MIRA INFORM REPORT

Report Date :

09.01.2013

IDENTIFICATION DETAILS

Name :	SIEMENS PUBLIC LIMITED COMPANY

Registered Office :	Faraday House, Sir William Siemens Square, Frimley, Camberley, GU16 8QD

Country :	United Kingdom

Financials (as on) :	30.09.2011

Date of Incorporation :	25.06.1962

Com. Reg. No.:	00727817

Legal Form :	Public limited with Share Capital

LINE OF BUSINESS :	MANUFACTURE, INSTALLATION AND SALE OF PRODUCTS IN THE AREA OF FOSSIL AND RENEWABLE ELECTRICITY GENERATION AND DISTRIBUTION, RAIL AND AUTOMOTIVE TRANSPORTATION SYSTEMS, INDUSTRIAL AND BUILDING AUTOMATION, HEALTHCARE EQUIPMENT AND SERVICES.

No. of Employees :	7468 Employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	No Complaint
Litigation :	Clear

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^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

United Kingdom

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

United Kingdom - ECONOMIC OVERVIEW

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership and contained the growth of social welfare programs. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, account by far for the largest proportion of GDP while industry continues to decline in importance. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Sharply declining home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these include nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aims to lower London's budget deficit from over 10% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 because of slower-than-expected economic growth and the impact of the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 23% by 2015. The Bank of England (BoE) implemented an asset purchase program of up to £325 billion (approximately $525 billion) as of February 2011. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name	SIEMENS PUBLIC LIMITED COMPANY	Company Number	00727817

Registered Address	FARADAY HOUSE	Trading Address	Nasmyth Building Nasmyth Avenue East Kilbride Glasgow, Lanarkshire G75 0QU
	SIR WILLIAM SIEMENS SQUARE
	FRIMLEY, CAMBERLEY
	GU16 8QD

Website Address	http://www.siemens.com
Telephone Number	01904606400	Fax Number
TPS	No	FPS	No
Incorporation Date	25/06/1962	Company Status	Active - Accounts Filed
Previous Name		Type	Public limited with Share Capital
Date of Change	-	Filing Date of Accounts	21/03/2012
		Share Capital	£1,000,000
SIC03	3162	Currency	GBP
SIC03 Description	MANUFACTURE OF OTHER ELECTRICAL EQUIPMENT
SIC07	33140
SIC07 Description	REPAIR OF ELECTRICAL EQUIPMENT
Principal Activity	The manufacture, installation and sale of products in the area of fossil and renewable electricity generation and distribution, rail and automotive transportation systems, industrial and building automation, healthcare equipment and services.
Branch	Davey House, Sheffield Business Park, Europa Link, Sheffield South, Yorkshire S9 1XU United Kingdom

DIRECTORS/MANAGEMENT

Total Current Directors	4
Total Current Secretaries	1
Total Previous Directors / Company Secretaries	27

Current Directors

Name	Helen Claire Carless	Date of Birth	31/03/1962
Officers Title	Ms	Nationality	British
Present Appointments	7	Function	Director
Appointment Date	01/02/2012
Address	Faraday House Sir William Siemens Square, Frimley, Camberley, Surrey, GU16 8QD
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Matthew Shackleton Chinn	Date of Birth	13/09/1962
Officers Title	Mr	Nationality	British
Present Appointments	5	Function	Director
Appointment Date	01/04/2012
Address	Faraday House, Sir William Siemens Square, Frimley, Camberley, Surrey, GU16 8QD
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Andrew Hall	Date of Birth	28/07/1963
Officers Title	Mr	Nationality	British
Present Appointments	3	Function	Director
Appointment Date	01/04/2012
Address	Faraday House Sir William Siemens Square, Frimley, Camberley, Surrey, GU16 8QD
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Name	Roland Armin Aurich	Date of Birth	23/12/1957
Officers Title	Mr	Nationality	Swedish
Present Appointments	5	Function	Director
Appointment Date	01/01/2012
Address	Faraday House Sir William Siemens Square, Frimley, Camberley, Surrey, GU16 8QD
Other Actions	View Director Report	View Consumer Report	View Trace Report

Disqualified		Disqualified End Date
Disqualification Exception	No

Current Company Secretary

Name	Helen Claire Carless	Date of Birth	-
Officers Title	Ms	Nationality	British
Present Appointments	1	Function	Company Secretary
Appointment Date	01/02/2012
Address	Faraday House Sir William Siemens Square, Frimley, Camberley, Surrey, GU16 8QD

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
Hans Walter Vahl	0	1
Terence Richard Washington	0	6
Gerald Musgrave	7	11
Ian Philip Howard	32	82
Juergen Carlos Gehrels	1	25
Alan John Wood	1	38
John Henry Hild	0	3
Francis Stephen Law	0	10
Georg Wilhelm Gustav Von Mallinckrodt	4	11
Peter Victor Lush	2	2
Karl-Hermann Walter Baumann	0	2
Marcus De La Poer Beresford	1	20
Goetz Nikolaus Steinharot	0	12
Bernd Euler	1	14
Heinz Otto Guenter Dombrowe	5	9
Gerard Thomas Gent	194	56
Gerard Thomas Gent	194	56
Edward David Wenzerul	9	55
Juergen Kurt Anton Radomski	0	2
Philip John Tizzard	4	25
Dieter Christoph Urban	3	32
Jens-Peter Saul	0	4
Andreas Josef Goss	2	13
Horst Jorg Kayser	0	2
Roland Jaksch	0	4
Thomas White	1	15
Jost George Hammerschmidt	0	1

NEGATIVE INFORMATION

CCJ recorded against the company.
There has been no significant change in the company's credit rating.
The credit limit on this company has risen 29.9% in comparison to the previously suggested credit limit.
Sales in the latest trading period increased 10.8% on the previous trading period.
Net Worth increased by 666.9% during the latest trading period.
A 0.5% growth in Total Assets occurred during the latest trading period.
Pre-tax profits decreased by 66.7% compared to the previous trading period.
The company saw an increase in their Cash Balance of 21% during the latest trading period.
The audit report contains no adverse comments.
The company has undergone recent changes in its directorships.
The company is part of a group.
The company was established over 50 years ago.

CCJ

Total Number of Exact CCJs -	1	Total Value of Exact CCJs -	£130
Total Number of Possible CCJs -	0	Total Value of Possible CCJs -
Total Number of Satisfied CCJs -	0	Total Value of Satisfied CCJs -
Total Number of Writs -	-

Exact CCJ Details

Date	Court	Amount	Status	Case Number	Date Paid
15/08/2007	WATFORD	£130	Judgement	7WD03321	-

Possible CCJ Details

There are no possible CCJ details

Writ Details

There are no writ details

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Individual Share Value
SIEMENS HOLDINGS PLC	999,999 ORDINARY GBP 1.00
SIEMENS BETEILIGUNGSVERWALTUNG GMBH & CO. OHG	1 ORDINARY GBP 1.00

PAYMENT INFORMATION

Payment Information Summary

Days Beyond Terms

Trend Indicator

Average Payment Experience

6	10
Company DBT	UK Average DBT

Steady

Improving Worsening

Be the first to leave a payment experience
for this company

Within Terms 91+ Days

Trade Debtors / Bad Debt Summary

Total Number of Documented Trade Debtors / Bad Debt -	30
Total Value of Documented Trade Debtors / Bad Debt -	£646,336

Creditor Details

No Creditor Data

Total Value

Trade Debtors / Bad Debt Detail

Company Name	Amount	Statement Date
Bioflame Limited	£540,225	23/09/2011
Oasis Engineering Ltd	£21,938	27/03/2012
Hills Building Services Ltd	£20,097	09/11/2012
Microlock Design For Retail Ltd	£15,937	11/04/2012
M G Linear Ltd	£10,998	05/10/2011
Thermal Engineering Systems Ltd	£10,321	16/10/2012
Hills Building Services Ltd	£6,502	09/11/2012
J C M Electrical Services Ltd	£4,818	01/11/2012
Northbank Engineering Services Ltd	£1,709	02/08/2012
The English Belt & Leathergoods Company Ltd	£1,542	02/12/2011
Jubilee International World Outreach	£1,112	22/10/2012
I M E 2000 Ltd	£1,100	08/10/2012
Elbert Wurlings Limited	£1,098	28/01/2010
Plastics Dot Com Limited	£1,081	27/05/2010
Luxmy Supermarket Limited	£1,081	14/06/2012
Platinum Global Ltd	£921	13/03/2012
Streamline Computing Ltd	£642	06/12/2011
Norla Services Limited	£636	06/04/2011
Amos Architecture & Design Ltd	£569	09/01/2012
Titchfield Construction Ltd	£564	08/08/2012
Griff Davies Limited	£553	22/09/2011
Storm (Southend) Limited	£544	03/05/2011
Frank Ludlow Limited	£511	08/06/2011
Multilines Limited	£483	12/03/2010
Herbert Austin Ltd	£282	16/03/2012
T C Williams (Burners) Limited	£265	31/08/2012
Wearparts UK Limited	£248	27/09/2011
Elite Structures Ltd	£212	24/08/2011
Goldings Bakery Ltd	£195	02/12/2011
Trifit Plumbing Supplies Ltd	£152	10/05/2011

Total Value

£646,336

GROUP STRUCTURE & AFFILIATED COMPANIES

Group	54 companies
Linkages	1381 companies
Countries	In 104 countries

Summary

Holding Company	SIEMENS HOLDINGS PLC
Ownership Status	Wholly Owned
Ultimate Holding Company	SIEMENS AG

Group structure

Company Name	Registered Number	Latest Key Financials	Consol. Accounts	Turnover
SIEMENS AG	N/A	-	-
BROADCASTLE LIMITED	01901899	30.09.2011	N
BROADCASTLE BANK LIMITED	00542018	30.09.2011	N	£11,292,000
KABEL-UND DRAHTWERKE AG	N/A	-	-
VTW ANLAGEN UK LIMITED	00156848	31.12.2011	N
MARINE CURRENT TURBINES LIMITED	02395158	30.09.2012	N	£31,616
SEA GENERATION (WALES) LTD	05676872	30.09.2012	N
SEA GENERATION (BROUGH NES...	07147418	30.09.2012	N
SEA GENERATION LIMITED	04769067	30.09.2012	N	£251,034
SEA GENERATION (KYLE RHEA)...	05700475	30.09.2012	N
OSRAM GMBH	N/A	-	-
OSRAM LIMITED	01961715	30.09.2011	N	£57,771,000
SIEMENS AUDIOLOGISCHE TECHNI...	N/A	-	-
SIEMENS HEARING INSTRUMENT...	00203774	30.09.2011	N	£22,324,000
SIEMENS BUILDINGS TECHNOLOGY...	N/A	-	-
IMETREX TECHNOLOGIES LIMITED	IE060274	30.09.2010	N
EUROPLEX TECHNOLOGIES (I...	IE149673	30.09.2010	N
SIEMENS DIAGNOSTICS HOLDING...	27292937	-	N
SIEMENS MEDICAL SOLUTIONS...	IE349331	30.09.2011	N	€93,000
SIEMENS HEALTHCARE DIAGNOS...	01915763	30.09.2011	N	£64,273,000
SIEMENS FLOW INSTRUMENTS AS	N/A	-	-
SIEMENS HEALTHCARE DIAGNOSTI...	N/A	-	-
SIEMENS HEALTHCARE DIAGNOS...	03050664	30.09.2011	N	£72,685,000
SIEMENS HOLDINGS PLC	02465263	30.09.2011	N
ELECTRIUM SALES LIMITED	02226729	30.09.2011	N	£100,008,000
VA TECH (UK) LIMITED	03562487	30.09.2011	N
SIEMENS TRANSMISSION AND...	00631825	30.09.2011	N	£316,457,000
VA TECH REYROLLE DISTR...	01337749	30.09.2011	N
VA TECH T & D UK LIMITED	04087989	30.09.2011	N
SIEMENS PROTECTION DEVIC...	03724899	30.09.2011	N	£21,968,000
ATOS IT SOLUTIONS AND SERV...	01203466	31.12.2011	N	£612,465,000
SIEMENS FINANCIAL SERVICES...	04140043	30.09.2011	N
SIEMENS FINANCIAL SERVIC...	00646166	30.09.2011	N	£133,113,000
SIEMENS PUBLIC LIMITED COM...	00727817	30.09.2011	N	£2,564,360,000
SIEMENS REAL ESTATE LIMITED	00870821	30.09.2012	N
TRENCH (UK) LIMITED	03803568	30.09.2011	N	£20,155,000
SIEMENS INTERNATIONAL TURBOM...	N/A	-	-
SIEMENS INDUSTRIAL TURBOMA...	04729734	30.09.2011	N	£358,812,000
SIEMENS INTERNATIONAL HOLDIN...	N/A	-	-
GYM RENEWABLES LIMITED	07287451	30.09.2011	N
GYM RENEWABLES ONE LIMITED	07233497	31.12.2011	N
SIEMENS LIMITED	IE007347	30.09.2011	N	€126,904,000
SIEMENS MEDICAL SOLUTIONS DI...	N/A	-	-
SIEMENS HEALTHCARE DIAGNOS...	02005794	30.09.2011	N	£88,159,000
SIEMENS HEALTHCARE DIAGNOSTI...	IE902682	-	N
SIEMENS PRODUCT LIFECYCLE MA...	N/A	-	-
SIEMENS INDUSTRY SOFTWARE...	03476850	30.09.2011	N	£59,020,000
SIEMENS PROJECT VENTURES GMBH	HRB 5812	-	-
SIEMENS VAI METALS TECHNOLOG...	N/A	-	-
SIEMENS VAI METALS TECHNOL...	03104256	30.09.2011	N	£247,073
SIEMENS WIND POWER AS	N/A	-	-
SITECO LIGHTING GMBH	N/A	-	-
SITECO AUSLANDS HOLDING GMBH	N/A	-	-
SITECO LTD	03655374	30.09.2011	N	£5,360,414

Group	54 companies
Linkages	1381 companies
Countries	In 104 countries

FINANCIAL INFORMATION

Key Financials

Year to Date	Turnover	Pre Tax Profit	Shareholder Funds	Employees
30/09/2011	£2,564,360,000	£59,604,000	£368,417,000	7468
30/09/2010	£2,313,702,000	£179,135,000	£177,173,000	7201
30/09/2009	£1,988,502,000	£83,187,000	£78,156,000	6674

Profit & Loss

Date Of Accounts	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08	(%)	30/09/07
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	GBP	(%)	GBP	(%)	GBP	(%)	GBP	(%)	GBP
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	£2,564,360,000	10.8%	£2,313,702,000	16.4%	£1,988,502,000	18.1%	£1,683,935,000	20.1%	£1,402,148,000
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	£2,395,673,000	18.1%	£2,028,401,000	12%	£1,810,444,000	19.4%	£1,516,336,000	22.6%	£1,237,071,000
Gross Profit	£168,687,000	-40.9%	£285,301,000	60.2%	£178,058,000	6.2%	£167,599,000	1.5%	£165,077,000
Wages & Salaries	£401,181,000	9.7%	£365,692,000	6.7%	£342,679,000	0.4%	£341,144,000	-2.3%	£349,232,000
Directors Emoluments	£3,278,000	13.2%	£2,896,000	14.9%	£2,521,000	6.6%	£2,364,000	33.6%	£1,770,000
Operating Profit	£53,228,000	-70.1%	£178,218,000	140.5%	£74,117,000	348.2%	£16,535,000	999.9%	-£777,000
Depreciation	£24,864,000	19.7%	£20,765,000	38.3%	£15,010,000	9.2%	£13,741,000	-8.3%	£14,989,000
Audit Fees	£909,000	27.8%	£711,000	15.2%	£617,000	-22.7%	£798,000	-5%	£840,000
Interest Payments	£3,543,000	7.9%	£3,285,000	10.9%	£2,962,000	-72.9%	£10,927,000	42.7%	£7,660,000
Pre Tax Profit	£59,604,000	-66.7%	£179,135,000	115.3%	£83,187,000	28.5%	£64,722,000	127.8%	£28,413,000
Taxation	-£17,089,000	65%	-£48,786,000	-163.9%	-£18,487,000	-309.5%	-£4,514,000	62.3%	-£11,963,000
Profit After Tax	£42,515,000	-67.4%	£130,349,000	101.5%	£64,700,000	7.5%	£60,208,000	266%	£16,450,000
Dividends Payable	-	-	-	-	-	-100%	£7,222,000	-	-
Retained Profit	£42,515,000	-67.4%	£130,349,000	101.5%	£64,700,000	22.1%	£52,986,000	222.1%	£16,450,000

Balance Sheet

Date Of Accounts	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08	(%)	30/09/07
Tangible Assets	£323,018,000	10%	£293,728,000	0.8%	£291,260,000	7.7%	£270,452,000	-4.5%	£283,277,000
Intangible Assets	£146,211,000	-1.3%	£148,200,000	25.4%	£118,160,000	31.6%	£89,819,000	-5.1%	£94,665,000
Total Fixed Assets	£469,229,000	6.2%	£441,928,000	7.9%	£409,420,000	13.6%	£360,271,000	-4.7%	£377,942,000
Stock	£298,668,000	-2.8%	£307,406,000	31.8%	£233,283,000	-21%	£295,188,000	39.6%	£211,470,000
Trade Debtors	£133,468,000	-4.1%	£139,144,000	-1.1%	£140,753,000	-25.1%	£187,888,000	4.4%	£179,983,000
Cash	£1,348,000	21%	£1,114,000	-41.4%	£1,902,000	-25.6%	£2,557,000	-75%	£10,241,000
Other Debtors	£428,892,000	-2.2%	£438,387,000	31.8%	£332,737,000	94.5%	£171,076,000	51%	£113,325,000
Miscellaneous Current Assets	£34,565,000	11.7%	£30,958,000	86.1%	£16,631,000	-83.8%	£102,820,000	50%	£68,545,000
Total Current Assets	£896,941,000	-2.2%	£917,009,000	26.4%	£725,306,000	-4.5%	£759,529,000	30.2%	£583,564,000
Trade Creditors	£166,402,000	5.9%	£157,100,000	-2%	£160,267,000	4%	£154,060,000	5.3%	£146,315,000
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	£189,347,000	35.5%	£139,697,000	75.5%	£79,617,000	-48.6%	£155,043,000	-28.9%	£217,931,000
Miscellaneous Current Liabilities	£603,571,000	-10.7%	£675,737,000	11.6%	£605,511,000	-4.7%	£635,126,000	50.1%	£423,151,000
Total Current Liabilities	£959,320,000	-1.4%	£972,534,000	15%	£845,395,000	-10.5%	£944,229,000	19.9%	£787,397,000
Bank Loans & Overdrafts and LTL	£38,433,000	-81.6%	£209,230,000	-0.9%	£211,175,000	999.9%	£15,031,000	161.3%	£5,753,000
Other Long Term Finance	£1,026,000	-86.2%	£7,451,000	436.8%	£1,388,000	-	0	-	0
Total Long Term Liabilities	£38,433,000	-81.6%	£209,230,000	-0.9%	£211,175,000	999.9%	£15,031,000	161.3%	£5,753,000

Capital & Reserves

Date Of Accounts	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08	(%)	30/09/07
Called Up Share Capital	£1,000,000	-	£1,000,000	-	£1,000,000	-	£1,000,000	-	£1,000,000
P & L Account Reserve	£371,861,000	111.1%	£176,124,000	145.5%	£71,751,000	-55%	£159,540,000	-4.7%	£167,356,000
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-£4,444,000	-999.9%	£49,000	-99.1%	£5,405,000	-	-	-	-
Shareholder Funds	£368,417,000	107.9%	£177,173,000	126.7%	£78,156,000	-51.3%	£160,540,000	-4.6%	£168,356,000

Other Financial Items

Date Of Accounts	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08	(%)	30/09/07
Net Worth	£222,206,000	666.9%	£28,973,000	172.4%	-£40,004,000	-156.6%	£70,721,000	-4%	£73,691,000
Working Capital	-£62,379,000	-12.3%	-£55,525,000	53.8%	-£120,089,000	35%	-£184,700,000	9.4%	-£203,833,000
Total Assets	£1,366,170,000	0.5%	£1,358,937,000	19.8%	£1,134,726,000	1.3%	£1,119,800,000	16.5%	£961,506,000
Total Liabilities	£997,753,000	-15.6%	£1,181,764,000	11.8%	£1,056,570,000	10.1%	£959,260,000	20.9%	£793,150,000
Net Assets	£368,417,000	107.9%	£177,173,000	126.7%	£78,156,000	-51.3%	£160,540,000	-4.6%	£168,356,000

Cash Flow

Date Of Accounts	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08	(%)	30/09/07
Net Cashflow from Operations	-£75,822,000	-196%	£78,997,000	-61.9%	£207,445,000	30.4%	£159,131,000	72%	£92,527,000
Net Cashflow before Financing	-£130,296,000	-301.2%	£64,758,000	-76.9%	£279,864,000	114.6%	£130,401,000	52.4%	£85,576,000
Net Cashflow from Financing	£130,530,000	299.1%	-£65,546,000	76.6%	-£280,519,000	-103.1%	-£138,085,000	-74.1%	-£79,307,000
Increase in Cash	£234,000	129.7%	-£788,000	-20.3%	-£655,000	91.5%	-£7,684,000	-222.6%	£6,269,000

Miscellaneous

Date Of Accounts	30/09/11	(%)	30/09/10	(%)	30/09/09	(%)	30/09/08	(%)	30/09/07
Contingent Liability	YES	-	YES	-	YES	-	YES	-	YES
Capital Employed	£406,850,000	5.3%	£386,403,000	33.6%	£289,331,000	64.8%	£175,571,000	0.8%	£174,109,000
Number of Employees	7468	3.7%	7201	7.9%	6674	-1.3%	6761	1%	6691
Auditors	ERNST & YOUNG LLP
Auditor Comments	The audit report contains no adverse comments
Bankers	NATIONAL WESTMINSTER BANK PLC
Bank Branch Code

Ratios

Date Of Accounts	30/09/11	30/09/10	30/09/09	30/09/08	30/09/07
Pre-tax profit margin %	2.32	7.74	4.18	3.84	2.03
Current ratio	0.93	0.94	0.86	0.80	0.74
Sales/Net Working Capital	-41.11	-41.67	-16.56	-9.12	-6.88
Gearing %	10.40	118.10	270.20	9.40	3.40
Equity in %	30.20	14.60	7.70	15.60	19.40
Creditor Days	23.62	24.71	29.33	33.30	37.98
Debtor Days	18.94	21.89	25.76	40.61	46.72
Liquidity/Acid Test	0.62	0.62	0.58	0.49	0.47
Return On Capital Employed %	14.65	46.35	28.75	36.86	16.31
Return On Total Assets Employed %	4.36	13.18	7.33	5.77	2.95
Current Debt Ratio	2.60	5.48	10.81	5.88	4.67
Total Debt Ratio	2.70	6.67	13.51	5.97	4.71
Stock Turnover Ratio %	11.64	13.28	11.73	17.52	15.08
Return on Net Assets Employed %	16.17	101.10	106.43	40.31	16.87

FOREIGN EXCHANGE RATES

ADDITIONAL INFORMATION

Mortgage Summary

Outstanding	1
Satisfied	1

Status History

No Status History found

Event History

Date	Description
18/04/2012	New Board Member Mr A. Hall appointed
18/04/2012	New Board Member Mr M.S. Chinn appointed
05/04/2012	Mr R. Jaksch has left the board
05/04/2012	Mr H.O. Dombrowe has left the board
30/03/2012	Annual Returns
28/03/2012	New Accounts Filed
28/03/2012	New Accounts Filed
10/02/2012	Mr G.T. Gent has left the board
10/02/2012	Mr G.T. Gent has resigned as company secretary
10/02/2012	New Board Member Ms H.C. Carless appointed
10/02/2012	New Company Secretary Ms H.C. Carless appointed
23/01/2012	New Board Member Mr R. Aurich appointed
13/01/2012	New Board Member Mr R. Aurich appointed
06/01/2012	Mr A.J. Goss has left the board
28/03/2011	Annual Returns

Mortgage Details

Mortgage Type:	LEGAL CHARGE
Date Charge Created:	14/04/03
Date Charge Registered:	29/04/03
Date Charge Satisfied:	-
Status:	OUTSTANDING
Person(s) Entitled:	HSBC RAIL (UK) LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	PROPERTY REGISTERED UNDER T/NO: HP613831 SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS

Mortgage Type:	CHARGE OVER BANK ACCOUNT
Date Charge Created:	21/03/03
Date Charge Registered:	03/04/03
Date Charge Satisfied:	01/07/05
Status:	SATISFIED
Person(s) Entitled:	ANGEL TRAINS LIMITED
Amount Secured:	ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE
Details:	ALL RIGHTS AND TITLE IN AND TO (A) THE STERLING ACCOUNT NUMBERED 20112222 HELD JOINTLY IN THE NAMESOF SIEMENS PLC AND ANGEL WITH THE ROYAL BANK OF SCOTLAND ONTERMS WHICH ARE ACCEPTABLE TO SIEMENS PLCAND ANGEL, AND (B) ALL PRINCIPAL SUMSOF MONEY WHICH MAY ON THE DATE OF CREATION OF THE DEED, OR WHICH MAY FROM TIME TO TIME OR AT ANY TIME BE STANDING TO THE CREDIT OF THE ACCOUNT.

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.32
UK Pound	1	Rs.89.05
Euro	1	Rs.72.56

INFORMATION DETAILS

Report Prepared by :

NLM

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 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%)

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.

Name	Number	Latest Key Financials	Turnover
SIEMENS	11-10839	30.09.2011	€1,842,641,408
SIEMENS (PAKISTAN) ENGINEERING		30.09.2011	€120,639,553
SIEMENS AKTIENGESELLSCHAFT	HRB 6684	30.09.2011	€74,070,000,000
SIEMENS AS	915826946	30.09.2011	37,439,633 KNOK
SIEMENS FINANCIAL SERVICES GMBH	HRB 49074	30.09.2011	€37,390,000
SIEMENS FRANCE HOLDING	388548091	30.09.2011
ATECS MANNESMANN GMBH	HRB 12827	30.09.2011
ATECS MANNESMANN AKTIENGESELLSCHAFT	HRB 38186	30.09.2010
MANNESMANN DEMAG KRAUSS-MAFFEI GMBH	HRB 143792	30.09.2011
NOKIA SIEMENS NETWORKS OY	20584306	31.12.2011	€7,692,392,000
MAINSTREAM RENEWABLE POWER LIMITED	IE453076	31.12.2011	€11,590,000
SIEMENS MAGNET TECHNOLOGY LIMITED	02342055	30.09.2008	£152,341,000
USF HOLDING (UK) LIMITED	02417739	30.09.2008
SIEMENS BUSINESS SERVICES AS	916767285	30.09.2011	9,544 KNOK
SIEMENS S.A.S	562016774	30.09.2011	€1,453,975,800
SIEMENS NIXDORF INFORMATIONSSYSTEME GMBH	HRB 143838	30.09.2011
OSRAM	675780167	30.09.2011	€239,466,592
OSRAM AS	915076742	30.09.2011	214,398 KNOK
SIEMENS OSAKEYHTIÖ	01139012	30.09.2011	€243,181,000
ELECTRIUM (UK) LIMITED	00167171	30.09.2008