MIRA
INFORM REPORT
|
Report Date : |
30.10.2013 |
IDENTIFICATION DETAILS
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Name : |
SIEMENS LIMITED |
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Registered
Office : |
130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, |
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Country : |
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Financials (as
on) : |
30.09.2012 |
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Date of
Incorporation : |
02.03.1957 |
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Com. Reg. No.: |
11-010839 |
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Capital
Investment / Paid-up Capital : |
Rs. 681.000 Millions |
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CIN No.: [Company Identification
No.] |
L28920MH1957PLC010839 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS44080B MUMS41513D NSKS06051D MUMS00310C |
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PAN No.: [Permanent Account No.] |
AAACS0764L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Windmill. |
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No. of Employees
: |
11229 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (76) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 158000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of Siemens AG, There appears a drastic dip in the profitability of the company during
2012. Financial position of the company appears to be strong. Liquidity of
the company is good. Fundamentally the company is healthy. Trade relations are fair. Business is active. Payments terms are
regular and as per commitments. In view at experienced promoters the company can be considered normal
for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Borrowing: AAA |
|
Rating Explanation |
Highest degree of safety and lower credit risk. |
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Date |
27.06.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term rating: A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
27.06.2013 |
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.
LOCATIONS
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Registered Office : |
130, Pandurang
Budhkar Marg, Worli, Mumbai - 400018, Maharashtra, India |
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Tel. No.: |
91-22–24987000 /
01 / 02 / 24931349 / 50 |
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Fax No.: |
91-22–24987500 /
52 / 24941758 |
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E-Mail : |
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Website : |
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Plant Locations : |
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·
E-76, Waluj, MIDC Area, ·
Plot No – A 1/2, Five Star MIDC, Shendra, ·
Plot No. C-1, Additional Industrial Area,
MIDC, Ambad, Nashik - 422010, ·
Thane - ·
Plot No. R-508 , TTC, Industrial Area, MIDC,
Rabale, Thane - 400701, · Thane-Belapur Road, Airoli,Navi Mumbai – 400708, Maharashtra, India · Plot No. D-41/1, TTC Industrial Area, MIDC Turbhe, Opposite Turbhe MTNL Exchange, Navi Mumbai - 400705, Maharashtra, India · 1, Kalwa Wks, Thane Road Digha, CBD Belapur, Navi Mumbai – 400708, Maharashtra, India |
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Goa : |
L-6, Verna Industrial Area, Panjim-Margao Highway, Verna, Goa – 403722, India |
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Gujarat : |
· R.S. No: 144, Maneja Village, Opposite Makarpura Railway Station, Vadodara – 390013, Gujarat, India ·
589 Sayajipura, Ajwa Road, Vadodara – 390019, Gujarat,
India ·
Plot B, Halol Phase – II, GIDC Industrial Estate, Village
Chandrapura, Halol, District Panchmahal - 389350, Gujarat, India |
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Andhra Pradesh : |
Plot No. 89 and 90, IDA, Gandhinagar, Post Balanagar, Hyderabad – 500037, Andhra Pradesh, India |
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Karnataka : |
972, Devanahalli Road, Off Old Madras Road, Virgonagar Post, Bangalore - 560049, Karnataka, India |
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West Bengal : |
Nimpura Industrial Growth Centre, PO: Rakhajungle, Paschim Midnapur, Kharagpur – 721301, West Bengal, India |
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Puducherry : |
· MMG Manufacturing Group - Unit -I, R.S No 16/8, Kurumbapet Village, Villianur Commune - 605009, Puducherry, India ·
MMG Manufacturing Group - Unit -II, R.S No 23/2A,
Uruvaiyaru Road, Abishegapakkam – 605007, Puducherry, India |
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Haryana : |
Sector-18, Unit No. 37, Gurgaon – 122002, Haryana, India |
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Tamilnadu : |
309/2, Chettipedy Village, Thandalam Post Sriperumbudur Taluka, Kancheepuram District – 602105, Tamilnadu, India |
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Sales Offices : |
3rd Floor, Jyoti Mahal, No. 49, St. Marks Road, Bangalore – 560001, Karnataka, India |
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Tel. No.: |
91-80-22042000 |
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Fax No.: |
91-80-41120435 |
DIRECTORS
As on 30.09.2012
|
Name : |
Mr. Deepak S. Parekh |
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Designation : |
Chairman |
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Date of Birth/Age : |
18.10.1944 |
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Qualification : |
B. Com, FCA (England and Wales) |
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Date of Appointment : |
07.11.2003 |
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Name : |
Mr. Darius C. Shroff |
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Designation : |
Director |
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Date of Birth/Age : |
08.08.1944 |
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Qualification : |
BA (Hons.), LL.B., Solicitor |
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Date of Appointment : |
20.02.1997 |
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Other Directorships
held in India |
· Avi-Oil India Private Limited ·
Bayer Material Science Private Limited ·
CMP Private Limited ·
Ingersoll-Rand (India) Limited ·
GMM Pfaudler Limited ·
Kulkarni Power Tools Limited ·
Lubrizol India Private Limited ·
SKF India Limited ·
Unifrax India Limited ·
Unifrax India Energy Savings Materials Private Limited ·
Swiss Re Services India Private Limited ·
Warner Bros. Pictures (India) Private Limited |
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Name : |
Mr. Yezdi H. Malegam |
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Designation : |
Director |
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Date of Birth/Age : |
24.09.1933 |
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Qualification : |
CA |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Narendra J. Jhaveri |
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Designation : |
Director |
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Date of Birth/Age : |
09.08.1935 |
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Qualification : |
Masters Degree in Economics from Gujarat University M.Sc. in Economics from The London School of Economics |
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Date of Appointment : |
09.11.2000 |
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Other Directorships
held in India |
· Afcons Infrastructure Limited ·
Pidilite Industries Limited ·
Hindalco Industries Limited ·
Edelweiss Financial Services Limited ·
Juniper Hotels Private Limited ·
Phoenix ARC Private Limited ·
Edelweiss Securities Limited ·
GVFL Limited |
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Name : |
Mr. Keki Dadiseth |
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Designation : |
Director |
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Date of Birth/Age : |
20.12.1945 |
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Qualification : |
B. Com., FCA (England and Wales) |
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Date of Appointment : |
27.01.2006 |
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Name : |
Mr. Pradip V. Nayak |
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Designation : |
Director |
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Date of Birth/Age : |
06.09.1943 |
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Qualification : |
Degree in Economics and Politics Read Law at Gray's Inn, London |
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Date of Appointment : |
27.01.2006 |
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Name : |
Mr. Joe Kaeser |
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Designation : |
Director |
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Date of Birth/Age : |
23.06.1957 |
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Qualification : |
Studied Business Administration Dipl.-Betriebswirt |
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Date of Appointment : |
01.10.2006 |
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Name : |
Dr. Roland Busch |
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Designation : |
Director |
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Name : |
Mr. Johannes Apitzsch |
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Designation : |
Alternate Director for Dr. Roland Busch |
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Name : |
Dr. Armin Bruck |
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Designation : |
Managing Director and Chief Executive Officer |
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Date of Birth/Age : |
06.02.1963 |
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Qualification : |
PhD in Operations Research Business Degree in Economics and Informatics |
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Date of Appointment : |
01.10.2007 |
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Other Directorships
held in India |
Siemens Technology and Services Private Limited |
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Name : |
Mr. Sunil D Mathur |
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Designation : |
Executive Director and Chief Financial Officer |
KEY EXECUTIVES
|
Name : |
Mr. Ajai Jain |
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Designation : |
Vice president (Legal)
and Company Secretary |
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Committees of Directors |
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Audit Committee |
· Yezdi H. Malegam (Chairman) · Deepak S. Parekh · Keki B. Dadiseth ·
Joe Kaeser |
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Investors Grievance Committee |
· Darius C. Shroff (Chairman) · Pradip V. Nayak ·
Dr. Armin Bruck |
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Remuneration Committee |
· Narendra J. Jhaveri (Chairman) · Darius C. Shroff · Deepak S. Parekh ·
Pradip V. Nayak |
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Corporate
Governance Committee |
· Keki B. Dadiseth (Chairman) · Deepak S. Parekh · Yezdi H. Malegam · Darius C. Shroff · Joe Kaeser · Dr. Armin Bruck · Dr. Roland Busch / Johannes Apitzsch |
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Investment
Committee : |
· Deepak S. Parekh (Chairman) · Yezdi H. Malegam · Pradip V. Nayak · Joe Kaeser · Sunil D. Mathur · Keki B. Dadiseth · Dr. Roland Busch / Johannes Apitzsch |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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267089913 |
75.00 |
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267089913 |
75.00 |
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Total shareholding of Promoter and Promoter Group (A) |
267089913 |
75.00 |
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(B) Public Shareholding |
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4422398 |
1.24 |
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488842 |
0.14 |
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|
1000 |
0.00 |
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25661971 |
7.21 |
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12672192 |
3.56 |
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43246403 |
12.14 |
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6017952 |
1.69 |
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36810328 |
10.34 |
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1660034 |
0.47 |
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|
1295255 |
0.36 |
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|
98197 |
0.03 |
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|
31000 |
0.01 |
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|
1166058 |
0.33 |
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|
45783569 |
12.86 |
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Total Public shareholding (B) |
89029972 |
25.00 |
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Total (A)+(B) |
356119885 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
356119885 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Windmill. |
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Products : |
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PRODUCTION STATUS [AS ON 30.09.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Switchgear items |
Nos. |
20179114 |
16888811 |
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Electric
motor/generators |
Nos. |
20023 |
23913 |
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Switchboards,
control boards and misc. Accessories |
Nos. [Boards] |
2900 |
2307 |
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X-ray equipment |
Nos. |
1283 |
1409 |
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Electro medical
equipment |
Nos. |
209 |
-- |
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Variable speed AC/DC derive systems, motor control modules and
programmable control systems |
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Modules and programmable control system |
|
6248 |
2315 |
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Instrument Transformers |
Nos. |
2426 |
2111 |
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Static Converter for railways |
Nos. |
610 |
246 |
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Audio frequency track circuit |
Nos. |
900 |
1000 |
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Interlocking relays |
Nos. |
250000 |
105105 |
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Auxiliary inverter for AR locomotive |
Nos. |
180 |
130 |
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Traction converter for diesel locomotive |
Nos. |
72 |
28 |
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Electrical control cabinet |
Nos. |
288 |
68 |
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Circuit breakers
above 1000 volts |
Nos. |
1800 |
1160 |
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Power
Transformers |
MVA |
15000 |
9345 |
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Single stage/
multi stage turbines |
MW |
120 |
73 |
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Traction
Converters for EMU |
Nos. |
180 |
-- |
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Auxiliary
Converters for EMU |
Nos. |
180 |
-- |
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High Frequency
Power Supply |
Nos. |
-- |
-- |
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Digital Axcel
Counter |
Nos. |
300 |
300 |
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Medium |
Nos. |
96 |
20 |
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Ring main unit |
Nos. |
1000 |
461 |
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Compact sub
station |
Nos. |
164 |
125 |
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Gas insulated
switchgear |
Nos. |
600 |
423 |
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Accessories |
Nos. |
23000 |
20319 |
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BMS panels |
Nos. |
2000 |
781 |
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Controllers |
Nos. |
8000 |
6810 |
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Fire detector |
Nos. |
15000 |
9833 |
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Power supply |
Nos. |
4800 |
4599 |
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Signet keypads
and accessories |
Nos. |
45000 |
42809 |
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Gears / gear
couplings / spares |
Nos. |
2500 |
2391 |
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Bogie frames and
parts there of |
Nos. |
525 |
13 |
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Chemical and immunochemical
reagent packs |
Nos. |
1403000 |
559847 |
GENERAL INFORMATION
|
No. of Employees : |
11229 (Approximately) |
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Bankers : |
· Citibank N. A ·
Deutsche Bank AG ·
The Hongkong and Shanghai Banking Corporation Limited ·
Standard Chartered Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
State Bank of India |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
Bharat S. Raut
and Company Chartered Accountants |
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Auditors 2 : |
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Name : |
S.R Batliboi and
Associates LLP Chartered
Accountants |
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Address: |
14th
Floor, The Ruby, 29 Senapati Bapat Marg, Mumbai – 400028, Maharashtra, India |
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Tel No.: |
91-22-61920000 |
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Fax No.: |
91-22-61921000 |
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Cost Auditors : |
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Name : |
R. Nanabhoy and
Company Cost Accountants |
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Holding company : |
Siemens AG |
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Wholly owned
subsidiary of Siemens Limited (upto 9 May 2011) : |
iMetrex Technologies Limited, (Ireland) |
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Wholly owned
subsidiary of iMetrex Technologies Limited (Ireland) (upto 9 May 2011) : |
Europlex Technologies Limited, (United Kingdom) |
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Wholly owned
subsidiary of iMetrex Technologies Limited (Ireland) (upto 9 May 2011) : |
Europlex Technologies (Ireland) Limited, (formerly known as Europlex Manufacturing Limited, (Ireland)) |
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Fellow Subsidiaries
|
· Siemens Spa, Algeria ·
Siemens S.A., Argentina ·
Siemens Limited., Australia ·
ETM professional control GmbH, Austria ·
Siemens Aktiengesellschaft Österreich, Austria ·
Siemens Transformers Austria GmbH and Co KG, Austria ·
Siemens VAI Metals Technologies GmbH, Austria ·
Trench Austria GmbH, Austria ·
Siemens Gebäudemanagement and -Services G.m.b.H., Austria ·
Siemens W.L.L., Bahrain ·
Siemens Bangladesh Limited., Bangladesh ·
Siemens Healthcare Diagnostics SA, Belgium ·
Siemens S.A./N.V., Belgium ·
Siemens Ltda., Brazil ·
Siemens EOOD, Bulgaria ·
Siemens Hearing Instruments Inc., Canada ·
Trench Limited., Canada ·
Siemens Healthcare Diagnostics Manufacturing Limited,
Cayman Islands ·
MWB (Shanghai) Company Limited, China ·
Siemens Electrical Apparatus Limited, China ·
Siemens Electrical Drives (Shanghai) Limited, China ·
Siemens Electrical Drives Limited, China ·
Siemens Factory Automation Engineering Limited, China ·
Siemens Healthcare Diagnostics (Shanghai) Company Limited,
China ·
Siemens High Voltage Switchgear Company Limited, Shanghai
China ·
Siemens International Trading Limited, Shanghai China ·
Siemens Limited, China ·
Siemens Mechanical Drive Systems (Tianjin) Company
Limited, China ·
Siemens Power Automation Limited, China ·
Siemens Shanghai Medical Equipment Limited, China ·
Siemens Shenzhen Magnetic Resonance Limited, China ·
Siemens Switchgear Company Limited, China ·
Siemens Transformer (Guangzhou) Company Limited, China ·
Siemens Transformer (Wuhan) Company Limited, China ·
Siemens VAI Metals Technologies Company Limited, Shanghai
China ·
Siemens Water Technologies Limited, China ·
Siemens Wiring Accessories Shandong Limited, China ·
Siemens X-Ray Vacuum Technology Limited, China ·
Trench High Voltage Products Limited, Shenyang China ·
Siemens Numerical Control Limited, China ·
Siemens Power Plant Automation Limited, China ·
Siemens Wind Power Blades (Shanghai) Company Limited,
China ·
Siemens Circuit Protection Systems Limited, China ·
Siemens Medium Voltage Switching Technologies (Wuxi)
Limited, China ·
Siemens S.A., Columbia ·
Koncar Power Transformers Limited, Croatia ·
Siemens, s.r.o., Czech Republic ·
Siemens Electric Machines s.r.o., Czech Republic ·
Siemens, s.r.o., odstepny zavod Industrial Turbomachinery,
Czech Republic ·
Siemens A/S, Denmark ·
Siemens Wind Power A/S, Denmark ·
Siemens S.A., Ecuador ·
Siemens Technologies S.A.E., Egypt ·
Siemens Osakeyhtiö, Finnland ·
Flender-Graffenstaden Sas, France ·
Siemens S.A.S., France ·
Siemens Transmission and Distribution SAS, France ·
Siemens VAI Metals Technologies SAS, France ·
Trench France S.A.S., France ·
Siemens SAS, Division Production Sensors and
Communication, Usine de Haguenau, France ·
Alpha Verteilertechnik GmbH, Germany ·
evosoft GmbH, Germany ·
LINCAS Export Services GmbH, Germany ·
Siemens Bank GmbH, Germany ·
Siemens Healthcare Diagnostics Holding GmbH, Germany ·
Siemens Healthcare Diagnostics Products GmbH, Germany ·
Trench Germany GmbH, Germany ·
HSP Hochspannungsgeräte GmbH, Germany ·
Siemens Beteiligungen Inland GmbH, Germany ·
Loher GmbH, Germany ·
Siemens Geared Motors GmbH, Germany ·
Siemens Industrial Turbomachinery GmbH, Germany ·
Siemens Industriegetriebe GmbH, Germany ·
Siemens IT Solutions and Services GmbH, Germany ·
Siemens Turbomachinery Equipment, Germany ·
Siemens VAI Metals Technologies GmbH, Germany ·
TLT-Turbo GmbH, Germany ·
SYKATEC Systeme, Komponenten, Anwendungstechnologie GmbH,
Germany ·
Weiss Spindeltechnologie GmbH, Germany ·
Electrium Sales Limited, Great Britain ·
Siemens Healthcare Diagnostics Manufacturing Limited,
Great Britain ·
Siemens Healthcare Diagnostics Products Limited, Great
Britain ·
Siemens Industrial Turbomachinery Limited, Great Britain ·
Siemens plc, Great Britain ·
Siemens plc, Industry Sector, Metals Technologies, Great
Britain ·
Siemens Protection Devices Limited, Great Britain ·
Siemens Transmission and Distribution Limited, Great
Britain ·
Siemens VAI Metals Technologies Limited, Great Britain ·
Siemens Magnet Technology, Great Britain ·
Siemens Healthcare Diagnostics Limited, Hongkong ·
Siemens Limited, Hongkong ·
eMeter India Private Limited, India ·
OSRAM Automotive Lamps Private Limited (erstwhile Compact
Automative Lamp Private Limited), India ·
OSRAM India Private Limited, India ·
PETNET Radiopharmaceutical Solutions Private Limited,
India ·
Powerplant Performance Improvement Limited, India ·
Siemens Hearing Instruments Private Limited, India ·
Siemens IT Solutions and Services (upto 1 July 2011),
India ·
Siemens Power Engineering Private Limited, India ·
Siemens Technology and Services Private Limited (STS)
(erstwhile SISL), India ·
Siemens Corporate Finance Private Limited (merged with STS
w.e.f.1 October 2011), India ·
Siemens Information Processing Services Private Limited
(merged with STS w.e.f. 1 October 2011), India ·
Winergy Drive Systems India Private Limited, India ·
Siemens Financial Services Private Limited, India ·
Siemens Industry Software (India) Private Limited, India ·
P.T. Siemens Indonesia, Indonesia ·
PT. Siemens Industrial Power, Indonesia ·
Europlex Technologies (Ireland) Limited, Ireland ·
Siemens Medical Solutions Diagnostics Europe Limited,
Ireland ·
Siemens Concentrated Solar Power Limited, Israel ·
Siemens Israel Limited, Israel ·
Siemens S.p.A., Italy ·
Siemens VAI Metals Technologies S.r.l., Italy ·
Trench Italia S.r.l., Italy ·
Siemens Japan K.K., Japan ·
Siemens TOO, Kazakhstan ·
Siemens Kenya Limited, Kenya ·
Siemens Limited. Seoul, Korea ·
Siemens Electrical and Electronic Services K.S.C.C.,
Kuwait ·
Siemens Malaysia Sdn. Bhd., Malaysia ·
Siemens, S.A. de C.V., Mexico ·
Siemens Plant Operations Tahaddart, Morocco ·
Siemens Nederland N.V., Netherland ·
Siemens (N.Z.) Limited, New Zealand ·
Siemens Limited, Nigeria ·
Siemens AS, Norway ·
Siemens L.L.C., Oman ·
Siemens S.A.C., Peru ·
Siemens, Inc., Philippines ·
Siemens Sp. z o.o., Poland ·
TurboCare Sp. z o.o., Poland ·
Siemens S.A., Portugal ·
Siemens W.L.L., Qatar ·
Siemens S.R.L., Romania ·
OOO Siemens, Russian Federation ·
Arabia Electric Limited (Equipment), Saudi-Arabia ·
Siemens Limited, Saudi-Arabia ·
Siemens Pte. Limited, Singapore ·
Siemens Healthcare Diagnostics Pte. Limited, Singapore ·
Siemens IT Solutions and Services Operations Pte. Limited,
Singapore ·
Siemens s.r.o., Slovakia ·
Siemens d.o.o., Slovenia ·
Siemens Limited, South Africa ·
Siemens S.A. ,Spain ·
Siemens AB, Sweden ·
Siemens Industrial Turbomachinery AB, Sweden ·
Siemens, Security Products, Sweden ·
Siemens Schweiz AG, Switzerland ·
Siemens Schweiz AG, Building Technologies Division,
International Headquarters, Switzerland ·
Siemens Limited, Taiwan ·
Siemens Tanzania Limited, Tanzania ·
Siemens Limited, Thailand ·
Siemens IT Solutions and Services Limited, Thailand ·
Siemens S.A., Tunisia ·
Siemens Sanayi ve Ticaret A.S., Turkey ·
DP Siemens Ukraine, Ukraine ·
SD (Middle East) LLC, United Arab Emirates ·
Siemens LLC, United Arab Emirates ·
S' Industry – WT, USA ·
Siemens Demag Delaval Turbomachinery, Inc., USA ·
Siemens Energy, Inc., USA ·
Siemens Energy, Inc. (US) – Oil and Gas (PT2), USA ·
Siemens Energy, Inc. (US) - Transmission (PPR), USA ·
Siemens Healthcare Diagnostics Inc., USA ·
Siemens Industry, Inc., USA ·
Siemens Medical Solutions USA, Inc., USA ·
SMS Inc. - Customer Solutions Group, USA ·
Siemens Corporation, USA ·
Siemens S.A., Venezuela ·
Siemens Limited, Vietnam |
CAPITAL STRUCTURE
After 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.2/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
356119885 |
Equity Shares |
Rs.2/- each |
Rs.712.240 Millions |
|
|
|
|
|
As on 30.09.2012
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.682.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
340295025 |
Equity Shares |
Rs.2/- each |
Rs.681.000 Millions |
|
|
|
|
|
Shares held by
Holding Company and subsidiary of Holding Company:
251,265,128 Equity Shares of Rs.2 each, fully paid-up, are held by the Holding Company, Siemens AG, Germany;
Nil 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.
Reconciliation of the
number of shares outstanding at the beginning and at the end of the year:
|
Particular |
30.09.2012 |
|
|
Number |
Amount In Millions |
|
|
Shares outstanding at the beginning of the year |
340,294,900 |
681.000 |
|
Shares issued/subscribed during the year |
125 |
* |
|
Shares outstanding at the end of the Year |
340,295,025 |
681.000 |
The paid up share capital of the Company increased consequent to the allotment of 125 equity shares to a member upon settlement of a disputed case.
* Denotes figures less than a million
Details of shareholders
holding more than 5% shares in the company as on 30 September:
|
Name of shareholder |
30.09.2012 |
|
|
No. of shares held |
% of Holding |
|
|
Siemens Aktiengesellschaft, Germany and its subsidiary. |
251,265,128 |
73.84% |
|
Life Insurance Corporation of India |
17,067,385 |
5.02% |
As per of the company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
Details of aggregate
number of shares issued for consideration other than cash and bonus shares
issued during the period of five years immediately preceding 30 September:
|
Equity shares
alloted as |
30.09.2012 |
|
Fully paid up to the shareholders of Siemens Healthcare Diagnostics Limited In accordance with the scheme of amalgamation |
3,134,700 |
|
Fully paid up by way of bonus shares |
168,580,100 |
Terms/rights attached
to equity shares
The company has only one class of equity shares having a par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees.
During the year ended 30 September 2012, the amount of per share dividend recognised for distribution to equity shareholders was Rs.6
In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts (if any). The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 |
30.09.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
681.000 |
681.000 |
|
(b) Reserves & Surplus |
|
38922.000 |
37481.000 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Share capital suspense account |
|
23.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
39626.000 |
38162.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
1048.000 |
1105.000 |
|
(d) long-term provisions |
|
3075.000 |
3004.000 |
|
Total Non-current Liabilities (3) |
|
4123.000 |
4109.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
26542.000 |
22573.000 |
|
(c) Other current
liabilities |
|
22079.000 |
21854.000 |
|
(d) Short-term provisions |
|
14077.000 |
15035.000 |
|
Total Current Liabilities (4) |
|
62698.000 |
59462.000 |
|
|
|
|
|
|
TOTAL |
|
106447.000 |
101733.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
13901.000 |
11048.000 |
|
(ii) Intangible Assets |
|
221.000 |
243.000 |
|
(iii) Capital
work-in-progress |
|
850.000 |
2195.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
410.000 |
405.000 |
|
(c) Deferred tax assets (net) |
|
3176.000 |
1889.000 |
|
(d) Long-term Loan and Advances |
|
5341.000 |
4713.000 |
|
(e) Other Non-current assets |
|
7773.000 |
5471.000 |
|
Total Non-Current Assets |
|
31672.000 |
25964.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
9431.000 |
8078.000 |
|
(c) Trade receivables |
|
39124.000 |
36288.000 |
|
(d) Cash and cash
equivalents |
|
9768.000 |
12750.000 |
|
(e) Short-term loans and
advances |
|
5690.000 |
8995.000 |
|
(f) Other current assets |
|
10762.000 |
9658.000 |
|
Total Current Assets |
|
74775.000 |
75769.000 |
|
|
|
|
|
|
TOTAL |
|
106447.000 |
101733.000 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
674.320 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
34103.468 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
5] Share capital suspense account |
|
|
0.000 |
|
|
NETWORTH |
|
|
34777.788 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
2.410 |
|
|
TOTAL BORROWING |
|
|
2.410 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
34780.198 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7339.937 |
|
|
Capital work-in-progress |
|
|
2465.158 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3884.606 |
|
|
DEFERREX TAX ASSETS |
|
|
1313.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
15335.216
|
|
|
Sundry Debtors |
|
|
33023.441
|
|
|
Cash & Bank Balances |
|
|
18534.430
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Other Non-Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
12448.994
|
|
Total
Current Assets |
|
|
79342.081 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
29188.600
|
|
|
Other Current Liabilities |
|
|
14703.662
|
|
|
Provisions |
|
|
15672.322
|
|
Total
Current Liabilities |
|
|
59564.584 |
|
|
Net Current Assets |
|
|
19777.497
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
34780.198 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
129199.000 |
120289.000 |
92706.690 |
|
|
|
Commission Income |
0.000 |
0.000 |
445.715 |
|
|
|
Interest Income |
0.000 |
0.000 |
776.085 |
|
|
|
Other Operating
Income |
0.000 |
0.000 |
848.315 |
|
|
|
Other Income |
575.000 |
1047.000 |
0.000 |
|
|
|
TOTAL (A) |
129774.000 |
121336.000 |
94776.805 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials consumed |
25984.000 |
20965.000 |
|
|
|
|
Purchase of traded goods |
24398.000 |
23612.000 |
|
|
|
|
(Increase) / decrease in inventories of finished goods, work-in-progress and traded goods |
(1014.000) |
(823.000) |
|
|
|
|
Project bought outs and other direct costs |
49110.000 |
46046.000 |
81068.654 |
|
|
|
Employee benefits expense |
11959.000 |
9174.000 |
|
|
|
|
Other expenses |
9849.000 |
7964.000 |
|
|
|
|
Exceptional item |
1200.000 |
0.000 |
|
|
|
|
Prior period items |
799.000 |
0.000 |
|
|
|
|
TOTAL (B) |
122285.000 |
106938.000 |
81068.654 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7489.000 |
14398.000 |
13708.151 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
270.000 |
127.000 |
105.876 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7219.000 |
14271.000 |
13602.275 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2010.000 |
1522.000 |
1014.796 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5209.000 |
12749.000 |
12587.479 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1777.000 |
4295.000 |
4315.364 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3432.000 |
8454.000 |
8272.115 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4771.000 |
0.000 |
745.688 |
|
|
|
|
|
|
|
|
|
|
Balance of Profit and Loss account brought forward due to
the amalgamation of Companies |
705.000 |
(110.000) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
343.000 |
1200.000 |
7052.012 |
|
|
|
Dividend |
2112.000 |
2042.000 |
1685.801 |
|
|
|
Tax on Dividend |
343.000 |
331.000 |
279.990 |
|
|
BALANCE CARRIED
TO THE B/S |
6110.000 |
4771.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods Direct on FOB basis |
3283.000 |
3733.000 |
1996.012 |
|
|
|
Project Business (Based on Actual Billing) |
14067.000 |
21647.000 |
13458.842 |
|
|
|
Commission |
326.000 |
483.000 |
445.715 |
|
|
|
Service charges and others |
1141.000 |
471.000 |
116.336 |
|
|
TOTAL EARNINGS |
18817.000 |
26334.000 |
16016.905 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials, components, spare parts and traded goods |
39859.000 |
34870.000 |
33960.321 |
|
|
|
Capital Goods |
1031.000 |
927.000 |
888.961 |
|
|
TOTAL IMPORTS |
40890.000 |
35797.000 |
34849.282 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.75 |
24.95 |
24.53 |
|
QUARTERLY RESULTS
|
Particulars |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
24856.400 |
29555.600 |
26426.400 |
|
Total Expenditure |
23240.600 |
28802.400 |
26487.900 |
|
PBIDT (Excl OI) |
1615.900 |
753.200 |
(61.500) |
|
Other Income |
83.500 |
124.700 |
26.000 |
|
Operating Profit |
1699.400 |
877.900 |
(35.600) |
|
Interest |
47.300 |
83.500 |
39.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1652.100 |
794.400 |
(74.900) |
|
Depreciation |
560.800 |
610.100 |
626.400 |
|
Profit Before Tax |
1091.300 |
184.300 |
(701.300) |
|
Tax |
360.600 |
(115.200) |
(213.100) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
730.700 |
299.500 |
(488.300) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
730.700 |
299.500 |
(488.300) |
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
PAT / Total
Income |
(%) |
2.64
|
6.97 |
8.73
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.03
|
10.60 |
13.58
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.11
|
13.14 |
14.52
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.33 |
0.36
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.27 |
1.33
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90229627 |
19/04/2010 * |
21,660,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
A85386936 |
|
2 |
90103749 |
11/10/2001 * |
40,000,000.00 |
BANK OF BARODA |
R.C. DUTT ROAD,
ALKAPURI BRANCH, BARODA, GUJARAT, |
- |
|
3 |
90227321 |
26/12/1972 |
127,500,000.00 |
AMERCAN EXPRESS BANK LIMITED |
364 DADABHAI NAOMJI ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
* Date of charge modification
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LITIGATION DETAILS |
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HIGH COURT OF BOMBAY |
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Bench:- Bombay |
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Stamp No:- |
APPL/415/2013 |
Failing Date:- |
17/10/2013 |
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Petitioner:- |
GAMMON INDIA LIMITED |
Respondent:- |
SIEMENS LIMITED |
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Petn.Adv:- |
MDO and Partners |
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District:- |
Mumbai |
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Bench:- |
Division |
Category:- |
Appeals |
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Status:- |
Pre-Admission |
Stage:- |
Appeals for Admission – Fresh (Original Side Matters) |
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Last Date:- |
29/10/2013 |
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Coram: |
· HON’BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD · HON’BLE SHRI JUSTICE M.S. Sonak |
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Act:- |
Arbitration and Conciliation Act.1996 |
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OPERATIONS
The Turnover of the Company increased by approximately 7% and stood at Rs.129199.000 millions as compared to Rs.120289.000 millions in the previous year. The Company’s Profit from Operations for the year ended 30th September, 2012 was Rs.6903.000 millions as compared to Rs.11829.000 millions in the corresponding period of the previous year.
The Profit after Tax was Rs.3432.000 millions, compared to Rs.8454.000 millions during 2010-11.
AMALGAMATIONS
a. Amalgamation of
Siemens VAI Metals Technologies Private Limited (SVAI) and Morgan Construction
Company India Private Limited.
The Hon’ble High Court of Bombay vide its order dated 17th August, 2012 sanctioned the ‘Scheme of Amalgamation’ of SVAI and Morgan with the Company. Key details of the said amalgamation are summarised as follows:
|
Appointed Date |
1st October, 2011 |
|
Effective Date |
1st October, 2012 |
|
Share Exchange Ratio |
1318 Equity Shares of Rs.2 of the Company for every 100 Equity Shares of Rs.100 each of SVAI |
|
Equity Shares issued |
11,738,108 to Siemens VAI Metals Technologies GmbH |
|
Date of Allotment of new shares |
13th October, 2012 |
The aforesaid 11,738,108 Equity shares were not allotted by 30th September, 2012, therefore an amount of Rs.23.000 milions is shown in Share Capital Suspense Account in the Balance Sheet. The new equity shares rank pari pasu with the existing equity shares of the Company and shall be entitled for full amount of dividend for the year ended 30th September, 2012, if declared by the Members at the forthcoming Annual General Meeting. The said equity shares have been listed on BSE Limited and National Stock Exchange of India Limited.
b. Amalgamation of
Siemens Power Engineering Private Limited (SPEL)
At the meeting held on 31st January, 2012 the Board of Directors approved the proposal for the amalgamation of SPEL (a 100% Siemens AG Company) with the Company. The “Appointed Date” was fixed as 1st October, 2011. The Board has recommended a share exchange ratio of 6 (Six) equity shares of the Company having Face Value of Rs.2 (Rupees Two) each fully paid- up for every 13 (Thirteen) equity shares of SPEL having Face Value of Rs.10 (Rupees Ten) each fully paid-up. The amalgamation was approved by the Members in the Court Convened Meeting held on 11th April, 2012. The High Court of Bombay vide its order dated 2nd November, 2012 approved the amalgamation however the order from the High Court of Punjab and Haryana is still awaited.
SPEL is engaged in providing technical services relating mainly to power plant business.
c. Amalgamation of Winergy
Drive Systems India Private Limited (Winergy)
At the meeting held on 10th August, 2012, the Board of Directors approved the proposal for the amalgamation of Winergy (a 100% Siemens AG Company) with the Company. The “Appointed Date” was fixed as 1st October, 2012. The Board has recommended a share exchange ratio of 1 (One) equity share of the Company having Face Value of Rs.2 (Rupees Two) each fully paid- up for every 72 (Seventy Two) equity shares of Winergy having Face Value of Rs.10 (Rupees Ten) each fully paid-up. The amalgamation is subject to all necessary statutory / regulatory approvals, including approvals of the Members and the High Courts.
Winergy is engaged in business of manufacturing / assembly of wind mill gearboxes, high speed gearboxes, drive application gearboxes, standard geared motors and in designing and engineering services.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
GENERAL PERFORMANCE
REVIEW
The slowdown in India’s domestic economy that began in the previous year extended into financial year 2011-12. While the cumulative growth rate of index of industrial production (IIP) fell to 0.52% in financial year 2011-12 from 6.67% in financial year 2010-11, GDP growth remained stagnant at 6.5% as of September 30, 2012 compared with 7.5% as of September 30, 2011.
According to the Centre for Monitoring Indian Economy (CMIE), new investment announcements for the quarter ended September 30, 2012 were at Rs.584940.000 Millions, the lowest in 33 quarters. Though the CMIE expects new investment announcements to pick up in the coming quarters, it may not reach the levels seen two to three years ago because many large industries already have huge capacity expansions in the pipeline.
Investor and business confidence was low due to the prolonged global economic crisis as well as the government’s inability to gain consensus from coalition partners, which delayed legislation on various fiscal and market reforms. Delays in decision-making led to stalled infrastructure projects and issues related to environmental clearances, land acquisition, and the supply of fuel and raw materials, and the Reserve Bank of India’s continued focus on reducing inflation at the cost of economic growth affected investments in new projects. As with most other industries in India, subject Businesses across its four Sectors were impacted due to these factors.
New orders fell to Rs.102351.000 Millions in financial year 2011-12, down by 17% from Rs.122887.000 Millions in financial year 2010-11. Sales were up by 8% to Rs.127081.000 Millions, compared with Rs.118183.000 Millions in financial year 2010-11, while profits after taxes (PAT) were down by 59% at Rs.3432.000 Millions compared with Rs.8454.000 Millions in financial year 2010-11.
During the fourth quarter of the financial year 2011-12, the Company reviewed the plans for the wind energy business and its localisation activities. Wind energy solutions will be developed on a case-to-case basis for the Indian market by leveraging existing global Siemens AG manufacturing capacities. Hence, an exceptional item for an impairment estimated at Rs 1200.000 Millions was booked in the fourth quarter.
OUTLOOK FOR SUBJECT
Modern and future-ready infrastructure has been recognized as a key driver of India’s economic growth. Subject is present in all the areas that contribute to infrastructure. The Company has solutions for the entire energy matrix (generation, transmission, and distribution), intra-city and inter-city mobility, industrial plants, green buildings, and hospitals. In addition, the Company’s focus on localization has helped to position itself as a technology provider of choice for building India’s infrastructure. The Company also has the added advantage of bundling the financing solutions offered by Siemens Financial Services Private Limited. (SFSPL), a nonbanking finance company and a wholly-owned subsidiary of Siemens AG. SFSPL’s offerings such as loans, leasing, and other financial products are used to finance equipment purchases by customers of subject.
The government’s recently-announced measures to allow higher foreign direct investments in sectors such as aviation, multi-brand retail, insurance, and media have sent encouraging signals. The founding of the National Investment Board is also a positive sign.
In light of the above developments, the company expects profitable and sustainable growth in the future.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
30.09.2012 |
30.09.2011 |
|
Income tax (excluding interest) |
159 |
158 |
|
Excise / sales tax liabilities, under dispute |
1,804 |
958 |
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Customs liabilities, under dispute |
120 |
120 |
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Claims against the company not acknowledged as debts |
149 |
143 |
SEGMENTWISE REVENUE, RESULTS
AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE MONTHS ENDED 30 JUNE 2013
Rs. In Millions
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Particular |
Quarter Ended |
Nine Months Ended |
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|
|
30 June 2013 |
31 March 2013 |
30 June 2013 |
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|
(Unaudited) |
(Unaudited) |
(Unaudited) |
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1. Segment Revenue |
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a) Infrastructure and Cities |
6872.482 |
8577.005 |
21698.535 |
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b) Energy {See note 2c) |
9409.242 |
10256.849 |
26994.832 |
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c) Industry |
9064.372 |
9762.752 |
27417.758 |
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d) Healthcare |
2614.697 |
2887.250 |
7745.809 |
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e) Unallocable Operating Revenue |
172.054 |
142.031 |
423.199 |
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Total |
23132.847 |
31625.887 |
86280.133 |
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Less : Intersegment revenue |
1706.492 |
2070.313 |
5336.247 |
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Net Sales / Income
From Operations |
26426.355 |
29655.574 |
80943.836 |
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2. Segment Results |
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a) Infrastructure and Cities |
66.742 |
283.633 |
348.652 |
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b) Energy (See note 2c) |
(326.488) |
(160.415) |
(101.045) |
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c) Industry |
(317.923) |
(179.026) |
(136.959) |
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d) Healthcare |
(38.703) |
10.156 |
74.777 |
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Total |
(616.372) |
(45.652) |
186.425 |
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Add : |
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a) Interest income net off expense |
(19.551) |
(57.540) |
(94.958) |
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b} Prior Period items (See note 2c) |
- |
- |
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c) Other un-ailocable income net off un-allocable expenditure |
(65.404) |
287.518 |
343.069 |
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Total Profit Before
Tax |
(701.327) |
184.326 |
433.536 |
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3. Capital employed |
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a) Infrastructure and Cities |
7137.070 |
9316.503 |
7137.070 |
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b) Energy |
13746.636 |
15008.747 |
13746.636 |
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c) Industry |
9186.016 |
7079.148 |
9186.016 |
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d) Healthcare |
(238.386) |
(121.860) |
(238.386) |
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e) Unallocated |
11046.599 |
10086.827 |
11046.599 |
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Total Capital
Employed |
40877.935 |
41369.365 |
40877.936 |
FIXED ASSETS
v
Tangible
Assets
Land
Building
Plant
and Machinery
Furniture
Fittings and Office Equipments
Vehicles
v
Intangible Assets
Goodwill
Technical
Know-how
PRESS RELEASES
SIEMENS LIMITED WINS RS.
2710.000 MILLIONS ORDER FROM RASHTRIYA ISPAT NIGAM LIMITED.
Mumbai, 2013-Sep-30
Contract for complete
renewal of blast furnace No. 2. Volume and production capacity will be
increased significantly.
A consortium comprising Siemens AG and Siemens Limited has received an order from the state-owned Rashtriya Ispat Nigam Limited (RINL) to thoroughly modernize blast furnace No. 2 at Visakhapatnam Steel Plant (Vizag Steel). The share of the order value for Siemens Limited is Rs. 2710.000 Millions.
Modernization will boost the furnace's inner volume from 3,200 to 3,820 cubic meters and production increase from 1.7 million tons per annum (MTPA) to 2.5 million tons per annum.
Visakhapatnam Steel Plant, which was founded in 1990 on the coast of the Indian federal state of Andhra Pradesh, is an integrated steelworks with an annual capacity of around 6.3 million tonnes of crude iron. Modernization of the blast furnaces is part of an expansion project which is intended to boost annual pig iron production to 7.3 million tonnes. Vizag Steel currently operates three blast furnaces: two with an interior volume of 3,200 cubic meters and one with interior volume of 3800-cubic meter. Blast furnace No. 2, which was constructed in 1992, has a nominal annual capacity of 1.7 million tonnes of crude iron.
SAIL PARTNERS WITH
SIEMENS FOR THE THIRD CONSECUTIVE TIME TO ENHANCE TECHNICAL SKILLS OF WORKFORCE
Mumbai, 2013-Sep-23
Signs three-year
Memorandum of Understanding with Siemens Limited. Siemens will provide
technical training to all personnel of SAIL Plants involved in projects,
maintenance and other technical departments
Steel Authority of India Limited (SAIL), India’s largest steel producer, signed a Memorandum of Understanding (MOU) with Siemens Limited to enhance the technical skills of SAIL’s work force. According to the MoU, SITRAIN, a Business Unit within the Siemens Industry Sector that imparts industrial training services, will provide training to SAIL personnel involved in projects, maintenance and other technical departments of SAIL’s plants.
This MOU is valid for a period of three years and is the third consecutive pact signed with Siemens.
Siemens will impart training in the areas of Automation, DC/AC Servo Drives, switchgears and other related technologies like Process Instrumentation and Mechatronics at the SAlL plants/units located across Bhilai, Bokaro, Durgapur, Rourkela, Burnpur, Salem, Bhadravati and Kolkata. The training is significant in view of the continuous upgrades in products and solutions being launched for the steel-manufacturing industry worldwide.
Skills and knowledge are the driving forces of economic growth and social development for any country. Today, a growing economy like India requires a large and skilled workforce. While the government has unveiled ambitious plans to raise the share of manufacturing from current 16 to 25% of GDP by 2025, this goal can be achieved only when the companies adopt high end and innovative technologies. However, the availability of limited skilled workforce creates a roadblock in the adoption of newer technologies. Subsequently, a gap exists between the growing demand for and the scarce supply of skilled personnel across sectors. This skill gap, if not addressed quickly, is bound to have a strong bearing on the productivity and competitiveness of the sector itself. Siemens aims to fill this gap by providing training to customers and institutes through partnerships with multiple stakeholders.
Commenting on this occasion, Mr. Manas Panda, Executive Director, HRD, SAIL, "We are in the process of modernizing our plants with newer installations. Through this agreement we aim to upgrade the competence of our work force and bring them up-to-date with the latest innovations and technologies."
"This training would boost our competitive edge by achieving a higher growth in production and reduction in maintenance costs as well. We have partnered with Siemens in the past and have experienced their comprehensive hands-on training that has made our workforce capable of adopting newer technologies," added Mr. Panda
Mr. Bhaskar Mandal, Sector Cluster Lead, Industry Sector, Siemens South Asia, said, "We are pleased to partner with SAIL for the third time in a row. Highly-sophisticated technologies prove to be beneficial only if people are trained to use all its features and functions. Siemens aims to address this skill gap for SAIL."
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.50 |
|
|
1 |
Rs.98.99 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
9 |
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OPERATING SCALE |
1~10 |
9 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
YES |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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DEFAULTER |
|
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--RBI |
YES/NO |
NO |
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--EPF |
YES/NO |
NO |
|
TOTAL |
|
76 |
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 |
|
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NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.