In-charge	Head Office Mr. S. D. Tare Kharghar Mr. S. Krishnan Pune Mr. C. J. Kaul Ahmedabad Mr. A. Mehta Vadodara Offices+Works Mr. N. Dewaji Nagpur Mr. R. Likhitkar Kolkata Mr. S. K. Datta Chennai Mr. G. V. R. Rao Coimbatore Mr. K. Arul Prakash Bangalore Mr. K. Nadkarni Cochin Mr. NN Hyderabad Mr. T. Srikant

Committees of Management	Share Transfer Committee Mr. J. Schubert (Chairman) Mr. P. de Royer Mr. Ashok Jangid Finance Committee Mr. P. de Royer (Chairman) Mr. J. Schubert Mr. Ashok Jangid Delegation of Powers Committee Mr. J. Schubert (Chairman) Mr. P. de Royer Mr. K. R. Upili Mr. Ashok Jangid

Medical Medical Solutions	Mr. D. Raghavan Mr. K. N. Prabhu

Transportation Transportation Systems	Mr. V. B. Parulekar Mr. M. K. Vig

Real Estate Siemens Real Estate	Mr. S. D. Tare Mr. N. Lobo

	Corporate Legal Mr. F. N. Katgara Internal Audit Mr. A. Chopra Performance Controlling Mr. V. D. Kale Chief Information Officer Mr. Nishith Sharan Import/Export Admin Mr. P. Sant Corporate Security Mr. S. D. Tare Human Resource Mr. K.R. Upili Occupational Safety & Environment Mr. J. Rao Medicare & Occupational Health Mr. S. Sivaramakrishnan International Delegation Centre Mr. S. S. Jaswal Project Management @ Siemens Mr. D. Khandekar

	Delhi (Ring Road) Mr. Munish Vasudeva Delhi (Gurgaon) Mr. R. Sachdeva Chandigarh Mr. R. Handa Lucknow Mr. N N Jaipur Mr. A. K. Sinha Kalwa Works Mr. G. D'Silva Nashik Works Mr. S. Pate Aurangabad Works Mr. D. S. Kulkarni Goa Works Mr. H. Usgaonkar Kalwa Works -Trafos Mr. G. Bhatia Hyderabad Works Mr. D. R. K. Reddy

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders	No. of Shares	Percentage of Holding
Promoter (Siemens AG, Germany)	93020545	55.18
Public	24286292	14.41
Banks & Indian Financial Institutions	18300033	10.86
Mutual Funds & UTI	14166119	8.40
Foreign Institutional Investors (Flls)	14070162	8.35
Bodies Corporate	4047079	2.40
Non-Resident Indians (NRIs) and Overseas Corporate Bodies (OCBs)	670180	0.39
Directors & their Relatives	19690	0.01
Total	168580100	100.00

Top Ten Shareholders of the Company as on 30th September, 2007

Siemens AG, Germany	93020545	55.18
Life Insurance Corporation of India	13076194	7.76
Bharat Bijlee Limited	1412580	0.84
General Insurance Corporation of India	1206415	0.72
Azim Hasham Premji	1136509	0.67
Reliance Capital Trustee Company Limited A/C Reliance Vision Fund	1075000	0.64
Oppenheimer Funds Inc. A/C Oppenheimer Developing Markets Fund	973000	0.58
Daily Active Emerging Markets Securitie Slending Common Trust Fund	901444	0.53
HDFC Trustee Company Limited- HDFC Equity Fund	860140	0.51
Templeton Mutual Fund A/C Franklin Indiabluechip Fund	832729	0.49
Total	114494556	67.92

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Switchgear Items

Products :

Product Description	Item Code No. (ITC CODE)
Electrical Part of Machinery or Apparatus	854800
Electronic Automatic Regulators	903289
X-ray Apparatus	902210

PRODUCTION STATUS

Particulars	Unit	Installed Capacity	Actual Production
Switchgear items	Nos.	12873393	7836255
Electric motor/generators	Nos.	20023	18040
Switchboards, control boards and misc. Accessories	Nos. [Boards]	8000	2436
X-ray equipment	Nos.	1283	1060
Electro medical equipment	Nos.	209	36
Rectifier cubicles and misc. equipment	MW	65	--
Variable AC/DC derive systems, motor control modules and programmable control systems	Nos.	6248	1487
Data acquisition, logging and control systems	Nos.	00	--
Electronic measurand converter	Nos.	00	--
Static Converter for railways	Nos.	610	190
Audio frequency track circuit	Nos.	900	--
Interlocking relays	Nos.	250000	165165
Auxiliary inverter for AR locomotive	Nos.	50	84
Traction converter for diesel locomotive	Nos.	72	78
Electrical control cabinet	Nos.	288	144
Circuit breakers above 1000 volts	Nos.	1000	1254
Power Transformers	MVA	15000	100
Single stage/ multi stage turbines	MW	69	38
Traction Converters for EMU	Nos.	180	39
Auxiliary Converters for EMU	Nos.	180	30
High Frequency Power Supply	Nos.	180	271

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

No. of Employees :

6,505

Bankers :

v American Express Bank Limited

v Bank of America National Trust and Savings Association

v Citibank N.A.

v Deutsche Bank AG

v HDFC Bank Limited

v The Hong Kong and Shanghai Banking Corporation Limited

v Standard Chartered Bank Limited

v State Bank of India

v Syndicate Bank

Facilities :

Unsecured Loan

Interest Free Loans Under

Sales Tax Deferral Scheme

The Loan Under Sales Tax deferral scheme is payble upto 2011 Amounts payble within one year.

15.3232

4.709


Banking Relations :	Satisfactory

Auditors :
Name :	Bharat S. Raut & Company Chartered Accountants Cost Auditors R. Nanabhoy & Company Chartered Accountants

Subsidiaries :	Siemens Information Systems Limited ("SISL") Siemens Public Communication Networks Private Limited CSPCNLO Siemens Information Processing Services Private Limited ('SIPS') Siemens Industrial Turbomachinery Services Private Limited Siemens Nixdorf Information Systems Private Limited ('SNISLO Siemens Building Technologies Private Limited (formerly iMetrex Technologies Private Limited) Siemens Limited, Australia Siemens VDO Automotive Pty. Limited Siemens Aktiengesellschaft Osterreich Siemens VAI Metals Technologies GmbH & Co VA Tech Elin Transformatoren Siemens Bangladesh Limited Siemens Enterprise Communications N.V. Siemens S.A. Siemens VDO Automotive N.V Siemens Electro Electronica S.A. Siemens Limited, Brazil Siemens VDO Automotive Limited Beijing Siemens Cerberus Electronics Limited MWB (Shanghai) Co Limited Siemens Circuit Protection Systems Limited Siemens Electrical Apparatus Siemens Electrical Drives Limited Siemens Factory Automation Engineering Limited Siemens International Trading (Shanghai) Company Limited Siemens Limited, China Siemens Medium Voltage Switching Technologies (Wuxi) Limited Siemens Power Plant Automation Limited Siemens Shanghai Medical Equipment Limited Siemens Switchgear Company Limited Siemens VDO Automotive Changchun Co Limited Siemens VDO Automotive Huizhou Company Limited Siemens VDO Automotive WuHu Co Limited Zhenjiang Siemens Busbar Trunking Company Limited Siemens S.A. Koncar Power Transformers Limited Siemens Automobilova System S.R.O Siemens Elektromotory S.R.O Siemens Industrial Turbomachinery S.R.O. Siemens S.R.O Siemens VDO Automotive S.R.O. Siemens Electromotory S.R.O. Siemens Limited Egypt Siemens (Pty) Limited Siemens Osakeyhtio Flender-Graffenstaden S.A.S. Siemens S.A.S. Siemens Transmission & Distribution S.A. Siemens VAI Metals Technologies S.A.S. Siemens VDO Automotive S.A.S.. Flender Industriegetriebe GmbH & Co KG LINCAS Export Services GmbH Loher GmbH Mdexx Magnetronic Devices GmbH & Company KG Mechanik Center Erlangen GmbH Siemens Enterprise Communications GmbH & Company KG Siemens Real Estate GmbH & Co OHG Siemens Saint-Denis Siemens Servtronic GmbH CompanyKG Siemens VDO Automotive AG Siemens VDO Trading GmbH Sykatec GmbH & Company KG Trench Germany GmbH Wallace & Tiernan GmbH Weiss Spindeltechnologie GmbH Eviop Tempo SA Siemens A.E., Elektrotechnische Projekte und Erzeugnisse Siemens Limited, Hongkong Epcos India Limited Osram India Private Limited Powerplant Performance Improvement Limited RBS Home Appliances Private Limited Siemens Corporate Finance Private Limited Siemens Enterprise Communications Private Limited Siemens Hearing Instruments Private Limited Siemens Power Engineering Private Limited Winergy Drive Systems India (P) Limited P.T. Siemens Indonesia Siemens Sherkate Sahami Siemens S.P.A. PT Siemens Indonesia Siemens-Asahi Medical Technologies Limited Siemens TOO Siemens Limited, Kenya Siemens Automotive Systems Corporation Siemens Limited, Korea Siemens VDO Halla Limited National & German Electrical & Electronic Services Company Siemens Electrical & Electronic Services K.S.C. OSRAM Opto Semiconductors Siemens Malaysia Sdn. Bhd. Siemens VDO Components (Malaysia) Sdn. Bhd. Siemens VDO Instruments Malaysia Sdn. Bhd. Siemens S.A. de C.V. Siemens VDO S.A. de C.V. Siemens Industrial Turbomachinery BV Siemens Nederland N.V. Siemens (N.Z.) Limited Siemens AS Siemens Pakistan Engineering Siemens Sp. Z.O.O. Siemens WLL Siemens Limited Arabia Electric Limited Epcos Pte Limited Infineon Technologies Asia Pacific Pte Limited Siemens Advanced Engineering Siemens Business Services Pte. Limited Siemens Energy Management & Information Systems Pte. Limited Siemens Pte Limited Siemens d.o.o. Siemens Limited, South Africa Siemens Automotive Systems Corporation Siemens Limited Siemens VDO Automotive Limited Siemens S A. Siemens VDO Automotive SA Siemens Industrial Turbomachinery AB Siemens Building Technologies AG Siemens Schweiz AG Siemens Switzerland AG Siemens VDO Automotive AG Siemens Limited, Taiwan Siemens Limited, Thailand Siemens Sanayi Ve.Ticaret Siemens LLC Siemens Enterprise Communications Limited Siemens Industrial Turbomachinery Limited Siemens Magnet Technology Limited Siemens PLC ASIRobicon Siemens PLC SASC Durham Siemens Power Generation Siemens Protection Devices Limited Protection Products Siemens VDO Trading Limited Siemens Building Technologies Inc. Siemens Demag Delaval Turbomachinery, Inc. Siemens Energy & Automation, Inc. Siemens Medical Solutions USA, Inc. Siemens Power Generation, Inc. Siemens Power Transmission & Distribution, Inc. Siemens Transportation System Inc Siemens VDO Automotive Corporation Siemens S.A. Siemens Automation Systems Limited Siemens Limited, Vietnam

Associates :	Flender Limited

Parent Company	Siemens AG, Germany

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.2/- each	Rs.500.000 millions
150,000,000	10.5% Cumulative Redeemable Preference Shares	Rs.10/- each	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/- each	Rs.337.160 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2007	30.09.2006	30.09.2005
SHAREHOLDERS FUNDS
1] Share Capital		337.160	337.160	331.384
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15571.636	10533.695	7476.241
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15908.796	10870.855	7807.625

LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		15.323	20.032	25.657
TOTAL BORROWING		15.323	20.032	25.657
DEFERRED TAX LIABILITIES		0.000	0.000	188.819

TOTAL		15924.119	10890.887	8022.101

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		4637.454	2621.184	1970.140
Capital work-in-progress		932.931	1541.629	367.825

INVESTMENT		4675.878	4639.729	3302.577
DEFERREX TAX ASSETS		273.251	276.619	339.152

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7490.509	4842.246	3283.990
	Sundry Debtors	23810.524	11097.716	7319.803
	Cash & Bank Balances	4636.219	9394.447	4855.139
	Loans & Advances	4754.188	4164.082	1811.194
	Other Current Assets	0.000	3.597	0.000
Total Current Assets		40691.440	29502.088	17270.126
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	30003.464	24275.052	12759.018
	Provisions	5283.371	3415.310	2468.701
Total Current Liabilities		35286.835	27690.362	15227.719
Net Current Assets		5404.605	1811.726	2042.407

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		15924.119	10890.887	8022.101

PROFIT & LOSS ACCOUNT

PARTICULARS		30.09.2007	30.09.2006	30.09.2005
Sales Turnover		76778.038	44695.116	29061.733
Other Income		1918.331	2157.661	--
Total Income		78696.369	46852.777	29061.733

Profit/(Loss) Before Tax		8742.217	5054.749	3631.052
Provision for Taxation		2776.815	1453.678	1083.546
Profit/(Loss) After Tax		5965.402	3601.071	2547.506

Earnings in Foreign Currency :
	Export Earnings	2009.506	2114.919	559.407
	Commission Earnings	488.355	399.015	387.243
	Other Earnings	24216.287	8038.609	3240.744
Total Earnings		26714.148	10552.543	4187.394

Imports :
	Raw Materials	3340.255	2614.040	1571.194
	Stores & Spares	14492.090	11144.065	7221.116
	Capital Goods	225.947	681.528	92.052
Total Imports		18058.292	14439.633	8884.362

Expenditures :
	Cost of sales and services	62667.020	34636.116
	Personnel costs, net	4044.781	2828.783
	Depreciation/ amortisation (other than on leased assets)	492.279	442.120	25430.681
	Other costs, net	3533.521	3888.009
Total Expenditure		70737.601	41795.028	25430.681

QUARTERLY RESULTS

PARTICULARS		31.12.2007
Type		1^st Quarter
Sales Turnover		19144.300
Other Income		1311.800
Total Income		20456.100
Total Expenditure		17647.100
Operating Profit		2809.000
Interest		[130.600]
Gross Profit		2939.600
Depreciation		150.500
Tax		855.800
Reported PAT		1970.500

KEY RATIOS

PARTICULARS		30.09.2007	30.09.2006	30.09.2005
PAT / Total Income	(%)	7.58	7.69	8.77

Net Profit Margin (PBT/Sales)	(%)	11.39	11.31	12.49

Return on Total Assets (PBT/Total Assets}	(%)	19.29	15.74	18.87

Return on Investment (ROI) (PBT/Networth)		0.55	0.46	0.47

Debt Equity Ratio (Total Liability/Networth)		2.22	2.55	1.95

Current Ratio (Current Asset/Current Liability)		1.15	1.07	1.13

LOCAL AGENCY FURTHER INFORMATION

History:

Siemens Limited (SL), the Indian subsidiary of Siemens AG, Germany is a leader in Electrical and Electronic Engineering Sector. Its offers products, systems, solutions and Services in Power Generation, Power Transmission & Distribution, Automation & Drives, Industrial Solutions & Services, Transportation Systems, Enterprise Communications, Mobile Phones and Medical Solutions. Siemens AG holds 54.6% stake in SL. The company was established in 1957.

Siemens, who commenced business in 1993 by setting up a manufacturing unit at Saltlake in Calcutta for manufacture of digital telephone exchanges using technology supplied by Siemens AG has undertaken organizational restructuring of the operations of Siemens Group in India. As part of this strategic decision SL has divested its stake in Siemens Telecom Limited in Sep 2000 to the other JV Partner Bharti Group and Siemens Public Communication Networks Private Limited (SPCNPL), in Sep 2001 through the buyback offer made by SPCNPL.

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, Switzerland. To synergies the activities Siemens Limited is in the process of amalgamating SBT with itself w.e.f. Oct 1, 2003 subject to necessary approvals.

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 India.

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 recorded a strong growth during the Financial Year ended on 30th September, 2007. Turnover increased sharply by 71% and stood at Rs.77268 million as compared to Rs.45103 million in the previous year 2005-06. While all the businesses contributed to the growth, the key drivers were Power, Automation & Drives and Industrial Solutions and Services businesses.

New Orders received by the Company during the Financial Year ended on 30th September, 2007, were valued at Rs.101070 million as compared to Rs.82025 million during 2005-06, registering a rise of 23%. The major contributor and volume driver was the Power business.

The Profit after Tax increased by 66% to Rs.5965 million from Rs.3601 million during 2005-06. While all the businesses contributed to the growth, Power, Automation & Drives and Industrial Solutions & Services businesses were the key drivers.

Issue of Bonus Shares:

In order to commemorate 50 years of incorporation of the Company, as well as the excellent performance and growth of the Company, the Board of Directors is pleased to recommend issue of Bonus Shares in the ratio of 1:1 (i.e. one new Bonus Share for every existing Equity Share), subject to all statutory and regulatory approvals including the approval of the Members at the 50th Annual General Meeting to be held on 3111 January, 2008. Divestments, Hive-offs and Acquisitions: a. Divestment of 100% stake in Siemens Public Communication Networks Private Limited (SPCNL):

On 27th April, 2007, the Company sold its 100% equity stake comprising of 12,425,000 Equity Shares of Rs.10 each in SPCNL, to Nokia Siemens Networks Private Limited for a consideration of Rs.1898 million. Hence, SPCNL ceased to be a subsidiary of the Company with effect from 27th April, 2007.

Siemens Building Technologies Private Limited (SBTPL):

Acquisition of equity stake:

On 25th May, 2007, the Company acquired 76.98% equity stake in SBTPL, Chennai (formerly known as iMetrex Technologies Private Limited), thus making it a subsidiary. The stake comprising of 2,581,140 Equity Shares of Rs.10 each was acquired from the Promoters of SBTPL for a consideration of Rs.1866 million.

Sale/transfer of Siemens Building Technologies Division (SBT Division):

Pursuant to the approval granted by the Members by way of Postal Ballot on 20th September, 2007, the SBT Division of the Company, engaged in the Building Technologies business, was sold / transferred, as a 'going concern' on a slump sale basis, to SBTPL with effect from 1st October, 2007, for a consideration of Rs.275 million. The consideration for the said sale / transfer has been received in the form of 380,887 Equity Shares of Rs.10 each of SBTPL. Consequently, on 16th October, 2007, the equity stake of the Company in SBTPL increased from 76.98% to 79.32%. c. Sale/transfer of Communications Enterprise Networks Division (COM EN Division):

Pursuant to the approval granted by the Members by way of Postal Ballot on 26th March, 2007, the COM EN Division of the Company, engaged in the Enterprise Networks business, was sold / transferred, as a 'going concern' on a slump sale basis, to Siemens Enterprise Communications Private Limited, Mumbai, a 100% subsidiary of the parent company, Siemens AG, Germany, with effect from 1st August, 2007, for a consideration of Rs.609 million.

Acquisition of balance 26% equity stake in Siemens Industrial Turbomachinery Services Private Limited (SITS):

On 1st April, 2005, the Company acquired 51% equity stake in SITS, making it a subsidiary. On 28th September, 2006, the Company acquired an additional 23% equity stake in SITS. On 7th September, 2007, the Company acquired the balance 26% equity stake in SITS from Pimac Engineers Private Limited, New Delhi, comprising of 23,660 Equity Shares of Rs.100 each for a consideration of Rs.33.48 million. With this acquisition, SITS has become a 100% subsidiary of the Company with effect from 7th September, 2007.

Sale/transfer of Siemens VDO Automotive Division (SVDO Division):

Pursuant to the approval granted by the Members by way of Postal Ballot on 20th September 2007, the SVDO Division of the Company, engaged in the Automotive Components business, was sold / transferred as a 'going concern' on a slump sale basis to Siemens VDO Automotive Components Private Limited, a 100% subsidiary of the parent company, Siemens AG, Germany, with effect from 111 December, 2007, for a consideration of Rs.1700 million.

Subsidiary companies:

Siemens Information Systems Limited, Mumbai (SISL) - a 100% subsidiary:

The Company holds 100% equity stake in SISL, a systems integrator and total solutions provider, having extensive domain expertise and technology specialization. For the year ended on 30th September, 2007, SISL has posted a good performance with a total income of Rs.10434 million (2005-06 : Rs.8731 million) and a Net Profit of Rs.1521 million (2005-06 : Rs.1356 million). For the year ended on 30th September, 2007, SISL declared an Interim Dividend of 520% (2005-06 : 1,260%).

Siemens Information Processing Services Private Limited, Bangalore (SIPS) - a 100% subsidiary:

The Company holds 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. SIPS provides back office and customer contract services primarily to Siemens companies in the US and UK, with the necessary technology and process competence. During the year ended on 30th September, 2007, SIPS has posted a total income of Rs.1059 million (200506 : Rs.867 million) and a Net Profit of Rs.173 million (2005-06 : Rs.101 million). No dividend was declared by SIPS for year ended on 30th September, 2007 (2005-06 : 300%).

Siemens Industrial Turbomachinery Services Private Limited, Bangalore (SITS) - a 100% subsidiary:

During the year under review, the Company increased its stake in SITS from 74% to 100%. SITS specialises in the service, repair and overhaul of small gas turbines and rotating equipment. For the year ended on 30th September, 2007, SITS has posted a total income of Rs.515 million (2005-06 : 142 million) and a Net Profit of Rs.45 million (200506 : Rs.8 million). SITS declared an Interim Dividend of 13.50% for year ended on 30th September, 2007 (2005-06 : 37%).

It is proposed to merge SITS with the Company during the current financial year, subject to receipt of all statutory and regulatory approvals in this regard.

Siemens Nixdorf Information Systems Private Limited, Mumbai (SNISL) - a 100% subsidiary:

SNISL is a 100% subsidiary of SISL and, being a subsidiary of a subsidiary, SNISL is considered as a subsidiary of the Company. SNISL has ceased its commercial activities since 2000-01 and it is proposed to wind it up as soon as possible, subject to all statutory and regulatory approvals. SNISL is in the process of obtaining the requisite approvals for this purpose.

Siemens Building Technologies Private Limited, Chennai (SBTPL) - a 79.32% subsidiary:

On 25th May, 2007, the Company acquired 76.98% equity stake in SBTPL. Subsequently, the equity stake was increased to 79.32% as explained above. SBTPL is engaged in the Building Technologies business providing a range of products and services comprising of building automation systems, fire safety solutions, security solutions, etc. Consequent to SBTPL becoming a subsidiary of the Company, the accounts of SBTPL for the period from 25th May, 2007 to 30th September, 2007 form part of the Consolidated Accounts. During this period, SBTPL recorded a total income of Rs.362.71 million and a Net Loss of Rs.7.01 million.

The following companies, being subsidiaries of SBTPL, are considered as subsidiaries of the Company with effect from 25th May, 2007:

Vista Security Technics Private Limited, Chennai (VSTL):

VSTL, a 100% subsidiary of SBTPL, is engaged in the distribution of safety security products. VSTL has posted a total income of Rs.72.78 million and a Net Profit of Rs.4.79 million for the period from 25th May, 2007 to 30th September, 2007.

iMetrex Technologies Pte Limited, Singapore (ITPL):

ITPL, a 100% subsidiary of SBTPL, is engaged in the distribution of safety security products. ITPL posted a total income of Rs.113.15 million and a Net Loss of Rs.1.64 million for the period from 25th May, 2007 to 30th September, 2007.

Avenues Hong Kong Limited, Hongkong (AHKL):

AHKL, a 100% subsidiary of SBTPL, is engaged in the distribution of safety security products. AHKL posted a total income of Rs.182.27 million and a Net Profit of Rs.70.37 million for the period from 25th May, 2007 to 30th September, 2007.

iMetrex Technologies Limited, Ireland (ITL) and its subsidiaries:

ITL, a 99.76% subsidiary of SBTPL, is engaged in the manufacture, research and development and distribution of safety security products. ITL has the following subsidiary companies:

Europlex Technologies Limited, Ireland Europlex Manufacturing Limited, Ireland Europlex Research Limited, Ireland Europlex Technologies UK Limited, U.K.

ITL has posted a consolidated total income of Rs.69.12 million and a Net Loss of Rs.53.57 million for the period from 25th May, 2007 to 30th September, 2007.

During the period under review, the SBT Group consisting of SBTPL, VSTL, ITPL, AHKL and ITL posted a consolidated (excluding intra-group balances / transactions and resulting Unrealised profits in full) turnover of Rs.646.49 million and a Net Loss of Rs.0.35 million for the period from 25th May, 2007 to 30th September, 2007.

All the above subsidiary companies are non-material non listed subsidiary companies as defined under Clause 49 of the Listing Agreement entered into with the Stock Exchanges (Listing Agreement).

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 Corporate Affairs, New Delhi, (MCA) vide its letter No.47/394/2007CL-III dated 26th September, 2007, exempted the Company from annexing to this Report, the Annual Reports of the above subsidiary companies for the year ended on 30th September, 2007. 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 investor at the Registered Office of the Company and of the subsidiary companies concerned between 10 a.m. and 12 noon on any working day of the Company and of the respective subsidiary companies, up to the date of the 50th Annual General Meeting to be held on 31st January, 2008.

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 West Germany.

- 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 Calcutta a Godown-cum-workshop for repairing electrical equipment. The Company undertook the manufacture of H.T. & L.T. switchboards, control boards and panels, etc., at this workshop.

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 West Germany. 3,230 to other members.

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 Company 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 Bangalore, Manipal and Mangalore.

- 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 Aurangabad district of Maharashtra for the manufacture of switchgears and miniature circuit breakers.

- The Company proposed to set up a factory at Salt Lake, Calcutta, for manufacture of public switching systems. The Company also proposed to manufacture Transmission equipments.

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 Calcutta with technology from C-Dot.

- 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, Germany. The Nashik works was selected as the global manufacturing

- 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 Nasik. Also an enterprise wide IT system, the SAPR/3 was introduced.

- The Company through a joint venture with International Ferrites Limited with ACC, Siemens. Metsushita components GmbH & Company 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, Singapore and Semiconductor Corp. Limited to enter the smart card business.

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 India the latest version of Siemens AG private exchanges. The division introduced HICOM 100 KTS a fully digitized and ISDN telesystem.

- 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 Maharashtra to a proposed 100% subsidiary company.

- 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, Germany is the holding company and holds 14,482,470 No. of Equity shares of Rs 10 each in the company as on 30th September.

- 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 Limited, a subsidiary of Siemens Limited

- Siemens Public Communications is a 70:30 joint venture between Siemens Germany and Siemens Limited India.

- Siemens Telecom Limited, a joint venture between Siemens and Bharti Telecom formally launched its Euroset and Emerald series of phones in Bangalore on 17^th February.

- 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 Punjab.

- 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 India.

- 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 Aurangabad.

- 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, Germany with a 51 per cent equity stake, Siemens is in the business of automation, medical engineering, power generation, power transmission and distribution systems, switchgear and telecommunication systems.

- 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 Limited, 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 Limited has introduced the Multimobile 4C medical system that is a mobile image intensifier television system. - Siemens Teleco Limited the joint venture company between Siemens and Bharati Telecom has launched the sleek and compact hand cellophane Siemens C-28.

- Siemens and its India subsidiary have been permitted to take full control in VXL Landis & GYR, with Birla VXL choosing to opt out of the joint venture.

- 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 Limited, 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 EMS, the new industry standard for enhanced messaging, alongside a flexible memory capability and GPRS.

2002

- Siemens Limited 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 Limited 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.

Contingent liabilities	Rs in Millions As on 30.09.2007
Bills discounted	72.133
Taxation matters (excluding interest)
- In respect of certain completed assessments where matters are under appeal by the Company	321.738
- In respect of appeals decided in favour of the Company, but disputed further by income tax authorities	106.166
Excise/sales tax liabilities (net of tax), under dispute	216.128
Customs liabilities (net of tax), under dispute	120.000
Corporate and other guarantees	10.249

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

Trade Terms with

A.N. Instruments
Aanchalia Industries
Aggarwal Engineering Works
Ajay Industries
Altop Industries Limited
Bombay Transport & Electrical
Boost Electronics
Brights Industries
Brisk Instrumentation
Bry-Air (Asia) Private Limited
Buchade Metalcraft Private Limited
Bumper India Private Limited
Calcutta Electro Engineering Works
Cedicom Electronics
D'square Instruments
Dynalog (India) Limited
Electrical Controls & Systems
Electrofab Innovations India
Electronic Switches (I) Private Limited
Finecast Industries
Finishvel Engineering
Flowtech Instruments Service
Forbes Marshall Area Limited
Forbes Marshall Limited
Gaviranga Enterprises
General Engineering
Henkel Chembond Surface
Huma Engineers
Ideal Engineering Works
Ikon Moulders
Nootan Engineering Industries
Nutan Timber Corpn.
Om Enterprises
Packsale Industries
Pam Synthetics
R.N.Plastics
Ragwanand Engineering
Shrameya Engineers Private Limited
Shree Laxmi Industries
Shree Surya Coating
Shubhneel Industries
Tejonidhi Udyog
Teknocrat's Control Systems (I)
Tool X Systems
Toolex Engineers Private Limited
U.S. Enterprise
Udit Packaging Private Limited
Ujwal Industries
Mita Fasteners Private Limited
Mobile Telecommunication Limited
Modern Rly Equipment &
Moktali Electro Devices
Multi Fastners Private Limited
Vinod High Tech Private Limited
Vintech Industries Private Limited
Volco Industries
Wellpack Enterprises
Woodward Governor India Private Limited
Yamuna Gases & Chemicals Limited
Yashika Industries

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 Limited, "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 India, especially the traction segment which is a focus area. "

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

Siemens to be Global Partner of Expo 2010 Shanghai China

Partnership to make the Expo vision – “Better City, Better Life” – a reality

München/ Shanghai, May 21, 2007

Siemens is the very first multinational company to independently become the Expo 2010 Global Sponsorship Partner. Under an agreement signed today in Shanghai with the Bureau of Shanghai World Expo Coordination, the company will be – effective immediately – a “Global Partner for Innovative Infrastructure and Healthcare of Expo 2010 Shanghai China.” “Siemens will apply its know-how to develop and modernize the city’s infrastructure and to support the Expo with the latest technologies in the areas of rail transportation, building management and healthcare solutions,” said Dr. Klaus Wucherer, member of Siemens’ Corporate Executive Committee, at the signing ceremony.

“Ever since the Great Exhibition of 1851 in London – the world’s first international industrial exposition – Siemens has been actively involved in exposition projects. Altogether, we’ve participated in and provided valuable technological support for 16 world expositions. That’s all the more reason why we’re so pleased to be able to contribute their experience and worldwide knowledge once again and help make Expo 2010 the most interesting, the most successful and the most unforgettable world exposition of all times,” said Wucherer.

Expo 2010 – which will take place from May 1 to October 31, 2010 – is expected to attract over 70 million visitors from China and around the world. For the host city Shanghai – one of the world’s most dynamic urban centers – the exhibition will generate new opportunities for growth as well as major challenges. Siemens’ business portfolio and core competencies can provide everything that Shanghai needs for sustainable urban development and the infrastructure required for major events like Expo 2010 – solutions for energy, environmental protection, industrial automation, public infrastructure and healthcare.

“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 Shanghai China, and other distinguished guests witnessed the signing at the ceremony.

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 China, but also companies all over the world that have strategic vision and outstanding performance.

“Siemens is linked with China and, in particular, Shanghai by more than 100 years of partnership and trust. As a reliable partner and responsible corporate citizen, it’s a great pleasure and a great honor for them to be a Global Sponsorship Partner of Expo 2010. This is a clear sign of their commitment to Expo 2010 and their partnership with China and Shanghai,” noted Houseman.

Since 2001, Siemens has been actively assisting and making a major contribution to the preparations for Shanghai’s Expo 2010. In July 2007, Siemens became the first multinational company to establish a dedicated organization for Expo activities.

Siemens AG (Berlin and Munich) is a global powerhouse in electrical engineering and electronics. The company has around 475,000 employees (incl. discontinued operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in over 190 countries. Founded more than 160 years ago, the company focuses on the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2006 (ended September 30), Siemens had sales of €87.3 billion and net income of €3.033 billion, according to U.S. GAAP. Further information is available on the Internet at:

Exelon Generation awards Siemens the “2006 Operational Excellence Award” for consistent, seamless support of its Nuclear and Power business units

Erlangen, May 18, 2007

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 Texas regions with fossil fuel and hydroelectric power generation. Exelon Nuclear operates the largest nuclear fleet in the U.S., and has the third largest commercial nuclear fleet in the world.

As the largest nuclear operator in the U.S., Exelon expects its suppliers to share its commitment to safety, on-schedule performance and seamless operational excellence.

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 Oak Brook, Illinois.

"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, India Prisons Service, Interpol, etc.

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. 39.43
UK Pound	1	Rs. 77.74
Euro	1	Rs. 58.41

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

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