MIRA INFORM REPORT

Report Date :

29.09.2014

IDENTIFICATION DETAILS

Name :	SIEMENS LIMITED (w.e.f.1987)
Formerly Known As :	SIEMENS INDIA LIMITED
Registered Office :	130, Pandurang Budhkar Marg, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	30.09.2013
Date of Incorporation :	02.03.1957
Com. Reg. No.:	11-010839
Capital Investment / Paid-up Capital :	Rs. 712.000 Millions
CIN No.: [Company Identification No.]	L28920MH1957PLC010839
PAN No.: [Permanent Account No.]	AAACS0764L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Providing technology enabled solutions for the industry, energy, infrastructure and cities, and healthcare sectors.
No. of Employees :	11539 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 161200000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had willfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	26.06.2014

Rating Agency Name	CRISIL
Rating	Short term rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	26.06.2014

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 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE

(CONTACT NO.: 91-22-24987000)

LOCATIONS

Registered/ Corporate Office :	130, Pandurang Budhkar Marg, Worli, Mumbai - 400018, Maharashtra, India
Tel. No.:	91-22–24987000/ 01/ 02/ 24931349/ 50
Fax No.:	91-22–24987500/ 52/ 24941758
E-Mail :	kavita.ghatge@siemens.co.in corporate-secretariat.in@siemens.com ajai.jain@siemens.com haresh.khilnani@siemens.com ketan.thaker@siemens.com
Website :	http://www.siemens.co.in
PLANT LOCATIONS :
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
Goa :	L-6, Verna Industrial Area, Panjim-Margao Highway, Verna, Goa – 403722, India
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
Andhra Pradesh :	Plot No. 89 and 90, IDA, Gandhinagar, Post Balanagar, Hyderabad – 500037, Andhra Pradesh, India
Karnataka :	972, Devanahalli Road, Off Old Madras Road, Virgonagar Post, Bangalore - 560049, Karnataka, India
West Bengal :	Nimpura Industrial Growth Centre, PO: Rakhajungle, Paschim Midnapur, Kharagpur – 721301, West Bengal, India
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
Haryana :	Sector-18, Unit No. 37, Gurgaon – 122002, Haryana, India
Tamilnadu :	309/2, Chettipedy Village, Thandalam Post Sriperumbudur Taluka, Kancheepuram District – 602105, Tamilnadu, India
Sales Offices 1 :	3^rd Floor, Jyoti Mahal, No. 49, St. Marks Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22042000
Fax No.:	91-80-41120435
Sales Offices 2 :	Plot No. 78, JIL Jagatjit Industries Limited, Tower A & B, Sector 18, Gurgaon – 122015, Haryana, India
Tel. No.:	91-124-2842000 / 3846000
Fax No.:	91-124-2349050
Regional Service Centers :	3rd Floor, Prerna Arbour, Off C G Road, Girish Cold Drink Cross Road, Navarangpura, Ahmadabad -380009, Gujarat, India
Tel. No.:	91-79-40207413
Fax. No.:	91-79-40207699

DIRECTORS

AS ON 30.09.2013

Name :	Mr. Deepak S. Parekh
Designation :	Chairman
Date of Birth/Age :	18.10.1944
Qualification :	B. Com, FCA (England and Wales)
Date of Appointment :	07.11.2003
Name :	Mr. Darius C. Shroff
Designation :	Director
Date of Birth/Age :	08.08.1944
Qualification :	BA (Hons.), LL.B., Solicitor
Date of Appointment :	20.02.1997
Name :	Mr. Yezdi H. Malegam
Designation :	Director
Date of Birth/Age :	24.09.1933
Qualification :	CA
Date of Appointment :	01.04.1998
Name :	Mr. Narendra J. Jhaveri
Designation :	Director
Date of Birth/Age :	09.08.1935
Qualification :	Masters Degree in Economics from Gujarat University M.Sc. in Economics from The London School of Economics
Date of Appointment :	09.11.2000
Name :	Mr. Keki Dadiseth
Designation :	Director
Date of Birth/Age :	20.12.1945
Qualification :	B. Com., FCA (England and Wales)
Date of Appointment :	27.01.2006
Name :	Mr. Pradip V. Nayak
Designation :	Director
Date of Birth/Age :	06.09.1943
Qualification :	Degree in Economics and Politics Read Law at Gray's Inn, London
Date of Appointment :	27.01.2006
Name :	Mr. Joe Kaeser
Designation :	Director
Date of Birth/Age :	23.06.1957
Qualification :	Studied Business Administration Dipl.-Betriebswirt
Date of Appointment :	01.10.2006
Name :	Dr. Roland Busch
Designation :	Special Director (Nominee of Siemens AG)
Name :	Mr. Johannes Apitzsch
Designation :	Director* (Alternate Director for Dr. Roland Busch upto 22nd November, 2013)
Name :	Dr. Armin Bruck
Designation :	Managing Director and Chief Executive Offi cer (upto 31st December, 2013)
Date of Birth/Age :	06.02.1963
Qualification :	PhD in Operations Research Business Degree in Economics and Informatics
Date of Appointment :	01.10.2007
Other Directorships held in India	Siemens Technology and Services Private Limited
Name :	Mr. Sunil D Mathur
Designation :	Executive Director and Chief Financial Officer (upto 31st December, 2013) Managing Director and Chief Executive Officer (with effect from 1st January, 2014)
Name :	Ms. Mariel von Drathen
Designation :	Director (with effect from 2nd August, 2013)

KEY EXECUTIVES

Name :	Mr. Ketan Thaker
Designation :	Company Secretary
Committees of Directors
Audit Committee	· Yezdi H. Malegam - (Chairman) Deepak S. Parekh Keki B. Dadiseth Johannes Apitzsch* Joe Kaeser (upto 22nd November, 2013)
Investors Grievance Committee	· Darius C. Shroff (Chairman) Pradip V. Nayak Dr. Armin Bruck
Remuneration Committee	· Narendra J. Jhaveri - (Chairman) Darius C. Shroff Deepak S. Parekh Pradip V. Nayak Joe Kaeser Mariel von Drathen*
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*
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 30.06.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	267089913	75.00
Sub Total	267089913	75.00
Total shareholding of Promoter and Promoter Group (A)	267089913	75.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9047120	2.54
Financial Institutions / Banks	129925	0.04
Central Government / State Government(s)	250	0.00
Insurance Companies	22131195	6.21
Foreign Institutional Investors	15880659	4.46
Sub Total	47189149	13.25
(2) Non-Institutions
Bodies Corporate	5282783	1.48
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	33804700	9.49
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1645201	0.46
Any Others (Specify)	1108139	0.31
Trusts	93976	0.03
Directors & their Relatives & Friends	31000	0.01
Non Resident Indians	983163	0.28
Sub Total	41840823	11.75
Total Public shareholding (B)	89029972	25.00
Total (A)+(B)	356119885	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	356119885	100.00

BUSINESS DETAILS

Line of Business :

Provides technology enabled solutions for the industry, energy, infrastructure and cities, and healthcare sectors.

Products :

Product Description	Item Code No. (ITC CODE)
Electrical Part of Machinery or Apparatus	854800
Electronic Automatic Regulators	903289
X-ray Apparatus	902210

PRODUCTION STATUS [AS ON 30.09.2011]

Particulars	Unit	Installed Capacity	Actual Production
Switchgear items	Nos.	20179114	16888811
Electric motor/generators	Nos.	20023	23913
Switchboards, control boards and misc. Accessories	Nos. [Boards]	2900	2307
X-ray equipment	Nos.	1283	1409
Electro medical equipment	Nos.	209	--
Variable speed AC/DC derive systems, motor control modules and programmable control systems
Modules and programmable control system		6248	2315
Instrument Transformers	Nos.	2426	2111
Static Converter for railways	Nos.	610	246
Audio frequency track circuit	Nos.	900	1000
Interlocking relays	Nos.	250000	105105
Auxiliary inverter for AR locomotive	Nos.	180	130
Traction converter for diesel locomotive	Nos.	72	28
Electrical control cabinet	Nos.	288	68
Circuit breakers above 1000 volts	Nos.	1800	1160
Power Transformers	MVA	15000	9345
Single stage/ multi stage turbines	MW	120	73
Traction Converters for EMU	Nos.	180	--
Auxiliary Converters for EMU	Nos.	180	--
High Frequency Power Supply	Nos.	--	--
Digital Axcel Counter	Nos.	300	300
Medium Voltage Drive	Nos.	96	20
Ring main unit	Nos.	1000	461
Compact sub station	Nos.	164	125
Gas insulated switchgear	Nos.	600	423
Accessories	Nos.	23000	20319
BMS panels	Nos.	2000	781
Controllers	Nos.	8000	6810
Fire detector	Nos.	15000	9833
Power supply	Nos.	4800	4599
Signet keypads and accessories	Nos.	45000	42809
Gears / gear couplings / spares	Nos.	2500	2391
Bogie frames and parts there of	Nos.	525	13
Chemical and immunochemical reagent packs	Nos.	1403000	559847

GENERAL INFORMATION

No. of Employees :	11539 (Approximately)
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

Banking Relations :	--
Auditors 1 :
Name :	S.R Batliboi and Associates LLP Chartered Accountants
Address:	14^th Floor, The Ruby, 29 Senapati Bapat Marg, Mumbai – 400028, Maharashtra, India
Tel No.:	91-22-61920000
Fax No.:	91-22-61921000
Cost Auditors :
Name :	R. Nanabhoy and Company Cost Accountants
Holding Company:	Siemens AG
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 Shareholders	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 allotted 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
Share capital suspense account	0.000	23.000	0.000
Net worth	38162.000	39626.000	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

Case Details Bench:- Bombay
Presentation Date: 27.08.2014
Lodging No. :	ARBPL/1316/2014	Filing Date:-	27.08.2014
Petitioner:-	SIMPLEX INFRASTRUCTURES LIMITED	Respondent:-		SIEMENS LIMITED AND ANR.
Petn.Adv:-	SANTOSH SUBHASH MISHRA (0)	Resp. Adv.:		HIREN MEHTA [RES. NO. 2] [0]
District:-	MUMBAI
Bench:-	SINGLE
Status:-	Pre – Admission	Category:-		ARBITRATION ACT.
Next Date:	24.09.2014	Stage:-		HIGH ON BOARD [HOB]
Coram:	HON’BLE SHRI JUSTICE S.J. KATHAWALLA
Last Date:	09.09.2014	Stage:-		HIGH ON BOARD [HOB]
Coram:	HON’BLE SHRI JUSTICE S.J. KATHAWALLA
Act. :	Arbitration and Conciliation Act 1996			Under Section : 9

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 HOUSE, SENAPATI 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,  INDIA	-
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

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.

STATEMENTS OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 31 MARCH, 2014

[RS. IN MILLIONS]

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 Amortisation 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 Rs.2/- 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 [Nos.]
	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 STATEMENT OF ASSETS AND LIABILITIES

PARTICULARS		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-Noncurrent 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

NOTES:

1) Exceptional items for the quarter and half year ended March 31, 2013 and for the year ended September 30, 2013 represents availment of CENVAT credit relating to earlier years, net of compensation paid to employees pursuant to rationalisation of operations. In addition, exceptional items for the year ended September 30, 2013 also includes profit on sale of Postal & Parcel Logistics Technologies and Airport Logistics Technologies business and impairment loss.

2) The Board of Directors at its meeting held on January 30, 2014, had approved the acquisition of 100% Equity stake in Siemens Rail Automation Private Limited (SRAPL) from Siemens International Holding BV, Netherlands (99.99%) and Siemens AG (0.01%) for a sum of Rs. 5500 lakhs. The acquisition is yet to be completed.

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

4) The financial results for the quarter ended March 31, 2014 have been subjected to the limited review by the statutory auditors of the Company.

5) The above financial results were reviewed and approved by the Audit Committee and the Board of Directors approved the same at their meeting held on April 25, 2014.

CONTINGENT LIABILITIES

Particulars	30.09.2013 (Rs. In Millions)	30.09.2012 (Rs. In Millions)
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

FIXED ASSETS

Tangible Assets

Land

Building

Plant and Machinery

Furniture Fittings and Office Equipment’s

Vehicles

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, India Prisons Service, Interpol, etc.

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. 61.57
UK Pound	1	Rs. 100.42
Euro	1	Rs. 78.45

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	KAR
Report Prepared by :	BVA

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.