MIRA
INFORM REPORT
|
Report Date : |
18.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIEMENS LIMITED SIEMENS VAI METALS TECHNOLOGIES PRIVATE LIMITED AMALGAMATED WITH
SIEMENS LIMITED |
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|
|
|
Registered
Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400 018, |
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Country : |
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Financials (as
on) : |
30.09.2011 |
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Date of
Incorporation : |
02.03.1957 |
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Com. Reg. No.: |
11-010839 |
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Capital
Investment / Paid-up Capital : |
Rs.680.590
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1957PLC010839 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS44080B, MUMS41513D, NSKS06051D, MUMS00310C |
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PAN No.: [Permanent Account No.] |
AAACS0764L |
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Legal Form : |
A Public Limited Liability Company. The company's Shares are Listed on
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Marketer of Switchgear Items. |
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|
|
|
No. of Employees
: |
Not Available |
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 |
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Maximum Credit Limit : |
USD 150000000 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Siemens Ag, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA (Cash Credit Limit) |
|
Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
09.03.2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
P1+ (Short Term Debt Programme) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
09.03.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non Co-operative (Name not
disclosed)
LOCATIONS
|
Registered Office / Factory: |
130, Pandurang
Budhkar Marg, Worli, Mumbai - 400 018, |
|
Tel. No.: |
91-22–24987000/
01/ 02/ 24931349/ 50 |
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Fax No.: |
91-22–24987500/
52/ 24941758 |
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E-Mail : |
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|
Website : |
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Head Office : |
Plot No.2, Sector
2, Khargar Node, Navi Mumbai – 410 210, |
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Tel. No.: |
91-22-27568000 |
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Fax No.: |
91-22-27568018 /
27568030 |
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|
Corporate Office : |
Switchboard
Kalwa, |
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|
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Factory : |
E-76, Waluj MIDC
Area, |
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Tel No.: |
91-240-2554008/007 |
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Fax No.: |
91-240-2554007 |
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|
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Factory 2: |
Plot No. L6,
Verna Electronic City, |
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Tel No.: |
91-832-2783420 |
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Fax No.: |
91-832-2783422 |
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Factory 3: |
Thane |
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Tel No.: |
91-22-27600001/06 |
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Fax No.: |
91-22-27600030 |
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|
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Factory 4: |
Plot No. C-1,
Additional Industrial Area, MIDC, Ambad, Nashik – 422 010, |
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Tel No.: |
91-253-2382348/
1326/ 1327/ 2206/ 1325/ 2542 / 2429/ 2153/ 2382082/ 2006 |
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Fax No.: |
91-253-2381262 |
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|
|
|
Sales Office : |
Located At: ·
Ahmedabad ·
·
·
Chennai ·
Ravipuram ·
·
Gurgaon ·
·
Jaipur ·
Kolkata ·
·
Mumbai ·
·
Navi Mumbai ·
·
·
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 ( |
|
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 |
|
Date of Appointment : |
09.11.2000 |
|
|
|
|
Name : |
Mr. Keki Dadiseth |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.12.1945 |
|
Qualification : |
B. Com., FCA ( |
|
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, |
|
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 30.06.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
255,221,175 |
75.00 |
|
|
255,221,175 |
75.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
255,221,175 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
7,775,733 |
2.28 |
|
|
321,190 |
0.09 |
|
|
1,000 |
- |
|
|
20,656,092 |
6.07 |
|
|
11,062,814 |
3.25 |
|
|
39,816,829 |
11.70 |
|
|
|
|
|
|
5,456,347 |
1.60 |
|
|
|
|
|
|
36,679,507 |
10.78 |
|
|
1,938,613 |
0.57 |
|
|
1,182,554 |
0.35 |
|
|
41,319 |
0.01 |
|
|
29,250 |
0.01 |
|
|
1,111,985 |
0.33 |
|
|
45,257,021 |
13.30 |
|
Total Public shareholding (B) |
85,073,850 |
25.00 |
|
Total (A)+(B) |
340,295,025 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
340,295,025 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Switchgear Items. |
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Products : |
|
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 |
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 : |
Not Available |
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Bankers : |
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Facilities : |
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|
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.( ·
Avenues (Honkong) Limited ·
Imetrex Technologies Limited. ( ·
Europlex Technologies ( ·
Europlex Technologies ( ·
Clonshaugh Security Limited (Formerly known as
Europlex Technologies Limited) ( |
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 |
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 |
31.03.2012 |
31.12.2011 |
|
Type |
2nd
Quarter |
1st
Quarter |
|
Net Sales |
37972.850 |
23968.710 |
|
Total Expenditure |
33028.440 |
22737.290 |
|
PBIDT (Excl OI) |
4944.410 |
1231.420 |
|
Other Income |
120.080 |
249.300 |
|
Operating Profit |
5064.490 |
1480.720 |
|
Interest |
79.120 |
0.000 |
|
PBDT |
4985.370 |
1480.720 |
|
Depreciation |
469.400 |
431.260 |
|
Profit Before Tax |
4515.970 |
1049.460 |
|
Tax |
1475.930 |
342.290 |
|
Profit After Tax |
3040.040 |
707.160 |
|
Net Profit |
3040.040 |
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:
PARTICULARS
|
Rs.
In Millions 30.09.2011 |
Rs.
In Millions 30.09.2010 |
Rs.
In Millions 30.09.2019 |
Sundry Creditors
|
28342.115
|
29188.600
|
23526.694 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
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
STATEMENT
OF STANDLALONE UNAUDITED
RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 31.march 2012
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
(Unaudited) (Quarter Ended) |
(Unaudited) Six month Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
|
|
|
|
a) Net Sales/Income from Operations |
37601.432 |
23315.057 |
60916.489 |
|
Other operating Income |
371.418 |
360.669 |
847.199 |
|
Net Sales/Income
from Operations (net) |
37972.850 |
23675.726 |
61763.688 |
|
Expenditure |
|
|
|
|
a) Consumption of raw materials |
20744.656 |
15816.944 |
38581.600 |
|
b) Purchase of Stock In -trade |
5467.210 |
6139.602 |
11606.820 |
|
c) Changes in inventories of finished goods, work-in-progress and stock – in-trade |
1722.482 |
(3758.591) |
(2036.109) |
|
Employees benefits Expenses |
2526.634 |
2531.830 |
5058.465 |
|
Depreciation and amropriation Expenses |
469.395 |
431.262 |
900.857 |
|
Total Expenses |
33497.837 |
22852.906 |
58350.743 |
|
Profit from
Operations before Other Income, Interest and Exceptional items (1-2) |
4475.013 |
8228.20 |
5297.833 |
|
Other income |
120.077 |
272.078 |
392.155 |
|
Profit before
finance costs (3+4) |
4595.090 |
1094.898 |
5689.988 |
|
Finance costs |
79.124 |
45.444 |
124.568 |
|
Profit before tax
(5-6) |
4515.966 |
1049.464 |
5565.420 |
|
Tax expense Deferred tax charge /(credit) |
1563.823 (87.892) |
351.140 (8.848) |
1914.964 (96.740) |
|
Paid-Up Equity Share Capital |
680.590 |
680.590 |
680.590 |
|
(Face Value of Rs.02/- each) |
|
|
|
|
Reserves excluding Revaluation Reserve as per Balance Sheet of previous Accounting Year |
NA |
NA |
NA |
|
Earnings Per Share of Rs. 2 each (EPS) (in Rupees) - Basic
and diluted (not annualised) |
8.93 |
2.08 |
11.01 |
|
|
(Unaudited) (Quarter Ended) |
(Unaudited) Six month Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
Particulars of
share holdings |
|
|
|
|
- Number of shares * |
85073725 |
85073725 |
85073725 |
|
- Percentage of shareholding * |
25.00% |
25.00% |
25.00% |
|
Promoters and Promoter Group shareholding |
-- |
-- |
-- |
|
a) Pledged/ Encumbered |
-- |
-- |
-- |
|
- Number of shares |
-- |
-- |
-- |
|
- Percentage of share (as % of the total shareholding of Promoter group) |
-- |
-- |
-- |
|
- Percentage of share (as % of the total share capital of the Company) |
-- |
-- |
-- |
|
b) Non-Encumbered |
|
|
|
|
- Number of shares |
255221175 |
255221175 |
255221175 |
|
- Percentage of share (as % of the total shareholding of Promoter group) |
100% |
100% |
100% |
|
- Percentage of share (as % of the total share capital of the Company) |
75.00% |
75.00% |
75.00% |
|
Particulars |
(Unaudited Quarter
Ended) 31.03.2012 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the ending other Quarter |
Nil |
|
Received During
the Quarter |
3 |
|
Disposed During
the Quarter |
2 |
|
Remaining Unresolved
at the End Of the Quarter |
1 |
1. The Statement
of Assets and Liabilities as required under Clause 41 (V)(h) of the Listing
Agreement is as under:
(Rs.
In millions)
|
S. N. |
Particulars |
31.03.2012 |
|
|
(Unaudited) Half- year Ended |
|||
|
|
|
|
|
|
A |
EQUITY AND
LIABILITIES |
|
|
|
1 |
Shareholders’ Funds |
|
|
|
|
a) |
Share Capital |
680.590 |
|
|
b) |
Reserves & Surplus |
41194.983 |
|
|
Sub-total- Shareholders' funds |
41875.573 |
|
|
4 |
Non- Current Liabilities |
|
|
|
|
|
Other long-term liabilities |
87.063 |
|
|
|
Long-term provisions |
2555.165 |
|
|
Sub-total-Non-current liabilities |
2642.228 |
|
|
5 |
Current liabilities |
|
|
|
|
|
Trade payables |
23556.049 |
|
|
|
Other current liabilities |
19621.198 |
|
|
|
Short-term provisions |
10825.249 |
|
|
Sub-total-current liabilities |
54002.496 |
|
|
|
|
|
|
|
|
TOTAL-EQUITY AND LIABILITIES |
98520.297 |
|
|
B |
ASSETS |
|
|
|
|
a) |
Fixed assets |
14959.775 |
|
|
b) |
Non-current investments |
401.421 |
|
|
c) |
Differed Tax Assets |
1977.163 |
|
|
d) |
Long-term loans and advances |
4513.108 |
|
|
|
Other non-current assets |
7000.505 |
|
|
Sub-total-Non-current assets |
28851.972 |
|
|
4. |
Current Assets |
|
|
|
|
a) |
Current investments |
0.000 |
|
|
b) |
Inventories |
9937.932 |
|
|
c) |
Trade receivables |
39029.673 |
|
|
d) |
Cash and cash equivalents |
3940.977 |
|
|
e) |
Short-term loans and advances |
7488.397 |
|
|
f) |
Other current assets |
9271.346 |
|
|
Sub-total-current assets |
69668.325 |
|
|
|
TOTAL-ASSETS |
98520.297 |
|
2. The Board of Directors approved the amalgamation of Siemens Power Engineering
Private Limited., Gurgaon (SPEL- a 100% subsidiary of Siemens AG) with the
Company on 31 January 2012. The amalgamation scheme was filed with the
Honourable High Courts of Bombay and Punjab & Haryana on 20 February 2012
and 22 March 2012 respectively. In terms of the scheme, the appointed date is
01 October 2011 and the share swap ratio will be 6 equity shares of the face
value of Rs. 2 each fully paid-up of the Company for every 13 equity shares of
the face value of Rs. 10 fully paid-up of SPEL, The Shareholders of the Company
approved the amalgamation in their meeting held on 11 April 2012.
b The Board of Directors
approved the amalgamation of Siemens VAI Metals Technologies Private Limited., (SVAI
- a subsidiary of Siemens AG) and Morgan Construction Company India Private
Limited., (Morgan - a 100% subsidiary of SVAI) with the Company on 29 October
2011. The amalgamation scheme has been filed with the Honourable High Court of
Bombay on 20 December 2011. In terms of the scheme, the appointed dale is 01
October 2011 and the share swap ratio will be 1,318 equity shares of the face
value of Rs. 2 each fully paid-up of the Company for every 100 equity shares of
the face value of Rs.100 fully paid-up of SVAI, The Shareholders of the Company
approved the amalgamation in their meeting held on 13 February 2012.
Pending approval of the aforesaid High Courts, no effect of the above
mentioned proposed amalgamations have been recognised in these results.
3. During the year ended 30 September 2011, the Scheme of Amalgamation
with Siemens Rolling Stock Private Limited., was approved by the Bombay High
Court and was effective in May 2011 . The appointed date for the amalgamation
was 01 October 2009; consequently the financial results for the quarter and six
months ended 31 March 2011 have been recast so as to include the financial
results of the amalgamated company.
4. During the quarter, pursuant to significant developments in certain
projects, The Company revised estimated revenue, costs and project related
provisions. Accordingly, the profit before tax for the quarter and half year
ended 31 March 2012 includes a net credit of Rs. 2108.700 Millions, after
adjustment for charges of the prior year amounting to Rs. 551.100 Millions.
5. Figures for the previous period have been regrouped wherever
necessary to make them comparable,
6. The financial results for the quarter ended 31 March 2012 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
27 April 2012.
For Siemens Limited
Segmentwise Revenue,
Results and Capital
|
|
(Unaudited) (Quarter Ended) |
(Unaudited) Six month Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
Segment Revenue |
|
|
|
|
a) Infrastructure and Cities |
8894.075 |
6334.500 |
15228.575 |
|
b) Energy |
18341.499 |
9416.176 |
27757.675 |
|
c) Industry |
9429.195 |
7337.204 |
16766.399 |
|
d) Healthcare |
2916.080 |
2019.833 |
4935.913 |
|
Total |
39580.849 |
25107.713 |
64688.562 |
|
Less : Inter segment revenue |
1979.417 |
1792.656 |
3772.073 |
|
Net Sales / Income
From Operations |
37601.432 |
23315.057 |
60916.489 |
|
2. Segment Results |
|
|
|
|
a) Infrastructure and Cities |
707.472 |
395.060 |
1102.532 |
|
b) Energy |
3317.458 |
(0.185) |
3317.273 |
|
c) Industry |
531.645 |
223.269 |
754.914 |
|
d) Healthcare |
(126.980) |
(34.564) |
(161.544) |
|
Total |
4429.595 |
583.580 |
5013.175 |
|
a) Interest income net off expense |
41350 |
229.018 |
270.368 |
|
b) Other un-allocable income net off un-allocable
expenditure |
45.021 |
236.856 |
281.877 |
|
Total Profit Before Tax |
4515.966 |
1049.454 |
5565.420 |
|
3. Capital employed |
|
|
|
|
a) Infrastructure and Cities |
7721.509 |
6712.919 |
7721.509 |
|
b) Energy |
14727.056 |
11825.669 |
12612.287 |
|
c) Industry |
6658.892 |
6018.872 |
3649.273 |
|
d) Healthcare |
968.722 |
929.178 |
(212.193) |
|
e) Unallocated |
11799.394 |
13346.760 |
11799.394 |
|
Total Employed |
41875.573 |
38833.398 |
41876.673 |
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 Limited 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 brings STAR to present advanced developments in radiology
Mumbai, 2012-May-15
The Healthcare Sector of Siemens Limited. along with Bayer
Zydus Pharma is bringing Specialized Training in Advances in Radiology (STAR), an
internationally coveted education program to India. The STAR program commences
today in New Delhi and travels to Kolkata later in the week, covering a
spectrum of latest developments in the field of radiology. The professionally
organized lectures and workshops by eminent international faculty will help
radiologists to provide their patients comfortable and enhanced care, by means
of faster and accurate diagnosis.
Mr. D Ragavan, Sector Cluster Lead South Asia, Siemens
Healthcare informs, “We are constantly witnessing technological developments in
the field of radiology, which are increasingly benefitting the radiologists and
the patients at large. It has subsequently become imperative to educate the
practicing radiologists about these developments. Siemens being the innovation
leader in diagnostic imaging takes immense pleasure to get associated with the
world renowned STAR program along with Bayer Zydus Pharma. We believe that this
initiative will be a great knowledge sharing platform for the participants.”
According
to a statement from Bayer Zydus Pharma, rapid technological developments in the
field of radiology and imaging are matched by progress taking place in the
field of contrast agents. In fact, since the discovery of X-rays, Bayer Zydus
Pharma has been working closely with radiologists, by providing innovative
diagnostic agents for each and every imaging modality be it X-ray, MRI or
Ultrasound. It has always played a vital role in continuous medical education
and its association with STAR, is yet another initiative to address the growing
needs of knowledge sharing and exchange of ideas in the field of Imaging.
STAR
will be held from May 15-16, 2012 at New Delhi and from May 18-19, 2012 at
Kolkata. For the last seven years, this initiative is being organized and is
successfully led by Prof. Hans Ringertz from Linköping University, Sweden and
Stanford University, USA. Until mid2011, 144 STAR events have been conducted in
36 countries, with more than 24,000 radiologists attending the same. Prof. Ringertz
mentions, "It will be a great pleasure to visit India again among other
reasons, because India was one of the first countries where a STAR program was
held. We visited Delhi, Chennai and Mumbai in the 1990s and in Bangalore in
2001. As on previous visits, I am very happy to join a very competent,
internationally leading faculty group this time from Canada, Germany and the
US.” He further adds that STAR in India has been composed to fit the requests
from the local radiological community, as well as the sponsoring companies,
Siemens and Bayer Zydus Pharma.
STAR,
which maintains international standards across all its lectures and workshops,
enables leaders from various radiological specialties to discuss procedures and
approaches. This aids increasing specific knowledge and skill levels, further
helping in improving the patient’s quality of life. The program also enables
one-on-one discussions between top level international radiologists and local
radiological community. Currently, the program is focused on emerging markets,
but will also be extended to established markets in the future.
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 13 legal entities, is a leading powerhouse in electronics and electrical engineering with a business volume aggregating about Rs. 120000.000 Millions. It operates in the core business areas of Industry, Infrastructure & 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 amalgamation of Siemens VAI Metals
Technologies Private Limited and Morgan Construction Company India Private
Limited with itself
Mumbai, 2011-Oct-29
At its Board Meeting held today, Siemens Limited announced that it will amalgamate the operations of Siemens VAI Metals Technologies Private Limited, Kolkata (SVAI - a 100% Siemens AG company) and Morgan Construction Company India Private Limited, Mumbai (Morgan - a 100% subsidiary of SVAI) with itself. The appointed date of the amalgamation is 1st October, 2011. The Board of Directors has considered the share swap ratio as determined by independent valuer Grant Thornton. The fairness opinion on the valuation was provided by ICICI Securities Limited, a category – I merchant banker.
The share swap ratio for the proposed amalgamation is: 1,318 (one thousand three hundred and eighteen) equity shares of the face value of Rs. 2 (Rupees two) each fully paid up of the company for every 100 (one hundred) equity shares of the face value of Rs.100 (Rupees one hundred), fully paid-up of SVAI (Morgan is a 100% subsidiary of SVAI).
The proposed amalgamation is subject to the approvals of the shareholders and creditors of the companies, and other statutory and regulatory authorities in the respective jurisdictions.
Dr. Armin Bruck, Managing Director, Siemens Limited, commented on the announcement, “The amalgamation is part of an ongoing consolidation strategy. Siemens Limited constantly seeks opportunities to deliver sustainable growth and add investor value by consolidating the Siemens Group businesses based on operational synergies.”
Werner Auer, CEO of Siemens VAI, supports the amalgamation: “The integration helps Metals Technologies to improve our footprint as local manufacturer and supplier for Indian steel plants. We now can offer engineering, mechanic and automation solutions as well as lifecycle services for Indian producers from one single source.
Mon, Jul 30, 2012 at
09:50
Siemens can test Rs 1100:
Aashish Tater
Siemens can test Rs 1100 in next 18 months,
says Aashish Tater, Head of Research, Fort Share Broking.
Siemens can test Rs 1100 in next 18 months, says Aashish Tater, Head of Research, Fort Share Broking.
Tater told CNBC-TV18, "Siemens is one stock that we recommended last time also around this particular level. There is a reason for it. The company from France, UK, USA and Germany tend to give you two years forward earnings premium in order to squeeze the float and that’s exact the rationale was when Siemens got an open offer around at Rs 930 odd mark. The same rationale with the same players would like to accumulate again because eventually even Siemens would come with a delisting offer, this is what we believe.”
He further added, “If you see at current levels we are very comfortable with this particular stock because I am not taking valuations from Indian perspective. But if you take a dollar equivalent call last time it paid roughly around USD 20-20.50 to take its holding to 75%. Right now if you take a dollar equivalent it’s roughly around USD 12.5-13. So there is lot of valuation that has been created in terms of gap. So this will be definitely filled.”
“Now if you take a snapshot of the shareholding pattern that has been changing in last three quarters, FIIs have slowly accumulated and their holdings have gone up. Clearly this float is getting squeezed into strong hands. Hardly any float would be left in another say Rs 40 if the stock goes and dips to that level and that will be the right time to take a long-term view on the stock because even if the company makes a delisting move or even if they don’t, we feel with markets turning to stabilized, the stock will eventually go and test Rs 1,100 from next 18 months perspective.”
“One year has gone by. We had call for Rs 1,100 from three years perspective. We think even if you make Rs 1,000-1,100 and you make a partial exit you will make lot of money from current levels and this is one stock which is definitely a blue chip and a very safe stock from long-term perspective.”
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.55.70 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
SDA |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.