MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	SIEMENS LIMITED (SIEMENS ENERGY AUTOMATION DIVISION Of SIEMENS LIMITED)
Registered Office :	130, Pandurang Budhkar Marg, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	30.09.2011
Date of Incorporation :	02.03.1957
Com. Reg. No.:	11-010839
Capital Investment / Paid-up Capital :	Rs.680.590 Millions
CIN No.: [Company Identification No.]	L28920MH1957PLC010839
TAN No.: [Tax Deduction & Collection Account No.]	MUMS44080B MUMS41513D NSKS06051D MUMS00310C
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 :	Manufacturer and Marketer of Switchgear Items.
No. of Employees :	10794 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

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 150000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Siemens Ag, Germany. It is a well established and a reputed company having excellent 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 good for normal 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.

INFORMATION DECLINED BY

Management Non Cooperative (Name not Disclosed)

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 – 410 210, Maharashtra, India
Tel. No.:	91-22-27568000
Fax No.:	91-22-27568018 / 27568030
Corporate Office :	Switchboard Kalwa, Thane Belapur Road, Thane – 400 601, Maharashtra, India
Factory :	E-76, Waluj MIDC Area, Aurangabad – 431 136, 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 – 403 722, Goa, India
Tel No.:	91-832-2783420
Fax No.:	91-832-2783422
Factory 3:	Thane Belapur Road, P.O. Box 85, Thane – 400 601, 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 – 422 010, 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 30.09.2011

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
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
Name :	Dr. Roland Busch
Designation :	Director
Name :	Mr. Sunil D Mathur
Designation :	Executive Director and CFO
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

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2011

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	9,293,473	2.73
Financial Institutions / Banks	211,526	0.06
Central Government / State Government(s)	1,750	-
Insurance Companies	19,413,629	5.70
Foreign Institutional Investors	10,558,013	3.10
Sub Total	39,478,391	11.60
(2) Non-Institutions
Bodies Corporate	5,575,868	1.64
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	36,833,004	10.82
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2,012,642	0.59
Any Others (Specify)	1,173,820	0.34
Trusts	39,453	0.01
Directors & their Relatives & Friends	29,250	0.01
Non Resident Indians	1,105,117	0.32
Sub Total	45,595,334	13.40
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 30.09.2011]

Particulars	Unit	Installed Capacity	Actual Production
Switchgear items	Nos.	20179114	16888811
Electric motor/generators	Nos.	20023	23913
Switchboards, control boards and misc. Accessories	Nos. [Boards]	2900	2307
X-ray equipment	Nos.	1283	1409
Electro medical equipment	Nos.	209	--
Variable speed AC/DC derive systems, motor control modules and programmable control systems
Modules and programmable control system		6248	2315
Instrument Transformers	Nos.	2426	2111
Static Converter for railways	Nos.	610	246
Audio frequency track circuit	Nos.	900	1000
Interlocking relays	Nos.	250000	105105
Auxiliary inverter for AR locomotive	Nos.	180	130
Traction converter for diesel locomotive	Nos.	72	28
Electrical control cabinet	Nos.	288	68
Circuit breakers above 1000 volts	Nos.	1800	1160
Power Transformers	MVA	15000	9345
Single stage/ multi stage turbines	MW	120	73
Traction Converters for EMU	Nos.	180	--
Auxiliary Converters for EMU	Nos.	180	--
High Frequency Power Supply	Nos.	--	--
Digital Axcel Counter	Nos.	300	300
Medium Voltage Drive	Nos.	96	20
Ring main unit	Nos.	1000	461
Compact sub station	Nos.	164	125
Gas insulated switchgear	Nos.	600	423
Accessories	Nos.	23000	20319
BMS panels	Nos.	2000	781
Controllers	Nos.	8000	6810
Fire detector	Nos.	15000	9833
Power supply	Nos.	4800	4599
Signet keypads and accessories	Nos.	45000	42809
Gears / gear couplings / spares	Nos.	2500	2391
Bogie frames and parts there of	Nos.	525	13
Chemical and immunochemical reagent packs	Nos.	1403000	559847

GENERAL INFORMATION

No. of Employees :

10794 (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	As on 30.09.2011 [Rs. in Millions]	As on 30.09.2010 [Rs. in Millions]
Interest free loans under
- Sales tax deferral scheme	0.000	2.410
Total	0.000	2.410

Banking Relations :	--
Auditors :
Name :	Bharat S. Raut and Company Chartered Accountants
Cost Auditors :
Name :	R. Nanabhoy and Company Chartered Accountants
Holding Company :	v Siemens AG
Fellow Subsidiaries :	· Siemens S.A., Argentina · Memcor Australia Private Limited, Australia · Siemens Limited, Australia · ETM professional control GmbH, Austria · Siemens Aktiengesellschaft Osterreich, Austria · Siemens VAI Metals Technologies GmbH (up to 1 July 2010), Austria · Siemens W.L.L., Bahrain · Siemens Bangladesh Limited, Bangladesh · Siemens S.A./N.V., Belgium · Iriel Ind. Com. Sist. Eletr. Limited, Brasilia · Siemens Limited, Brasilia · Siemens Eletroeletronica Limited, Brasilia · Siemens Milltronics Process Instruments, Inc., Canada · Siemens Canada Limited, Canada · Trench Limited, Canada · Siemens Medium Voltage Switching Technologies (Wuxi) Limited, China · Siemens International Trading Limited, Shanghai China · MWB (Shanghai) Company Limited, China · Siemens Electrical Drives (Shanghai) Limited, China · Siemens Sensors and Communication Limited, China · Siemens Wiring Accessories Shandong Limited, China · Siemens Circuit Protection Systems Limited, China · Siemens Electrical Apparatus Limited, China · Siemens Switchgear Company Limited, China · Siemens Power Plant Automation Limited, China · Siemens Limited, China China · Siemens Electrical Drives Limited, China · Siemens Manufacturing and Engineering Centre Limited, China · Siemens Mechanical Drive Systems (Tianjin) Company Limited, China · Siemens Factory Automation Engineering Limited, China · Siemens Shanghai Medical Equipment Limited, China · Siemens Mindit Magnetic Resonance Limited, China · Siemens Numerical Control Limited, China · Siemens Industrial Turbomachinery (Huludao) Company Limited, China · Siemens Manufacturing S.A., Columbia · Siemens S.A., Columbia · Koncar Power Transformers Limited, Croatia · Siemens Industrial Turbomachinery S.R.O., Czech Republic · Siemens S.R.O., Czech Republic · Siemens Electric Machines S.R.O., Czech Republic · Siemens EM Dare, Czech Republic · Siemens Flow Instruments A/S, Denmark · Siemens Wind Power A/S, Denmark · Siemens Turbo machinery Equipment A/S, Denmark · Siemens S.A., Ecuador · Siemens Technologies S.A.E., Egypt · Siemens Osakeyhtio, Finland · Trench France S.A.S., France · Siemens Transmission and Distribution SAS France · Siemens S.A.S., France · Siemens VAI Metals Technologies SAS, France · Flender-Graffenstaden SAS, France · Siemens SAS, Division Production Sensors and Communication, Usine · de Haguenau, France · SYKATEC Systeme, Komponenten, Anwendungstechnologie GmbH, Germany · Siemens Industriegetriebe GmbH, Germany · LINCAS Export Services GmbH, Germany · Siemens Industrial Turbomachinery GmbH, Germany · Siemens Turbomachinery Equipment GmbH, Germany · Weiss Spindeltechnologie GmbH, Germany · Ruhrtal Hochspannungsgerate GmbH, Germany · S’Busbar Trunking GmbH and Company KG (up to 1 January 2010) Germany · Siemens Financial Services GmbH, Germany · Trench Germany GmbH, Germany · Siemens Finance and Leasing GmbH, Germany · VVK Versicherungsvermittlungs- und Verkehrskontor GmbH, Germany · Mechanik Center Erlangen GmbH, Germany · Wallace and Tiernan GmbH, Germany · Alpha Verteilertechnik GmbH, Germany · evosoft GmbH, Germany · HSP Hochspannungsgeräte GmbH, Germany · Loher GmbH, Germany · Friedr Flender AG, Germany · Siemens Geared Motors Gesellschaft mit beschränkter Haftung, Germany · Siemens VAI Metals Technologies GmbH, Germany · Winergy AG, Germany · Flender Industriegetribe GmbH, Penig,(up to July 2010) Germany · Siemens Industrial Turbomachinery Limited, Great Britain · Siemens plc, Great Britain · Electrium Sales Limited, Great Britain · Siemens A.E., Elektrotechnische Projekte and Erzeugnisse Greece · Siemens Limited, Hong Kong · Siemens Information Processing Services Private Limited, (w.e.f 25 June 2009) India · Siemens VAI Metals Technologies Private Limited, India · Powerplant Performance Improvement Limited, India · Siemens Hearing Instruments Private Limited, India · Siemens Power Engineering Private Limited, India · Siemens Healthcare Diagnostics Limited, India · Siemens Corporate Finance Private Limited, India · Winergy Drive Systems India Private Limited, India · Morgan Construction Company India Private Limited, India · Osram India Private Limited, India · Siemens Information Systems Limited (w.e.f 25 June 2009) India · Siemens Product Lifecycle Management Software (India) Private Limited, India · P.T. Siemens, Indonesia · Siemens S.P.A., Italy · Trench Italia S.R.L., Italy · Siemens Japan K.K. ,Japan · Yaskawa Siemens Automation and Drives Corp. Japan · Siemens TOO Kazakhstan · Siemens Kenya Limited, Kenya · Siemens Limited, Korea · Siemens Electrical and Electronic Services K.S.C., Kuwait · Siemens Malaysia Sdn. Bhd., Malaysia · Siemens Innovaciones S.A. de C.V. Mexico · Siemens, S.A. de C.V. Mexico · Siemens Plant Operations Tahaddart SARL Morocco · Siemens Industrial Turbomachinery B.V., Netherland · Siemens Nederland N.V., Netherland · Siemens (N.Z.) Limited, New Zealand · Siemens AS, Norway · Siemens L.L.C., Oman · Siemens Pakistan Engineering Company Limited, Pakistan · Siemens S.A.C., Peru · Siemens, Inc., Philippines · Siemens Power Operations, Inc., Philippines · Siemens Sp. Z O.O., Poland · TurboCare Poland Spólka Akcyjna, Poland · Siemens S.A., Portugal · Siemens W.L.L., Qatar · Siemens S.R.L., Romania · OOO Siemens, Russia · Siemens Limited, Saudi-Arabia · Arabia Electric Limited, (Equipment) Saudi-Arabia · Siemens D.O.O. Beograd Serbia · Siemens Private Limited, Singapore · Siemens Electronics Assembly Systems Private Limited, Singapore · Siemens D.O.O. Slovania · Siemens Limited, South Africa · Siemens S.A. Spain · Fábrica Electrotecnica Josa, S.A., Spain · Siemens Industrial Turbomachinery AB, Sweden · Siemens Schweiz AG, Building Technologies Division, International Headquarters Switzerland · Siemens Limited, Taiwan · Siemens Limited, Thailand · Siemens Sanayi ve Ticaret A.S., Turkey · Siemens Ukraine, Ukraine, United Arab · Siemens LLC, Emirates · Siemens Industry, Inc., USA · Siemens Energy, Inc., USA · Siemens Demag Delaval Turbomachinery, Inc., USA · Siemens Water Technologies Corp., USA · PETNET Solutions, Inc., USA · Morgan Construction Company (upto 1 July 2010) USA · Siemens Medical Solutions USA, Inc. · SMS Inc. - Customer Solutions Group, USA · Siemens S.A., Venezuela · Siemens Automation Systems Limited, Vietnam · 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 30.09.2011

Authorised Capital :

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

Issued Capital :

No. of Shares	Type	Value	Amount
341159165	Equity Shares	Rs.2/- each	Rs.682.318 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340294900	Equity Shares	Rs.2/- each	Rs.680.590 Millions

NOTE: Of the above

1. 253,066,759 Equity shares of Rs.2 each, fully paid-up, are held by the Holding company, Siemens AG, Germany; 2,154,416 Equity shares of Rs. 2 each fully paid up are held by Siemens Diagnostics Holding II B.V., Netherlands, a 100% subsidiary of Siemens Ag, Germany.

2. 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 Equity Shares of Rs.2 each, fully paid up, were allotted as fully paid up bonus shares by capitalization of Securities Premium account;

4. 6,772,785 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		30.09.2011	30.09.2010	30.09.2009
SHAREHOLDERS FUNDS
1] Share Capital		680.590	674.320	674.320
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		37481.287	34103.468	28491.887
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38161.877	34777.788	29166.207
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	2.410	5.906
TOTAL BORROWING		0.000	2.410	5.906
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		38161.877	34780.198	29172.113
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11694.031	7339.937	6295.013
Capital work-in-progress		2489.036	2465.158	1057.018
INVESTMENT		0.005	3884.606	4769.723
DEFERREX TAX ASSETS		1888.713	1313.000	1119.126
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8078.344	15335.216	9721.971
	Sundry Debtors	41733.342	33023.441	34583.115
	Cash & Bank Balances	12750.396	18534.430	14449.022
	Other Current Assets	14060.017	0.000	0.000
	Loans & Advances	8882.858	12448.994	10457.640
Total Current Assets		85504.957	79342.081	69211.748
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28342.115	29188.600	23526.694
	Other Current Liabilities	17034.211	14703.662	16129.228
	Provisions	18038.539	15672.322	13624.593
Total Current Liabilities		63414.865	59564.584	53280.515
Net Current Assets		22090.092	19777.497	15931.233
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		38161.877	34780.198	29172.113

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011	30.09.2010	30.09.2009
	SALES
		Sales Turnover	118935.721	92706.690	83367.335
		Commission Income	483.328	445.715	520.410
		Interest Income	882.508	776.085	523.002
		Other Operating Income	1645.101	848.315	697.219
		Other Income	20.661	0.000	2341.188
		TOTAL	121967.319	94776.805	87449.154
Less	EXPENSES
		Cost of Sales and Services	90267.005	68474.151	63976.912
		Personnel Costs	9174.188	6325.109	5498.989
		Other Costs, Net	8127.240	6269.394	4877.553
		TOTAL	107568.433	81068.654	74353.454
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		14398.886	13708.151	13095.700
Less	FINANCIAL EXPENSES		127.273	105.876	58.772
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		14271.613	13602.275	13036.928
Less/ Add	DEPRECIATION/ AMORTISATION		1522.078	1014.796	777.794
Add	EXCEPTIONAL INCOME: PROFIT ON SALE OF INVESTMENTS IN SUBSIDIARIES		0.000	0.000	2059.459
	PROFIT BEFORE TAX		12749.535	12587.479	14318.593
Less	TAX		4295.276	4315.364	3870.085
	PROFIT AFTER TAX		8454.259	8272.115	10448.508
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(110.197)	745.688	0.000
Less	APPROPRIATIONS
		Proposed Dividend	2041.769	1685.801	1685.801
		Tax on Proposed Divided	331.226	279.990	286.502
		Transfer to General Reserve	1200.000	7052.012	8476.205
	BALANCE CARRIED TO THE B/S		4771.067	0.000	0.000
	EARNINGS IN FOREIGN CURRENCY
		Direct on FOB basis	3733.066	1996.012	2569.481
		Under IDA/BRD/ADB credits	0.000	0.000	2829.935
		Project business	21646.563	13458.842	5486.774
		Commission	483.328	445.715	520.410
		Service charges and others	470.843	116.336	9130.899
	TOTAL EARNINGS		26333.800	16016.905	20537.499
	IMPORTS
		Raw Materials			5015.591
		Stores & Spares	34870.396	33960.321	21382.256
		Capital Goods	927.316	888.961	528.565
	TOTAL IMPORTS		35797.712	34849.282	26926.412
	Earnings Per Share (Rs.)		24.95	24.53	30.99

QUARTERLY RESULTS

PARTICULARS	31.12.2011
Type	1^st Quarter
Net Sales	23968.710
Total Expenditure	22737.290
PBIDT (Excl OI)	1231.420
Other Income	249.300
Operating Profit	1480.720
PBDT	1480.720
Depreciation	431.260
Profit Before Tax	1049.460
Tax	342.290
Profit After Tax	707.160
Net Profit	707.160

KEY RATIOS

PARTICULARS		30.09.2011	30.09.2010	30.09.2009
PAT / Total Income	(%)	6.93	8.73	11.94
Net Profit Margin (PBT/Sales)	(%)	10.72	13.58	17.17
Return on Total Assets (PBT/Total Assets}	(%)	13.12	14.30	18.96
Return on Investment (ROI) (PBT/Networth)		0.33	0.36	0.49
Debt Equity Ratio (Total Liability/Networth)		1.66	1.71	1.83
Current Ratio (Current Asset/Current Liability)		1.35	1.33	1.30

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Rs. In Millions

Particulars	30.09.2011	30.09.2010	30.09.2009
Sundry Creditors	28342.115	29188.600	23526.694

OPERATIONS

The Turnover of the Company increased by approximately 28% and stood at Rs. 119,419 million as compared to Rs. 93,152 million in the previous year. The Company's Profit from Operations for the year ended 30th September, 2011 was Rs. 11,974 as compared to Rs. 11,917 million in the corresponding period of the previous year.

The Profit after Tax was Rs. 8,454 million, compared to Rs. 8,272 million during 2009 - 10.

New Sector - Infrastructure and Cities In line with Siemens global strategy and in order to achieve better portfolio synergy, the Company has created a new Sector 'Infrastructure and Cities'. Siemens offers the world's broadest and most comprehensive portfolio for urban infrastructures. By forming this new sector, the Company plans to be leading participant in the dynamic growth of cities and infrastructure investment. The new sector will offer solutions to the cities for mobility, environmental protection and energy savings. This sector will be having five divisions (Mobility, Rail System, Low and Medium Voltage, Smart Grid and Building Technologies) and these divisions will work closer to their target markets and develop additional business opportunities in the growing market of cities.

AMALGAMATIONS AND DIVESTMENTS

Amalgamation of Siemens Healthcare Diagnostics Limited, Baroda (SHDL)

The Hon'ble High Court of Mumbai and Ahmedabad vide its Order dated 28th January, 2011 and 1st March, 2011, respectively, sanctioned the 'Scheme of Amalgamation' of SHDL with the Company. Key details of the said amalgamation are summarised as follows:

· Appointed Date: 1st October, 2009

· Effective Date: 14th March, 2011

· Share Exchange Ratio: 2 Equity Shares of Rs. 2 of the Company for every 1 Equity Share of Rs. 10 each of SHDL

· Number of new Equity Shares of the Company issued to the Members of SHDL: 3,134,700

· Date of Allotment of new shares: 24th March, 2011

The aforesaid 3,134,700 new Equity Shares rank pari passu with the Equity Shares of the Company and shall be entitled for full amount of Dividend for the year ended 30th September, 2011, if declared by the Members at the forthcoming 54th Annual General Meeting. The said Equity Shares have been listed on Bombay Stock Exchange Limited, and National Stock Exchange of India Limited

Amalgamation of Siemens Rolling Stock Private Limited, Mumbai (SRSPL)

The Hon'ble High Court of Mumbai vide its Order dated 27th April, 2011 sanctioned the 'Scheme of Amalgamation' of SRSPL, a wholly owned subsidiary of the Company, with the Company. The "Appointed Date" is 1st October, 2009. Thus from this date, SRSPL stands amalgamated with the Company and the legal entity of SRSPL stands dissolved without winding up. Further, the entire business and undertaking of SRSPL gets transferred to and vested in the Company.

Dissolution without winding up of Flender Limited, Kolkata

The Hon'ble High Court of Calcutta vide its Order dated 16th March, 2010 sanctioned the amalgamation of Flender Limited, a wholly owned subsidiary of the Company, with the Company. Subsequently the Hon'ble High Court of Calcutta vide its Order dated 16th March, 2011 sanctioned dissolution without winding up of Flender Limited The Appointed Date is 1st October, 2009.

Divestment in subsidiaries of erstwhile Siemens Building Technologies Private Limited (SBTPL)

Consequent to the amalgamation of SBTPL (a wholly owned subsidiary of the Company) with the Company with effect from 1st October, 2010, the three subsidiaries of SBTPL i.e. iMetrex Technologies Limited, Ireland (ITL), Europlex Technologies (UK) Limited, UK (ET UK) and Europlex Technologies (Ireland) Limited, Ireland (ET IL) became subsidiaries of the Company w. e. f. 1st October, 2010. During the year, ITL, ET UK and ET IL were sold to Siemens Schweiz AG, Switzerland (a subsidiary of Siemens AG) for a total consideration of Euro 2.95 million.

Amalgamation of Siemens VAI Metals Technologies Private Limited, Kolkata (SVAI) and Morgan Construction Company India Private Limited, Mumbai (Morgan) with the Company

At the meeting held on 29th October, 2011, the Board of Directors approved the proposal for the amalgamation of SVAI (a 100% Siemens AG Company) and Morgan (a wholly owned subsidiary of SVAI) with the Company. The "Appointed Date" was fixed as 1st October, 2011. The Board has recommended a share exchange ratio of 1,318 (One Thousand Three Hundred and Eighteen) Equity Shares of the Company having Face Value of Rs. 2 (Rupees Two) each fully paid-up for every 100 (One Hundred) Equity Shares of SVAI having Face Value of Rs. 100 (Rupees One Hundred) each fully paid-up. The amalgamation is subject to all necessary statutory I regulatory approvals, including approvals of the Members of the respective companies and High Court.

SVAI is engaged in the business of Erection Procurement and Commissioning (EPC) contracts for industrial I Steel plants.

Morgan is engaged in the business of Design and Engineering, Equipment Supply and Supervision of Erection and Commissioning of Wire Rod and Bar Mills to Steel Industry.

Increase in Share Capital

During the year under review, the paid-up share capital of the Company increased from Rs. 674,320,400 to Rs. 680,589,800, consequent to the issue and allotment of 3,134,700 new Equity Shares of Rs. 2 to the shareholders of erstwhile SHDL upon amalgamation of SHDL with the Company. Out of the said 3,134,700 Equity Shares, 2,154,416 Equity Shares were issued and allotted to Siemens Diagnostics Holding II B.V., Netherlands, parent company of SHDL and a 100% subsidiary of Siemens AG, Germany.

General Performance Review

After exhibiting signs of recovery in 2009-10 from a slowdown in the brvious years, India's economy remained unclear during 2011-12. As a result, India's GDP growth projection for 2011-12 was revised downward from 8% to 7.9%.

This moderation in domestic GDP growth was reflected in the lower demand for goods, which in turn impacted the manufacturing sector. Taking into consideration any volatility in the capital goods sector during the year, the industrial production continued to dip lower throughout the year. The Centre for Monitoring of Indian Economy (CMIE) reports the index of industrial production (IIP) for 2011-12 at 7.7%, down from 8.5% from 2010-11. From a high of 12.4% in October 2010, the manufacturing IIP hit a low of 3.2% in July 2011 and rose only marginally to 4.5% in August 2011.

In spite of the various measures taken by the government to contain inflation, it showed no signs of abating. As of September 2011, the WPI-based inflation was reported at around 9.7% year-on-year. Fuel and power inflation was at approximately 14% while manufacturing inflation declined marginally to around 7.7% due to the base effect and fall in textile prices.

During the year, though the central and various state governments announced the setting up or upgrading of infrastructure projects, few materialized into new orders or financial closures (for existing projects). During the last quarter of the financial year, the ban on iron ore mining together with higher costs of coal and other raw materials not to mention the unabated increase in commodity prices, made further dents into the industry's profitability and operations.

Against the backdrop of this economic scenario, Siemens Limited posted steady financial results: maintaining the same levels in New Order Intake. This compares well against 2009-10 when we booked large orders in the Fossil and Transmission Divisions. Sales grew by 28% with an increase of 2% in Profit after Tax (PAT).

Energy Sector

Ordering of power generation equipment increased during the year, driven by increased requirements for power generation to sustain the planned GDP growth in the future. According to the Ministry of New and Renewable Energy Sources, India had 46 MW of solar capacity and 14,989 MW of wind as of August 31, 2011. Investments in clean energy in India touched $7.2 billion in the first three quarters of the current year. Meanwhile, issues such as pricing and availability relating to coal and gas production remain. Resolution of these concerns is essential in order to achieve the capacity additions targeted by the government, which will ultimately be the key driver for domestic GDP growth.

Despite tough competition, Siemens was able to retain its leading market position in the Energy sector. During 2010-11, New Order Intake increased by 11% for the base load business while showing an overall decline by 24% to Rs. 58.161 billion after considering the impact of large orders in the Fossil and Transmission Divisions. Sales grew by 42% to Rs. 61.435 billion and Profits from Operations rose by 1% to Rs. 7.097 billion.

Among significant achievements, the Energy Fossil Division received a contract from Torrent Power, one of the leading players in the Indian power sector, to install a 1100 MW combined cycle power plant. Among other projects, it received orders from Essar Constructions for two 150 MW industrial turbines, from GAIL (India) Limited for combrssors for its Vijaypur Petrochemical complex, from Power Grid for various 765kV projects like Angul, Jharsugoda, and from Indiabulls Infrastructure Company Limited to build 400/220kV GIS substation.

The Energy Oil and Gas Division inaugurated the second phase of its steam turbine and combrssor manufacturing facility at Vadodara. This expansion added three production bays to the existing production facility covering an area of approximately 17,000 square meters and tripling the production capacity of the factory.

During the year, the Energy Transmission Division rolled out its 100th gas-insulated switchgear (GIS) substation from its factory in Aurangabad. The state-of-the-art factory has achieved a distinction by supplying the complete range of GIS, starting from 72.5 kV up to 420 kV in a short span of time. A high level of localization, coupled with development of the required competencies in the area of engineering, quality, sourcing, manufacturing and project management was responsible for the successful achievement of this milestone.

The Energy Renewables Division also launched a new wind turbine for the Indian market. The new product SWT-2.3-113 (Direct Drive) is targeted at low wind markets with a clear focus on generation-based customers.

Outlook:

The long-term outlook remains positive, with energy demand from across various sectors of the economy expected to grow. The government, on its part, is currently in the process of addressing the key issues of fuel production, linkages and environmental clearances. This is essential to maintain the growth of the Energy Sector. India has committed to take measures to address the issues concerning greenhouse gas emissions. The shift to the use of energy-efficient supercritical units and introduction of higher transmission voltages are examples of this change in approach. Siemens is well positioned to support this move with its products and services which deliver energy efficient solutions.

Industry Sector

The financial year 2010-11 was a challenging one for the industry as a visible weakening of the economy and high input costs dampened industrial growth in India. Rising interest rates led to companies taking a cautious approach toward new projects.

Industry Sector's advantage is its diversified portfolio. With its healthy mix of short-cycle product business and long-cycle project business, the Industry Sector achieved Order Value of Rs. 52.913 billion in 2010-11, a growth of 35% compared to 2009-10. Its Sales rose by 12% to Rs. 46.9 billion in 2010-11. Profit from Operations rose by 1% to Rs. 3.934 billion.

The Industry Sector's product business group, comprising Building Technologies (BT), Drive Technologies (DT) and Industry Automation (IA), contributed significantly to the success of the Sector. Another factor that contributed to the improved performance of the Industry Sector was the additional solutions in its portfolio due to the amalgamation of the Company's Chennai-based subsidiaries Siemens Building Technologies Private Limited and Vista Security Technics Private Limited

The IA division had a mixed year, seeing a rise in fresh investments in the first half of the year while the implementation of projects was affected during the second half largely due to deferring projects by customers. This was compensated by perceptible rise in demand during the year from key original equipment manufacturer (OEMs) in automotive, cement, food and beverage, power and textile customer segments.

The DT division saw buoyant demand for its energy efficient and sustainable products and solutions due to increased awareness towards saving of energy and resources. The DT division increased its focus on services during the year. However, during the last quarter the demand was moderate.

The BT division saw good traction in projects from the steel and power verticals during the year while export-led segments such as IT / ITeS reduced investments. The BT division had a significant milestone in the signing of a Memorandum of Understanding with Reliance Security Solutions Limited, a subsidiary of Reliance Industries Limited (RIL), to jointly develop homeland security solutions for safe, secure, smart cities and highways in India.

On the other hand, the Industry Solutions (IS) Division saw sluggish demand with turnkey projects and new order finalization across customer segments being delayed. Nevertheless, the short cycle product business within the IS division saw good demand for base-line projects. The division performed well in services, water and infrastructure businesses. One of the major customer wins during the year for the IS division was from Ultratech Cement, involving revamp of existing facilities as well as greenfield plants at seven locations. It also implemented the electronics and IT infrastructure for India's first F1 race track during the year.

During the year, the Mobility (MO) division won a contract for electrification and signaling of the Chennai Metro Rail Limited, a special purpose vehicle created by the Government of Tamil Nadu for implementing the Chennai Metro Rail Project. It also won India's largest Cargo Handling System contract from Delhi Cargo Service Center, a company that provides air cargo handling, warehousing and air cargo security solutions. The MO Division's portfolio was also strengthened by the addition of bogie manufacturing capabilities during the brvious year.

Outlook:

With the economic impasse and slowdown, the market is expected to be in a correction phase. The government's focus on facilitating investments, improving infrastructure and capacity creation is conducive for public and private sector investments in segments such as infrastructure, urban development, transportation, metals, power and oil and gas. Customer projects with sound fundamentals and adequate cushion are going ahead as planned. With this, the Industry Sector is expected to see a continuation of demand but margins are expected to be under brssure due to higher input costs, higher labour costs, increasing inflation and rising interest rates. At the same time, the Sector's initiative to increase focus on verticals and value-added services is expected to help in achieving profitable growth.

Healthcare Sector

The healthcare market grew at a healthy pace in 2010-11, in spite of the challenging macro-economic environment, and is expected to maintain the momentum for the next few years. The main growth drivers in healthcare are rapid urbanization, increase in health insurance penetration, higher corporate investment in healthcare and change in disease profile among the nation's population.

Among customer segments, private hospitals followed by diagnostic centers grew significantly. State-sponsored insurance programs in various states in India for below-poverty line population led to increased spends on healthcare.

Siemens Healthcare Sector performed well in the financial year 2010-11. The Magnetic Resonance Imaging (MR) Business Unit and the Computerized Tomography (CT) Business Unit created industry landmarks - Over 100 MRs and 150 CTs were sold during the year by the Company, which is an industry record. The Imaging (HIM) and Clinical Products (HCP) business units maintained their leadership positions in the industry.

For financial year 2010-11, the Order Value increased by 44% to Rs. 11.207 billion. Sales jumped by 39% to Rs. 10.479 billion, while Profits from Operations were down by 1% to Rs. 516 million.

Among the major highlights in financial year 2010-11, Siemens Healthcare Sector installed the following products and technologies for Kovai Medical Center and Hospital: Artis Zee Biplane Cathlab, MAGNETOM Skyra 3T MRI scanner, Biograph 6 PET/CT scanner, Symbia T SPECT-CT scanner and MAMMOMAT Inspiration mammography system - all the products made available in the southern state of Tamil Nadu for the first time.

Also, the Sector installed MAGNETOM Aera 1.5 Tesla Magnetic Resonance Imaging (MRI) scanner - the first 1.5T MRI scanner in India to incorporate both Tim 4G and Dot technologies -at Scans World in Chennai. Similarly, the Healthcare Sector installed the Biograph 16 PET.CT scanner, the first PET.CT scanner in the state of Rajasthan. A Group company Siemens Healthcare Diagnostics Limited was merged into Siemens Healthcare Sector.

The Healthcare Sector launched new initiatives aimed at garnering higher market share. These included increasing focus on the replacement market and zero-installed base districts, both of which yielded positive results.

Outlook:

The outlook for the healthcare market looks positive, and Siemens Healthcare Sector will gain impetus from the new technologies planned to be launched during the next year. These launches are expected to further strengthen our leadership position in the healthcare market. Corporates across segments continue to expand their brsence and are investing in setting up bases in tier 2 and tier 3 cities in India, which will lead to increased demand for affordable, personalized healthcare solutions. Another development that will boost the demand for healthcare equipment is the government's plan to increase spend on healthcare substantially in the coming years.

Outlook for Subject

The downtrend in the various industry performance indicators have impacted expectations, which indicate moderate growth in the future. Together with the uncertain economic environment, the impact of credit and liquidity crunch in the domestic market is likely to lead to postponement of new projects and delays in executing existing projects. Inflation has remained high in spite of the various interest rate hikes by the government, and will remain an area of concern. A further challenge could be delays in infrastructure development due to environmental clearances, which is likely to cause delays or postponement in the decision of some project orders.

Despite the various challenges affecting the market, Siemens Limited is committed to growth. New opportunities are anticipated to emerge in the future, primarily in the area of energy-efficiency and environmentally-friendly technologies. Demand for integrated technology solutions is expected to continue with the government's focus on infrastructure projects, and investments by both public and private sectors in oil and gas, metals and power projects. Inadequate infrastructure has been recognized as the major constraint for rapid growth and the central government's twelfth five-year plan is expected to continue the thrust on accelerating the pace of investment in infrastructure to sustain growth. Higher foreign direct investments have also been announced for various metro and rail-based transportation projects, upgradation and expansion of airports.

Moreover, the surging growth in demand for energy and the challenges this poses for the power supply and the environment can be met by continuously developing more efficient technologies. The company's bottom-of-the-pyramid product strategy is on track along with enhancing the environmental solutions portfolio, local manufacturing footprint as well as talent management programs. Apart from increasing its focus on verticals and value-added solutions, the company has also created a new Sector - Infrastructure and Cities - to focus on solutions for cities of the future. Also, with the increasing focus on alternative energy sources by the government and the private sector as well as the increasing interest in sustainable solutions, Siemens Limited is expected to retain its leadership position and continue to grow profitably.

FIXED ASSETS:

Intangible Assets:

· Goodwill

· Technical Knowhow

Tangible Assets:

· Land

· Building

· Plant and Machinery

· Furniture Fittings and Office Equipments

· Vehicles

WEBSITE DETAILS:

BUSINESS DESCRIPTION:

Subject provides technology-enabled solutions operating in the core business segments of industry, energy and healthcare. It operates in eleven segments: Industry Automation, Drive Technologies, Building Technologies, Industry Solutions, Mobility, Fossil Power Generation, Oil and Gas, Power Transmission, Power Distribution, Healthcare and Real Estate. Industry Automation provides automation products and systems, industrial automation systems and low-voltage switchgears. Drive Technologies provides drives and motors, special purpose motors, process and motion control systems. Building Technologies includes electrical installation technologies. Mobility provides solutions for rail automation and railway electrification. The Fossil Power Generation Division offers products and solutions for power generation-based on fossil fuels. On May 9, 2011, the Company disposed iMetrex Technologies Limited, Europlex Technologies Limited and Europlex Technologies UK Limited For the fiscal year ended 30 September 2010, Siemens Limited's revenues increased 4% to RS98.1B. Net income from continuing operations increased 8% to RS7.58B. Revenues reflect increased income from sales and Services, a rise in interest income and higher operating income. Net income reflects a decrease in employee cost, lower depreciation/amortization expenses; lower other costs and the absence of discontinued operation.

BOARD OF DIRECTORS:

Deepak S. Parekh

Non-Executive Independent Chairman

Mr. Deepak S. Parekh is Non-Executive Independent Chairman of the Board of Subject. He is a member of The Institute of Chartered Accountants of India and also of The Institute of Chartered Accountants England and Wales. He served in India and abroad with Ernst and Ernst Management Consultancy Services, ANZ Grindlays Bank and Chase Manhattan Bank. Currently, he is the Executive Chairman of Housing Development Finance Corporation Limited and on the Board of several prestigious companies. Mr. Parekh has also been a member of various committees set up by the Government of India on varied subjects. He was the youngest recipient of the Economic Times Life Time Achievement Award in 2003. He has won several other awards including ‘Hall of Fame award by Outlook Money Magazine in 2005 and Non Executive Director. He was also conferred with the prestigious Padma Bhushan award in the year 2006. Mr. Parekh has also been honoured with the Lifetime Achievement award by Finance Asia in the year 2008.

Roland Busch

Non-Executive Director

Dr. Roland Busch is Non-Executive Director - Nominee of Parent Company, Siemens AG of Siemens Limited, since July 29, 2011. Dr. Busch is a member of the Managing Board of Siemens AG. His qualifications are Dr. rer.nat., Dipl-Phys. He has experience in Strategic Planning and Business Management.

Keki Bomi Dadiseth

Non-Executive Independent Director

Mr. Keki Bomi Dadiseth is Non-Executive Independent Director of Subject. His other directorships include 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 and Times Global Broadcasting Company Limited

Narendra J. Jhaveri

Non-Executive Independent Director

Shri. Narendra J. Jhaveri is Non-Executive Independent Director of Subject. He has Masters Degree in Economics from Gujarat University, M. Sc in Economics from The London School of Economics (University of London). After a brief stint with NCAER, he joined Reserve Bank of India. He then joined ICICI as Chief Economist in 1974 and rose to the position of Joint Managing Director. In 1993, he moved to I-Sec, a joint venture investment bank between ICICI and JP Morgan, as Executive Chairman. Thereafter, he was associated with the Kotak Mahindra Group. He is director of Afcons Infrastructure Limited, Pidilite Industries Limited, Usha Martin Limited, Voltas Limited, Juniper Hotels Private Limited, SKF India Limited, Ultra Tech Cement Limited, Hindalco Industries Limited, Siemens Healthcare Diagnostics Limited, Chairman, Phoenix ARC Private Limited, Edelweiss Capital Limited, Gujarat Venture Finance Ltd and Edelweiss Securities Limited

Joe Kaeser

Non-Executive Director

Mr. Joe Kaeser is Non Executive Director of Subject. He is Studied Business Administration Dipl.-Betriebswirt. He has held various senior level positions during his 29 years of tenure in the House of Siemens. He is presently the Member of the Managing Board and the Head of Corporate Finance and Controlling of Siemens AG. He is director of Siemens Corporation (USA), Siemens Limited (China), Allianz Deutschland AG (Germany), BSH Bosch und Siemens Hausgerate GmbH (Germany), Siemens Aktiengesellschaft Oesterreich (Austria).

Yezdi H. Malegam

Non-Executive Independent Director

Mr. Yezdi H. Malegam is Non-Executive Independent Director of Subject. He is a member of The Institute of Chartered Accountants of India and also of The Institute of Chartered Accountants England and Wales. Until 2004, he was the senior partner of M/s. S. B. Billimoria and Company, a firm of Chartered Accountants in India. Mr. Malegam is also a Member the Central Board and Western Area Local Board of the Reserve Bank of India. He has served as Chairman / Member on many important Committees set up by the Reserve Bank of India and the Securities and Exchange Board of India.

Sunil D. Mathur

Chief Financial Officer, Whole-Time Director

Mr. Sunil D. Mathur is Chief Financial Officer and Whole-Time Director of Subject. He is a member of The Institute of Chartered Accountants of India. He has been working with Siemens for over 20 years and has held various senior level positions in Siemens group and was the CFO of Siemens Electrium Limited, UK. He is experience in Finance, Merger and Acquisition, Business Management and Treasury and Accounts.

Pradip V. Nayak

Non-Executive Independent Director

Mr. Pradip V. Nayak is Non-Executive Independent Director of Subject. His other directorships include ABN Amro Trustee (India) Private Limited, GlaxoSmithkline Pharmaceuticals Limited, Siemens Medical Solutions Diagnostics Limited (formerly Bayer Diagnostics India Limited) and Vibrac Animal Health India Private Limited

PRESS RELEASES:

SIEMENS INFRASTRUCTURE AND CITIES SECTOR TO BUILD, MODERNIZE SUBSTATIONS FOR BANGLADESH POWER DEVELOPMENT BOARD

8, February 2012

Siemens Limited has won a contract worth Rs. 866.000 Millions from Bangladesh Power Development Board, Dhaka, to construct six new 33/11kV substations and upgrade 14 similar substations. The project is to be delivered on a turnkey basis.

This is the single largest turnkey order received by the Infrastructure and Cities Sector of Siemens Limited for gas-insulated switchgear panels.

Dr. Armin Bruck, Managing Director, Siemens Limited said, “Bangladesh, like other emerging economies of the world, faces the challenges of high power system losses, low efficiencies and erratic power supply. The substations built on Siemens’ gas-insulated switchgears improve power efficiencies and generation capacities, while consuming lower real estate. This is ideal for growing cities like Dhaka.”

Tilak Raj Seth, Sector Cluster Lead (South Asia), Infrastructure and Cities, Siemens Limited, said, “Siemens Limited’s Infrastructure and Cities Sector is well known for strong project management and has proven capabilities in complex international projects. It also has a rich portfolio of green technologies that help customers meet carbon emission norms and save energy costs.”

The project is funded by Japan Bank for International Cooperation Agency (JICA).

The new and upgraded substations are located Sylhet, Mymensingh, Jamalpur and Tangail, in the eastern and central parts of Bangladesh.  

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 14 legal entities, is a leading powerhouse in electronics and electrical engineering with a business volume aggregating about Rs. 120000.000 Million. It operates in the core business areas of Industry, Infrastructure and Cities, Energy and Healthcare. It has a nation-wide sales and service network, 21 manufacturing plants and employs about 18,000 people.

SIEMENS LIMITED ANNOUNCES RS.28340.000 MILLIONS WORTH OF NEW ORDERS IN Q1 2012; FOCUS ON INNOVATIONS THAT DRIVE GROWTH MARKETS OF THE FUTURE.

31, JANUARY 2012

For the first quarter of Financial Year 2012 ended December 31, 2011, Siemens Limited registered New Orders worth Rs. 28340.000 Millions. New Orders in Q1 2012 grew by 11% compared to the same period last year after excluding the effect of a large order win in Q1 2011. Sales for Q1 2012 were down by 8% at 23610.000 Millions. Profit after Tax (PAT) for Q1 2012 was at Rs. 710.000 Millions, 70% lower than the PAT reported in Q1 2011.

Commenting on the results, Dr. Armin Bruck, Managing Director, Siemens Limited, said, “The performance of the Company is below our expectations but is in parallel with the economic environment in the country over the past months which has been challenging. We witness delays in financial closure of projects and caution in the decision-making process of our customers. In spite of this, we continue to focus on building a robust product portfolio and expand our local manufacturing footprint. However, recent developments like the higher IIP index for November 2011, lower inflation and easing of the credit rates by the RBI are pointing to better economic conditions. We hope that this will lead to improved business confidence in the coming quarters.”

Among the significant orders received is one worth Rs. 866.000 Millions from Bangladesh Power Development Board, Dhaka, to construct six new 33/11kV substations and upgrade 14 similar substations. This is the single largest turnkey order received by the Infrastructure and Cities Sector of Siemens Limited for gas-insulated switchgear panels. Siemens Energy Sector also won three orders from Godawari Green Energy Limited, Corporate Ispat Alloys Limited and Lanco Solar Energy to supply four steam turbine generator units for solar thermal power plants in India. All four power plant projects in the state of Rajasthan are being constructed as part of the Jawaharlal Nehru National Solar Mission (JNNSM), the Indian government's ongoing program for promoting solar power.

During the quarter, Siemens Limited became the first company in the world to launch the 1,200 kV SF6 circuit breaker and it was handed over to Power Grid Corporation of India Limited in November 2011. As an innovation-led technology leader, Siemens has opened up a new dimension in the high-voltage power transmission technology with the introduction of the 1200 kV SF6 Circuit Breaker. It is a huge leap from the existing 765kV transmission voltage. Compared to the 765kV system’s power transmission capacity of 2500 MW, the 1200kV circuit has a capacity of transmitting 8000 MW.  The 1200kV ultra-high voltage AC technology is being developed by Power Grid Corporation of India Limited for the first time in the world and Siemens Limited, is a participant in this unique R and D project in a public-private partnership model.

Among other highlights, Siemens Limited, recently launched two new factories for its Smart Grid and City Infrastructure solutions in Goa at an investment of Rs 2000.000 Millions. The factories are equipped with state-of-the-art manufacturing equipment, using lean processes similar to Siemens’ award-winning factory at Berlin. Siemens Limited, now has 21 factories in India, in addition to the 56 sales offices.

Earlier in the quarter (on October 29, 2011), the company had announced the amalgamation of Siemens VAI Metals India Private Limited and Morgan Construction Company India Private Limited (both are 100% subsidiaries of Siemens AG). The amalgamations are part of the ongoing exercise of integrating group companies that enable Siemens Limited to take advantage of operational synergies.

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 14 legal entities, is a leading powerhouse in electronics and electrical engineering with a business volume aggregating about Rs.120000.000 Million. It operates in the core business areas of Industry, Infrastructure and Cities, Energy and Healthcare. It has a nation-wide sales and service network, 21 manufacturing plants and employs about 18,000 people.

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.51.15
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
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	9
--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		78

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.