MIRA
INFORM REPORT
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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SIEMENS LIMITED (w.e.f. 1987) |
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Formerly Known
As : |
SIEMENS INDIA LIMITED |
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Registered
Office : |
130, Pandurang Budhkar
Marg, Worli, Mumbai –
400018, Maharashtra |
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Country : |
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Financials (as
on) : |
30.09.2013 |
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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. 712.000 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
: |
Provides technology enabled solutions for the industry, energy,
infrastructure and cities, and healthcare sectors. |
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No. of Employees
: |
11539 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (78) |
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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 160000000 |
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Status : |
Good |
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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, Germany. It is a
well-established and a reputed company having and excellent track record. The rating reflects Siemens’ diversified business portfolio, strong
market position, technical and managerial support it receives from its
parent, and its healthy financial risk profile. 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 dealing t 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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to
raise $ 500 million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term rating: AAA |
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Rating Explanation |
Highest degree of safety and carry lowest 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.
INFORMATION DECLINED
Management Non-Cooperative (91-22-24987000)
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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Maharashtra : |
· E-76, Waluj, MIDC Area, Aurangabad – 431136, Maharashtra, India · Plot No – A 1/2, Five Star MIDC, Shendra, Aurangabad – 431201, Maharashtra, India · Plot No. C-1, Additional Industrial Area, MIDC, Ambad, Nashik - 422010, Maharashtra, India · Thane - Belapur Road, Thane - 400601, Maharashtra, India · Plot No. R-508 , TTC, Industrial Area, MIDC, Rabale, Thane - 400701, Maharashtra, India · 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 30.09.2013
|
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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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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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 : |
Special Director (Nominee of Siemens AG) |
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Name : |
Mr. Johannes Apitzsch |
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Designation : |
Director* (Alternate Director for Dr. Roland Busch upto 22nd November, 2013) |
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Name : |
Dr. Armin Bruck |
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Designation : |
Managing Director and Chief Executive Offi cer (upto 31st December, 2013) |
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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 (upto 31st December, 2013) Managing Director and Chief Executive Officer (with effect from 1st January, 2014) |
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Name : |
Ms. Mariel von Drathen |
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Designation : |
Director (with effect from 2nd August, 2013) |
KEY EXECUTIVES
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Name : |
Mr. Ketan Thaker |
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Designation : |
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 · Johannes Apitzsch* ·
Joe Kaeser (upto 22nd November, 2013) |
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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 · Joe Kaeser ·
Mariel von Drathen* |
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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 Mathur · Keki B. Dadiseth · Dr. Roland Busch · Johannes Apitzsch* |
Note: * With effect from 23rd November, 2013
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
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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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|
8016596 |
2.25 |
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|
345933 |
0.10 |
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|
250 |
0.00 |
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23016612 |
6.46 |
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14886869 |
4.18 |
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46266260 |
12.99 |
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5081657 |
1.43 |
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34900219 |
9.80 |
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1603866 |
0.45 |
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1177970 |
0.33 |
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|
91226 |
0.03 |
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|
31000 |
0.01 |
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1055744 |
0.30 |
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|
42763712 |
12.01 |
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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 : |
Provides technology enabled solutions for the industry,
energy, infrastructure and cities, and healthcare sectors. |
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Products : |
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PRODUCTION STATUS [AS ON 30.09.2011]
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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
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No. of Employees : |
11539 (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 : |
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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Fellow
Subsidiaries: |
· Siemens S.A., Argentina · Siemens Spa, Algeria · Siemens Limited, Australia · ETM professional control GmbH, Austria · SAGO dARE Transformers Austria (erstwhile Siemens, Transformers Austria GmbH and Company KG), Austria · SAGOE dARE Plant Rail Systems, Austria · Siemens Aktiengesellschaft Osterreich, Austria · Siemens Convergence Creators GmbH, Austria · Siemens Gebäudemanagement and -Services G.m.b.H., Austria · Siemens VAI Metals Technologies GmbH, Austria · Siemens VAI Metals Technologies GmbH and Company, Austria · Trench Austria GmbH, Austria · Siemens W.L.L., Bahrain · Siemens Bangladesh Limited, Bangladesh · Siemens Healthcare Diagnostics SA, Belgium · Siemens S.A./N.V., Belgium · Siemens Eletroeletronica Limitada, Brazil · Siemens Limited A., Brazil · Siemens EOOD, Bulgaria · RuggedCom Inc., Canada · Siemens Hearing Instruments Inc., Canada · Trench Limited, Canada · Siemens Healthcare Diagnostics Manufacturing Limited, Cayman Islands · Siemens S.A., Chile · Beijing Siemens Cerberus Electronics Limited, China · MWB (Shanghai) Company Limited, China · Siemens Circuit Protection Systems 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 Circuit Breaker Company, Limited, China · Siemens High Voltage Switchgear Company, Limited, Shanghai, China · Siemens Industrial Automation Limited, Shanghai, China · Siemens Industrial Turbomachinery (Huludao) Company Limited, China · Siemens International Trading Limited, Shanghai, China · Siemens Limited, China, China · Siemens Mechanical Drive Systems (Tianjin) Company, Limited, China · Siemens Medium Voltage Switching Technologies (Wuxi) Limited, China · Siemens Numerical Control Limited, China · Siemens Power Automation Limited, China · Siemens Power Plant Automation Limited, China · Siemens Shanghai Medical Equipment Limited, China · Siemens Shenzhen Magnetic Resonance Limited, China · Siemens Standard Motors Limited, Jiangsu, 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 Wind Power Blades (Shanghai) Company, Limited, China · Siemens Wiring Accessories Shandong Limited, China · Siemens X-Ray Vacuum Technology Limited, China · Trench High Voltage Products Limited, Shenyang, China · Winergy Drive Systems (Tianjin) Company Limited, China · Siemens S.A., Columbia · Koncar Power Transformers d.o.o. (erstwhile Koncar Power Transformers · Limited), Croatia · Siemens d.d., Croatia · Siemens Electric Machines s.r.o., Czech Republic · Siemens, 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 Industry Software SAS, France · Siemens S.A.S, France · Siemens SAS, Division Production Sensors and Communication, Usine de Haguenau, France · Siemens Transmission and Distribution SAS, France · Siemens VAI Metals Technologies SAS, France · Trench France S.A.S, France · Alpha Verteilertechnik GmbH, Germany · evosoft GmbH, Germany · HSP Hochspannungsgeräte GmbHc · LINCAS Export Services GmbH., China · Loher GmbH, Germany · Siemens Bank GmbH, Germany · Siemens Beteiligungen Inland GmbH, Germany · Siemens Geared Motors Gesellschaft mit beschränkter Haftung, Germany · Siemens Gusstechnik GmbH, Germany · Siemens Healthcare Diagnostics Holding GmbH, Germany · Siemens Healthcare Diagnostics Products GmbH, Germany · Siemens Industrial Turbomachinery GmbH, Germany · Siemens Industriegetriebe GmbH, Germany · Siemens IT Solutions and Services GmbH, Germany · Siemens Power Control GmbH, Germany · Siemens Turbomachinery Equipment GmbH, Germany · Siemens VAI Metals Technologies GmbH, Germany · SYKATEC Systeme, Komponenten, Anwendungstechnologie GmbH, Germany · TLT-Turbo GmbH, Germany · Trench Germany GmbH, Germany · Weiss Spindeltechnologie GmbH, Germany · Winergy AG, Germany · Electrium Sales Limited, Great Britain · I DT Factory Congleton, Great Britain · Siemens Healthcare Diagnostics Manufacturing Limited, Great Britain · Siemens Healthcare Diagnostics Products Limited, Great Britain · Siemens Industrial Turbomachinery Limited, Great Britain · Siemens Magnet Technology, 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 · Eviop-Tempo A.E. Electrical Equipment Manufacturer,s Greece · Siemens Healthcare Diagnostics Limited, Hongkong · Siemens Limited, Hongkong · Compact Automotive Lamp Private Limited, India · eMeter India Private Limited, India · OSRAM Automotive Lamps Private Limited (merged with OSRAM India Private Limited w.e.f. 26 March 2013), India · OSRAM India Private Limited (upto 5 July 2013), India · PETNET Radiopharmaceutical Solutions Private Limited,. India · Powerplant Performance Improvement Limited, India · Siemens Convergence Creators Private Limited, India · Siemens Financial Services Private Limited, India · Siemens Hearing Instruments Private Limited, India · Siemens Industry Software (India) Private Limited, India · Siemens Power Engineering Private Limited (merged w.e.f 1 Oct 2011) India · Siemens VAI Metals Technologies Private Limited (merged w.e.f 1 Oct 2011) India · Siemens Postal Parcel and Airport Logistics Private Limited, India · Siemens Technology and Services Private Limited, India · Winergy Drive System India Private Limited (merged w.e.f 1 Oct 2012) India · P.T. Siemens Indonesia, Indonesia · PT. Siemens Industrial Power, Indonesia · Europlex Technologies (Ireland) Limited, Ireland · Siemens Limited, Ireland · Siemens Medical Solutions Diagnostics Europe Limited, Ireland · Siemens Concentrated Solar Power Limited, Israel · Siemens Israel Limited, Israel · Siemens S. p.A Metals Technologies, Milano · (erstwhile Siemens VAI Metals Technologies S.r.l.), Italy · Siemens S.p.A. Italy · Trench Italia S.r.l. Italy · Siemens Healthcare Diagnostics K.K., Japan · Siemens Japan K.K., Japan · Yaskawa Siemens Automation and Drives Coporation Japan · Siemens TOO, Kazakhstan · Siemens Kenya Limited, Kenya · Siemens Limited Seou,l Korea · Siemens Electrical and Electronic Services K.S.C.C., Kuwait · Siemens Malaysia Sdn. Bhd., Malaysia · Siemens Innovaciones S.A. de C.V. Mexico · Siemens Servicios S.A. de C.V. Mexico · Siemens, S.A. de C.V. Mexico · Siemens Plant Operations Tahaddart SARL, Morocco · Siemens S.A. Morocco · Siemens Nederland N.V. Netherland · Siemens Nederland N.V. - dependent ARE SI,T Netherland · Siemens (N.Z.) Limited, New Zealand · Siemens Limited, Nigeria · Siemens AS, Norway · Siemens L.L.C. Oman · Siemens S.A.C. Peru · Siemens Power Operations, Inc. Philippines · 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, Russia · Arabia Electric Limited (Equipment), Saudi-Arabia · ISCOSA Industries and Maintenance Limited, Saudi-Arabia · Siemens Limited, Saudi-Arabia · Siemens Electronics Assembly Systems Pte. Limited, Singapore · Siemens Healthcare Diagnostics Pte. Limited, Singapore · Siemens IT Solutions and Services Operations Pte. Limited, Singapore · Siemens Pte. Limited, Singapore · Siemens s.r.o. Slovakia · Siemens d.o.o. Slovenia · Siemens (Proprietary) Limited, South Africa · Fábrica Electrotécnica Josa, S.A., Spain · 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 IT Solutions and Services Limited, Thailand · Siemens Limited, Thailand · Siemens S.A. Tunisia · Siemens Sanayi ve Ticaret A.S. Turkey · Siemens Sanayi ve Ticaret A.S. Gebze RandD Center, Turkey · Siemens Ukraine (erstwhile DP Siemens Ukraine), Ukraine · SD (Middle East) LLC, United Arab Emirates · Siemens LLC ,United Arab Emirates · Morgan Construction Company, USA · Siemens Corporation, USA · Siemens Demag Delaval Turbomachinery, Inc. USA · Siemens Energy, Inc. USA · Siemens Energy, Inc. (US) - Fossil Products (OPP), 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 · S' Industry – WT, USA · Siemens Water Technologies LLC, USA · SMS Inc. - Customer Solutions Group, USA · Winergy Drive Systems Corporation, USA · Siemens S.A. Venezuela · Siemens Automation Systems Limited, Vietnam · Siemens Limited, Vietnam |
CAPITAL STRUCTURE
As on 30.09.2013
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.2/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
356983950 |
Equity Shares |
Rs.2/- each |
Rs.714.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
356119885 |
Equity Shares |
Rs.2/- each |
Rs.712.000 Millions |
|
|
|
|
|
NOTE:
Shares held by
Holding Company and subsidiary of Holding Company:
255,351,805 (2012: 251,265,128) Equity shares of Rs.2 each, fully paid-up, are held by the Holding Company, Siemens AG, Germany; 11,738,108 (2012: Nil) Equity shares of Rs.2 each, fully paid-up, are held by Siemens VAI Metals Technologies GmbH, 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 |
30.09.2013 |
|
|
Number |
Amount In Millions |
|
|
Shares outstanding at the beginning of the year |
340,295,025 |
681.000 |
|
Shares issued/subscribed during the year |
15,824,860 |
31.000 |
|
Shares outstanding at the end of the Year |
356,119,885 |
712.000 |
During the year, the paid up share capital of the Company increased consequent to the issue of 15,824,785 (2012: Nil) equity shares on the amalgamation of SVAI, SPEL and Winergy and allotment of 75 (2012: 125) equity shares to 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 30th September:
|
Name of shareholder |
30.09.2013 |
|
|
No. of shares held |
% of Holding |
|
|
Siemens Aktiengesellschaft, Germany and its subsidiary. |
267,089,913 |
75.00% |
|
Life Insurance Corporation of India |
20,247,974 |
5.69% |
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 |
30.09.2013 |
|
Fully paid up to the shareholders of Siemens Healthcare Diagnostics Limited. in accordance with the scheme of amalgamation |
3,134,700 |
|
Fully paid up to the shareholders of Siemens VAI Metals Technologies Private Limited. in accordance with the scheme of amalgamation |
11,738,108 |
|
Fully paid up to the shareholders of Siemens Power Engineering Private Limited. in accordance with the scheme of amalgamation |
3,461,538 |
|
Fully paid up to the shareholders of Winergy Drive Systems India Private Limited. in accordance with the scheme of amalgamation |
625,139 |
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 2013, the amount of per share dividend recognised for distribution to equity
shareholders is Rs.5 (2012: 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 |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
712.000 |
681.000 |
681.000 |
|
(b) Reserves & Surplus |
39591.000 |
38922.000 |
37481.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Share capital suspense account |
0.000 |
23.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
40303.000 |
39626.000 |
38162.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
837.000 |
1048.000 |
1105.000 |
|
(d) long-term provisions |
2535.000 |
3075.000 |
3004.000 |
|
Total Non-current Liabilities (3) |
3372.000 |
4123.000 |
4109.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
25518.000 |
26542.000 |
22573.000 |
|
(c) Other current
liabilities |
15700.000 |
22079.000 |
21854.000 |
|
(d) Short-term provisions |
13547.000 |
14077.000 |
15035.000 |
|
Total Current Liabilities (4) |
54765.000 |
62698.000 |
59462.000 |
|
|
|
|
|
|
TOTAL |
98440.000 |
106447.000 |
101733.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
13559.000 |
13901.000 |
11048.000 |
|
(ii) Intangible Assets |
230.000 |
221.000 |
243.000 |
|
(iii) Capital
work-in-progress |
889.000 |
850.000 |
2195.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
432.000 |
410.000 |
405.000 |
|
(c) Deferred tax assets (net) |
4297.000 |
3176.000 |
1889.000 |
|
(d) Long-term Loan and Advances |
6164.000 |
5341.000 |
4713.000 |
|
(e) Other Non-current assets |
6705.000 |
7773.000 |
5471.000 |
|
Total Non-Current Assets |
32276.000 |
31672.000 |
25964.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
9334.000 |
9431.000 |
8078.000 |
|
(c) Trade receivables |
37668.000 |
39124.000 |
36288.000 |
|
(d) Cash and cash
equivalents |
6038.000 |
9768.000 |
12750.000 |
|
(e) Short-term loans and
advances |
4909.000 |
5690.000 |
8995.000 |
|
(f) Other current assets |
8215.000 |
10762.000 |
9658.000 |
|
Total Current Assets |
66164.000 |
74775.000 |
75769.000 |
|
|
|
|
|
|
TOTAL |
98440.000 |
106447.000 |
101733.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
113526.000 |
129199.000 |
120289.000 |
|
|
|
Other Income |
345.000 |
575.000 |
1047.000 |
|
|
|
TOTAL (A) |
113871.000 |
129774.000 |
121336.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials consumed |
26056.000 |
25984.000 |
20965.000 |
|
|
|
Purchase of traded goods |
23629.000 |
24398.000 |
23612.000 |
|
|
|
(Increase) / decrease in inventories of finished goods, work-in-progress and traded goods |
224.000 |
(1014.000) |
(823.000) |
|
|
|
Project bought outs and other direct costs |
35459.000 |
49110.000 |
46046.000 |
|
|
|
Employee benefits expense |
13524.000 |
11959.000 |
9174.000 |
|
|
|
Other expenses |
10427.000 |
9849.000 |
7964.000 |
|
|
|
Exceptional item |
(325.000) |
1200.000 |
0.000 |
|
|
|
Prior period items |
0.000 |
799.000 |
0.000 |
|
|
|
TOTAL
(B) |
108994.000 |
122285.000 |
106938.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4877.000 |
7489.000 |
14398.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
189.000 |
270.000 |
127.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4688.000 |
7219.000 |
14271.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2502.000 |
2010.000 |
1522.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2186.000 |
5209.000 |
12749.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
246.000 |
1777.000 |
4295.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1940.000 |
3432.000 |
8454.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6110.000 |
4771.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Balance of Profit and Loss account brought forward due to
the amalgamation of Companies |
134.000 |
705.000 |
(110.000) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
194.000 |
343.000 |
1200.000 |
|
|
|
Dividend |
1781.000 |
2112.000 |
2042.000 |
|
|
|
Tax on Dividend |
303.000 |
343.000 |
331.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5906.000 |
6110.000 |
4771.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods Direct on FOB basis |
5101.000 |
3283.000 |
3733.000 |
|
|
|
Project Business (Based on Actual Billing) |
7128.000 |
14067.000 |
21647.000 |
|
|
|
Commission |
570.000 |
326.000 |
483.000 |
|
|
|
Service charges and others |
2672.000 |
1141.000 |
471.000 |
|
|
TOTAL EARNINGS |
15471.000 |
18817.000 |
26334.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials, components, spare parts and traded goods |
34869.000 |
39859.000 |
34870.000 |
|
|
|
Capital Goods |
445.000 |
1031.000 |
927.000 |
|
|
TOTAL IMPORTS |
35314.000 |
40890.000 |
35797.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.45 |
9.75 |
24.95 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 |
30.09.2012 |
30.09.2011 |
|
PAT / Total Income |
(%) |
1.70
|
2.64
|
6.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.93
|
4.03
|
10.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.36
|
5.11
|
13.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.42
|
0.13
|
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.99
|
1.19
|
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
681.000 |
681.000 |
712.000 |
|
Reserves & Surplus |
37481.000 |
38922.000 |
39591.000 |
|
Net
worth |
38162.000 |
39603.000 |
40303.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
120289.000 |
129199.000 |
113526.000 |
|
|
|
7.407 |
(12.131) |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2011 |
30.09.2012 |
30.09.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
120289.000 |
129199.000 |
113526.000 |
|
Profit |
8454.000 |
3432.000 |
1940.000 |
|
|
7.03% |
2.66% |
1.71% |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
CEXAL/300/2013 |
Failing Date:- |
19/10/2013 |
Reg. No.:- |
CEXA/282/2013 |
Reg. Date:- |
16/12/2013 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
SIEMENS LIMITED |
||||
|
Petn.Adv:- |
Anamika Malhotra () |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
Central Excise Appeal (CEXA) |
||||
|
Status:- |
Pre – Admission |
|
|
||||
|
|
|
||||||
|
Act. : |
Central Excise and Salt Act |
|
|||||
OPERATIONS
The Turnover of the Company decreased by approximately 12% and stood at Rs.113526.000 millions as compared to Rs.129199.000 million in the previous year. The Company’s Profit from Operations for the year ended 30th September, 2013 was Rs.1705.000 million as compared to Rs.6903.000 million in the corresponding period of the previous year.
The Profit after Tax was Rs.1940.000 millions, compared to Rs.3432.000 millions during 2011-12.
AMALGAMATIONS AND
DIVESTMENT
a. Amalgamation of Siemens Power Engineering Private Limited (SPEL) and Winergy Drive Systems India Private Limited (Winergy) with the Company
Key details of the aforesaid amalgamations are summarised as follows:
|
Particulars |
SPEL |
Winergy |
|
High Court Order date |
Bombay : 2nd November, 2012 Punjab and Haryana : 23rd November, 2012 |
Bombay : 22nd March, 2013 Madras : 18th February, 2013 |
|
Appointed Date |
1st October, 2011 |
1st October, 2012 |
|
Effective Date |
1st January, 2013 |
31st March, 2013 |
|
Share Exchange Ratio |
6 Equity Shares of Rs.2 each of the Company for every 13 Equity Shares of Rs.10 each of SPEL |
1 Equity Share of Rs.2 each of the Company for every 72 Equity Shares of Rs.10 each of Winergy |
|
Equity Shares issued |
3,461,538 to Siemens Aktiengesellschaft, Germany |
625,139 to Siemens Aktiengesellschaft, Germany |
|
Date of Allotment of new Equity shares |
5th February, 2013 |
24th May, 2013 |
Sale and transfer of Postal
and Parcel Logistics Technologies and Airport Logistics Technologies businesses
(LAS business)
Pursuant to the approval granted by the Members by way of Postal Ballot on 18th September, 2013, the LAS business of the Company was sold and transferred as a going concern on a slump sale basis to Siemens Postal Parcel and Airport Logistics Private Limited, a new 100% subsidiary of Siemens Aktiengesellschaft, Germany with effect from the close of business hours of 30th September, 2013, for a consideration of Rs.1285.000 million and recorded profit of Rs.1146.000 millions, which forms part of exceptional items.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
GENERAL PERFORMANCE
REVIEW
India’s gross domestic product (GDP) growth dropped to a four-year low of 4.4 per cent in the April-June quarter of 2013, one of the lowest growth periods in the last decade. The major factors contributing to this low rate of growth were high interest rates, weakening demand and uncertain economic conditions. Interest rates in general remained elevated during the financial year 2012-13, dampening both consumption as well as investment demand. The latest Index of Industrial Production data was also disappointing, registering a growth of 0.6% in August 2013. The uncertain economic conditions were reflected in the fact that major infrastructure and power projects remained stalled during the year due to delayed decision-making and issues related to land acquisition, environmental clearances, liquidity and availability of raw material. According to Reserve Bank of India, the business confidence in India remains weak with companies scaling down their investment plans.
In addition, the past year witnessed volatility in commodity prices and exchange rates. This in turn affected India’s current account deficit and consequently led to further liquidity tightening measures by the Reserve Bank of India. The Indian Rupee depreciated by almost 18 percent for the period October 2012 to September 2013, touching a low ofRs.68.4 per US dollar in August 2013, with the volatility adding to the uncertainty in the business environment.
Siemens Limited’s results during financial year 2012-13 were also impacted due to these factors. New orders were up by 7% at Rs.109573.000 Millions in financial year 2012-13, compared with Rs.102351.000 Millions in financial year 2011 12. Sales were down by 12% to Rs.111452.000 Millions, compared with Rs.127081.000 v in financial year 2011-12, while profit after tax (PAT) was down by 43% at Rs.1940.000 Millions compared with Rs.3432.000 Millions in financial year 2011 12.
ENERGY SECTOR
The power segment continued to face issues related to land acquisition, environmental clearances, power tariffs and fuel linkages. During the financial year 2012-13, the market for power equipment was characterized by sharply reduced demand, overcapacities and consequently lower prices. Despite these challenges, the Energy Sector was in a position to retain its overall market share. During the financial year, the Energy Sector set up Global
Engineering Centres for Compressors and Oil and Gas Solutions businesses in Mumbai and Coimbatore respectively. The Sector won an order worth Rs.660.000 Millions from National Thermal Power Corporation Limited to modernise its Korba Stage II plant. It also won an order worth Rs.1044.000 v from Bangladesh Steels Re-Rolling Mills Limited (BSRM), the largest steel manufacturing company in Bangladesh, to build a Gas Insulated Switchgear (GIS) substation. This is the first private sector-funded GIS substation project and the largest order size in the GIS segment in Bangladesh.
Among other milestones, the Sector handed over the Unosugen combined cycle power plant in India to the customer, Torrent Power Limited The state-of-the-art and environmentally-friendly fossil fuel-fi red power plant has an installed capacity of approximately 380 megawatts (MW) and an efficiency level of 57 percent, one of the highest in India. The Sector also successfully designed and developed, in collaboration with the parent company Siemens AG, a 1200kV double-break disconnect or, the highest-rating disconnect or in India, at its factory in Hyderabad. During the financial year 2012-13, the Company completed the amalgamation of Siemens Power Engineering Private Limited, a 100% subsidiary of Siemens AG. For financial year 2012-13, the new orders were up by 15% to Rs.31210.000 Millions, sales fell by 24% to Rs.39370.000 Millions, while profits from operations were Rs.460.000 Millions.
OUTLOOK
The investment climate in the power sector is expected to remain subdued and projects are expected to get delayed due to various prevailing factors such as lack of fuel supply, delayed statutory clearances, liquidity constraints and land acquisition issues. The recent clearance of 28 stalled power and infrastructure projects involving an investment of Rs.500000.000 Millions is a positive sign. However, further actions will be required to drive the investment in the sector. The Energy Sector has been gearing up to meet this challenging market situation by focusing on improving the cost position and strengthening the Sector’s competitive edge.
HEALTHCARE SECTOR
The growth of the overall healthcare market is directly linked to the growth of the economy as a majority of healthcare costs are paid for ‘out-of-pocket’ by patients – a fact attributed to the low penetration of insurance services in India. The Healthcare Sector was also affected by the exchange rate fluctuation.
Among the highlights of the financial year 2012-13, The Healthcare Sector received a major order from Sir HN Hospital and Research Centre, Mumbai (Reliance) for the complete imaging package including Computerized Tomography (CT) scan, Magnetic Resonance Imaging, Cath Labs and other imaging equipment such as Ultrasound and X-ray. Additionally, NM Medical, a diagnostic imaging chain with a pan-India presence, selected Siemens MAGNETOM Spectra 3T MRI scanner for installation in its new diagnostic center at Sancheti Hospital in Pune. This will be one of the first installations of Magnetom Spectra with the newly introduced 3T MRI in the country. Other major highlights include the installation of India’s first simultaneous PETMRI at Indraprastha Apollo Hospital, New Delhi and Somatom Definition Edge, the newly-introduced Cardiac CT scanner, at PSG Hospital, Coimbatore.
Other new solutions launched during the financial year include the Perspective 128 Slice CT system which consumes lower power and is easy to install; the Freestyle ultrasound system that features a wireless hands-free probe; and the X700 Economy ultrasound with high-end features. In spite of the challenging macro-economic conditions, for financial year 2012-13, the new orders were up by 17% to Rs.12370.000 Millions, sales grew by 3% to Rs.11150.000 Millions, while profits from operations were Rs.310.000 Millions.
OUTLOOK
The Healthcare Sector provides end-to-end solutions including diagnostics, imaging and therapy. With the market for healthcare services expected to grow in moderation, the Sector will seek to increase market penetration for its range of solutions by expanding its distribution channels and customer interface points. In addition, cost optimisation, profitability enhancement and strengthening the organisation’s capabilities will remain key focus areas.
INDUSTRY SECTOR
During the financial year 2012-13, the Industry Sector was affected by issues such as lower capital investments by customers across verticals which led to delays in project closures and in the finalisation of new projects. Reduced access to capital, fluctuating exchange rates and consistently high interest rates further pushed up the cost of capital across key industry verticals. The Original Equipment Manufacturers, one of the key sales channel for the Industry Sector, were also affected by the slowdown which resulted in low order backlog and pile up of finished goods inventory.
Customer segments such as Food and Beverages, Cement and Chemical showed positive signs whereas Automobile, Metals, Power and Mining showed a decline. During the financial year 2012-13, Industry Sector received an order worth Rs.2710.000 Millions from the Rashtriya Ispat Nigam Limited (RINL) to modernise blast furnace No. 2 at Visakhapatnam Steel Plant (Vizag Steel). The Sector also signed a three-year Memorandum of Understanding with Steel Authority of India Limited whereby SITRAIN, the Industry Sector’s training services unit, will provide technical training to all personnel of SAIL Plants involved in projects, maintenance and other technical departments.
Among other highlights of the financial year, the Industry Sector launched SMART@MT packages for the metals industry such as electric arc furnace and circular pelletization technology, expanding the SMART (simple-to-use, maintenance-friendly, affordable, reliable and timely-to-market) portfolio of locally designed and manufactured solutions for the steel industry.
The Sector also launched SIMATIC PCS 7 CPU410-5H Process Controller – the fastest and the most powerful process controller in the Indian market. Other key product launches were S7-1500 Programmable Logic Controller for medium to high-end machine and plant automation, and SINAMICS V20 inverter for standard applications in India. With an aim to improve customer proximity and showcase its offerings for the small and medium enterprises, the Sector launched a mobile road show called “Siemens Productivity Tour” covering 204 locations in 86 cities. It also organized over 100 in-plant seminars across India to promote energy efficiency through the use of IE2 and IE3 efficiency class low voltage motors.
During financial year 2012-13, the Company completed the amalgamation of Winergy Drive Systems India Private Limited For financial year 2012-13, the new orders were down by 9% to Rs.30480.000 Millions, sales fell by 11% to Rs.33440.000 Millions, while profits from operations were at Rs.240.000 Millions.
OUTLOOK
The Industry Sector expects a continued moderation in demand. With key Original Equipment Manufacturers focusing on cost reduction due to various factors such as inflation, fluctuating exchange rates and high interest rates, the sector will continue to face pressure on costs. Demand is expected to be driven through initiatives taken by various industry verticals for modernising their manufacturing systems. These initiatives are aimed at improving productivity and efficiency while saving energy consumption. The Industry Sector will continue to tap new opportunities in the product business as well as value-added services such as plant maintenance.
OUTLOOK FOR SIEMENS LIMITED.
Siemens Limited operates in all the areas that contribute to modernising infrastructure, and has solutions for the entire energy matrix (generation, transmission and distribution), intra-city and inter-city mobility, industrial automation and healthcare.
The Company has a strong, established local manufacturing footprint with RandD facilities that has helped position Siemens Limited as a technology provider of choice for customers in India. The bundle financing solutions offered by Siemens Financial Services Private Limited, a non-banking finance company and a wholly-owned subsidiary of Siemens AG., are also an added advantage. On the basis of these strengths, the Company expects profitable and sustainable growth in the future.
However, to drive the growth of the overall economy, it is imperative that concrete steps are taken by the government, which will create an environment for increased capital expenditure across verticals. The revival of large stalled projects and the pipeline cleared by the Project Monitoring Group and the Cabinet Committee on Investment recently may sustain investment and overall activity during the next financial year.
SEGMENT INFORMATION:
The primary and secondary reportable segments are business segments and geographical segments respectively.
Business Segments: The business of the Company is divided into four segments. These segments are the basis for management control and hence, form the basis for reporting. The business of each segment comprises of:
· Infrastructure and Cities:- Provides Electrical Installation Technologies, i.e. Products for Building, e.g. Miniature Circuit Breakers, Distribution Boards, Residual Current Circuit Breakers etc. It also provides solutions for rail automation, railway electrification, light and heavy rail, locomotives, trains, turnkey projects and integrated services. Also provides solutions for the automation of power grids to products like medium voltage switchgear and components.
· Industry:- Provides complete range of automation products and systems, industrial automation systems and low voltage switchgears, complete range of large and standard drives and motors, special purpose motors, process and motion control systems. Also undertakes turnkey projects in the industrial and infrastructure sectors over the entire life cycle including concept, engineering, procurement, supplies, installation, commissioning and
· after sales services.
· Energy:- Offers highly efficient products and solutions for power generation based on fossil fuels. It ranges from individual gas and steam turbines and generators, to turnkey power plants. Also offers customers products and solutions used for the extraction, conversion and transport of oil and gas. Also provides solutions for power generation and distribution including products and solutions in the high-voltage field – such as High Voltage Direct Current (HVDC) transmission systems, substations, switchgear and transformers.
· Healthcare:- Provides diagnostic, therapeutic and life-saving products in computer tomography (CT), magnetic
· resonance imaging (MRI), ultrasonography, nuclear medicine, digital angiography, patient monitoring systems, digital radiography systems, radiology networking systems, lithotripsy and linear accelerators.
Geographical Segments: The business is organised in two geographical segments i.e. within India and outside India
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 W, MUMBAI, MAHARASHTRA - 400013, 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, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
30.09.2013 |
30.09.2012 |
|
Income tax (excluding interest) |
201.000 |
159.000 |
|
Excise / sales tax liabilities, under dispute |
1945.000 |
1804.000 |
|
Customs liabilities, under dispute |
120.000 |
120.000 |
|
Claims against the company not acknowledged as debts |
105.000 |
149.000 |
STATEMENTS OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 31 MARCH, 2014
|
Particulars |
Quarter ended |
Year ended |
||
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
Unaudited |
Audited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net
of excise duty) |
26577.409 |
23605.135 |
50182.544 |
|
|
(b) Other Operating Income |
485.814 |
333.837 |
819.651 |
|
|
Total income from operations (net) |
27063.223 |
23938.972 |
51002.195 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
11697.220 |
12104.424 |
23801.644 |
|
|
(b) Purchases of stock-in trade |
6259.235 |
6375.249 |
12634.484 |
|
|
(c) Changes in inventories of finished
goods. work-in-progress and stock in trade |
809.900 |
(1907.095) |
(1097.195) |
|
|
(d) Employee benefits expense |
3396.196 |
3372.698 |
6768.894 |
|
|
(e) Depreciation and Anmortisation
Expenses |
588.260 |
563.505 |
1151.765 |
|
|
(f) Other Expenses |
3037.952 |
2503.256 |
5538.332 |
|
|
Total expenses |
25788.763 |
23012.037 |
48797.924 |
|
3 |
Profit/ (Loss) from operations before other
Income, finance costs and exceptional Items (1-2) |
1274.460 |
926.935 |
2204.271 |
|
4 |
Other Income |
87.524 |
75.533 |
160.181 |
|
5 |
Profit/ (Loss) from operations before other
income, finance costs and exceptional items (3+4) |
1361.984 |
1002.468 |
2364.452 |
|
6 |
Finance Costs |
23.621 |
17.065 |
40.687 |
|
7 |
Profit/ (Loss) from ordinary activities after
finance cost but before exceptional items (5-6) |
1338.363 |
985.402 |
2323.765 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
1338.363 |
985.402 |
2323.765 |
|
10 |
Tax expenses |
455.712 |
334.071 |
789.783 |
|
11 |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
882.651 |
651.331 |
1533.982 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
882.651 |
651.331 |
1533.982 |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority
interest and share of profit/(loss) of associates (13+14+15) |
882.651 |
651.331 |
1533.982 |
|
17 |
Paid up equity share capital (Face Value of
Rs10/- each) |
712.240 |
712.240 |
712.240 |
|
18 |
Reserve excluding Revaluation Reserve as
per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
19.i |
Earnings per share of Rs.2/- each (EPS) (in
Rupees) Basic and Diluted (not annualised): |
2.48 |
1.83 |
4.31 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
89029972 |
89029972 |
89029972 |
|
|
- Percentage of shareholding |
25.00% |
25.00% |
25.00% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
-- |
-- |
-- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
267089913 |
267089913 |
267089913 |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
75.00% |
75.00% |
75.00% |
|
|
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
|
Received during the quarter |
10 |
|
|
|
|
Disposed off during the quarter |
5 |
|
|
|
|
Remaining unresolved at the end of the quarter |
5 |
|
|
STANDALONE /
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at 31.03.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
712.240 |
|
|
b) Reserves & Surplus |
41072.217 |
|
|
Sub Total- Shareholders funds |
41784.457 |
|
2 |
Non-current liabilities |
|
|
|
(a) Other long term liabilities |
680.219 |
|
|
(b) Long term provisions |
2679.544 |
|
|
Sub Total- Non Current Liabilities |
3359.763 |
|
3 |
Current liabilities |
|
|
|
(a) Trade Payables |
28819.869 |
|
|
(c) Other current liabilities |
16004.159 |
|
|
(d) Short term provisions |
8163.223 |
|
|
Sub Total- Current Liabilities |
52987.250 |
|
|
TOTAL-EQUITY AND LIABILITIES |
98131.470 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
14148.442 |
|
|
(b) Non-current
Investments |
388.965 |
|
|
(c)
Deferred tax assets (net) |
4140.322 |
|
|
(d) Long term loans and advances |
6002.243 |
|
|
(e) Other
Non-current assets |
6055.143 |
|
|
Sub-Total- Non current assets |
30735.115 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
9816.070 |
|
|
c) Trade Receivables |
38799.221 |
|
|
d) Cash and cash equivalents |
5041.084 |
|
|
(e) Short term loans and advances |
5725.594 |
|
|
(f) Other current assets |
8014.386 |
|
|
Sub-Total- current assets |
67396.355 |
|
|
TOTAL ASSETS |
98131.470 |
FIXED ASSETS
v
Tangible
Assets
Land
Building
Plant
and Machinery
Furniture
Fittings and Office Equipment’s
Vehicles
v
Intangible Assets
Goodwill
Technical
Know-how
PRESS RELEASES
SIEMENS INDIA LAUNCHES
SCHOLARSHIP FOR ENGINEERING STUDENTS
Mumbai, 2014-Feb-24
Rolls out Scholarship Program across government engineering colleges in Maharashtra, Goa and Gujarat. First batch of meritorious engineering students hailing from economically-disadvantaged families provided scholarships. The program is in line with Siemens India’s strategy to support and promote technical education.
Siemens India, a leading powerhouse in electrical and electronics engineering, set a firm foundation for meritorious students hailing from economically-disadvantaged families by rolling out Siemens Scholarship Program. As part of the first batch of the Program, 20 meritorious students were provided scholarships covering tuition and stationary expenses for the first year of their graduation course. Additionally, training, projects and mentorship provided by Siemens would acquaint the students with the dynamics of the industry, thereby leading to their holistic development. In the first phase, Siemens reached out to all government engineering colleges of Gujarat, Maharashtra and Goa.
Sunil Mathur, Chief Executive Officer, Siemens India, said, "Skills and knowledge are the driving forces of economic growth and social development for any country. However, in India, the limited availability of skilled workforce has been creating a roadblock in the adoption of newer technologies. As a responsible Corporate Citizen, Siemens India endeavors to support and promote technical education, leveraging its core competencies such as innovative technologies and know-how so as to produce ‘industry-ready’ technicians and engineers."
The scholarships are aimed at supporting deserving candidates to pursue their education and launch a sustainable career in engineering, R&D or manufacturing. These students will be supported with a scholarship program throughout the four years of graduation.
The organization is conscious of its responsibilities as a corporate toward all its key stakeholders: society, employees, customers and environment. As a good corporate citizen, Siemens aims to build sustainable communities by leveraging its competencies and solutions.
Siemens India’s Corporate Citizenship strategy has been firmly anchored with corporate values of Responsible, Excellent and Innovative. It focuses on three main areas: Social, Education and Science, and Environment.
SIEMENS LIMITED
ANNOUNCES Q1 2014 RESULTS
· Stable Results reflect benefits of measures aimed at increasing the Company’s competitiveness.
· Company appoints Christian Rummel as Executive Director and Chief Financial Officer.
· Company also announces acquisition of Siemens Rail Automation Private Limited.
For the first quarter of Financial Year 2014 ended December 31, 2013, Siemens Limited. registered New Orders of Rs. 20058.000 Millions compared to Rs. 20028.000 Millions in the same period last year while Sales stood at Rs. 23605.000 Millions in Q1 2014, compared to Rs. 24618.000 Millions in Q1 2013. Profit after Tax in Q1 2014 was also stable at Rs. 651.000 Millions compared to Rs. 636.000 Millions in Q1 2013.
Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, “While the results were impacted by the challenging macro-economic situation, they also reflect the benefits of various internal measures aimed at increasing the Company’s competitiveness. Our focus continues to be on stabilizing our operations and strengthening our core competence. As an organization, we are preparing for the next phase of growth.”
The Board of Directors of the Company has appointed Mr. Christian Rummel as Executive Director and Chief Financial Officer (CFO), of the Company with effect from February 1, 2014. Mr. Rummel has been with Siemens AG for over 24 years during which he has held various senior management positions. Prior to his appointment as CFO of Siemens Limited, he was Senior Vice President & Chief Financial Officer, Molecular Imaging, Healthcare Sector of Siemens AG since 2009 based in USA.
The Board of Directors at its meeting held today has approved the acquisition of 100 % equity shares of Siemens Rail Automation Private Limited (a Siemens group company) for a consideration of Rs. 550.000 Millions, subject to all requisite regulatory approvals. Siemens Rail Automation Private Limited is engaged in the business of manufacture, supply, design, installation and commissioning of Railway Signalling equipments consisting of trackside and on board equipment. The business is complementary to the existing business of the Company and should provide significant synergies.
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.58.42 |
|
|
1 |
Rs.98.28 |
|
Euro |
1 |
Rs.80.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
78 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.