MIRA INFORM REPORT

 

 

Report Date :

10.12.2012

 

 

 

 

 

 

Tell No.:

91-22-24987000

Fax No.:

91-22-24987500

 

 

IDENTIFICATION DETAILS

 

Name :

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.

 

ECGC Country Risk Classification List – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

AAA (Long Term)

Rating Explanation

Highest degree of safety and lowest credit risk.

 

 

Rating Agency Name

CRISIL

Rating

A1+ (Short Term)

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

25.07.2012

 

 

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 DENIED

 

MANAGEMENT NON CO-OPERATIVE

 

91-22-24987000

 

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

 

 

Factory 5:

R.S. NO.16/8, Kurumbapet, Valuthavur Road, Villianur Commune Pondicherry – 605009, India

Tell No.:

91-413-2272924

 

 

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 30.09.2012

 

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

251265128

73.84

Sub Total

251265128

73.84

Total shareholding of Promoter and Promoter Group (A)

251265128

73.84

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

6735020

1.98

Financial Institutions / Banks

281852

0.08

Central Government / State Government(s)

1000

0.00

Insurance Companies

23200076

6.82

Foreign Institutional Investors

11891478

3.49

Sub Total

42109426

12.37

(2) Non-Institutions

 

 

Bodies Corporate

7300926

2.15

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 1 lakh

36498124

10.73

Individual shareholders holding nominal share capital in excess of Rs. 1 lakh

1934153

0.57

Any Others (Specify)

1187268

0.35

Trusts

42549

0.01

Directors & their Relatives & Friends

29250

0.01

Non Resident Indians

1115469

0.33

Sub Total

46920471

13.79

Total Public shareholding (B)

89029897

26.16

Total (A)+(B)

340295025

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

(1) Promoter and Promoter Group

0

0.00

(2) Public

0

0.00

Sub Total

0

0.00

Total (A)+(B)+(C)

340295025

0.00

 

 

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

 

 

After 30.09.2011

 

Authorised Capital : Rs.2000.000 Millions

 

Subscribed & Paid-up Capital : Rs.704.066 Millions

 

 

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

31.03.2012

 

30.06.2012

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

23968.710

37972.850

28433.31

Total Expenditure

22737.290

33028.440

27467.090

PBIDT (Excl OI)

1231.420

4944.410

966.220

Other Income

249.300

120.080

128.870

Operating Profit

1480.720

5064.490

1095.090

Interest

0.000

79.120

52.660

PBDT

1480.720

4985.370

0.000

Depreciation

431.260

469.400

1042.430

Profit Before Tax

1049.460

4515.970

506.110

Tax

342.290

1475.930

536.320

Profit After Tax

707.160

3040.040

172.090

Net Profit

707.160

3040.040

364.0240

 

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

 

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

Yes

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

--

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) PAN of Proprietor/Partner/Director, if available

No

32) Date of Birth of Proprietor/Partner/Director, if available

Yes

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. 119419 millions 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. 11974 Millions as compared to Rs. 11917 millions in the corresponding period of the previous year.

 

The Profit after Tax was Rs. 8454 millions, compared to Rs. 8272 millions 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.

 

 

 

 

 

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2012

Rs. in Millions

 

 

 

Quarter Ended

Year Ended

Sr.

 

Particulars

30.09.2012

30.06.2012

30.09.2011

30.09.2012

 

 

 

(Audited)

(Unaudited)

(Unaudited)

(Audited)

1

a) b)

Income from operations Net sales/income from operations (Net of excise duty) Other operating income

32693.555 1058.205

29763.942 422.027

34725.793 670.867

120781.203

2117.613

 

 

Total income from operations (net)

33751.760

30185.969

35396.660

129198.816

2

a) b) e) d) e) f)

 

Expenses Cost of materials consumed (including direct project cost) Purchases of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock-in-trade Employee benefts expense Depreciation and amortisation expense Other expenses, net

18759.516 6200.801 1669.488 3443.471 559.396 2683.908

17291.663 6514.688 (644.972) 3004.979 519.219 2721.100

16499.850 8693.195 1679.521 2506.326 409.656 3152.764

75094.341

24398.386

(1014.450)

11959.080

2010.160

9848.665

 

 

Total expenses

333165.80

29406.677

32941.312

122296.182

3

 

Profit from operations before other Income and finance costs (1-2)

4351.80

779.292

2455.348

6902.634

4

 

Other income

1261.72

119.965

2978.73

574.667

5

 

Profit before finance costs (3 + 4)

5613,52

899.257

2753.221

7477.301

6

 

Finance costs

655.11

121.729

45.035

269.542

7

 

Profit before exceptional item, prior period items and tax (5-6)

4958.41

777.528

2708.186

7207.759

8 9

 

Exceptional item (See note 4) Prior period items (See note 5)

1200.206 7.600

240.300

-

1200.206

799.000

10

 

Profit/ (Loss) before tax (7-8-9)

(711.965)

537.228

2708.186

5208.563

11

 

Tax expense

(154.284)

175.244

927.354

1776.988

12

 

Net Profit/(Loss) aftertax for the period (10-11)

(557.681)

361.984

1780.832

3431.565

13

 

Paid-up equity share capital (Face Value of equity shares : Rs. 2 each futty paid up)

680.590

680.590

680.590

680.590

14

 

Reserves excluding Revaluation Reserves

NA

NA

NA

38911.018

15

 

Earnings Per Share of Rs. 2 each (EPS) (in Rupees) - Basic and diluted (nol annualised)

(1.64)

1,06

5.23

9.75

 

 

Particulars

(Unaudited Quarter Ended)

30.09.2012

B INVESTORS COMPLAINTS

 

Pending at the ending other Quarter

1

Received During the Quarter

4

Disposed During the Quarter

5

Remaining Unresolved at the End Of the Quarter

0

 

 

1. The Statement of Assets and Liabilities as required under Clause 41 (V)(h) of the Listing Agreement is as under:

Rs. in Millions

Particular

30.09.2012

EQUITY AND LIABILITIES

 

Shareholders’ funds

 

(a) Share capital

680.590

(b) Share Capital Suspense Account

23.476

( c) Reserves and surplus

38922.286

Sub-total - Shareholders' funds

39626.352

 

 

Non-current liabilities

 

(a) Other long-term liabilities

1048.330

(b) Long-term provisions

3074.720

Sub-total - Non-current liabilities

4123.05

 

 

Current liabilities

 

(a)  Trade payables

26542.047

(b) Other current liabilities

22079.156

(c)  Short-term provision

14076.636

Sub-total - Current liabilities

62697.839

TOTAL - EQUITY AND LIABILITIES

106447.241

 

 

ASSETS

 

Non-current assets

 

(a) Fixed assets

14971.823

(b) Non-current investments

410.219

(c) Deferred tax assets (net)

3176.050

(d) Long-term loans and advances

5340.578

(e) Other non current assets

7772.565

Sub-total - Non-current assets Current assets

31671.235

Current assets

 

(a) Inventories

9431.243

(b) Trade receivables

39124.253

(c) Cash and cash equivalents

9768.430

(d) Short-term loans and advances

5689.689

(e) Other current assets

10762.391

Sub-total - Current assets

74776.006

TOTAL - ASSETS

106447.241

 

NOTES:

 

·         During The quarter, The High Court of judicature at Bombay vide its Order dated 17 August 2012, approved the Scheme of Amalgamation of Siemens VAI Metals Technologies Private Limited., (SVAl - a subsidiary of Siemens AG) and Morgan Construction Company India Private Limited., (Morgan - a 100% subsidiary of SVAI) with the Company. The appointed date for The amalgamation was 01 October 2011. Consequently the Financial Results for the current quarter and year ended 30 September 2012 include the results of SVAI and Morgan and are reflected in the Business Segment Industry under the segmental reporting, Also, the financials results for the quarter ended 30 June 2012 have been recast so as to include the financials results of the amalgamated companies. Pursuant to the amalgamation the figures of the current year are not strictly comparable to those of the previous year, Consequent to this merger, The Company has allotted 1,17,38,108 equity shares of Rs. 2 each to Siemens VAI Metals Technologies GmbH(shareholder of SVAI) on 13 October 2012.

·         The Board of Directors approved The amalgamation of Winergy Drive Systems India Private Ltd (Winergy - a 100% subsidiary of Winergy AG which is wholly owned by Siemens AG) with the Company on 10 August 2012. In terms of The Scheme of Amalgamation filed with the High Courts of Bombay and Madras on 26 August 2012 and 4 September 2012 respectively, the appointed date is 01 October 2012 and the share swap ratio will be 1 equity share of the face value of Rs. 2 each fully paid up of the Company for every 72 equity shares of the face value of Rs. 10 each fully paid up of Winergy.

·         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 and Haryana on 20 February 2012 and 22 March 2012 respectively. In terms of the Scheme of Amalgamation!. 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. The Bombay High Court has approved the Scheme vide its order dated 2 November 2012 and is pending for the approval of High Court of Punjab and Haryana. In view of the same, no effect of the above mentioned proposed amalgamation has been recognized in these results.

·         The Company has incurred expenditure and made commitments for setting up a manufacturing facility for the wind energy business included in Energy segment. In view of the current business scenario, the Board of Directors reviewed the plan for the wind energy business and decided to use these assets for alternate purposes. Based on evaluation of various options, the Company has recognized an impairment loss and other consequential provisions aggregating Rs.1200.200 Millions which is reflected as an "exceptional item" in these results.

·         In accordance with the practice consistently followed and pursuant to significant developments in certain projects, the Company revises estimated revenue, costs and project related provisions. During the course of the year, the company has identified certain updates relating to the prior year. The total of such updates are debited to the statement of profit and loss and impact The current year's profit before tax by Rs. 799.000 Millions (2011: Rs. Nil).

·         The Board of Directors have recommended a dividend of Rs. 6 per share for the year ended 30 September 2012, amounting to Rs. 2112.199 Millions.

 

·         The figures for the quarters ended 30 September 2012 and 30 September 2011 are the balancing figures between the audited figures in respect of the full financial year and the year to date figures up to the third quarter.

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

·         The above financial results were reviewed and approved by the Audit Committee and the Board of Directors

 

 

FIXED ASSETS:

 

Intangible Assets:

 

·         Goodwill

·         Technical Know-how

 

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 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, Glaxo Smith kline Pharmaceuticals Limited, Siemens Medical Solutions Diagnostics Limited (formerly Bayer Diagnostics India Limited) and Vibrac Animal Health India Private Limited

 

 

PRESS RELEASES:

 

Siemens to build India’s first 765kV test laboratory at Bina for NHPTL

 

Mumbai, 2012-September-26

 

Signs a contract worth Rs.1468.600 Millions with Power Grid Corporation of India Limited

 

Siemens Limited today announced that it has signed a contract worth Rs. 1468.600 Millions with Power Grid Corporate of India Ltd. (PGCIL) to build a 765kV test laboratory, the first -of-its-kind in India, at Bina, Madhya Pradesh for National High Power Test Laboratory (NHPTL). Siemens has bagged this order on a turnkey basis and will be executing the project as an end-to-end solution provider.

 

Siemens will be extending to this project some of its highly advanced technologies including 765kV Make Switch, Control and Monitoring System (CMS), and associated substations for 765kV and 400kV, among others. Siemens has also been contracted for the annual maintenance of this test laboratory for five years. The project has been rolled out with immediate effect and is expected to be commissioned in 14 months - by mid of calendar year 2013.

On winning this coveted contract, Mr. A.K. Dixit, CEO – Energy Sector, Siemens Ltd. said,
“We are honored to have been trusted for this project. It gives us an opportunity to further innovate and set a new benchmark not only for India but also for rest of the world. The project is significant for it will provide access to world-class testing facilities locally and will put India on the world stage as an important destination for testing of 765kV transformers.”

 

The execution consultant of this project is Power Grid Corporation of India Ltd. (PGCIL), which will be the primary interface for Siemens, with CESI ITALY being the Technical consultant. NHPTL Pvt. Ltd. is a joint venture company formed by NTPC, NHPC, Power Grid, DVC and CPRI.

 

Dr. Lakshman Hari, CEO, NHPTL, in a recently held seminar, highlighted, "The facility that is being built at Bina in Madhya Pradesh will be India’s premier on line high power short circuit test facility. It will help power equipment manufacturers and national power utilities optimize cost and time by not having to go to international destinations for high power testing. It also opens gate for revenue generation as international power equipment manufacturers are welcome to come here and test their power equipments."

 

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 Millions 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.

 

Forward-looking statements:

“This document contains forward-looking statements based on beliefs of Siemens' management. The words
'anticipate', ‘believe’, ‘estimate’, ‘forecast’, ‘expect’, ‘intend’, ‘plan’, ‘should’, and ‘project’ are used to identify forward-looking statements. Such statements reflect the company's current views with respect to the future events and are subject to risks and uncertainties. Many factors could cause the actual result to be materially different, including, amongst others, changes in the general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services, and changes in business strategy. Actual results may vary materially from those projected here. Siemens does not intend to assume any obligation to update these forward-looking statements.”

curing 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.54.20

UK Pound

1

Rs.86.99

Euro

1

Rs.70.22

 

 

INFORMATION DETAILS

 

Report Prepared by :

BYI

 

 

 

 

 

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.