MIRA INFORM REPORT

Report Date :

01.11.2011

IDENTIFICATION DETAILS

Name :	SIEMENS LIMITED
Registered Office :	130, Pandurang Budhkar Marg, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	30.09.2010
Date of Incorporation :	02.03.1957
Com. Reg. No.:	11-10839
Capital Investment / Paid-up Capital :	Rs.674.320 Millions
CIN No.: [Company Identification No.]	L28920MH1957PLC010839
TAN No.: [Tax Deduction & Collection Account No.]	MUMS44080B / MUMS41513D
PAN No.: [Permanent Account No.]	AAACS0764L
Legal Form :	A Public Limited Liability Company. The company's Shares are Listed On Stock Exchange.
Line of Business :	Manufacturer and Marketer of Switchgear Items.
No. of Employees :	6683 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (75)

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 130000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Siemens AG, Germany. It is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office / Factory:	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 ajai.jain@siemens.com
Website :	http://www.siemens.co.in
Head Office :	Plot No.2, Sector 2, Khargar Node, Navi Mumbai-410210, Maharashtra, India
Tel. No.:	91-22-27568000
Fax No.:	91-22-27568018 / 27568030
Corporate Office :	Switchboard Kalwa, Thane Belapur Road, Thane – 400601, Maharashtra, India
Factory :	E-76, Waluj MIDC Area, Aurangabad – 431136, Maharashtra, India
Tel No.:	91-240-2554008/007
Fax No.:	91-240-2554007
Factory 2:	Plot No. L6, Verna Electronic City, Panaji Margao Road, Verna - 403722, Goa, India
Tel No.:	91-832-2783420
Fax No.:	91-832-2783422
Factory 3:	Thane Belapure Road, P.O. Box 85, Thane-400601, Maharashtra, India
Tel No.:	91-22-27600001/06
Fax No.:	91-22-27600030
Factory 4:	Plot No. C-1, Additional Industrial Area, MIDC, Ambad, Nashik-422010, Maharashtra, India
Tel No.:	91-253-2382348/ 1326/ 1327/ 2206/ 1325/ 2542 / 2429/ 2153/ 2382082/ 2006
Fax No.:	91-253-2381262
Sales Office :	Located At: · Ahmedabad · Bangalore · Chandigarh · Chennai · Ravipuram · Coimbatore · Gurgaon · Hyderabad · Jaipur · Kolkata · Lucknow · Mumbai · Nagpur · Navi Mumbai · New Delhi · Patna · Pune · Vadodara

DIRECTORS

As on 30.09.2010

Name :	Mr. Deepak S. Parekh
Designation :	Chairman
Date of Birth/Age :	18.10.1944
Qualification :	B. Com, FCA (England and Wales)
Date of Appointment :	07.11.2003
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
Name :	Mr. Y. H. Malegam
Designation :	Director
Date of Birth/Age :	24.09.1933
Qualification :	CA
Date of Appointment :	01.04.1998
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
Name :	Mr. Keki Dadiseth
Designation :	Director
Date of Birth/Age :	20.12.1945
Qualification :	B. Com., FCA (England and Wales)
Date of Appointment :	27.01.2006
Name :	Mr. Pradip V. Nayak
Designation :	Director
Date of Birth/Age :	06.09.1943
Qualification :	Degree in Economics and Politics Read Law at Gray's Inn, London
Date of Appointment :	27.01.2006
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. 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 :	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
Name :	Mr. Wolfgang Dehen
Designation :	Additional Director
Name :	Mr. Sunil D Mathur
Designation :	Executive Director and CFO

KEY EXECUTIVES

Name :	Mr. Ajai Jain
Designation :	Vice president and Company Secretary
Committees of Directors
Audit Committee	Mr. Y. H. Malegam (Chairman) Mr. J. Kaeser / Dr. Schmitt Mr. Deepak S. Parekh Mr. K. Dadiseth Dr. Otmar Schmitt
Investors Grievance Committee	Mr. D. C. Shroff (Chairman) Mr. Pradip V. Nayak Dr. Armin Bruck
Remuneration Committee	Mr. N. J. Jhaveri (Chairman) Mr. D. C. Shroff Mr. Deepak S. Parekh Mr. Pradip V. Nayak
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 Dr. Armin Bruck

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	255,221,175	75.00
Sub Total	255,221,175	75.00
Total shareholding of Promoter and Promoter Group (A)	255,221,175	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	10,509,566	3.09
Financial Institutions / Banks	159,031	0.05
Central Government / State Government(s)	1,750	-
Insurance Companies	17,646,648	5.19
Foreign Institutional Investors	11,255,278	3.31
Sub Total	39,572,273	11.63
(2) Non-Institutions
Bodies Corporate	5,241,635	1.54
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	37,071,406	10.89
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2,015,389	0.59
Any Others (Specify)	1,173,022	0.34
Trusts	35,885	0.01
Directors & their Relatives & Friends	36,598	0.01
Non Resident Indians	1,100,539	0.32
Sub Total	45,501,452	13.37
Total Public shareholding (B)	85,073,725	25.00
Total (A)+(B)	340,294,900	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	340,294,900	-

BUSINESS DETAILS

Line of Business :

Manufacturer and Marketer 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 (AS ON 30.09.2010)

Particulars	Unit	Installed Capacity	Actual Production
Switchgear items	Nos.	15319789	15064598
Electric motor/generators	Nos.	20023	20522
Switchboards, control boards and misc. Accessories	Nos. [Boards]	2888	2127
X-ray equipment	Nos.	1283	1226
Electro medical equipment	Nos.	209	13
Variable speed AC/DC derive systems, motor control modules and programmable control systems	Nos.	6248	1894
Instrument Transformers	Nos.	1740	1065
Static Converter for railways	Nos.	610	85
Audio frequency track circuit	Nos.	900	626
Interlocking relays	Nos.	250000	110110
Auxiliary inverter for AR locomotive	Nos.	180	104
Traction converter for diesel locomotive	Nos.	72	34
Electrical control cabinet	Nos.	288	68
Circuit breakers above 1000 volts	Nos.	3500	940
Power Transformers	MVA	15000	4905
Single stage/ multi stage turbines	MW	69	39
Traction Converters for EMU	Nos.	180	109
Auxiliary Converters for EMU	Nos.	180	132
High Frequency Power Supply	Nos.	600	--
Digital Axcel Counter	Nos.	300	175
Medium Voltage Drive	Nos.	96	1
Gears / gear couplings / spares	Nos.	2500	1288

GENERAL INFORMATION

No. of Employees :

6683 (Approximately)

Bankers :

• American Express Bank Limited
• Bank of America National Trust and Savings Association
• Citibank N.A.
• Deutsche Bank AG
• HDFC Bank Limited
• The Hong Kong and Shanghai Banking Corporation Limited
• Standard Chartered Bank Limited
• State Bank of India
• Syndicate Bank

Facilities :

UNSECURED LOAN	30.09.2010 [Rs. In Millions]	30.09.2009 [Rs. In Millions]
Interest free loans under
- sales tax deferral scheme	2.410	5.906
Total	2.410	5.906

Note :

The loan under the sales tax deferral scheme is payable up to 2011
- Amounts payable within one year	2.410	3.496

Banking Relations :	--
Auditors :
Name :	Bharat S. Raut and Company Chartered Accountants Cost Auditors R. Nanabhoy and Company Chartered Accountants
Holding Company :	v Siemens AG
Fellow Subsidiaries :	v Siemens S.A., Argentina v Memcor Australia Private Limited, Australia v Siemens Limited, Australia v ETM professional control GmbH, Austria v Siemens Aktiengesellschaft Osterreich, Austria v Siemens VAI Metals Technologies GmbH (up to 1 July 2010), Austria v Siemens W.L.L., Bahrain v Siemens Bangladesh Limited, Bangladesh v Siemens S.A./N.V., Belgium v Iriel Ind. Com. Sist. Eletr. Limited, Brasilia v Siemens Limited, Brasilia v Siemens Eletroeletronica Limited, Brasilia v Siemens Milltronics Process Instruments, Inc., Canada v Siemens Canada Limited, Canada v Trench Limited, Canada v Siemens Medium Voltage Switching Technologies (Wuxi) Limited, China v Siemens International Trading Limited, Shanghai China v MWB (Shanghai) Company Limited, China v Siemens Electrical Drives (Shanghai) Limited, China v Siemens Sensors and Communication Limited, China v Siemens Wiring Accessories Shandong Limited, China v Siemens Circuit Protection Systems Limited, China v Siemens Electrical Apparatus Limited, China v Siemens Switchgear Company Limited, China v Siemens Power Plant Automation Limited, China v Siemens Limited, China China v Siemens Electrical Drives Limited, China v Siemens Manufacturing and Engineering Centre Limited, China v Siemens Mechanical Drive Systems (Tianjin) Company Limited, China v Siemens Factory Automation Engineering Limited, China v Siemens Shanghai Medical Equipment Limited, China v Siemens Mindit Magnetic Resonance Limited, China v Siemens Numerical Control Limited, China v Siemens Industrial Turbomachinery (Huludao) Company Limited, China v Siemens Manufacturing S.A., Columbia v Siemens S.A., Columbia v Koncar Power Transformers Limited, Croatia v Siemens Industrial Turbomachinery S.R.O., Czech Republic v Siemens S.R.O., Czech Republic v Siemens Electric Machines S.R.O., Czech Republic v Siemens EM Dare, Czech Republic v Siemens Flow Instruments A/S, Denmark v Siemens Wind Power A/S, Denmark v Siemens Turbo machinery Equipment A/S, Denmark v Siemens S.A., Ecuador v Siemens Technologies S.A.E., Egypt v Siemens Osakeyhtio, Finland v Trench France S.A.S., France v Siemens Transmission and Distribution SAS France v Siemens S.A.S., France v Siemens VAI Metals Technologies SAS, France v Flender-Graffenstaden SAS, France v Siemens SAS, Division Production Sensors and Communication, Usine v de Haguenau, France v SYKATEC Systeme, Komponenten, Anwendungstechnologie GmbH, Germany v Siemens Industriegetriebe GmbH, Germany v LINCAS Export Services GmbH, Germany v Siemens Industrial Turbomachinery GmbH, Germany v Siemens Turbomachinery Equipment GmbH, Germany v Weiss Spindeltechnologie GmbH, Germany v Ruhrtal Hochspannungsgerate GmbH, Germany v S’Busbar Trunking GmbH and Company KG (up to 1 January 2010) Germany v Siemens Financial Services GmbH, Germany v Trench Germany GmbH, Germany v Siemens Finance and Leasing GmbH, Germany v VVK Versicherungsvermittlungs- und Verkehrskontor GmbH, Germany v Mechanik Center Erlangen GmbH, Germany v Wallace and Tiernan GmbH, Germany v Alpha Verteilertechnik GmbH, Germany v evosoft GmbH, Germany v HSP Hochspannungsgeräte GmbH, Germany v Loher GmbH, Germany v Friedr Flender AG, Germany v Siemens Geared Motors Gesellschaft mit beschränkter Haftung, Germany v Siemens VAI Metals Technologies GmbH, Germany v Winergy AG, Germany v Flender Industriegetribe GmbH, Penig,(up to July 2010) Germany v Siemens Industrial Turbomachinery Limited, Great Britain v Siemens plc, Great Britain v Electrium Sales Limited, Great Britain v Siemens A.E., Elektrotechnische Projekte and Erzeugnisse Greece v Siemens Limited, Hong Kong v Siemens Information Processing Services Private Limited, (w.e.f 25 June 2009) India v Siemens VAI Metals Technologies Private Limited, India v Powerplant Performance Improvement Limited, India v Siemens Hearing Instruments Private Limited, India v Siemens Power Engineering Private Limited, India v Siemens Healthcare Diagnostics Limited, India v Siemens Corporate Finance Private Limited, India v Winergy Drive Systems India Private Limited, India v Morgan Construction Company India Private Limited, India v Osram India Private Limited, India v Siemens Information Systems Limited (w.e.f 25 June 2009) India v Siemens Product Lifecycle Management Software (India) Private Limited, India v P.T. Siemens, Indonesia v Siemens S.P.A., Italy v Trench Italia S.R.L., Italy v Siemens Japan K.K. ,Japan v Yaskawa Siemens Automation and Drives Corp. Japan v Siemens TOO Kazakhstan v Siemens Kenya Limited, Kenya v Siemens Limited, Korea v Siemens Electrical and Electronic Services K.S.C., Kuwait v Siemens Malaysia Sdn. Bhd., Malaysia v Siemens Innovaciones S.A. de C.V. Mexico v Siemens, S.A. de C.V. Mexico v Siemens Plant Operations Tahaddart SARL Morocco v Siemens Industrial Turbomachinery B.V., Netherland v Siemens Nederland N.V., Netherland v Siemens (N.Z.) Limited, New Zealand v Siemens AS, Norway v Siemens L.L.C., Oman v Siemens Pakistan Engineering Company Limited, Pakistan v Siemens S.A.C., Peru v Siemens, Inc., Philippines v Siemens Power Operations, Inc., Philippines v Siemens Sp. Z O.O., Poland v TurboCare Poland Spólka Akcyjna, Poland v Siemens S.A., Portugal v Siemens W.L.L., Qatar v Siemens S.R.L., Romania v OOO Siemens, Russia v Siemens Limited, Saudi-Arabia v Arabia Electric Limited, (Equipment) Saudi-Arabia v Siemens D.O.O. Beograd Serbia v Siemens Private Limited, Singapore v Siemens Electronics Assembly Systems Private Limited, Singapore v Siemens D.O.O. Slovania v Siemens Limited, South Africa v Siemens S.A. Spain v Fábrica Electrotecnica Josa, S.A., Spain v Siemens Industrial Turbomachinery AB, Sweden v Siemens Schweiz AG, Building Technologies Division, International Headquarters Switzerland v Siemens Limited, Taiwan v Siemens Limited, Thailand v Siemens Sanayi ve Ticaret A.S., Turkey v Siemens Ukraine, Ukraine, United Arab v Siemens LLC, Emirates v Siemens Industry, Inc., USA v Siemens Energy, Inc., USA v Siemens Demag Delaval Turbomachinery, Inc., USA v Siemens Water Technologies Corp., USA v PETNET Solutions, Inc., USA v Morgan Construction Company (up,to 1 July 2010) USA v Siemens Medical Solutions USA, Inc. v SMS Inc. - Customer Solutions Group, USA v Siemens S.A., Venezuela v Siemens Automation Systems Limited, Vietnam v Siemens Limited, Vietnam
Wholly Owned Subsidiaries :	· Siemens Rolling Stock Private Limited · Flender Limited · Siemens Building Technologies Private Limited. · Vista Security Technics Private Limited. · Imetrex Technologies Private Limited.(Singapore) · Avenues (Honkong) Limited · Imetrex Technologies Limited. (Ireland) · Europlex Technologies (UK) Limited (United Kingdom) · Europlex Technologies (Ireland) Limited (Formerly known as Europlex Manufacturing Limited) (Ireland) · Clonshaugh Security Limited (Formerly known as Europlex Technologies Limited) (Ireland)

CAPITAL STRUCTURE

As On: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000000	Equity Shares	Rs. 2/- each	Rs. 2000.000 Millions

Issued:

No. of Shares	Type	Value	Amount
338024465	Equity Shares	Rs. 2/- each	Rs. 676.049 Millions

Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
337160200	Equity Shares	Rs.2/- each	Rs.674.320 Millions

Notes: Of the above

1. 186,041,090 (2009: 186,041,090) Equity shares of Rs.2 each, fully paid-up, are held by the Holding company, Siemens AG, Germany;

2. 55,500,000 (2009: 55,500,000) Equity shares of Rs.2 each, fully paid-up, were allotted as fully paid-up bonus shares by capitalization of the General reserve

3. 168,580,100 (2009: 168,580,100) Equity Shares of Rs.2 each, fully paid up, were allotted as fully paid up bonus shares by capitalization of Securities Premium account;

4. 3,638,085 (2009: 3,638,085) Equity shares of Rs.2 each, were allotted as fully paid up for consideration received other as in cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2010	30.09.2009	30.09.2008
SHAREHOLDERS FUNDS
1] Share Capital		674.320	674.320	674.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		34103.468	28491.887	20016.500
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34777.788	29166.207	20690.800
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.410	5.906	10.600
TOTAL BORROWING		2.410	5.906	10.600
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		34780.198	29172.113	20701.400
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7339.937	6295.013	5571.700
Capital work-in-progress		2465.158	1057.018	870.100
INVESTMENT		3884.606	4769.723	5236.500
DEFERREX TAX ASSETS		1313.000	1119.126	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	15335.216	9721.971	7621.100
	Sundry Debtors	33023.441	34583.115	34328.000
	Cash & Bank Balances	18534.430	14449.022	9130.900
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12448.994	10457.640	17556.900
Total Current Assets		79342.081	69211.748	68636.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	29188.600	23526.694
	Other Current Liabilities	14703.662	16129.228	42164.200
	Provisions	15672.322	13624.593	17449.600
Total Current Liabilities		59564.584	53280.515	59613.800
Net Current Assets		19777.497	15931.233	9023.100
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		34780.198	29172.113	20701.400

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2010	30.09.2009	30.09.2008
	SALES
		Sales Turnover	92706.690	83367.335	82503.628
		Commission Income	445.715	520.410	451.826
		Interest Income	776.085	523.002	471.937
		Other Operating Income	848.315	697.219	621.790
		Other Income	0.000	2341.188	67.214
		TOTAL	94776.805	87449.154	84116.395
Less	EXPENSES
		Cost of Sales and services	68474.151	63976.912	67730.513
		Personnel costs	6325.109	5498.989	4475.751
		Other costs, net	6269.394	4877.553	3560.352
		TOTAL	81068.654	74353.454	75766.616
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13708.151	13095.700	8349.779
Less	FINANCIAL EXPENSES		105.876	58.772	40.535
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		13602.275	13036.928	8309.244
Less/ Add	DEPRECIATION/ AMORTISATION		1014.796	777.794	637.344
Add	EXCEPTIONAL INCOME: PROFIT ON SALE OF INVESTMENTS IN SUBSIDIARIES		0.000	2059.459	1245.786
	PROFIT BEFORE TAX		12587.479	14318.593	8917.686
Less	TAX		4315.364	3870.085	2984.420
	PROFIT AFTER TAX		8272.115	10448.508	5933.266
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD As On 01.10.2009		745.688	0.000	0.000
Less	APPROPRIATIONS
		Proposed Dividend	1685.801	1685.801	1011.481
		Tax on Dividend	279.990	286.502	171.901
		Net Deficit	0.000	0.000	172.640
	BALANCE CARRIED TO THE B/S		7052.012	8476.205	4577.244
	EARNINGS IN FOREIGN CURRENCY
		Direct on FOB basis	1996.012	2569.481	2839.181
		Under IDA/BRD/ADB credits	0.000	2829.935	1194.038
		Project business	13458.842	5486.774	26377.412
		Commission	445.715	520.410	451.826
		Service charges and others	116.336	9130.899	94.324
	TOTAL EARNINGS		16016.905	20537.499	30956.781
	IMPORTS
		Raw Materials	33960.321	5015.591	4432.304
		Stores & Spares		21382.256	19949.757
		Capital Goods	888.961	528.565	174.506
	TOTAL IMPORTS		34849.282	26926.412	24556.567
	Earnings Per Share (Rs.)		24.53	30.99	17.60

QUARTERLY RESULTS

PARTICULARS	31.12.2010	31.03.2011	30.06.2011
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	25381.110	31181.890	27968.060
Total Expenditure	21753.760	26733.150	25464.820
PBIDT (Excl OI)	3627.350	4448.740	2503.240
Other Income	289.630	134.810	186.040
Operating Profit	3916.980	4583.560	2689.280
PBDT	3916.980	4583.560	2689.280
Depreciation	265.590	349.160	400.8700
Profit Before Tax	3651.390	4234.400	2288.41
Tax	1213.480	1457.510	740.640
Profit After Tax	2437.910	2776.890	1547.770
Net Profit	2437.910	2776.890	1547.770

KEY RATIOS

PARTICULARS		30.09.2010	30.09.2009	30.09.2008
PAT / Total Income	(%)	8.73	11.94	7.05
Net Profit Margin (PBT/Sales)	(%)	13.58	17.17	10.80
Return on Total Assets (PBT/Total Assets}	(%)	14.30	18.96	0.01
Return on Investment (ROI) (PBT/Networth)		0.36	0.49	0.43
Debt Equity Ratio (Total Liability/Networth)		1.71	1.83	2.88
Current Ratio (Current Asset/Current Liability)		1.33	1.30	1.15

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The Turnover of the Company increased by approximately 11% and stood at Rs.93152.000 millions as compared Rs.83888.000 millions in the previous year. The Company’s Profit from Operations for the year ended 30th September, 2010 increased by 26% to Rs.11917.000 millions as compared to Rs.9454.000 millions in the corresponding period of the previous year. While all the businesses contributed to the growth, the key drivers were Power Transmission, Industry Solutions, Mobility and Drives Technologies business.

The PAT was Rs.8272.000 millions, compared to Rs.10449.000 millions during Financial Year 2008–09.

MANAGEMENT DISCUSSION AND ANALYSIS

GENERAL PERFORMANCE REVIEW

The Indian economy exhibited broad based recovery in the second half of 2009 -10 from the slowdown that was witnessed in the second half of 2008 - 09. Despite a deficient monsoon and a fragile pace of global recovery, India achieved 7.4 % growth in GDP during 2009-10.

The cyclical slowdown in the Industrial Sector which began in 2007-08 was arrested at the beginning of 2009-10 and the sector registered a growth of 8.2%. The manufacturing sector in particular grew at 8.9% while the service sector grew at 8.7%.Core industries and infrastructure services, led by the robust growth momentum of telecom services and spread across power, coal and other infrastructure like ports, civil aviation and roads have also shown signs of recovery in 2009 -10. The Index of Industrial Production (IIP) registered a growth of 10.5% during 2009 -10 as compared to 2.8% in 2008-09 due to a boost from the double digit growth which was witnessed since October 2009.

The year-on-year wholesale price index (WPI) inflation rate was fairly volatile in 2009-10. While it remained low during the first half of the year it increased to 11.0 % in the second half (March 2010). The base effect of high prices in the first half of 2008-09 contributed to the low inflation during the first half of 2009-10. The build-up of inflationary pressures, however, was visible throughout the year as WPI exhibited a strong uptrend over successive months during the year. In addition to this, the dynamics involved in the production of some components of the capital goods sector have also played a significant role in the recent volatility seen in the overall IIP numbers.

All in all, the improved Indian economic scenario and robust growth of the manufacturing sector saw impressive investments in industries and infrastructure. Riding on this economic recovery, Subject posted impressive results with New Order Intake increasing by 41%; Sales increasing by 11% and Profit from Operations growing by 26%. Further reviews on each of Siemens’ businesses are given separately in the following paragraphs:

OUTLOOK FOR SIEMENS LIMITED

Going forward we expect the reviving economy to attract huge investments and strengthen development in the areas of infrastructure and industries. The Industry is not only seeing the increase in fresh Projects, but also witnessed an increase in projects in the implementation phase. Inflation has remained a major source of concern in the economy for more than a year. But combined with the base effect, the inflation rate is expected to fall to approximately 6.5% by March 2011.

The strengthening global recovery of the economy should help sustain the growth rate for the Indian economy. Siemens with its wide portfolio of infrastructure solutions will continue to focus on state of the art technology, sustainability and green solutions while actively pursuing the base level segment with increased localization. However the challenges will be a highly competitive market environment, leading to pricing pressure. Rising raw material prices also seem to be a cause for concern. Delay in implementation of infrastructure projects, especially in the power sector, could also hamper the growth momentum. Concerns regarding high inflation the Indian rupee’s sharp appreciation also continue and could slow down the cost competitiveness. Despite these challenges, Siemens remains positive about the near-term outlook. As an integrated technology company, Siemens will focus on consolidating its leadership position in the market and continue on its profitable growth path.

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

FINANCIAL RESULTS FOR THE THIRD QUARTER / NINE MONTHS ENDED 30 JUNE 2011

Rs. in Millions

Particular	Unaudited Quarter Ended	Unaudited Nine Months Ended
	30.06.2011	30.06.2011
(a) Net Sales / Income from operations	27785.012	83835.874
(b) Other Operating Income	183.052	1143.356
Total Income	27968.064	84979.230
Expenditure
a) (Increase) / Decrease in stock in trade and work in progress	(1854.681)	(2782.580)
b) Consumption of raw materials	16772.352	49655.639
c) Purchase of traded goods	6079.641	15784.315
d) Employees cost	2321.416	6667.861
e) Depreciation	400.868	1112.422
f) Other expenditure	2146.095	5052.799
Total	25865.691	75490.456
Profit from operations before other income, interest and exceptional Items	2102.373	9488.774
Other income	20.661	20.661
Profit before interest and exceptional Items	2123.034	9509.435
Interest	165.376	531.915
Profit (+)/Loss(-) from Ordinary Activities before tax	2288.410	10041.350
Tax expense
Current tax	853.175	3556.364
Deferred tax charge	(112.538)	(188.443)
Net Profit (+) / Loss (-) for the year period	1547.773	6673.429
Paid up equity share capital (Face value of Rs.2/- per share)	680.590	680.590
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--	--
Earnings per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	4.55	19.73
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	4.55	19.73
Public shareholding
Number of shares	85073725	85073725
Percentage of shareholding	25.00	25.00
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	--	--
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	--	--
Percentage of shares (as a % of total share capital of the company)	--	--
b) Non Encumbered
Number of shares	255221175	255221175
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	75.00	75.00

Notes:

1. a) During the quarter, the high court of judicature at Bombay approved the scheme of amalgamation of Siemens Rolling Stock Private Limited (SRSPL), a wholly owned subsidiary, with the company. The appointed date for the amalgamation was 1 October, 2009. Consequently, the financial results for the current quarter and nine months ended 30 June 2011 include the results of SRSPL and are reflected in the business division “Mobility” in the industry sector under the segmental reporting.

b) In the preceding quarters of the current year Siemens Building Technologies Private Limited (SBTPL) and Vista Security Technics Private Limited (Vista) included in the business division of “Building Technologies” under the industry sector and Siemens Healthcare Diagnostics Limited (SHDL) included under the Healthcare sector have been amalgamated with the company. According the corresponding figures for the previous periods are not strictly comparable.

2. Other income represents a profit of Rs.20.661 millions on the sale of its subsidiaries namely Imetrex Technologies Ireland Limited, Europlex Technologies Ireland Limited and Europlex Technologies UK Limited to subsidiary of Siemens AG.

3. Pursuant to the acceptance of the open offer made by Siemens AG to the public share holders of the company, the holding of Siemens AG in Siemens Limited has increased by 67025669 shares (19.70% of the total paid up share capital of the company) with a corresponding decrease in the public shareholding of Siemens Limited.

4. There were no unresolved investor complaints at the end of previous quarter and no investor complaints were received during the quarter.

5. Figures for the previous period have been regrouped wherever necessary to make them comparable.

6. The financial results for the quarter ended 30 June 2011 have been subjected to limited review by the statutory auditors of the company.

7. The above financial results were reviewed and approved by the audit committee and the board of directors approved the same at their meeting held on 29 July 2011.

PRESS REALISE

SIEMENS LIMITED, AND MEDANTA JOIN HANDS TO EXTEND THE REACH OF QUALITY HEALTHCARE SUPPORT TO RURAL GURGAON

NEW DELHI, 2011-SEP-23

Siemens Limited and Medanta – The Medicity, one of India's largest multi-super specialty institutes located in Gurgaon and founded by eminent cardiac surgeon, Dr. Naresh Trehan, have come together to ensure affordable and quality healthcare reaches the remote corners around Gurgaon.  This is part of the Corporate Citizenship initiative of Siemens Limited

Sanjeevan is an indigenously-developed mobile concept from Siemens Limited, which is designed and equipped to operate as a mobile healthcare clinic and is fully-equipped with the Siemens Healthcare technology. Medanta will be in charge of and operate the bus as well as provide qualified staff. The goal is to improve access to affordable healthcare to the many remote villages of Gurgaon.

The keys of the mobile healthcare clinic were symbolically handed over to Dr. Trehan by Mr. Peter Loescher, President and CEO, Siemens AG, at a ceremony in New Delhi today.

Mr. Loescher described Siemens’ efforts toward sustainable development: “Siemens worldwide strives to be an integral part of society, and our corporate citizenship initiatives promote social development by creating a viable future. The Siemens mobile healthcare clinic embodies this corporate value system as it delivers a sustainable and self-sufficient solution to the locals’ need for healthcare”

The citizens of rural Gurgaon have now become the latest beneficiaries of Siemens Corporate Citizenship initiative when the keys of the healthcare bus were symbolically presented to Dr., Naresh Trehan.       

Even though the national capital region benefits from highly-advanced healthcare facilities, many rural areas around Gurgaon still lag far behind in basic healthcare services. Siemens’ mobile healthcare clinic will help to bridge the gap. In Dr. Trehan’s own words: “The mobile clinic answers the needs of the Indian rural population. With facilities such as ultrasound, pathology, mammography, laboratory equipments and accessories, EGG and even a film development unit. It allows for an advanced medical examination which will improve the lives of many individuals who find quality healthcare inaccessible”

Siemens has supported the corporate citizenship and CSR initiatives of various organizations through its Sanjeevan mobile healthcare clinics. Since it was launched, eighteen mobile clinics have been built and are operating successfully in cities including Jaipur, Chennai, Goa and Hyderabad.

About Siemens Limited:

Siemens Limited, in which Siemens AG holds 75% of the capital, is the flagship listed company of Siemens AG in India. Siemens in India including Siemens Limited comprises 17 legal entities, is a leading provider of industry and infrastructure solutions with a business volume aggregating about Rs. 12,000 crore. It operates in the core business areas of Industry, Energy and Healthcare. It has nation-wide Sales and Service network, 21 manufacturing plants, a network of over 2000 channel partners and employs about 17,000 people.

About Medanta – The Medicity:

Medanta is one of India's largest multi-super specialty institutes located in Gurgaon, a bustling town in the National Capital Region. Founded by eminent cardiac surgeon, Dr. Naresh Trehan, the institution has been envisioned with the aim of bringing to India the highest standards of medical care along with clinical research, education and training. Medanta is governed under the guiding principles of providing medical services to patients with care, compassion, commitment.

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.48.87
UK Pound	1	Rs.78.11
Euro	1	Rs.68.36

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		75

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.