Siemens Ltd.

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Corporate Social Responsibility Auditors’ Report Financial Statements 7 13 17 20 24 36 43 45 49 52 Siemens Group Auditors’ Report Financial Statements 97 98 . etc.General Shareholder Information Sustainability @ Siemens Ltd.Management’s Discussion and Analysis Annexure III .Corporate Governance Report Annexure IV . Notice Directors’ Report Annexure I .Conservation of Energy. Annexure II .Contents Financial Highlights Chairman’s Statement Board of Directors 3 4 6 Siemens Ltd.

49 674 34104 34778 2 34780 674 28492 29166 6 29172 674 20017 20691 11 20702 337 15572 15909 15 15924 337 10534 10871 20 10891 94776 13707 1015 105 12587 4315 8272 250% 5.43 28.% On Capital Employed (PBIT) .00 79479 9236 492 2 8742 2776 5966 240% 4.50 35.00 61.15 7352 4770 17050 29172 86.06 ` 2 per share (Upto 2003-04 Face value was ` 10 per share) ^ Bonus shares issued in the year 2007-2008 .` Returns on Total Income (PBT) . Interest and Tax Depreciation Interest Profit Before Tax Tax Profit After Tax Dividend .62 35.78 11. Assets and Book Value Share Capital Reserves & Surplus Net Worth (Shareholders' Fund) ^ Loans Total Capital Employed Capital Represented by Fixed Assets Investments Net Current Assets & Other Assets Total Assets Book Value .09 37.% Dividend .00 89508 15155 778 59 14319 3870 10449 250% 5.` 13.79 24.28 42.36 9805 3885 21090 34780 103.% On Shareholders Fund(PAT) .68 17.Financial Highlights .99 10.80 124303 2008-09 87964 2007-08 87722 2006-07 95720 2005-06 82025 ^ From 2005 .80 46853 5521 465 1 5055 1454 3601 190% 3.% Per Share (PAT) .Siemens Limited ` in Million 2009-10 Orders received Income.12 21.96 33.45 49.50 6441 5236 9023 20700 61.53 16.00 54.37 4163 4640 2089 10892 64.79 54.00 85361 9596 637 41 8918 2984 5934 150% 3. Profit and Dividend Total Income (including exceptional income) Profit Before Depreciation.33 23.37 5570 4676 5678 15924 94.83 30.39 10.` Per Share Share Capital.

partners and suppliers. the Company’s Profit before Tax stood at ` 1. The Board of Directors has recommended a dividend of ` 5/. our profits are strictly not comparable to last year’s financials as in the last year there was one time increase in financing & investment income arising from the sale of our erstwhile subsidiaries Siemens Information Systems Ltd. Profit from Operations increased by 26% to ` 1. Siemens Ltd. The trend that we see very clearly is that sustainable business is the new mantra and within our organisation as well as with our customers. The success we achieved during fiscal 2010. registering a fall of 12%.for every equity share of ` 2/. 2010 stood at ` 13. the global economy found itself trying to stabilize and achieve a sound footing.192 crores. as compared to the previous year. for which we are thankful to them. Ltd.258 crores. Our customers have placed their confidence in our products. However.315 crores for the year ended September 30. and Siemens Information Processing Services Pvt.045 crores in the previous year. We have been able to create value for our customers and forge partnerships for mutual growth and prosperity. order bookings and earnings growth. 2010.for the financial year ended September 2010. fiscal 2010 has been quite a landmark year for us as we have not only outperformed the domestic 4 . confirms that we are on the right track. These key focus areas coupled with the economic recovery. we will also leverage local strengths and manufacture base level products firstly for India’s domestic markets and other emerging markets. Performance Highlights Post the recession. Siemens will also continue to innovate and expand its environmental portfolio.for every equity share of ` 2/-. For the financial year ended September 30. While we will continue to provide top notch technology products for the classical high end markets.430 crores which was a growth of 41% despite tough market conditions in the 12 months ended September 30. but also laid out concrete plans to strengthen the implementation of growth strategies for the future.796 crores in the previous year. 2010. the global economic scenario was bleak with both. During the previous fiscal too. Siemens Ltd. Sales rose by 11% to ` 9. was able to achieve growth in volumes and results for the fiscal year. also received New Orders valued at ` 12. Annual Report 2010 Dear Shareholders. as compared to ` 8.432 crores in the previous year.583 crores . Please note that. our focus for the near future will be on sustainable and capital-efficient growth. growth and demand being volatile. Fiscal 2010 turned out to be exceptional in terms of performance.389 crores in the previous year. At the beginning of fiscal 2010. India has been identified as one of the high potential markets by Siemens globally and concrete plans have been laid out to leverage this potential. services and solutions. On excluding this one-time impact from last year’s profits. For the year ended September 30. Hence. The Profit after Tax reduced by 21% and stood at ` 827 crores as compared to ` 1. The unexecuted order value as of September 30. and confidence in the market also witnessed an upward trend. While Indian businesses were firmly on track and created new opportunities. Against this backdrop. Keeping in mind the increasing demand for Green Technology in the future.a rise of 32% as compared to ` 10. the Company had paid a dividend of ` 5/. as compared to ` 1. our comparable performance has been very impressive.Chairman’s Statement market. the economy picked up steam. 2010. 2010. strongly contributed towards our success and also had an impact on the financial results of FY 2010. All our three sectors posted impressive results despite stiff competition and pricing pressure. as the year progressed. as compared to ` 8.292 crores in the previous year.

to manufacture Medium Voltage products. which delivers global learning programs developed and customized to suit the Siemens Job requirements. the Company has also initiated various development initiatives to enhance the existing skill sets of high potential employees. Ahmedabad and the Siemens Core Learning Program. and are now part of the Industry Sector. Ltd. is also in the process of merging with the Company. the management and especially our dedicated employees for their consistent support and commitment to Siemens Ltd. The Healthcare Sector too started reaping benefits from its internal restructuring. engineering. for the next year we will continue to deliver top notch technology solutions for high-end markets. These benefits include order volume growth which is remarkably higher than the rate of growth being witnessed in the market. This presents us with huge opportunities and we are well-prepared to leverage them. our sales have doubled and orders have increased by over 50%. With greater flexibility to develop and manufacture base level products for our own markets and the option of exploring opportunities to export them to similar emerging markets. Global production and trade have bounced back and financial markets have also recovered. Russia. We will also continue to develop competencies required to cater to local & global markets. We are optimistic about FY 2011 with respect to the potential of growth markets and the business environment. including the conveyor ‘Vario Belt’ for airport Baggage handling projects by the Mobility Division. The Road ahead .Performance Analysis The Industry Sector launched several innovative products across its divisions. These initiatives include trainings organized by prestigious institutes such as the Indian Institute of Management. we have to strengthen the local talent at Siemens. FY 2010 was an excellent year with respect to the financial performance. Siemens Building Technologies Pvt. Executive Coaching programs too were made available to key potential employees so as to groom them for future positions. the scope of work for this project includes designing. with all our sectors having performed better than expected. there seems to be growing evidence that the steps we took in order to tide over the economic crisis are paying off. let me also share some interesting developments from our subsidiary companies: Flender Ltd. Over the last 5 years. Conclusion A year after what many define as the global economy’s worst crisis of confidence. Qatar. In addition to this. making it the first and only Siemens factory in Asia for refurbished systems. I would like to heartily thank the Board. as well as our esteemed customers for their confidence and loyalty. The Energy Sector enhanced our local footprint with the commencement of operations at the Renewable Energy office in Vadodara.. Ltd. People Excellence Our employees continue to be our core strength and we continue to focus on developing their capabilities even further. This factory will also be amongst the few truly green factories in India. The Sector also initiated refurbishing of CT scanners at its facility in Goa. We expect the pace of global economic recovery to help the Indian economy grow at a higher rate. Siemens Rolling Stock Pvt. 5 . In addition to the ongoing programs.. Ltd. We are also well positioned to leverage domestic growth opportunities and aim to be amongst the best employers. December. At this juncture. India and China (BRIC countries) are expected to grow at three times the pace of their industrialized counterparts during the next few years.Outlook for Siemens The Government’s efforts in taming inflation have brought positive results for the country and for Siemens. Our focus remains to retain and attracting the right talent. 2010 Deepak Parekh Chairman Siemens Ltd. Last but not the least. The Sector also received an important order from Ezdan International Housing Project. As mentioned before. installation and commissioning of substations and associated electrical network. Brazil. we are confident to keep leadership positions in all our key markets to ensure profitable growth. another subsidiary which was set up with the objective of catering to the rolling stock business in India. In conclusion. Scheduled to be commissioned by January 2011. have been merged with Siemens Ltd. develop base level products for mid and low end segments and continue to expand our environmental portfolio. the Sector also announced the setting-up of a new factory in Goa.. and Vista Security Technics Pvt.

Nayak Corporate Governance Committee Keki Dadiseth (Chairman) Deepak S. Kaeser Stephan Schneider Alternate Director for Mr. Paranjape Whole-time Director Company Secretary Ajai Jain Vice President (Legal) & Company Secretary Committees of Directors Audit Commitee Yezdi H. Malegam Pradip V. Mathur Executive Director and Chief Financial Officer Vijay V. Nayak Joe Kaeser / Dr. Dehen Whole-time Directors and Corporate Management Dr. J. Armin Bruck Remuneration Committee Narendra J. Jhaveri (Chairman) Darius C.Board of Directors Non-executive Directors Deepak S. Parekh Keki Dadiseth Joe Kaeser / Dr. Mathur 6 Annual Report 2010 . Shroff Joe Kaeser / Dr. Parekh (Chairman) Yezdi H. Malegam Director Narendra J. Parekh Pradip V. Malegam (Chairman) Deepak S. Parekh Yezdi H. Nayak Director Joe Kaeser Director Wolfgang Dehen Director Dr. Shroff Deepak S. Jhaveri Director Keki Dadiseth Director Pradip V. Shroff Director Yezdi H. Shroff (Chairman) Pradip V. Parekh Chairman Darius C. W. Otmar Schmitt Dr. Armin Bruck Managing Director and Chief Executive Officer Sunil D. Otmar Schmitt Investors Grievance Committee Darius C. Armin Bruck Investment Committee Deepak S. Otmar Schmitt Sunil D. Nayak Dr. Otmar Schmitt Alternate Director for Mr. Malegam Darius C.

310 read with Schedule XIII and other applicable provisions. Armin Bruck.400 021 on Friday. Executive Director with effect from 1st January. of the Companies Act. Batliboi & Associates. General Jagannathrao Bhonsle Marg. Pradip V. To declare a Dividend on Equity Shares. 2011. and subject to the approval of the Central Government.” b. Paranjape. if any. 309 read with Schedule XIII and other applicable provisions. the Company hereby accords its approval to the revision in remuneration payable to Dr. Nariman Point. 269. if any. offers himself for re-appointment. Managing Director with effect from 1st January.e. the Company hereby accords its approval to the revision in remuneration payable to Mr. To appoint a Director in place of Mr. at 3. 309. 1956. 309. 3. 5. Keki Dadiseth. 309. Balance Sheet as at that date together with the Reports of the Directors and Auditors thereon. Whole-time Director of the Company for a further period of one year with effect from 1st October. B. Sunil Mathur. if required.” 9. Notice NOTICE is hereby given that the 53rd Annual General Meeting of the Members of the Company will be held at Yashwantrao Chavan Pratishthan Auditorium. Re-appointment of Mr. Re-appointment as a Whole-time Director and payment of remuneration As an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 198. Paranjape as a Whole-time Director and payment of remuneration a. 2010. Darius C. Chavan Centre. 269. who retires by rotation and being eligible. of the Companies Act. Revision in remuneration of Mr.R. To re-appoint Messrs S. 2. as set out under Serial No. 1956. to pass with or without modifications. consider and adopt the audited Profit and Loss Account for the year ended 30th September. as Statutory Auditors of the Company to hold office from the conclusion of the 53rd Annual General Meeting upto the conclusion of the next i. 1 of the Explanatory Statement annexed to this Notice. 2010. if any. the Company hereby accords its approval to the revision in remuneration payable to Siemens Ltd. To appoint a Director in place of Mr. Vijay V. and subject to the approval of the Central Government. Armin Bruck. the Company hereby accords its approval to the re-appointment of Mr. Executive Director As an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 198.Siemens Ltd. to transact the following business: ORDINARY BUSINESS: 1. the following Resolutions: 7. 310 read with Schedule XIII and other applicable provisions. Revision in remuneration of Dr. Y. 7 . Sunil Mathur. 6. 1 of the Explanatory Statement annexed to this Notice. who retires by rotation and being eligible. Shroff. 1956. of the Companies Act. if any. offers himself for re-appointment. Revision in remuneration As an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 198.” 8.00 p. 1956. of the Companies Act. if required. offers himself for re-appointment. 269. 269. To receive. Nayak. on the existing terms and conditions including remuneration. if required. Vijay V.m. Mumbai . Chartered Accountants. 2011. SPECIAL BUSINESS: To consider and if thought fit. To appoint a Director in place of Mr. and subject to the approval of the Central Government. Managing Director As an Ordinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 198. who retires by rotation and being eligible. 54th Annual General Meeting of the Company and to authorise the Board of Directors of the Company to fix their remuneration. 310 read with Schedule XIII and other applicable provisions. 28th January. 4. 2011 as set out under Serial No.

to those Members who hold shares in physical form and whose name appears on the Company’s Register of Members as holders of Equity Shares on Friday. requested to give instructions regarding bank accounts in which they wish to receive dividend. 24th November. 19th January. Corporate Members intending to send their authorised representatives to attend the Annual General Meeting are requested to send a duly certified copy of their Board Resolution authorising their representatives to attend and vote at the forthcoming 53rd Annual General Meeting. given by them in respect of shares held in physical form will not be automatically applicable to the dividend payable on shares held in electronic form. Members / Proxies / Representatives should bring the enclosed Attendance Slip. must be received by the Company. e. Proxies. Copies of the Annual Report or Attendance Slips will not be distributed at the Meeting. c. 1956. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER OF THE COMPANY. 28th January. instructions. both days inclusive. in respect of the Special Businesses in the Notice is annexed hereto. 1956. if declared at the 53rd Annual General Meeting. if any. 28th January. 2011 to Friday. 2011. in order to be effective. Paranjape. if declared. Further. the dividend which remains unclaimed / unpaid for a period of seven years from the date of transfer to the unpaid dividend account is required to be transferred to the Investor Education and Protection Fund (IEPF) of the Central Government. 28th January. Unclaimed / Unpaid Dividend: Pursuant to the provisions of Section 205A and 205C of the Companies Act. d. will be paid on or after Friday. 20th January. Such Members are.. therefore. The Register of Members and Share Transfer Books of the Company will remain closed from Thursday. The Company or its Registrar and Share Transfer Agent will not act on any direct request from such Members for change / deletion of such bank details. as recommended by the Board of Directors. g. 2010 Notes: a.Mr. Pandurang Budhkar Marg Worli. as furnished by their respective Depository Participants to the Registrar and Share Transfer Agent – TSR Darashaw Ltd. will be mandatorily printed on their dividend warrants as advised by the Securities and Exchange Board of India. 2011 as set out under Serial No. 8 Annual Report 2010 .” By Order of the Board of Directors For Siemens Ltd. stamped and signed. as per details to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited. i. at its Registered Office not less than 48 hours before the Meeting. Profile of the Directors seeking re-appointment. Ajai Jain Vice President (Legal) & Company Secretary Registered Office: 130. as required in terms of Clause 49 of the Listing Agreement entered into with the Stock Exchanges. 2011. Vijay V. 2011. to their respective Depository Participants directly. 1 of the Explanatory Statement annexed to this Notice. The Dividend. h. 2011. for attending the Meeting. duly filled. Mumbai . b. The relevant Explanatory Statement pursuant to Section 173(2) of the Companies Act.400 018 Mumbai Wednesday. to the Beneficial Owners of the shares as at the close of business hours on Wednesday. In respect of shares held in electronic form. are annexed to this Notice. Whole-time Director with effect from 1st January. Members holding shares in electronic form may please note that their bank details. f. for the purpose of payment of Dividend.

2011 4th March. CBD Belapur Navi Mumbai.bseindia. 1978.com and www.400 614. 2004 27th January.03 Final Dividend 2003 .com. 2009 7th March. 2017 150 30th January. 2005 18th January. 2016 240 31st January. 2012 40 21st January. j.siemens. No Dividend was declared by the Company for the Financial Years 1996-97.07 Dividend 2007 – 08 Dividend 2008-09 Dividend 250 29th January. will be made available on the Company’s website at www. 2011 Rate (%) Date of declaration of dividend Tentative date for transfer to IEPF # Declared by the erstwhile Siemens VDO Automotive Ltd.nseindia.04 Interim Dividend Final Dividend 2004 . 2005 28th May. 9 Siemens Ltd. Non-recoverable since the unpaid 1999-00. 2013 40 50 22nd April. 2004 26th February. (since merged with the Company).. Maharashtra . no claims in this respect shall lie against IEPF or the Company nor shall any payment be made in respect of such claims. Registrar and Request letter on plain paper.The status of Dividend remaining unclaimed / unpaid is given hereunder: Dividend for the Financial Year Contact Action by Member Application to be made in Form II prescribed by the Companies Unpaid Dividend (Transfer to the General Revenue Account of the Central Government) Rules. “A” Wing. 2015 10 190 23rd December. 2nd Floor. k. 2012 4th March. 2000-01. For the Financial Year 1995-96.05 Interim Dividend Final Dividend 2005 . 2010 6th March. Members holding shares in more than one folio in the same name(s) are requested to send the details of their folios alongwith the share certificates so as to enable the Company to consolidate their holdings into one folio. 2005 27th January. The tentative dates for transfer to IEPF of the dividend remaining unclaimed / unpaid since 2002-03 are provided hereunder: Financial Year 2002 . 2007 28th January. Members are requested to contact TSR Darashaw Ltd. 2014 45 100 25th April. / Investors’ Relations Team of the Company for encashing the unclaimed dividend standing to the credit of their account. The Annual Report 2010 of the Company circulated to the Members of the Company. _ Up to and including the Financial Year The Registrar of Companies 1994-95 Central Government Office Building. .co. 2013 23rd February.in and also on the website of the respective Stock Exchanges at www. 2008 7th March. After transfer of the said amounts to IEPF. 2001-02 and amount has been transferred to IEPF 2002-03 (Interim Dividend) of the Central Government. Share Transfer Agent. 1997-98 and 1998-99 Financial Years 2002-03 (Final Dividend) and thereafter TSR Darashaw Ltd. 2006 31st May.06 Interim Dividend# Final Dividend 2006 .

193. as per the Rules of the Company.000 Overseas / Special Allowance per month (`) 1. Sunil Mathur): For Children studying in or outside India.200. local transportation and installation expenses in connection with the moving of personal effects for self and family for joining duty in India may be allowed in case these have not been claimed from the previous employer. 1. Sunil Mathur): Return holiday passage is admissible once in a year by economy class or once in two years by first class to children from their place of study abroad to India and to the members of the family from the place of their stay abroad to India if they are not residing in India with him. “Family” means the spouse and dependent children. Sunil Mathur): Actual expenses incurred on travel and on packing.000 – 1. they shall also be entitled to Perquisites and Allowances like Rent-free furnished / semi-furnished accommodation / House Rent Allowance / Stay in a hotel. All documents referred to in the accompanying Notice and Explanatory Statement are open for inspection at the Registered Office of the Company on all working days between 10. Remuneration: Name of the Director Designation Salary per month (`) Dr. customs duty.l. clearing expenses. Armin Bruck and Mr. In case they are joining another Siemens Group / Associate Company. Children’s Education Expenses (only for Dr. Reimbursement of expenses incurred on returning to home country after completion of tenure (only for Dr. After completion of the tenure. Armin Bruck Mr. wherever applicable. In addition to the above. Explanatory Statement As required by Section 173(2) of the Companies Act.000 300. 7. such expenses in connection with the moving of personal effects for self and family may be allowed if they are finally leaving the employment of the Company. Vijay V.000 – 1. 8 and 9(b) In appreciation of the dedicated efforts which contributed in achieving an excellent performance by the Company and having regard to the increased responsibilities for further improving the performance of the Company in this competitive market. II. Sunil Mathur) with driver / maintenance cost of the car and reimbursement of fuel expenses at actuals. ii. Sunil Mathur Managing Director Executive Director 968. 2011. 1956. Armin Bruck and Mr. in respect of the items of Special Business mentioned in the Notice. Armin Bruck and Mr.00 a. as applicable. the Education Expenses shall be paid by the Company directly to the school.100 Salary Grade (`) 500. Company maintained car (2nd car for Dr. 2010 approved a revision in the remuneration of the Managing Director and all Whole-time Directors of the Company with effect from 1st January. Paranjape Whole-time Director Annual Increments as may be decided by the Remuneration Committee of Directors / Board of Directors. Leave Travel Concession. insurance. Armin Bruck and Mr.500. Perquisites: i.500 627. forwarding. water and furnishings to be valued as per the Income Tax Rules.200 Not Applicable Mr. m. the Remuneration Committee of Directors at its Meeting held on 24th November. Item No.200 472. expenditure incurred by the Company on gas.000 400. Long Service Award. Communication facility (Personal long distance calls will be borne by them). and 12 noon upto the date of the 53rd Annual General Meeting. . Holiday passage for children studying outside India / family staying abroad (only for Dr.000. Retirement benefits as per the laws applicable from time-to-time. The perquisites and allowances shall be valued as per the Income Tax Rules. The terms and conditions with respect to the revision in remuneration of the Directors are given below: I. electricity. Members desirous of getting any information about the Accounts of the Company are requested to write to the Company atleast seven days in advance of the Meeting.m. so that the information required can be made readily available at the Meeting.500 752. 10 Annual Report 2010 iv. In the absence of any such Rules.000 – 1. Home Leave. Medical Reimbursement. Club Fees. the Company to which they are transferred should bear these expenses. they shall be evaluated at actual cost. iii. Leave. loading or unloading as well as freight. Hospitalisation Expenses.

None of the Directors of the Company other than Dr. The amount of it based on the net profits of the Company in a particular year shall be subject to the overall ceiling laid down in Sections 198 and 309 of the Companies Act. Paranjape in terms of Clause 49 of the Listing Agreement. Vijay V. V. Item No. 309 and 310 read with Schedule XIII to the Companies Act. the Company will pay the aforesaid remuneration by way of Salary. This explanation. from time-to-time. The re-appointment and remuneration of Mr. in any Financial Year during the currency of their tenure as Managing Director / Executive Director / Whole-time Director. Vijay V.. as Minimum Remuneration to them.. Mr. Minimum Remuneration Notwithstanding anything hereinabove. Sunil Mathur and Mr. IV. as approved by the Members of the Company at their 52nd Annual General Meeting held on 29th January. VII. are interested in the Resolution. the Board of Directors at their Meeting held on 29th July. 11 . The said payment requires the approval of the Members pursuant to Sections 198. 24th November. Vijay V. Germany / Siemens Ltd. The Severance fees shall be payable as per the Rules of the Company. 2008. Brief Profile of Mr. None of the Directors of the Company. Armin Bruck. Considering his valuable contributions and his vast experience. 1956. Mumbai . Performance Linked Incentive. 2011 on the existing terms and conditions including remuneration i. re-appointed Mr. By Order of the Board of Directors For Siemens Ltd. Vijay V.III. 2010. 2009. Paranjape. the Company has no profits or its profits are inadequate. Paranjape as a Whole-time Director are subject to the approval of the Members. Paranjape as a Whole-time Director of the Company for a period of two years with effect from 1st October. together with the accompanying Notice. other than Mr. No Sitting Fee shall be paid to them for attending the Meetings of the Board of Directors or any Committee thereof. Performance Linked Incentive They shall also be entitled to remuneration by way of Performance Linked Incentive based on the specific goals mutually set and approved by the Board of Directors / Remuneration Committee of Directors. 2010 till 30th September. 2. VI. Pandurang Budhkar Marg Worli. hence. Vijay V. 1956 and. and Severance fees. Special Allowance / Overseas Allowance. Ajai Jain Vice President (Legal) & Company Secretary Registered Office: 130. 1956. is provided elsewhere in this Notice. Paranjape are interested in the Resolution.e. Equity based compensation programs of Siemens AG / Siemens Limited They shall also be entitled to participate in the Equity based compensation programs of Siemens AG. Paranjape as a Whole-time Director of the Company for a further period of one year from 1st October. 9(a) The Members at their 51st Annual General Meeting held on 30th January. 2010 Siemens Ltd. Perquisites. re-appointed Mr. where. Commission They shall also be entitled to remuneration by way of Commission as may be decided by the Board of Directors / Remuneration Committee of Directors from time-to-time.400 018 Mumbai Wednesday. as applicable from time to time. benefit under the Equity based compensation programs of Siemens AG / Siemens Ltd. the Board commends these Resolutions for your approval. 2010. is to be regarded as an Abstract of the Terms pursuant to the provisions of Section 302 of the Companies Act.

1944 th Mr. Shroff 8 August.( Elect. Business Human Resources Management and and Corporate Mergers & Acquisitions Communications 1. The Indian Hotels Company Ltd. Virbac Animal Health India Pvt. CMP Pvt. *Chairman No.Board Risk Management and Audit Committee The Indian Hotels Company Ltd. Godrej Properties Ltd.Profile of the Directors being re-appointed as required under Clause 49 of the Listing Agreement entered into with the Stock Exchanges Particulars Date of Birth Date of Appointment Qualification Mr. 8. 3. SKF India Ltd.England & Wales 27th January. 2. Paranjape 25th July. 1943 th Mr. 2. London Corporate Laws. 2. Vijay V. 4. . Ltd. of Equity Nil Shares held in the Company 12 *Chairman Nil *Chairman 9. .Investor Grievance Redressal / Share Transfer Committee 3. Pradip V. 2. SKF India Ltd. 5. Ingersoll-Rand (India) Ltd. 2. 4. 5.1945 th Mr. 2007 B. 2.348 Annual Report 2010 . Ltd. Keki Dadiseth 20 December. Siemens Healthcare Diagnostics Ltd. LLB. (amalgamated) 3. 4.* Audit Committee 1. Ltd. Ltd. Pictures India Pvt.* 1. Siemens Rolling Stock Pvt. Unifrax India Ltd. 3.Investor Grievance Committee Ingersoll-Rand (India) Ltd.* Shareholder’s Grievance Shareholder’s Grievance Committee Committee 1. Siemens Healthcare Diagnostics Ltd.Com. 1997 A degree in Economics B. AVI – Oil India (Pvt. Omnicom India Marketing Advisory Services Pvt. Ltd... England. GMM Pfaudler Limited Kulkarni Power Tools Ltd. 2006 B.* – Membership Audit Committee of Committees 1. Darius C. Flender Ltd. GlaxoSmithKline Pharmaceuticals Ltd. Ltd. Britannia Industries Ltd. GlaxoSmithKline Pharmaceuticals Ltd. 2. Lubrizol India Pvt. 12. 7. 3. Britannia Industries Ltd. 6. ICICI Prudential Life Insurance Co. Ltd. Sony India Pvt.* . GMM Pfaudler Ltd. 9. 6. ICICI Prudential Life Insurance Co. Swiss Re Services India Pvt. 2006 20th February. Siemens Healthcare Diagnostics Ltd. Senior Partner in M/s.A (Hons). Crawford Bayley & Co. Ltd. 4. Ltd. 1. Ltd. UTV Software Communications Ltd. 11. Expertise in specific functional areas Other Directorships held in India Finance. ICICI Prudential Trust Ltd. Ltd. Fellow of the Institute of Chartered Accountants . Attorney-atand Politics from the Law and Solicitor University of York. 2. Piramal Healthcare Ltd. 8. Audit Committee 1.000 7.*-Share Transfercum-Investor Grievance Committee SKF India Ltd. 1948 1st February.) 27th January.* Godrej Properties Ltd. 10. 7. Nayak 6 September. Warner Bros. Ltd. He also read Law at Gray’s Inn. 3. GMM Pfaudler Ltd. Ingersoll-Rand (India) Ltd. Business Management 1.E.) Ltd. Bayer MaterialScience Pvt. BNP Paribas Trustee India Pvt. Advocates & Solicitors 1.

152 million as compared ` 83.12 745. Further.454 million in the corresponding period of the previous year..09) 93.83) (12.448.21 1. compared to ` 10. 7. 4. 5. which forms part of this Report as Annexure II.318.059.41 12.04 2. The Directors have pleasure in presenting the 53rd Annual Report of your Company and the Audited Accounts for the year ended on 30th September.08 10.80 286.80 279.887. The “Appointed Date” fixed for the amalgamation is 1st October.152. Amalgamation of Siemens Healthcare Diagnostics Ltd.448. 2009.81 2.272 million. Dividend The Board of Directors recommends a dividend of ` 5 per Equity Share of ` 2 each. Baroda (SHDL) The Petition for the amalgamation of SHDL with the Company has been admitted in the High Courts at Mumbai and Ahmedabad.917 million as compared to ` 9.48 2008-09 83.99 8. Operations The Turnover of the Company increased by approximately 11% and stood at ` 93. The Company’s Profit from Operations for the year ended 30th September.587.017. performance and future outlook of the Company and its businesses is given in the Management’s Discussion and Analysis.685.69 9.48 4.75 12.685.315. the key drivers were Power Transmission.272. Management’s Discussion and Analysis A detailed review of the operations. 2010 increased by 26% to ` 11. 2011. Mobility and Drives Technologies business.13 Growth % 11.01 1.46 14. This dividend is subject to the approval of the Members at the forthcoming 53rd Annual General Meeting to be held on 28th January.476.259. 3.052.51 10. the approval for the amalgamation of SHDL with the Company is at different stages of the regulatory process. Amalgamations and Acquisitions a. 1.69) (20.449 million during Financial Year 2008–09. In the previous year. Industry Solutions.587.51 (13. While all the businesses contributed to the growth.888 million in the previous year. 2010. The PAT was ` 8.36 8. the Company paid a dividend of ` 5 per Equity Share of ` 2 each. 13 . Financial Performance ` in Million 2009-10 Turnover Profit before Tax and Exceptional Income Add: Exceptional Income Profit on sale of Investments in Subsidiaries Profit before Tax Less: Tax Net Profit after Tax Balance of Profit and Loss account of Flender Ltd.Directors’ Report Dear Members. (amalgamated) Amount available for appropriation Appropriations: General Reserve Proposed Dividend Dividend Distribution Tax 2.68 Siemens Ltd.59 3.50 12.870.

the SBT Group consisting of SBTPL.. with the Company. SRSPL reported a Total Income of ` 108. Subsidiary companies a. Chennai (Vista) The Hon’ble High Court of Judicature at Madras vide its Order dated 3rd September. fire safety solutions. and 12 noon on any working day of the Company and of the respective subsidiary companies.55 million and a Net Loss of ` 212. with the Company.85% stake in Siemens Building Technologies Pvt. comprising of 517.. (i) Acquisition of balance 13.. 2010 read with Order dated 5th October.. 2010 sanctioned the ‘Scheme of Amalgamation’ of our wholly owned subsidiaries i. Chennai (SBTPL) . SRSPL with the Company and the petition has already been admitted in the Bombay High Court.85% stake in SBTPL. has been deregistered and dissolved with effect from 30th April.. Amalgamation of Siemens Rolling Stock Pvt. Ltd. However. Siemens Building Technologies Pvt. 14 Annual Report 2010 . iMetrex Technologies Pte Ltd..a 100% subsidiary SBTPL is engaged in the Building Technologies business providing a range of products and services comprising of building automation systems. Siemens Rolling Stock Pvt. d. Ltd. under Section 212(8) of the Companies Act.108. The final hearing for the dissolution of Flender Ltd. The Company has obtained exemption from the Ministry of Corporate Affairs.. SBTPL and Vista stands amalgamated with the Company and the legal entity of SBTPL and Vista stands dissolved without winding up. Vista. 2010.05 million for the year ended on 30th September. the entire business and undertaking of SBTPL and Vista gets transferred to and in the name of the Company. Ireland. The “Appointed Date” has been fixed as 1st October. SBTPL became a wholly owned subsidiary of the Company.51 million. 2010. from the Promoters of SBTPL for a consideration of ` 702. Thus. 2010. The “Appointed Date” is 1st October. New Delhi.35 million. With this acquisition.66 million and a Net Profit of ` 81. For the year ended on 30th September. 2009. Avenues (HongKong) Ltd. and iMetrex Technologies Ltd. if any Member of the Company or subsidiary companies so desires. iMetrex Technologies Pte Ltd. HongKong. Government of India.. posted a consolidated Turnover of ` 3. Chennai (SBTPL) The Company on 8th January. b.. a wholly owned subsidiary of the Company. The amalgamation is subject to all the necessary statutory / regulatory approvals and the Bombay High Court. Kolkata The Hon’ble High Court of Calcutta vide its Order dated 16th March.m. 2010.Directors’ Report (continued) b.. With effect from 1st October. SBTPL recorded a Total Income of ` 3.437 million and a Net Profit of ` 77. 2010. 2009. Ltd. stands amalgamated with the Company and its entire business and undertaking gets transferred to and vested in the Company. Amalgamation of Flender Ltd. SBTPL and Vista (a wholly owned subsidiary of SBTPL). 2010 (Appointed Date).90 million. Mumbai (SRSPL) The Board of Directors approved the proposal for the amalgamation of its wholly owned subsidiary. 1956..00 a. Further. Mumbai (SRSPL) – a 100% subsidiary SRSPL is engaged in the manufacture of Railway Rolling Stock. Singapore has been liquidated with effect from 21st September. The Annual Accounts of the said subsidiaries are also available for inspection by any investor at the Registered Office of the Company and of the subsidiary companies concerned between 10. the Company will make available copies of Annual Accounts and related information of the above subsidiary companies. 2010 acquired the balance 13. During the period under review. from annexing to this report. Singapore. All the above companies are non-material and non-listed subsidiaries as defined under Clause 49 of the Listing Agreement with the Stock Exchanges.209 Equity Shares of ` 10 each. (ii) Amalgamation of SBTPL and Vista Security Technics Pvt. upto the date of the 53rd Annual General Meeting.. security solutions. Ltd. 2010 sanctioned the ‘Scheme of Amalgamation’ of Flender Ltd. without winding up is pending in the Calcutta High Court. the Annual Reports of the above subsidiary companies for the year ended on 30th September. Flender Ltd. 2009. with effect from 1st October. etc. 6. Ltd.e.. c.

this Report and Accounts are being sent to all the Members of the Company. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act. 9. form a part of this Annual Report. 3. 1975. As required by Clause 49 VI of the Listing Agreement. 1988. read with Companies (Particulars of Employees) Rules. 4.Consolidated Accounts The Audited Consolidated Accounts. as per the provisions of Section 219(1)(b)(iv) of the Companies Act. However. 2010 and of the profit of the Company for the year ended on that date. Employees Your Directors place on record their deep appreciation for the contribution made by the employees of the Company at all levels. General Shareholder Information General Shareholder Information forms part of this Report as Annexure IV. Information in accordance with the provisions of Section 217(2A) of the Companies Act. for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 15 . Auditors’ Report thereon and Cash Flow Statement. Any Member interested in obtaining a copy of the said Statement may write to the Company Secretary of the Company. as amended. The Auditors’ Certificate on compliance with Corporate Governance requirements by the Company is attached to the Corporate Governance Report. 11. Corporate Governance We adhere to the principles of Corporate Governance mandated by the Securities and Exchange Board of India and have implemented all the prescribed stipulations. Our industrial relations continue to be cordial. 10. 8. comprising of Siemens Ltd. forms part of this Report. 1956. 1956. the Directors confirm that. is given as Annexure I to this Report. The Consolidated Accounts have been prepared in accordance with the prescribed Accounting Standards. appropriate accounting policies have been selected and applied consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 30th September. Siemens Ltd. 2. in the preparation of the annual accounts. excluding the Statement of Particulars of Employees. and its subsidiary companies. The Board of Directors have perused the ‘Corporate Governance Voluntary Guidelines 2009’ issued by the Ministry of Corporate Affairs. a detailed report on Corporate Governance forms part of this Report as Annexure III. 1956. read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules. to the best of their knowledge and belief: 1. Foreign Exchange Earnings and Expenditure Details of foreign exchange earnings and expenditure have been given under the Notes to the Accounts. 12. Conservation of Energy and Technology Absorption Information in terms of Section 217(1)(e) of the Companies Act. 1956. The Board would consider adopting the relevant provisions of the said guidelines as and when deemed appropriate. Though the Company has already adopted most of the recommendation of the guidelines but recognises the importance of continuous assessment of governance practices to create long term value for the stakeholders. and the annual accounts have been prepared on a going concern basis. the applicable accounting standards have been followed alongwith proper explanation relating to material departures. 1956. Directors’ Responsibility Statement Pursuant to the provisions of Section 217(2AA) of the Companies Act. 7.

. are subject to approval of the Members. Parekh Chairman Mumbai Wednesday. 2010 16 Annual Report 2010 . as required under Clause 49 of the Listing Agreement. Profiles of these Directors. members. offer themselves for re-appointment. Shroff retire by rotation and being eligible. Darius C. if made. On behalf of the Board of Directors For Siemens Ltd. Chartered Accountants. including his remuneration.R. 24th November. retire as the Statutory Auditors of the Company at the ensuing Annual General Meeting and offer themselves for re-appointment. Nanabhoy & Co. The terms and conditions of his re-appointment. customers. Keki Dadiseth. Directors Mr. 15. Batliboi & Associates. 16. business partners / associates and Central and State Governments for their consistent support and co-operation to the Company. would be within the limits prescribed under Section 224(1B) of the Companies Act. Paranjape has been re-appointed as a Whole-time Director of the Company for a further period of one year with effect from 1st October. Deepak S. Acknowledgements The Board of Directors take this opportunity to thank Siemens AG . bankers. The above re-appointments form part of the Notice of the forthcoming 53rd Annual General Meeting and the respective resolutions are recommended for your approval. Cost Accountants for conducting the audit of the cost accounting records maintained by the Company for the product ‘Electric Motors’. 1956. At the 53rd Annual General Meeting.Directors’ Report (continued) 13. Mr. Vijay V. suppliers. 14. Auditors Messrs S.the parent company. Pradip V. 2010. Nayak and Mr. have appointed Messrs R. 1956. Mr. A certificate from them has been received to the effect that their re-appointment as Statutory Auditors of the Company. are given in the Notice of the 53rd Annual General Meeting. Cost Auditors The Board of Directors in pursuance to the Order issued by the Central Government under Section 233B of the Companies Act.

§ § § § § § § § § § § § b. Additional investments and proposals. Research & Development and Technology Absorption & Innovation. Development of LV Drives Sinamics V50 55kW to 500kW. Addition of capacitor bank to improve power factor. 4000A.C. system. dealing with Conservation of Energy. Motors for IE2 and IE3 efficiency class developed and is under testing in Germany. Environment protection. Optimisation of energy consumption. additional aluminium louvers added in administration building for better utilization of A. FS 71 to FS 355. Commissioning of centralised panel with RTC for auto switching of lights & A. Units in certain offices. New product development – development of 1. DTC projects for 420kV/245kV/145kV for DBR. development and type tests on 12kV panels for withstanding 25kA. Intermediate Controller for Compressed Air Demand.73 MW motor. 1956. Impact of Measures undertaken § § § § Siemens Ltd. 40kA Panel & VCB and bushing for R. Installation of new compressor with VFD drive. 17 . Localization of counting Head for Digital Axle Counter (DAC) used in Railway signaling. Savings in energy and fuel cost.Annexure I to the Directors’ Report Conservation of Energy. HCB & 420/245kV PG. Localization of MV Drives Perfect Harmony 500kVA to 3500kVA. Reduction in the compressed air leakage. c. Investment in transformer and generator of greater capacity to meet energy requirements at higher levels of efficiency. 1s internal arc fault. u/s 217(1)(e) Additional Information in terms of Section 217(1)(e) of the Companies Act. development and type tests of cost effective 36kV OVCB and compact substation. Rain water harvesting system. Variable Frequency Drive for Compressor & AHU. etc. 63kA DBR & ES successfully.M. Conservation of Energy a. B. New connectors for direct mounting of 3TS Contactors and 3VS MPCBs ready for market launch. Specific areas in which R&D was carried out: § Design.C. Design of switched mode power supplies for industrial and railway applications. 12kV. 0. Development of Traction / Electrical cabinets for 4500HP Diesel Locomotive Control.U.1s internal arc fault. New series of pushbuttons and actuators type 3SB5 successfully launched in the market. Research and Development (R&D) 1. A. Replacement of tube lights & halogen lamps by energy efficient LED lights. Development of 420kV. Design of battery chargers / earth leakage relay for railway applications. Cost effective circuit breakers of 400 kV & 400 kV 63 kA range were designed developed and tested. Rebate in electricity bills and receipt of rebate from the government. Energy saving compressed air blow off jets and nozzles for various machines. Measures taken § § § § Factory overhead lights from 400 watts to 200 watts. Installation of Energy efficient Motors. Development of dry type multi-secondary transformer of 3500kVA for MV drives. Low head pump for AHU. Development of Drive Control Cabinet for 10 Cubic meter Electric Mining Shovels. if any being implemented for reduction of consumption of energy § § § § § § Investment proposal for Automatic Power Factor Conection panel is initiated. Prototype § § § § § § § § § § Frame size 500 developed for launch in this Financial Year 2010-11. Launch of CACA design in medium voltage. to withstand 20kA. Design.

u/s 217(1)(e) B.manufacturing of 8DN8 (145kV) & 8DN9 (220 kV) GIS. § § § § § § § § § § Benefits derived as a result of the above R&D: § § § § § 3. Cost saving and increased production in unaddressed market segment. Better cost position and reduced dependence on imported technology. Efforts undertaken: § 12kV. § 2. New Digital X-ray table developed with flat detector for DR system project. Developed indigenous technology automated testing of MCBs.R. SMART camera & Memory Module project in C-arms. specially service and captive power plant projects. Adapted UREA molding technology for high volume and complex engineering application. Localization of Evaluation Computer for Railway signaling. Research and Development (R&D) (continued) § § 3WT8 Circuit Breakers tested successfully in India at 690 volts as per latest IEC Standard. Increased turnover. 18 Annual Report 2010 . Development of all processes associated with repair of SGT 200 compressor stator and rotoe parts. In-house type testing facility built for testing our complete product portfolio as per latest IEC/ UL standards. Test facilities for testing MCBs.83 million C. MV Drives Perfect Harmony 3500kVA and Hotel Load Converter 500kVA for 3 phase electric locomotives. Expenditure on R&D: a. Improved quality. Technology Absorption & Innovation 1. Technological assistance for transformer manufacturing . New grinding wheels for flank grinding have been implemented.5MW. Technological assistance for instrument transformer manufacturing . The 4th Generation DCS SPPA T3000 was introduced to the Indian market.3kA. b. 31. c. Development of inhouse coating facility for application of slurru based coatings Capital Expenditure: ` 7.M. Overall cost reduction. Accessibility to the increasing electricity utility market. Adapted precision technology. Benefits derived from the above: § § § § § § § 4. Development of dry type multi-secondary transformers 500 . Rotary handle for 70 mm MCBs & . New Designs for DBR. Reduction in time to market the products. Increase in customer base and business volume. Successfully manufactured and tested first HVDC transformer from India. 26. Improved segment specific business potential. Development of Traction/ Electrical cabinets for Hotel Load of 4500HP Diesel Locos.A.Annexure I to the Directors’ Report (continued) Conservation of Energy.3500kVA for MV drives.5kA. SOLAR powered X-ray system project is initiated based on S. 800 kV circuit breaker development.9 million Total Expenditure: ` 86.RCCB’s 100/125A.93 million Revenue Expenditure: ` 78. 40kA new generation Circuit Breaker and air insulated panel in progress. Technical assistance for High Voltage Gas Insulated Switchgear manufacturing imported from Siemens Germany .T product for M3/M4 market. § Further Plan of action: welding § § § § Adapted LED lighting for workplace / machine lighting.HVDC transformers. Localization of ST technology for SST 300 C Blading and SST 600 Turbines. Development of higher output wind energy generators 1. resistance for § § § § § § 2.6 MW to 2.HCB and PG developed. etc. Completion of type testing HCB. PG & earthing switches low cost design of disconnector for local low end market.imported from Trench Germany manufacturing of 245kV & 420kV current transformers / potential transformer. fuses and RCCBs excluding short circuit tests.

19 .2007-08 Power Transformers including HVDC HVDC . Not Applicable Not Applicable and after Technology of manufacture of 12kV. Development work-in-progress manufacturing would commence successful type testing. Not Applicable Partly under implementation Not Applicable Not Applicable C Blading manufacturing under localisation. Technology for manufacture of 145kV & 220kV GIS Compressor Component Engineering and Repair processes On behalf of the Board of Directors For Siemens Ltd. Production Condenser Engineering and Production Design features. Parekh Chairman Mumbai Wednesday. 24th November. motor is under manufacture. 2010 Siemens Ltd. reasons therefore and future plans of action.V. it is planned to increase manufacturing depth in Kalwa factory by importing and indigenising the strip winding technology for medium voltage motors. Imported Technology: Technology Imported Year of Import Has the technology been fully absorbed No If not fully absorbed. Assembly and testing 2009-10 2009-10 2009-10 First order for CACA M.2008-09 Districuted control System SPPA T3000 Steam Turbine Engineering. 31. 40kA new generation Circuit Breaker and air insulated panel Technology for manufacture of 245kV & 400kV CT/PT Technology for manufacture of 400 kV 63 kA/800 kV HVCB 2009-10 2007-08 2008-09 Yes No Yes Yes No Technology for manufacture of 400 kV 400kV .3kA.3.5kA. SST 600 localisation started from September 2010. areas where this has not taken place. After starting assembly and testing processes for medium voltage motors from 2008. 2008-10 2009-10 Yes Yes Deepak S. 26.

started reviving only during the later part of the fiscal. The Index of Industrial Production (IIP) registered a growth of 10. Orissa for the purpose of energy saving. Most investments by Industry customers that were dropped or deferred in the last financial year regained momentum and the overall Industry market grew at a healthy pace. civil aviation and roads have also shown signs of recovery in 2009 -10. Cement.9% while the service sector grew at 8. the dynamics involved in the production of some components of the capital goods sector have also played a significant role in the recent volatility seen in the overall IIP numbers. The base effect of high prices in the first half of 2008-09 contributed to the low inflation during the first half of 2009-10.Annexure II to the Directors’ Report Management’s Discussion & Analysis General Performance Review The Indian economy exhibited broad based recovery in the second half of 2009 -10 from the slowdown that was witnessed in the second half of 2008 - 09. which has a healthy mix of short and long cycle product & project businesses. however.0 % in the second half (March 2010). India achieved 7. the world’s largest Beneficiation Plant for PCS7. The Industry Solution (IS) division. a growth of 15%. FMCG. led by the robust growth momentum of telecom services and spread across power. The year-on-year wholesale price index (WPI) inflation rate was fairly volatile in 2009-10. Drive Technologies (DT) and Building Technologies (BT) divisions played a major role and contributed to the overall success and performance of the Industry Sector. was visible throughout the year as WPI exhibited a strong uptrend over successive months during the year. Further reviews on each of Siemens’ businesses are given separately in the following paragraphs: Industry Sector The Indian Industry witnessed an impressive turnaround during this financial year compared to the previous year. The DT division through their technological leadership position also received an order from Jyothi CNC Automation. customized and state-of-the-art solutions won several noteworthy orders from a variety of customers. primarily in the Metals business. In addition to this. The cyclical slowdown in the Industrial Sector which began in 2007-08 was arrested at the beginning of 2009-10 and the sector registered a growth of 8. The manufacturing sector in particular grew at 8..1 km metro line in Gurgaon. catering to long cycle project businesses reported a marginal growth.5% during 2009 -10 as compared to 2. one of the country’s biggest machine tool builders for the purchase of 1000+ Sinumerik CNC controls. With regard to the product business group of Industry sector namely Industry Automation (IA).Core industries and infrastructure services. The product division of Siemens. The build-up of inflationary pressures. and ONGC for clamp-on flow meters. The Drive Technologies (DT) division successfully commissioned the first MV Drive which is retrofit for the Slipring motor in Vedanta. rolling stock and system integration for the new 6. Riding on this economic recovery. Paper. mining and power solution segments and new business units like water. as most turnkey projects. F&B. the improved Indian economic scenario and robust growth of the manufacturing sector saw impressive investments in industries and infrastructure. grew in FY 20 2009-2010. This division has also been instrumental in executing many environment friendly projects. Metal Processing and Infrastructure projects also provided an extremely conducive environment. The Division also launched a new series of technologically advanced contactors and birelays called SIRIUS. While it remained low during the first half of the year it increased to 11. Revenues increased by 14% to ` 42 billion and Profit from Operations rose by 63% to ` 4 billion. In addition to this. The division also won the country’s first ever postal automation order from the Indian Postal Department for automation of Annual Report 2010 . from the newly formed Marine Solutions group. The division also significantly increased its portfolio in the Motors product range and ramped up manufacturing capacities at Kalwa Works. One of the key highlights for the IS division was the winning of first time orders from the Indian Navy and Mazgaon Docks Ltd. with its innovative. Real Estate.8% in 2008-09 due to a boost from the double digit growth which was witnessed since October 2009. Renewed investment focus in various Industry verticals such as Automotive. Sales increasing by 11% and Profit from Operations growing by 26%. which will enable customers to reduce their carbon foot print and maybe even earn carbon credits for some of our customers. Siemens Ltd. posted impressive results with New Order Intake increasing by 41%.2%. Siemens Industry Sector.4 % growth in GDP during 2009-10. The Mobility Division of Siemens which provides end-toend transportation solutions grew at a healthy pace and commissioned some prestigious projects in the country during this fiscal. All in all. Despite a deficient monsoon and a fragile pace of global recovery. electrification. Textiles. coal and other infrastructure like ports. The Mobility Division received its first turnkey metro rail contract for signaling. to cater to the demand of energy efficient motors. with an impressive Order intake of ` 39 billion. Sinamics G130 LV AC Drive was also commissioned and fitted for the world’s largest gyrator in the Tata Steel Plant at Jamshedpur. infrastructure and services won several orders. The Division also launched a specially designed product Sinumerik 828D PPU 260 which caters to the mid range dye & mold segment. The Industry Automation (IA) division received orders from Jindal Barbil. The market recorded a robust growth owing to the easing of the overall credit crunch and alleviation of the effects of the global economic downturn.7%. The IS division was also able to maintain its leadership position in metals.

The sector also announced the setting up of its Medium Voltage (MV) and Energy Automation (EA) factories in Goa. Public-private partnership (PPP) will be the mantra as far as government spending on healthcare is concerned. Ltd. As an integral energy player with products which provide solutions for Oil & Gas. The entry of multiple new players into the market also led to pricing pressure. PET/CT scanners. which is expected to grow at a CAGR of 25% in the coming years.mail sorting on the Kolkata . where orders worth ` 400 million were exported to 16 countries worldwide. Outlook: The strong local demand for goods and services will continue to attract large investments in industries and infrastructure projects. As part of its expansion plans. 4G and Day Optimization Technology (Dot) for the first time in Asia. power generation. During 2009 -10.8 billion. Siemens Building Technologies Private Ltd (SBTPL) beat the market trend. For FY 2009-10. the energy sector expanded the capacity of its Steam Turbine factory at Vadodara to manufacture larger sized industrial steam turbines of upto 150MW. one of the key contracts won by the energy sector was from Qatar for the designing. Siemens Healthcare leveraged these growth opportunities and became the market leader in India. Last year. the 800kV Circuit Breaker. in record time and also received an additional order for the annual maintenance of this system. A perceptible movement was also witnessed towards greater thermal efficiencies and lower emissions with a preference for Supercritical Technology. and petrochemical sectors were the main driving force for our Oil & Gas / Industry business. Siemens also plans to set up new facilities and introduce numerous products with local value additions to tap the growth opportunities from existing and new market segments (mid and low end). (SBTPL) During 2009-10. This will be supported by development in the health insurance segment. Siemens will continue to invest in its green portfolio and help create sustainable value for customers with its products and solutions. installation and commissioning of substations and associated electrical networks. Cath Labs and X-rays. 63kA Disconnectors. Outlook: The substantial capacity addition in power generation with a focus on supercritical units will generate a market for Siemens products. growth in metals. MRI. with businesses growing moderately and registering a healthy performance. the order value jumped by 63% to ` 77 billion. followed by acquisitions of smaller healthcare centers. The expansion plans by Power Grid in inter-regional and high voltage Siemens Ltd. the Sector also made an attempt at bagging orders for its replacement market initiative (for refurbished products) and bagged a decent order intake. while Profits from Operations rose by 26% to ` 519 million. Despite this tough competition. Siemens Building Technologies Pvt. Siemens was able to retain its market position in the Energy sector. The Healthcare Sector launched two MRI scanners called MAGNETOM Skyra 3 Tesla system and MAGNETOM Aera 1. The Healthcare Sector initiated its service excellence project to achieve key objectives like becoming the undisputed leader in customer satisfaction. sales grew by 5% to ` 43 billion and Profits from Operations rose by 19% to ` 7 billion. Outlook: The overall Healthcare market is expected to grow at a CAGR of 12% during the next 5 years. In the industrial sector. The Sector maintained its leadership position in the business segments of CT scanners. we will continue to play a leading role in the introduction of leading technologies in all areas of the energy sector.5 Tesla system. enabling focused increase in customer satisfaction levels and delivery of spare parts within 24 hours. 400kV. In the 21 . thus providing accurate diagnosis. With a healthy Order intake and improved profitability. the overall performance of the sector was excellent. The ultimate benefit of these technologies is optimum patient comfort and excellent image quality. Subsidiaries of Siemens Ltd. Exports from Goa continued to grow. Last year.5 billion. tier II and III districts are emerging to be major new markets. With rapid urbanization and GDP growth. engineering. which provide a combination of high-end technologies like Total Imaging Matrix (Tim). transmission & distribution. the Mobility division also successfully commissioned the baggage handling systems for terminal 3 of Delhi international Airport. Sales jumped by 39% to ` 7. investments by the government continued in the Healthcare sector with significant participation by corporate and private players. strongly driven by investments in the power generation sector. transmission networks will also be of special interest. The Energy sector witnessed intense competition due to capacity addition & expansion of new factories by numerous players. The expected rebound of growth in the industrial sector should drive business in industrial turbines and the Oil & Gas divisions. etc. the Order Value increased by 28% to ` 7. The government continued its numerous measures to ensure better achievement of capacity addition as per the targets of the 11th Plan. As a green infrastructure company. Energy Sector The Energy market also continued to grow. To enhance its support towards sustainable business.UNOSUGEN and from Powergrid for complete turnkey 765kV substations at Meerut. the energy sector successfully introduced several new products including the country’s first single phase 500MVA HVDC Transformer. Besides these orders. Healthcare Sector In the fiscal year 2009-10. Other key orders came from Torrent for the turnkey construction of a Combined Cycle Power Plant . Major corporate and private hospitals announced expansion of their footprint in tier II and III cities. The healthcare market thus registered an overall growth of more than 10% over the previous year.Delhi mail route. cement & fertilizers. and renewable energies.

this sector is expected to grow well in the next fiscal. a total of 3. sustainable environment is gaining greater importance within Siemens. and adherence to Siemens’ compliance policies in a systematic and disciplined manner. Aurangabad and Nashik have been re-certified for international standard ISO 14001 for the Environment Management System.5% growth in revenue compared to the previous year. Transparency International. the Internal Audit department develops a flexible audit plan for Siemens and its subsidiary companies using an appropriate risk-based methodology. With increased demand in the local & global markets and as an extension of our role as a responsible corporate citizen. In 2009 -10. As an extension of this role. a Sewage Treatment Plant was commissioned at Kalwa Works and Aurangabad Works and the Kalwa Switchgear factory started a pilot Rain Water Harvesting project. post completion of the Internal Control Remediation implementation phase. concrete efforts were made towards natural resource conservation. For example. so does our training and education effort. SBTPL won a milestone order from Infosys for the supply of State-of-the-art security solutions that span both Physical as well as Logical Access.Annexure II to the Directors’ Report (continued) Management’s Discussion & Analysis last fiscal. To further address the concerns of Environment Protection. the Regional Compliance Office (RCO) team focused on building ‘Conviction through Ethics’ internally through extensive ‘In-person’ and ‘Web-based’ training for employees. Vadodara implemented the Integrated Management System for EHS in accordance with ISO 14001 & OHSAS 18001 international standards and has been recommended for certification by a third party certifying body.172 employees including contractors were trained Annual Report 2010 . so as to provide optimal audit coverage at a reasonable overall cost. Siemens has incorporated the ‘Reduction & phased elimination of hazardous ingredients’ program for all products – and has made this a crucial part of its design criteria. The Compliance Organization also continued with its efforts outside the realms of Siemens Ltd. The Building Technologies Division with its dominant market position and domain expertise. Corporate Functions Review Internal Control Systems The mandate of internal audit in Siemens Ltd. The Healthcare Factory at Goa also implemented Integrated Management System for EHS in accordance with ISO 14001 & OHSAS 18001 international standards and has received certification from Siemens AG At Siemens. hence all our factories at Kalwa. So far 10 tons per year has been recycled. Sales grew by 19%. the SBTPL business registered a 17. to bring about changes in other organizations through robust Collective Action Initiatives/workshops. the Global Audit Department of Siemens AG. The Kalwa Switchgear Factory has reduced waste material by reusing process scrap and thermoplastic.. Compliance Siemens Ltd. With its technological innovations. To deliver on its mandate. is to add value and improve the operations and processes of the Company. and has a restructured Compliance function based on focus areas and sector requirements. Along with various internal process improvement measures. These trainings have been very well accepted by our employees. effectiveness of risk management & internal control systems. India (TII) and various other Government bodies. Siemens has outsourced the internal audit function to Corporate Finance Audit. Safety & Environment Siemens has always considered safety and environment to be one of its key focus areas and has strived to make continuous improvements in these two aspects. Siemens is making every attempt to reduce environmental pollution & enhance the work place for its employees and the society at large. During the year 2009-2010. These are carried out with support from NGOs. 22 The Compliance Performance Index of RC India at 89% has also outperformed the Global Average of 81% which is a good indicator of Compliance function being a Business enabler. Health & Safety Management for its manufacturing units. During the last fiscal. the Steam Turbine Factory. The company also continued to comply with international certifications & standards like ISO 14001 & OHSAS 18001 for the Environment. combined with the synergies of Siemens Ltd. As our commitment towards creating a safe work environment continues. Outlook: With the revival of the commercial real estate segment. the majority shareholder of Siemens Ltd. The results from the audit are reported to the Audit Committee on a quarterly basis. SBTPL has been instrumental in spearheading the conversion of existing Buildings to Green Buildings in order to save energy and operational costs. thereby promoting a healthy & safe work place with a clean environment. environment concerns have always taken precedence over other things. is well positioned to leverage market opportunities. the results of which are evident with around 8300 certifications from Siemens Ltd. Another major achievement for SBTPL was the launch of innovative security systems based on the Fusion Platform along with cost effective control products and systems for the price sensitive M3 markets. The audit plan is submitted to the Audit Committee of Siemens for review and concurrence at least once a year. This department also considers the work performed by Siemens’ other control & monitoring functions and external auditors. Last year. has further strengthened its Compliance function. while Order Value increased by 21%. This is done by independently and objectively evaluating and reporting on Siemens’ financial reporting integrity.

On behalf of the Board of Directors For Siemens Ltd. Human Resource Initiatives To keep up with the legacy of nurturing new talent and retaining existing talent. The Program for Business Managers (PBM). ‘plan’. sustainability and green solutions while actively pursuing the base level segment with increased localization. ‘ intend’. including. 57 managers participated in this during FY 2010. especially in the power sector. Rising raw material prices also seem to be a cause for concern. ‘forecast’. ‘believe’. Inflation has remained a major source of concern in the economy for more than a year. 24th November. Siemens Ltd. b. 2010 23 . introduction of competing products. ‘estimate’. Siemens will focus on consolidating its leadership position in the market and continue on its profitable growth path. a. Such statements reflect the Company’s current views with respect to the future events and are subject to risks and uncertainties. Siemens remains positive about the near-term outlook. As on September 30. had 7. leading to pricing pressure.488 employees. The Sales Managers’ learning Program (SP1) was first rolled out in India in August 2010 which saw the participation of 20 sales managers in the first batch. Outlook for Siemens Ltd. Details of these training programs and initiatives have been listed below: a. The Company has made efforts to emphasize the need for enhancing existing skill sets of high potential employees. Siemens with its wide portfolio of infrastructure solutions will continue to focus on state of the art technology. Deepak S. approximately 185 fresh Graduate Trainee Engineers (GTE) joined the Siemens family across the three sectors on a pan-India basis. ‘should’. the HR department undertook several initiatives. is meant for developing talent at the mid-management level. amongst others. The Industry is not only seeing the increase in fresh Projects. Note: This report contains forward-looking statements based on beliefs of Siemens’ management. Last year for the first time. Concerns regarding high inflation the Indian rupee’s sharp appreciation also continue and could slow down the cost competitiveness. The Management Development Centre (MDC) initiative is one such initiative which involved 30 employees from across the Siemens Group. changes in the general economic and business conditions. Many factors could cause the actual result to be materially different.5% by March 2011. Various on-going training programs which have been designed as per the market requirement covering relevant topics are updated on a time to time basis. As an integrated technology company. and changes in business strategy. emergency drills were conducted at various Siemens locations to assess the preparedness level with respect to employees and infrastructure. The Strategic Leadership Development Programme (SLDP) was conducted at IIM-Ahmedabad: This twoweek intensive training program on Business Skills and Leadership Development is another effort to hone skill sets of participants by bringing in an external perspective. c. However the challenges will be a highly competitive market environment. and ‘project’ are used to identify forward-looking statements. Baroda Works & the Settlement for the staff is in process and will be carried out in due course. This is done through the Development and Leadership Programs. two batches of SLDP were conducted within a year wherein 43 senior managers participated. conducted at IIM Bangalore. Last year. Actual results may vary materially from those projected here. but also witnessed an increase in projects in the implementation phase. lack of acceptance of new products or services. 2010. about 4533 employees participated in 261 training programs. b. Parekh Chairman Mumbai Wednesday. In FY 2009-10.on various Safety & Environment topics – an approximate growth of 15% as compared to the previous year. Siemens Ltd. pan-India. ‘expect’. Amidst all the pressures and demands of the growing business. Going forward we expect the reviving economy to attract huge investments and strengthen development in the areas of infrastructure and industries. c. Industrial Relations with the Unions continue to be very cordial. In FY 2009-10. the Long Term Settlements for Kalwa & Aurangabad were signed with the Siemens Workers’ Union for a period of three years six months. 22 Siemens Information Programs were conducted to orient 529 lateral hires into the Siemens family. The strengthening global recovery of the economy should help sustain the growth rate for the Indian economy. Despite these challenges. changes in currency exchange rates and interest rates. could also hamper the growth momentum. As part of Preventive Crisis Management. The words ‘anticipate’. Siemens does not intend to assume any obligation to update these forwardlooking statements. But combined with the base effect. Delay in implementation of infrastructure projects. the inflation rate is expected to fall to approximately 6. Settlements with regard to Nashik Works.

Vijay V. number of Meetings held and attended during the year are as follows: Name Category(1) Board Meetings during the FY 2009-10 Held Attended 6 5 6 6 6 6 6 6 6 2 Attend-ance at last AGM held on 29. All Directors.33%) 3 27. Nayak Mr.A. which has been amalgamated with the Company but its dissolution without winding up is under process.73 50% (6) (54. Otmar Schmitt(4) (Alternate for Mr. to ensure the efficient conduct of the affairs of the Company to achieve its goal of maximising value for all its stakeholders. Jhaveri Mr. of Directors % of Total Directors 8 72.A. Nil Nil 2 3 2 N. N. Stephan Schneider(4) (Alternate for Mr. The Board has an optimum combination of Executive and Non-executive Directors. Yezdi H. Paranjape Mr. Board of Directors (Board) l Composition During the year under consideration. except the Managing Director and Special Director. NED (I) NED (I) NED (I) NED NED WTD WTD 6 6 6 6 6 6 6 5 5 6 2 2 6 6 Yes Yes Yes Yes Yes Yes Yes 11 8 4 Nil Nil 2* 3 4 1 1 N. Shroff Mr. Armin Bruck Mr. the Board comprises of 11 experts (excluding Alternate Directors) drawn from diverse fields / professions. Malegam Mr. Narendra J. Chairman 5 Nil 2 3 N. Darius C.27 11 100. Company’s Philosophy on Corporate Governance The Company’s philosophy on Corporate Governance is to observe the highest level of ethics in all its dealings. Particulars Non-executive Directors (therein Independent Directors) Whole-time Directors Total Composition of the Board Minimum Requirement as per Clause 49 No. Parekh (Chairman) Dr.00 The necessary disclosures regarding Committee positions have been made by all the Directors.Annexure III to the Directors’ Report Corporate Governance Report (As per Clause 49 of the Listing Agreement entered into with the Stock Exchanges) I. N. 1 2 3 4 5 6 7 8 9 10 11 12 13 Mr. There is no relationship between the Directors inter-se. Joe Kaeser) Mr. II. N. Wolfgang Dehen) Mr.2010 Yes Yes Yes Yes No Other Directorships in India(2) 18 3 12 8 Nil Other Committee positions in India(3) Member 1 1 4 2 N. The Chairman of the Board is a Non-executive and Independent Director..01. 24 Annual Report 2010 .55) (33. Directorship / Committee positions in other companies as on 30th September. Nil 2 * Includes directorship in Flender Ltd.A. Wolfgang Dehen(4) (Special Director appointed by Siemens AG) Mr. Sunil Mathur NED (I) WTD NED (I) NED (I) NED NED 6 2 Yes Nil N. Pradip V.A. which is in conformity with the requirement of Clause 49 of the Listing Agreement with the Stock Exchanges (Listing Agreement) in this regard. Keki Dadiseth Mr.A.A. Joe Kaeser(4) Dr. The Composition of the Board. 2010. None of the Directors on the Board is a Member of more than 10 Committees and Chairman of more than 5 Committees across all companies in which they are Directors. Deepak S.A.A. are liable to retire by rotation.

Otmar Schmitt (Alternate Director for Mr. 5 Meetings were held on 20th November. NED (I) – Non-executive Director and Independent. 2009.11. Regional Compliance Officer. 26th November. 1956.12. 29th January. Includes only Audit Committee and Investors Grievance Committee of public limited companies.10. Deepak S. Siemens Ltd.2000 01. 2008. Schmitt attended 2 Meetings. Terms of reference The powers and terms of reference of the Audit Committee are as mentioned in the Clause 49 II (C). 29th January. (D) & (E) of the Listing Agreement and Section 292A of the Companies Act. 26th November. Siemens AG. The gap between any two Meetings did not exceed four months. Agenda papers containing all necessary information / documents are made available to the Board in advance to enable the Board to discharge its responsibilities effectively and take informed decisions. NED–Non-executive Director. Where it is not practicable to attach or send the relevant information as a part of Agenda Papers.2006 22.2004 01. The present composition of the Audit Committee is as follows: Name Mr. Joe Kaeser / Dr. 2010 and 29th July. The Executive Director and the Heads of Accounts. Chairman Mr. Includes Alternate Directorships and Directorships in private companies. (2) (3) (4) l Board Meetings During the Financial Year 2009-10. III. 2009. 2010. Kaeser attended 2 meetings and Dr. 2009. Malegam. Joe Kaeser) Mr. Internal Auditors and the Statutory Auditors are permanent invitees to the Meetings. Finance and Taxation Departments. The information as specified in Annexure IA to Clause 49 of the Listing Agreement is regularly made available to the Board. is appointed as Secretary to the Committee with effect from 1st August. 25 . During the Financial Year 2009-10. 2010. 29th April. Mr. 6 Meetings were held on 20th November. 2010 and 29th July. 2009. 2010. 30th November. Vice President (Legal) & Company Secretary. Parekh Mr.Notes: (1) Category: WTD–Whole-time Director. 2009.2006 No. the same are tabled at the meeting or / and the presentations are made by the concerned managers to the Board. Ajai Jain. 29th April. Committees of Directors A Mandatory Committees i. 2010. The Chairman of the Audit Committee is a Non-executive and Independent Director. In the whole-time employment of parent company. Yezdi H.02. of Meetings during FY 2009-10 Held 5 5 5 5 Attended 5 4* 4 4 * Mr. whenever applicable. Audit Committee of Directors (Audit Committee) Composition The Audit Committee comprises of experts specialising in accounting / financial management. Keki Dadiseth From 15. Germany. for discussion and consideration. Considerable time is spent by the Directors on discussions and deliberations at the Board Meetings.

Management letters / letters of internal control weaknesses issued by the Statutory Auditors. in particular.2008 No. Mr. if required.Annexure III to the Directors’ Report (continued) Corporate Governance Report The terms of reference are briefly described below: a. e. if any.12. of Meetings during FY 2009-10 Held Attended 2 2 2 2 2 1 During the Financial Year 2009-10. Review with Management. Armin Bruck From 15. rights issues. Review the adequacy of internal audit function. preferential issues. The Chairman of the Audit Committee was present at the 52nd Annual General Meeting held on 29th January. Recommend the appointment. Nayak Dr. Vice President (Legal) & Company Secretary. Darius C.02. 2010 and 19th July. Pradip V. Review the functioning of the Whistle Blower mechanism. performance of Statutory and Internal Auditors and adequacy of internal control systems. b. fixation of audit fees and approving payments for any other services. ii. re-appointment and. The appointment. h. replacement or removal of Statutory Auditors. etc. the investments made by unlisted subsidiary companies. Ajai Jain. as and when applicable: c. Internal audit reports relating to internal control weaknesses.. Look into the reasons for substantial defaults in the payment to the depositors. is the “Compliance Officer” pursuant to the requirement of the Securities and Exchange Board of India (SEBI) Regulations and Listing Agreement. Discussions with Statutory Auditors before the audit commences. 2010. In addition to the above.2000 01. to achieve its objectives.01. removal and remuneration of the Chief Internal Auditor. d. Review with Management the annual and quarterly financial statements before submission to the Board. i. j. of the nature and scope of audit as well as have post-audit discussion to ascertain any areas of concern. The Audit Committee is vested with the necessary powers. and Utilisation / application of proceeds from public issues. and The financial statements. Review the following information: • • • • • • Management discussion and analysis of financial condition and results of operations.2006 01. Statement of significant related party transactions. k. Name Mr. as defined in its Charter. Review the findings of any internal investigations by the Internal Auditors. the following disclosures are made to the Audit Committee. shareholders (in case of non-payment of declared dividends) and creditors. 2010. Shroff. the Committee met on 15th January. • • • Basis of related party transactions. f. Discussions with Internal Auditors of any significant findings and follow-ups thereon. Investors Grievance Committee of Directors (Investors Grievance Committee) Composition The Investors Grievance Committee has been constituted to attend to and redress the investors’ grievances. g. Oversight of the Company’s financial reporting process and disclosure of financial information. debenture holders. Annual Report 2010 26 . Chairman Mr. Disclosure of Accounting Treatment.

is 0. b. Nayak From 15.12. cleared / pending during the Financial Year 2009-10 is given below: Nature of Complaints Non-receipt of share certificates duly transferred Non-receipt of dividend warrants Letters from SEBI Letters from Stock Exchanges Letters from Depositories Letters from Ministry of Corporate Affairs Total Received 13 32 5 5 5 2 62 Cleared 13 32 4 5 5 2 61 Pending 0 0 1 0 0 0 1 Number of complaints received during the year as a percentage of total number of Members as on 30th September. Salary Grades.2000 15. Jhaveri.2004 23. Narendra J. e. Determine the Company’s policy on specific remuneration packages for Whole-time Directors / Executive Directors including pension rights and any compensation payment. c. Ministry of Corporate Affairs.Investors’ Complaints The Company and TSR Darashaw Ltd. in which either the Company has been made a party or necessary intimation thereof has been received by the Company. d.10. Registrar of Companies. Overseas Allowance. of Meetings during FY 2009-10 Held 2 2 2 2 Attended 2 2 1 2 During the Financial Year 2009-10.. Registrar & Share Transfer Agent (RTA). Retirals and Increment of Wholetime Directors. Shroff Mr. The details of complaints received. etc. standards prevailing in the industry. statutory guidelines. relating to disputes over the title to shares. Decide the actual Salary. Chairman Mr. Periodically review and suggest revision of the total remuneration package of the Whole-time Directors keeping in view the performance of the Company. 27 . Terms of reference a.12. Non-mandatory Committees Remuneration Committee of Directors (Remuneration Committee) Composition Name Mr. Siemens Ltd. the Committee met on 26th November. 2010. attend to all grievances of the investors received directly or through SEBI. Darius C. Deepak S.2007 No. Stock Exchanges. Continuous efforts are made to ensure that grievances are more expeditiously redressed to the complete satisfaction of the investors.2000 01. 2009 and 29th April.04%. Define and implement the Performance Linked Incentive Scheme (including ESOP of the Company and / or Siemens AG) and evaluate the performance and determine the amount of incentive of the Whole-time Directors for that purpose. Perquisites. etc. Parekh Mr.07. all the investor grievances / correspondences have been promptly attended to from the date of their receipt. Decide the amount of Commission payable to the Whole-time Directors. Pradip V. Barring certain cases pending in Courts / Consumer Forums. 2010. B.

849 Mr.092 01.834.2010 Note: (1) Mr.09. Annual increments are decided by the Remuneration Committee within the salary grade approved by the Members.318. Commission and entitlement to participate in the Equity based compensation programs of Siemens AG. They are also entitled to the Company’s Retirement Benefits as per the law applicable from time to time. The remuneration structure comprises of Salary.10. Sunil Mathur 6.02. Armin Bruck and Mr. subject to the overall ceiling as stipulated in Sections 198 and 309 of the Companies Act. Paranjape 4. The targets are also linked to the Company’s targets.258.500 Nil Nil 44.253. 1. subject to the approval of the Members and Central Government. recognize their merits and achievements and promote excellence in their performance. 1956.2011 7. Germany / Siemens Ltd. PLI is computed on the basis of specific targets set for each Whole-time Directors every year.606. Commission is determined on the basis of the Net Profits of the Company in a particular Financial Year. The Severance fees are payable to the Directors on termination of employment as per the Rules of the Company.348 Perquisites include Company’s contribution to Provident Fund (for Dr. benefit under the Equity based compensation programs of Siemens AG / Siemens Ltd. In addition to the above remuneration.800 25.09.09..231.249 21. PLI.418 34.417 Nil 19. if required. Vijay V.253.188. Retirement Benefits.596.691.463 1.2008 21. For Whole-time Directors The Board of Directors / the Remuneration Committee of Directors is authorised to decide the remuneration of the Whole-time Directors. respectively. PLI is paid to the Whole-time Directors on achievement of the said targets. Superannuation and Gratuity Funds (except to Dr. Performance Linked Incentive (PLI).874 Nil Nil 70. Remuneration paid / payable to the Whole-time Directors for the Financial Year 2009-10 (Amount in `) Dr.100 16.431. Armin Bruck upto December 2009). Further.2012 Nil 22.2013 Nil 01. Perquisites.938 9. Armin Bruck) for Directors. Armin Bruck Salary Perquisites(1) Performance Linked Incentive Compensation under Stock Option Plan(s) of Siemens AG Commission Total Tenure From To Equity Shares of ` 2 each held as on 30. the perquisites for Dr..600 4.2007 30. 28 Annual Report 2010 . and Commission constitute the variable component of remuneration.427.132.07. Expatriate Directors are paid Overseas Allowance / Special Allowance and certain other Perquisites as per the Rules of the Company. Sunil Mathur includes Overseas Allowance and Special Allowance.418 10.Annexure III to the Directors’ Report (continued) Corporate Governance Report Remuneration Policy The remuneration policy of the Company is performance driven and is structured to motivate employees.2007 30. as applicable from time to time.07.

90. Stephan Schneider Notes: (1) (2) Subject to the approval of Annual Accounts for the Financial Year 2009-10 by the Members at the 53rd Annual General Meeting to be held on 28th January. Opted not to accept any Sitting Fees or Commission. (`) 3.000 190.09. Pradip V. N.000 5.000 Audit Committee 20. 1956.000 2.000 N. Malegam Mr.A. paid / payable to them by the Company.250 9.000 Nil Nil Nil Nil Nil Nil (`) 2.050. Mr. if any.2010 (`) 9. except for Sitting Fees and Commission. Deepak S.690.A.000 1.000 N.000 180. Joe Kaeser (2) Mr. Nayak Mr.000 6.000 1.860.000 190.660. 2011. Sitting Fees The Non-executive Directors are entitled to Sitting Fees for attending Board / Committee Meetings.000 1. Siemens Ltd.620.A.000 1.000 1. Darius C.080.A.A. Parekh Mr.000 2.000 2.000 N.000 N.000 Investors Grievance Committee.000 270. none of the Non-executive Directors has any pecuniary interest in the Company.420. Remuneration Committee. Commission In terms of the Members’ approval given at the 52nd Annual General Meeting held on 29th January. 695. (2) As disclosed to us.A. 605. N. Jhaveri Mr. Shroff Mr.000 120.000 Governance Committee. Corporate 10. Mr. For Non-executive Directors The Non-executive Directors are paid remuneration by way of Sitting Fees and Commission. Otmar Schmitt N. as per the details given below: Meetings Sitting fees per Meeting (`) Board 20. 29 .A.005.000 1. Wolfgang Dehen Dr.000 N. Narendra J.540. Investment Committee and Special Committee. Commission is payable at a rate not exceeding 1% per annum of the Net Profits of the Company computed in the manner referred to in Section 309 of the Companies Act.000 N.870.A. The actual amount of Commission payable to each Non-executive Director is decided by the Board on the following criteria: • • • • • Number of Board Meetings attended Number of various Committee Meetings attended Role and responsibility as Chairman / Member of the Board Role and responsibility as Chairman / Member of the Committee Overall contribution and role outside the Meetings Remuneration paid / payable to the Non-executive Directors for the Financial Year 2009-10: Name Sitting Fees for Board / Committee Meetings attended (`) 220.430. 2010. Yezdi H.000 2.A. (2) Commission(1) Total Number of Equity Shares of ` 2 each held as on 30.2. Keki Dadiseth Mr.815.

review and decide the matters relating to Corporate Governance as per the Listing Agreement and applicable Laws and Regulations and recommending best practices in the areas of Board Governance. Chairman Mr. 3 Meetings were held on 26th November. 2009 and 31st August. Yezdi H.06. Deepak S.2008 The Investment Committee Meetings are held as and when required. 2010. Sunil Mathur Mr. Share Transfer Committee (STC) Composition Name Dr. consolidated.06. Composition Name Mr. defaced.10. reviewing proposals of mergers and acquisitions. as approved by the authorised officers of the Company. Parekh Mr..06. Yezdi H. Armin Bruck.06.Annexure III to the Directors’ Report (continued) Corporate Governance Report C.07. Nayak Mr. Shroff Mr. Otmar Schmitt (Alternate Director for Mr.08. Joe Kaeser) Dr. IV. During the Financial Year 2009-10. Committees of Management (Constituted by the Board of Directors) i.2008 01. usually fortnightly. Joe Kaeser) Mr. Darius C. Corporate Governance and disclosure policies considering the interest of the stakeholders. Pradip V. Malegam Mr. Chairman Mr.2007 23. inter-alia. The STC also notes the dealings in the shares by the designated employees under the Company’s Code of Conduct for Prevention of Insider Trading.2007 23. 2010. Deepak S.07. Parekh. to consider. Chairman Mr. Joe Kaeser / Dr.07. 2009 and 29th April.2007 01.2007 01. Ajai Jain.01. The role of the Committee includes reviewing guidelines for investing surplus funds of the Company. 30th November. 2009.2007 01. investment proposals and periodical monitoring of investments. The STC Meetings are held as and when required. Sunil Mathur From 23. ii. the Committee met on 26th November.01.2007 01. Malegam Mr.07. Keki Dadiseth. Armin Bruck From 01. Otmar Schmitt (Alternate Director for Mr. authorizing negotiation of the terms and conditions of the various credit / financial facilities and carrying out such other function as may be delegated by the Board from time to time. Other Committees of Directors i.2007 01. Investment Committee of Directors (Investment Committee) Composition Name Mr. Corporate Governance Committee of Directors (Corporate Governance Committee) The Committee has been constituted.2008 The STC notes and takes on record the transfer / transmission / transposition of shares and consolidation / splitting of folios. 30 Annual Report 2010 . valuations. Joe Kaeser / Dr.2008 During the Financial Year 2009-10.10.2007 23.2007 23. 29 Meetings of the STC were held during the Financial Year 2009-10. Member & Secretary From 01. issue of share certificates in exchange for sub-divided.2008 01.07. etc.

Member & Secretary From 01.2008 01. Paid-up Capital and Free Reserves) exceeds 20% of the consolidated turnover or net worth respectively. VIII. The DPC Meetings are held as and when required. Managing Director. V. iii.e. 31 . the Cash Flow Statement and the Internal Control Systems for financial reporting has been obtained from Dr. Ajai Jain. giving of loans. 13 Meetings of the FC were held during the Financial Year 2009-10. Delegation of Powers Committee (DPC) Composition Name Dr. of the Company and its subsidiaries in the immediately preceding accounting year ended on 30th September. Armin Bruck. Sunil Mathur (Executive Director / CFO). The Company has received confirmations from all the Directors and Senior Management of the Company regarding compliance with the BCGs for the year ended on 30th September. as per the requirement of Clause 49 I D of the Listing Agreement. 2010.ii. Armin Bruck. Subsidiary companies The Company does not have any material non-listed Indian subsidiary whose turnover or net worth (i. are reviewed by the Company’s Audit Committee as well as by the Board. 2010. by the following means: VI. fixes the procedures for signing authority. Chief Executive Officer (CEO) and Chief Financial Officer (CFO) certification As required by Clause 49 V of the Listing Agreement. availing of credit facilities.01. etc. the CEO and CFO certification of the Financial Statements. Chairman Dr. The Minutes of Board Meetings of the subsidiaries are noted at the Board Meetings of the Company.01.08.co. Siemens Ltd. Ajai Jain. Chairman Mr. • • • The Financial Statements. guarantees.2008 The FC authorises opening / closing of bank accounts. commodity hedging.10. Armin Bruck (Managing Director / CEO) and Mr.in. investment in mutual funds. etc. Sunil Mathur. Details of significant transactions and arrangements entered into by the unlisted subsidiary companies are placed before the Company’s Board.2008 01. A certificate from Dr. VII. Finance Committee (FC) Composition Name Mr. as and when applicable.08. The FC Meetings are held as and when required. in particular the investments made by the unlisted subsidiary companies.2008 01. Risk Management Framework The Company has in place a mechanism to inform the Board about the risk assessment and minimisation procedures and periodical review to ensure that management controls risk through means of a properly defined framework. 15 Meetings of the DPC were held during the Financial Year 2009-10. The BCGs can be viewed on the website of the Company www. The Company monitors the performance of its subsidiaries.siemens. grants authority for various purposes to the employees. Business Conduct Guidelines (BCGs) The Company has adopted BCGs as the Code of Conduct for Directors. including Non-executive Directors and Senior Management of the Company. to this effect. intercorporate deposits.2008 The DPC issues / revokes Powers of Attorney.2008 22. is attached to this Report. Armin Bruck Mr.07. Member & Secretary From 01. inter alia. Sunil Mathur Mr.

General Body Meetings a.m.00 p. ethical and moral standards and to provide a gateway for employees to report unethical behaviour and actual or suspected frauds. Detection and Investigation of Frauds and Protection of Whistleblowers (the Whistleblower Policy) The Company is committed to provide an open. 3. Paranjape. as amended. b. At 51st AGM – Approving Amendment to the Articles of Association of the Company pertaining to addition of new clause with respect to implementation of Siemens Internal Regulations. iii. Special Resolutions passed at the last three AGMs: i. The Whistleblower Policy broadly covers a detailed process for reporting. Mumbai . B. is the Compliance Officer. 52nd Venue Nehru Centre Auditorium Dr. d/o Mr.m. Ajai Jain. Policy for Prevention. Whole-time Director. To maintain high level of legal. 2002. Details of venue. c. Approving SMP Scheme to the employees of Indian subsidiaries of the Company. Vice President (Legal) & Company Secretary. Chavan Centre General Jagannathrao Bhonsle Marg Nariman Point. 1956. Code of Conduct for Prevention of Insider Trading Pursuant to the requirements of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations. (b) During the last Financial Year. 2010 Time 3. the Company has adopted the Whistleblower Policy with effect from 1st February. Approving ‘Siemens Limited – Share Matching Plan’ (SMP Scheme). date and time of the last three Annual General Meetings (AGM) held: Financial Year 2008-09 AGM No. Vijay V.m. 2008 3. No personnel have been denied access to the Audit Committee.Annexure III to the Directors’ Report (continued) Corporate Governance Report IX. no resolution was passed through Postal Ballot in accordance with Section 192A of the Companies Act.00 p. the Company has adopted a Code of Conduct for Prevention of Insider Trading with effect from 1st August.00 p. 2007-08 2006-07 51st 50th Friday. XI. Mr. Appointment of Ms. 32 Annual Report 2010 . 2009 Thursday. 29th January. 2005. Y. 1992.400 021 Day and Date Friday. Mukta Paranjape. 31st January. At 50th AGM – (a) Approving Amendment to the Articles of Association of the Company pertaining to the Authorised Share Capital of the Company. Approving payment of commission to Non-executive Directors. honest and transparent working environment and seeks to eliminate fraudulent activities in its operations. Worli Mumbai – 400 018 Yashwantrao Chavan Pratishthan Auditorium. 30th January. At 52nd AGM – (a) (b) (c) ii. Annie Besant Road. handling and investigation of fraudulent activities and providing necessary protection to the employees who report such fraudulent activities / unethical behaviour. This Code of Conduct is applicable to all Directors and such identified employees of the Company as well as of the group companies who are expected to have access to unpublished price sensitive information relating to the Company. to an office or place of profit. in line with Clause 7 of Annexure I D to Clause 49 of the Listing Agreement. X.

XII. Disclosures a. The Management’s Discussion and Analysis forms part of the Directors’ Report as Annexure II. XIII.in: - c. none of these transactions have potential conflict with the interests of the Company at large. Financial Results. Parekh Chairman Mumbai Wednesday. The Quarterly / Annual Financial Results of the Company are published in the Business Standard and Navshakti. Letters / intimation to Stock Exchanges in the ‘Notices for Corporate Development’ Section under the ‘Investor Relations’ Section. Means of Communication a. to the media and analysts in the ‘Investor Relations’ Section. Deepak S. Directors or the Management. that may have a potential conflict with the interests of the Company at large. Official press releases in the ‘Press’ Section. With regard to matters related to capital markets. XV. On behalf of the Board of Directors For Siemens Ltd. the Company has adopted Whistleblower Policy. Shareholding Pattern. 3. c. Investors can view this information by visiting the website www. 2. 33 . The following are also promptly displayed on the Company’s website www. d. The Company has constituted a Remuneration Committee of Directors comprising of Non-executive and Independent Directors. General Shareholder Information ‘General Shareholder Information’ forms part of the Directors’ Report as Annexure IV. d. XIV. as and when made.corpfiling. No penalties were imposed or strictures passed against the Company by the Stock Exchanges. are disclosed elsewhere in this Annual Report. 24th November.in. Shareholding Pattern and other specified details are now electronically filed through the Corporate Filing and Dissemination System (CFDS) as required under the Listing Agreement. However. Transactions with related parties.siemens. b. their subsidiaries or relatives. Status of compliance with non-mandatory requirements 1.co. The Company is in the regime of unqualified financial statements. Information about the Financial Results. Annual Report and the Presentations. SEBI or any other statutory authority during the last three years in this regard. as per requirements of Accounting Standard 18. As mentioned earlier.co. b. 2010 Siemens Ltd. The Company has not entered into any other transaction of a material nature with the Promoters. the Company has complied with all requirements of the Listing Agreement as well as SEBI regulations and guidelines. etc. Disclosures have also been received from the senior managerial personnel relating to the financial and commercial transactions in which they or their relatives may have a personal interest.

deficiencies in the design or operation of internal controls. applicable laws and regulations. We have evaluated the effectiveness of internal control systems of the Company and have disclosed to the Auditors and the Audit Committee. if any. and Instances of significant fraud of which we have become aware and the involvement therein. Dr. 24th November. as applicable to them. Armin Bruck Managing Director / CEO 34 Annual Report 2010 .. These statements together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards. 24th November. 2010 Dr. for the Financial Year ended on 30th September. and steps taken or proposed to be taken for rectifying these deficiencies. I hereby confirm that all the Directors and the Senior Management personnel of the Company have affirmed compliance with the Business Conduct Guidelines (Code of Conduct). to the best of our knowledge and belief. (‘the Company’) for the year ended 30th September. no transactions entered into between the Company during the year which are fraudulent. There are. 2010 Certification by the Chief Executive Officer (CEO) and Chief Financial Officer (CFO) under Clause 49 of the Listing Agreement To the Board of Directors of Siemens Ltd. of the management or an employee having a significant role in the Company’s internal control systems over financial reporting. We accept responsibility for establishing and maintaining internal controls for financial reporting.Declaration by the Managing Director under Clause 49 of the Listing Agreement regarding compliance with Business Conduct Guidelines (Code of Conduct) In accordance with Clause 49 I D of the Listing Agreement with the Stock Exchanges. Armin Bruck Managing Director Mumbai Wednesday. 2010 and to the best of our knowledge and belief: i) ii) b) c) These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading. Significant changes in accounting policies during the year and that the same have been disclosed suitably in the notes to the financial statements. We have indicated to the Auditors and the Audit Committee: i) ii) iii) Significant changes in the internal control over financial reporting during the year. Dear Sirs. illegal or violative of the Company’s code of conduct. d) Yours truly Sunil Mathur Executive Director / CFO Mumbai Wednesday. a) We have reviewed the financial statements and the cash flow of Siemens Ltd. if any. 2010. For Siemens Ltd.

for the year ended on September 30. Batliboi & Associates Firm Registration Number:. We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company. as stipulated in clause 49 of the Listing Agreement of the said Company with stock exchanges. 2010. 35 . adopted by the Company for ensuring the compliance of the conditions of the Corporate Governance. For S.101049W Chartered Accountants per Sudhir Soni Partner Membership No. It is neither an audit nor an expression of opinion on the financial statements of the Company.R.Certificate of Compliance To The Members of Siemens Limited We have examined the compliance of conditions of corporate governance by Siemens Limited (‘the Company’). Our examination was limited to procedures and implementation thereof. In our opinion and to the best of our information and according to the explanations given to us.:41870 Mumbai Date: 24 November 2010 Siemens Ltd. we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement. The compliance of conditions of corporate governance is the responsibility of the management.

2011 at 3. Bandra . Yashwantrao Chavan Pratishthan Auditorium Y. Listing on Stock Exchanges The Equity Shares of the Company are listed on the following premier Stock Exchanges of India having nation-wide trading terminals: Bombay Stock Exchange Ltd. Dividend Dividend will be paid on or after 28th January. BSE has permitted trading of the Company’s shares in the ‘A’ Group’. 2011 Second week of May.NS SIEM:IN INE003A01024 L28920MH1957PLC010839 36 Annual Report 2010 .400 021 2. 2011 3rd quarter ending 30th June.Annexure IV to the Directors’ Report General Shareholder Information (As required by Clause 49 of the Listing Agreement entered into with the Stock Exchanges) 1. as the Financial Year. 2011 Year ending 30th September. Mumbai . Financial Results will be announced as per the following tentative schedule: 1st quarter ending 31st December. Book Closure The Company’s Register of Members and Share Transfer Books will remain closed from Thursday. The Company’s shares are also available for trading in the Futures & Options segment. Plot No. Mumbai . For the Financial Year 2010-11. C/1 G Block. 2011 nd st Fifth week of January.00 P. 4. 2011 3. Mumbai . 28th January. The market lot for trading in the Company’s shares in this segment is 500. 53rd Annual General Meeting Day. 2011. Financial Calendar The Company follows the period of 1st October to 30th September. date and time Venue Friday. 2011 (both days inclusive). 28th January. B.allotted by the Ministry of Corporate Affairs 500550 SIEMENS EQ SIEM. 6.M. (BSE) Phiroze Jeejeebhoy Towers Dalal Street. Chavan Centre General Jagannathrao Bhonsle Marg Nariman Point. 5.Kurla Complex Bandra (E). 2011 Fifth week of July. S&P CNX Nifty represents the shares of 50 elite companies in the Country from across 22 sectors of the Economy. (NSE) Exchange Plaza. Stock Code / Symbol BSE NSE Reuters Bloomberg International Securities Identification Number (ISIN) Corporate Identity Number (CIN) .BO / SIEM. 20th January.400 001 National Stock Exchange of India Ltd.400 051 The Company has paid the listing fees for the Financial Year 2010-11 to the aforesaid Stock Exchanges. 2011 to Friday. 2010 2 quarter ending 31 March. The Company forms part of “S&P CNX Nifty Index” of NSE. 2011 Fourth week of November.

000 0 Jan-10 Feb-10 Mar-10 Dec-09 Apr-10 BSE Sensex BSE & NSE Share Price (`) 900 800 700 Share Price (`) 600 Index 500 400 S&P CNX NIFTY 300 200 100 0 May-10 Jun-10 Oct-09 Jul-10 BSE SENSEX S&P CNX NIFTY BSE SHARE PRICE NSE SHARE PRICE Siemens Ltd.00 677.80 677.091.128.7.15 684.20 513.616 1.193.10 620.214 1.904 1.00 683.000 10. (NSDL) and Central Depository Services (India) Ltd.541 10. 8.00 675.444.90 762.80 726.00 580.50 Volume Nos.50 717.010.231.074.089 6.503.861.50 Low ` 507.318 2.911.45 680.70 846.000 20.437 8.00 579.25 577.376 7.904 2.00 610.222.55 694.50 687.25 846.25 673.772.146.630 14.837.35 486.00 580.90 762.90 750.402 1. Aug-10 Sep-10 Nov-09 37 .925 12.366.008 1. Market Price Data (1) The market price and volume of the Company’s shares traded on BSE and NSE during each month of the last Financial Year from 1st October.760.75 764.60 667.224 1.60 690.00 677. 9.50 726.000 15.903 High ` 605.877.00 Volume Nos.10 717.00 598.45 765.672.939 1.50 611.487 7.793.00 750.000 5.545 10.438.271.65 745.10 485.80 NSE Low ` 506.50 588.371 1.025 7.628 3. 1.532.50 690.25 667. 2009 to 30th September.936. 2010 are as follows: Face Value of ` 2 each BSE High ` October 2009 November 2009 December 2009 January 2010 February 2010 March 2010 April 2010 May 2010 June 2010 July 2010 August 2010 September 2010 (2) 605.647 Company’s closing share price movement during the Financial Year 2009-10 on BSE and NSE vis-à-vis respective indices: 25.50 746.295 7.15 645.247 8.092. Custodial Fees to Depositories The annual custodial fees for the Financial Year 2010-11 has been paid to National Securities Depository Ltd.55 695. (CDSL).10 695.30 513.

53 1.397 337.88 6.115.052.989 6.47 100.10 2.342 38 Annual Report 2010 .236 4.01 100.94 1.14 2.135 % of total 89.38 100.69 1.82 0.00 Number of shareholders as on 30th September 2010 162. Germany) Public Banks & Indian Financial Institutions Mutual Funds and UTI Foreign Institutional Investors Bodies Corporate NRIs and OCBs Directors & their Relatives Total % of total 55.Annexure IV to the Directors’ Report (continued) General Shareholder Information 9.37 0.18 14.00 Number 9. 2010 Category Promoter (Siemens AG.93 88.216.568.804 5.25 4.556.25 0.969.84 4.73 0.513.609 5.69 1. Shareholders’ Profile as on 30th September.26 0.452 6.724 297.160.663 6. Distribution of Shareholding as on 30th September.57 0.989 2.166.135 2009 193. 2010 Number of shares held (Face Value of ` 2 each) 1-500 501-1000 1001-2000 2001-3000 3001-4000 4001-5000 5001-10000 10001 & above Total Shareholders Number 145.200 Shares % of total 2.52 1.34 0.041 1.645 4.35 16.00 10.186 556 928 755 162.76 1.361 2.

655 6. A/C Reliance Diversified Power Sector Fund General Insurance Corporation of India Azim Hasham Premji Reliance Capital Trustee Company Limited A/C Reliance Vision Fund DSP Blackrock Top 100 Equity Fund Abu Dhabi Investment Authority .200 95.98 100 113.49 0.577 2.606 1.396.485.160 2.870. Shareholders still holding shares in physical form are requested to dematerialise their shares at the earliest. For further information / clarification / assistance in this regard.Gulab Category Promoter Financial Institution Body Corporate Body Corporate Mutual Fund Financial Institution Resident Individual Mutual Fund Mutual Fund Foreign Institutional Investor Total Number of shares of ` 2 each 186. (TSRDL).72 0.749 337. Germany.320.227 249.825.26* 5.674. Ltd.253.682 % of total Capital * 55.274 39.41 74.900.18% holding of Siemens AG. 2010 Sr. Siemens Ltd.98* 2.890 2.686.184 3.614.18 13.319.554 152.160.07 * Total Paid-up Share Capital is ` 674. Germany Life Insurance Corporation of India HDFC Standard Life Insurance Company Limited Bharat Bijlee Limited Reliance Capital Trustee Co.400 comprising of 337.796 330.018 1.11.451 6.00 Equity Shares of ` 2 each Number % of total Number Shareholders % of total * Including 55.068 1.40 94.160. the Company’s Registrar and Share Transfer Agent.273.200 Equity Shares of ` 2 each. 39 . Dematerialisation of Shares & Liquidity The details of Equity Shares dematerialised and those held in physical form as on 30th September. Considering the advantages of dealing in securities in electronic / dematerialised form.55 0.69 0.792.862 2.74 100.828 9.041. 1 2 3 4 5 6 7 8 9 10 Name of the Shareholder Siemens Aktiengesellschaft.02* 1. Top Ten Shareholders of the Company as on 30th September.56 0.440.86* 24.135 69.656.090 45. 2010 are given hereunder: Particulars of Equity Shares Dematerialised form NSDL CDSL Sub-total Physical Form Total 323.84 0.307 162. The Company’s shares are actively traded on BSE and NSE. No. 12.96 0.04 98. As per the directions of SEBI. please contact TSR Darashaw Ltd.67 0. Equity Shares of the Company can be traded by all the investors only in dematerialised form.

Tata Centre. C-1. Registrar and Share Transfer Agent Share transfers.com Website: www.com Shah Consultancy Services Pvt. C21. Nashik .403 722 E-76 & F54.403 722 Plot No. 5th Floor 84.Annexure IV to the Directors’ Report (continued) General Shareholder Information 13.m. ‘E’ Road Northern Town. Verna .700 071 Phone: + 91 (033) 2288 3087 Fax: + 91 (033) 2288 3062 Email: tsrdlcal@tsrdarashaw.com TSR Darashaw Ltd. Verna Industrial Area. Bungalow No.tsrdarashaw. Mumbai – 400 011 Time: 10 a. E. Thane . if the documents are complete in all respects. Sumatinath Complex Pritam Nagar.com TSR Darashaw Ltd.560 001 Phone: + 91 (080) 2532 0321 Fax: + 91 (080) 2558 0019 Email: tsrdlbang@tsrdarashaw. Jawaharlal Nehru Road Kolkata .400 601 Address 40 Annual Report 2010 . The transfers are normally processed within 20-23 days from the date of receipt.380 006 Telefax: + 91 (079) 2657 6038 Email: shahconsultancy8154@gmail. Verna . Verna Industrial Area. Waluj. Phase -1A. Plant Locations Location Maharashtra Aurangabad Works Nashik Works Kalwa Works Goa Goa Works L-6. Additional Industrial Area.com l TSR Darashaw Ltd. 15.831 001 Phone: + 91 (0657) 2426 616 Fax: + 91 (0657) 2426 937 Email: tsrdljsr@tsrdarashaw. 1. MIDC Area. Share Transfer System Documents for transfer of shares in physical form can be lodged with TSRDL at the registered address or at any of the above mentioned branch offices. 25 & 26. 503 Barton Centre. Sant Vihar Ansari Road. TSR Darashaw Ltd.com l l l 14. Ltd Agents : TSR DARASHAW LIMITED 3. 23. Daryaganj New Delhi . to 3. MIDC.30 p. Haji Moosa Patrawala Industrial Estate 20.com For the convenience of shareholders based in the following cities. 1st Floor 43.110 002 Phone: + 91 (011) 2327 1805 Fax: + 91 (011) 2327 1802 Email: tsrdldel@tsrdarashaw. Aurangabad . M G Road Bangalore . (Monday to Friday) Phone: + 91 (022) 6656 8484 Fax: + 91 (022) 6656 8494 Email: csg-unit@tsrdarashaw. Ahmedabad . Panjim-Margao Highway. Moses Road Mahalaxmi. Bistupur Jamshedpur . transfer documents and letters will also be accepted at the following Branch Offices of TSRDL: l TSR Darashaw Ltd. Dr.m.431 136 Plot No. Plot No 2/42. Akhada Road Ellisbridge. 6-10.Belapur Road. Ambad.422 010 Thane . dividend payment and all other investor related matters are attended to and processed by TSRDL.

For the convenience of our investors. IDA.605 009 R.605 007 Industrial Growth Centre. Batliboi & Associates Cost Auditors R.co. Address for correspondence Registered and Corporate Office: Siemens Ltd. PO: Rakhajungle.R. 130. Uruvaiyaru Road. Maharashtra. State Bank of India Auditors S. Gandhinagar. Post Balanagar. Puducherry .m. Mumbai . (Saturday and Sunday closed).S No 23/2A. to 12 noon and 2 p.560 049 Plot No.in Investors’ Relations Team: Contact Person: Ms.in@siemens. Puducherry . transfer requests. Other Corporate Information Bankers Citibank N. on all working days of the Company. 89 & 90.500 037 Maneja Village. 24th November. Parekh Chairman Mumbai Wednesday. India Phone: +91 (022) 2498 7000 Fax: +91 (022) 2498 7500 Website: www.m. Deepak S. Pandurang Budhkar Marg Worli. ICICI Bank Ltd. On behalf of the Board of Directors For Siemens Ltd. etc. Nanabhoy & Co.m.390 013 16. Off Old Madras Road. Kharagpur .siemens.S No 16/8. A. Deutsche Bank AG The Hongkong and Shanghai Banking Corporation Ltd. Standard Chartered Bank HDFC Bank Ltd.15. Makarpura Railway Station. Plant Locations (continued) Gujarat Vadodara Works Andhra Pradesh Hyderabad Works Karnataka Bangalore Works West Bengal Kharagpur Works Tamilnadu Puducherry Works R. Vadodra . Virgonagar Post. Hyderabad . are accepted at the Registered Office also. 41 . Sheetal Vyas E-mail: Corporate-Secretariat. to 4 p.400 018. Abishegapakkam.721 301 Devanahalli Road. Siemens Ltd.com Phone: +91 (022) 2498 7173 Fax: +91 (022) 2498 7043 Time: 10 a. The Investors’ Relations Team of the Legal Department is located at the Registered Office. 2010 Note: The information given hereinabove is as of date unless otherwise stated. Kurumbapet Village. 17. Opp. Villianur Commune. Bangalore .

siemens. We’re building answers to today’s toughest questions – and we’re building them to last. In Ontario.” That’s the philosophy we still live by today.Can one technology sustain our entire way of life? Sustainability is more than a single technology. Our commuter trains reshape cities like Paris and Kuala Lumpur. It’s the philosophy behind everything Siemens is doing around the world. In 1884. And our affordable healthcare solutions help hospitals cut costs in Cairo and Colombia. our wind turbines generate clean. Our smart building technologies dot the skyline in New York and Dubai. our founder made a simple vow: “I will not sell the future for temporary gain.com/answers 42 s Annual Report 2010 . renewable power.

and our businesses have responded by supporting schools. With sustainability as the cornerstone of our values. our commitment is focused first and foremost on the issues where our skills and experience can contribute most effectively to sustainable development. Social and Environmental The three dimensions of sustainability – Economic. Siemens Ltd. The guidelines are the basis of our work and the relationships of our employees with each other. In doing so. more sustainable future for all. Caring Hands Siemens global program. We also implemented comprehensive training programs for compliance across Siemens. opening up more business areas and reducing costs. we encourage our businesses and staff to be aware of the environmental impacts of their actions and to be involved in their local communities. is a special charity program which helps people in need when they need it most. Social Dimension : Corporate social responsibility We strive to contribute to our society and environment in positive ways. we promote the sustainable development of our customers and our own organization in India. Today. At Siemens Ltd. are now answering the toughest questions of our time with our leading-edge products and solutions – ensuring a better. we work to make India a better place. this includes open exchanges of ideas with the countries and societies we are present in. It covers a wide scope of activities including volunteering.” That is why we actively contribute to forward-looking development at our locations. including: Disbursement of loans amounting to LKR 1522500 for 1581 families towards the rehabilitation of tsunami victims 43 The three dimensions of sustainability – Economic.Sustainability @ Siemens Ltd. charities and community projects. The company does not tolerate illegal or unethical behavior. Economic Dimension: Compliance Siemens places great importance on its role as a responsible corporate citizen. Binding Business Conduct Guidelines require all our managers and employees worldwide to behave ethically and in conformity with the law. In 2009-2010. For us. Siemens generates an astonishing 38 inventions and 23 patent applications around the world every workday and our investments in Research and Development are the prerequisite for successful innovation and sustainable business success. disaster relief. giving us a key competitive edge for us in the marketplace. 2. The program includes clear instruction to all employees to comply with all applicable laws. 98% of employees completed two web-based training modules. environmental and social progress. In addition to the contribution we make through our innovative technology. The Siemens Compliance Program anchors ethical and legal behavior throughout the company and its implementation is driven by a worldwide compliance organization. Caring Hands. social sponsorship. We encourage our businesses to think broadly and creatively about their role in society. This requires the company to conduct its affairs without exception in accordance with accepted ethical standards and in compliance with all relevant laws. and supporting or donating funds to good causes. In addition to this. Research and Development On average. Sustainability has been an element of Siemens’ culture for generations and has seen the company through more than 160 years of excellence. Siemens Compliance Program At Siemens we conduct our business responsibly and in compliance with the laws and regulation of all the countries where we do business. . As an integrated technology company. We create partnerships with non-profit organizations and use our technology to provide fast reconstruction assistance when disaster strikes. we undertook various projects under Corporate Social Responsibility and Caring Hands. The key principles of the program are how we conduct ourselves in business and ensuring our business partners work at a similar ethical standard. Social and Environmental – govern all our activities: 1. customers and partners. We at Siemens. Siemens operates in nearly 190 countries and invariably becomes a part of the local communities – as an employer and client as well as a good “corporate citizen. For us. we are consciously making it an essential element of our business strategy. Our innovations lead to new applications and help our customers introduce products that are more efficient to the market. 3289 employees were trained in 95 classroom sessions conducted by our Compliance Officers. sustainability means acting responsibly on behalf of future generations to achieve economic.

Our goal by 2011 is to see our customers save 300 million tons of CO2 a year with our products and solutions.15 crore was spent on Learning & Development of our employees. in India by 2012. This initiative involves optimizing existing building in regards to energy in the first phase. solutions and services.7 in FY10. on a global basis. our goal is to raise awareness throughout the workforce of the importance of environmental and climate protection. Environmental Portfolio Our Environmental Portfolio consists of exceptionally energy-efficient products and solutions. Annual Report 2010 Occupational health and safety Siemens demonstrates a clear and uncompromising approach to the safety of all employees. The products and solutions in our Environmental Portfolio make a significant contribution to climate protection by helping our customers reduce their CO2 emissions. (continued) - A contribution of ` 10 Lacs earthquake towards the Haiti Education and development of over 100 children at St. Each year. systems. They are highly qualified and committed to the creation and provision of innovative products. due to a large addition of sub-contractors. systems and services and the operation of our locations meet high environmental standards.172 employees including contractors on various Safety & Environment topics. With the training of 3. we ensure our people have the knowledge and skills to be successful in their job role thereby contributing to achieving our company business objectives. Siemens has in place a Green Building Initiative. Our global target is to increase Portfolio revenue to €40 billion in 2014. Catherines Home. Employee environmental awareness As a values-driven company. our employees are undoubtedly our greatest assets. Ecological Footprint Management Globally.000 patents for climate protection and environmental technologies. contractors. we aim to bring down the LTIFR. This was the first-year that a survey of this kind was administered and we are proud to report that Siemens Ltd. but is also a key success factor for our company. registered participation levels of 71% in the survey. renewable energy systems and components and a range of environmental technologies. an initiative by Siemens AG. Environmental Protection Protecting the environment is not just sound business practice and part of our duty as a good corporate citizen. we have recently kicked off operations of our renewable energy business in India by setting up an office at Vadodara. Health and safety is part of everything we do and every decision we make at Siemens. In India. to measure Employee Satisfaction levels on a global basis was also rolled out in Siemens Ltd. any company in the world and already generates more than a quarter of our revenue. 3. At Siemens we fulfill our responsibilities in the area of environmental protection by ensuring that our products. By offering a range of learning and development opportunities. Our current Lost-Time Injury Frequency Rate (LTIFR) per million hours worked has increased to 1. We aim to achieve a 10% reduction in energy consumption in all company-owned offices. an environmental reporting system is in place for all company locations that exceed certain thresholds for resource consumption and waste volumes. we spend about €1 billion on environmental R&D and we currently hold around 14. Mumbai. Employee training and development is critical to the creation and implementation of technology-based solutions for our customers and future generations. The objective is to facilitate the employees to inculcate the culture of sustainability through self-realisation and active participation. In FY2010 we arranged 261 training programs for softskills development and management development (MDP’s). We are committed to continually reduce our environmental impact through a range of environmental initiatives and programs.Sustainability @ Siemens Ltd. In addition to this. More than 4500 of our employees participated in these programs and a sum total of Rs. Siemens health and safety performance demonstrates that our dedicated focus over many years has resulted in industry leading performance. The Siemens Learning & Development Centre optimizes the potential of all employees. 3. Environment Dimension: We recognize the importance of protecting the natural environment and embrace our responsibility to help create an environmentally sustainable future. Siemens is operating a global environment program aimed at achieving a 20% improvement in energy efficiency by 2011. the Global Employee Engagement survey. It is the largest environmental portfolio of 44 . Across India we aim to measure company wide environmental performance. Going forward renewable energies like wind and solar will be the need of the hour and we are committed to play our role to reduce carbon footprint through out technologies. Learning & Development With more than 7000 employees in India. The other examples of Green technology are India’s first and largest single phase 500MVA HVDC transformer and the locally manufactured 145 kV Gas Insulated Switchgear. In order to achieve this. customers and the users of our technology.

2.Corporate Social Responsibility The Corporate Social Responsibility (CSR) initiatives for this year were planned in a manner in order to be able to adopt the United Nations Millennium Development goals of Universal Education and a Sustainable Environment. an NGO. Siemens Limited also contributed INR 10 lacs towards the rehabilitation of infrastructure projects and as support to set up hospitals in Haiti through the German Red Cross. For a brighter future of the children. Over 70% of the network printers were disabled from printing. These children have never been to school before as they mostly reside on the streets and/or slums. we also support the Educational Extension project of St. Siemens as part of Ape Dayawa . sports. Catherine’s Home at Koperkhairane. With assistance from IT Helpdesk all network printers of 13 major locations were disconnected from the Siemens network across India for one day. Mentoring program by our employees at St. Catherine’s Home on a yearly basis. Navi Mumbai for St. This is being done by setting up two Social & Learning centres for women and children by providing them with an opportunity to earn their livelihood in severely affected regions of Tangalle and Hambantota in Sri Lanka. This year was truly an eventful year for the Children of St. Siemens Ltd. we also took our sustainability initiatives forward and demonstrated that we walk the talk when it comes to giving back to our environment. 4. Catherine’s. Mumbai The St. the focus of initiatives was on greater employee participation and sharing of expertise and contributions so as to assist the underpriviledged children in their development and also garner their support in minimizing the impact caused to the environment. etc in all the Schools that we support to bring about a more rounded off development for the children. Bandra. On World Environment Day. Further we also supported activities in Public Health Promotion and Water & Sanitation during the Leh flood through Oxfam India. 45 . education and upgradation & refurbishment of infrastructure expenses of St. This one day activity saved nearly 75. Catherine’s Home which is being driven by employee volunteers of Siemens. The objective of doing this is to make an attempt at providing a normal childhood to over 100 children who reside at St. Catherine of Siena School and Orphanage for children. computers. Sri Lanka Realizing the need for long-term rehabilitation of Tsunami victims. science. It will also act as a platform for residents to meet and interact.the German Business Community in Sri Lanka is working with Jana Suwaya. Till date 1581 loans amounting to LKR 1522500 have been disbursed to enable women to earn additional income using their skill sets & uplift the standard of living for their families. Employees teach art & craft. As part of the CSR program. Disaster Relief and Rehabilitation Disaster Relief and Rehabilitation is an important part of the Siemens CSR program. post completion of their primary education. Catherine’s Home. The key highlights of our CSR Initiatives have been listed out below: 1. 6. to provide long term rehabilitation to the Tsunami victims. 8916 units of power were saved across various Siemens locations. St. In addition all network printers were switched off and tree plantation was encouraged at St. music. 3. Being in the orphanage. We also organized counseling sessions and recreation programs for the children with active participation from employee volunteers. The Community learning centers will provide computer training and training for self-development with special programs for women and children. we renewed our commitment as co-activists to the planet by running a pan-organization initiative to save paper. we encourage our employees to use their professional skills to create a positive impact on the lives of children we have been supporting. Baroda Siemens supported Maa Gayatri School. This is inline with the UN-Millennium Development Goals of which achieving universal primary education is an important goal. in upgrading the school infrastructure and promoting primary education by creating an environment which is conducive to learning. Our effort is also focused on ensuring a better and safer childhood to these children.000 papers. in a non threatening environment. On World Earth Day. Baroda a primary Municipal school located near our Factory in Baroda. the children have started building greater confidence. Maa Gayatri School. As part of this program. Catherine’s Home project is an effort by Siemens to address the issue of homeless and vulnerable street children and the Company has been associated with St. Catherine’s Home The end of this fiscal year saw the launch of our Mentoring program at St. Catherine’s Home. Our support provides the children with an opportunity to complete their education and enable them to become the first generation learner of their respective families.253. Siemens contributes towards the boarding. Catherine’s Home and for our employees. mathematics. In addition to the employee contribution. Green Initiatives During the year. This year our employees along with Red Cross Society jointly distributed 200 family packs to the communities affected by Aila cyclone in West Bengal. 5. Catherine’s Home. We also contributed to the reduction of our carbon footprint by 7 tonnes of CO2 within a single day. For Haiti earthquake relief too Siemens’ employees came together as One Siemens and contributed a total of ` 134. Tsunami Rehabilitation project. Mumbai for the last seven years.

46 Annual Report 2010 .

Siemens Ltd. 47 .

Siemens Limited Fiftythird Annual Report for the year ended 30 September 2010 with Auditors’ Report 48 Annual Report 2010 .

2003 (as amended) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act. vi. 2010. In our opinion. On the basis of the written representations received from the directors. v. 2010. profit and loss account and cash flow statement dealt with by this report are in agreement with the books of account. These financial statements are the responsibility of the Company’s management. the balance sheet. the said accounts give the information required by the Companies Act. and in the case of cash flow statement. We have obtained all the information and explanations. For S. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. on a test basis. we report that none of the directors is disqualified as on September 30. and taken on record by the Board of Directors. An audit includes examining. b) 4. a) in the case of the balance sheet. Siemens Ltd. evidence supporting the amounts and disclosures in the financial statements. of the profit for the year ended on that date. we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Our responsibility is to express an opinion on these financial statements based on our audit. as well as evaluating the overall financial statement presentation. 2. in the case of the profit and loss account. 1956. 1956. of the cash flows for the year ended on that date. we report that: i. 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. c) ii. 2010 iii. profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act. We have audited the attached balance sheet of Siemens Limited (‘the Company’) as at September 30.: 41870 Place : Mumbai Date : November 24. of the state of affairs of the Company as at September 30. which to the best of our knowledge and belief were necessary for the purposes of our audit. 2010 and also the profit and loss account and the cash flow statement for the year ended on that date annexed thereto. In our opinion and to the best of our information and according to the explanations given to us. proper books of account as required by law have been kept by the Company so far as appears from our examination of those books. We believe that our audit provides a reasonable basis for our opinion. in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India. BATLIBOI & ASSOCIATES Firm registration number: 101049W Chartered Accountants per Sudhir Soni Partner Membership No. In our opinion. An audit also includes assessing the accounting principles used and significant estimates made by management. We conducted our audit in accordance with auditing standards generally accepted in India. As required by the Companies (Auditor’s Report) Order.Auditors’ Report To the Members of Siemens Limited 1. 49 . iv. 1956. 3. 1956. Further to our comments in the Annexure referred to above. as on September 30. The balance sheet.R.

income-tax. salestax. firms or other parties covered in the register maintained under section 301 of the Companies Act. During the course of our audit. (c) (ii) (a) The Company has not accepted any deposits from the public. the prescribed accounts and records have been made and maintained. There was no substantial disposal of fixed assets during the year. secured or unsecured to companies. the transactions made in pursuance of such contracts or arrangements exceeding value of Rupees five lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time. Accordingly. for the purchase of inventory and fixed assets and for the sale of goods and services. secured or unsecured from companies. or employees’ state insurance. (c) and (d) are not applicable. excise duty and cess on account of any dispute. service tax. the Company has an internal audit system commensurate with the size and nature of its business. this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. excise duty. 1956. for a period of more than six months from the date they became payable. The company has a regular programme of physical verification of its fixed assets by which all fixed assets are verified in a phased manner over a period of three years. (b) According to the information and explanations given to us. service tax. customs duty. 1956. income-tax. we are not in a position to comment upon the regularity or otherwise of the company in depositing the same. wealth-tax. there is an adequate internal control system commensurate with the size of the Company and the nature of its business. We have not observed any continuing failure to correct major weakness in internal control system of the company. As informed.Annexure to the Auditors’ Report (i) (a) The Company has maintained proper records showing full particulars. investor education and protection fund. According to the records of the Company. The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification. no major weakness has been noticed in the internal control system in respect of these areas. In our opinion and according to the information and explanations given to us. no material discrepancies were noticed on such verification. sales-tax. no undisputed amounts payable in respect of provident fund. including quantitative details and situation of fixed assets. service tax. The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. firms or other parties covered in the register maintained under section 301 of the Companies Act. (iv) In our opinion and according to the information and explanations given to us. Further. (b) (vii) In our opinion. the dues outstanding of income-tax. customs duty. The management has conducted physical verification of inventory at reasonable intervals during the year. customs duty. (ix) (a) Undisputed statutory dues including provident fund. at the year end. since the Central Government has till date not prescribed the amount of cess payable under section 441 A of the Companies Act. employees’ state insurance. 1956. sub-clause (b). sales-tax. As informed. wealth-tax. the Company has not taken any loans. are as follows: (c) (iii) As informed. we are of the opinion that the particulars of contracts or (c) (v) 50 Annual Report 2010 . excise duty. and are of the opinion that prima facie. 1956. (vi) (b) (b) arrangements referred to in section 301 of the Companies Act. In our opinion. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act. wealth-tax. the Company has not granted any loans. investor education and protection fund. 1956 that need to be entered into the register maintained under section 301 have been so entered. cess and other undisputed statutory dues were outstanding. (a) According to the information and explanations provided by the management. cess have generally been regularly deposited with the appropriate authorities. Accordingly sub-clause (f) and (g) are not applicable. having regard to the explanation that certain items purchased are of special nature for which suitable alternative sources do not exist for obtaining comparative quotations.

1979-90. The company did not have any borrowings from financial institutions. Excise.: 41870 Place : Mumbai Date : November 24. the provisions of clause 4(xiv) of the Companies (Auditor’s Report) Order. 1987-88. the Company is not a chit fund or a nidhi / mutual benefit fund / society. 2003-04.200 (x) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current and immediately preceding financial year. bank or by way of debentures during the year. BATLIBOI & ASSOCIATES Firm registration number: 101049W Chartered Accountants per Sudhir Soni Partner Membership No. we report that no fraud by the Company has been noticed or reported during the course of our audit. 1956. 2000-01 to 2002-03. Entry Tax. 2005-07 1998-99 2009-10 Forum where dispute is pending Commissioner (Appeals) Customs. 1986-87. (xiv) In our opinion. The investigations relating to these cases are either closed or in progress and the amounts have been recovered or the Company is covered by insurance. (xxi) According to the information and explanations given to us. 2002-07 1999-00. 51 . 1991-92. Interest 73. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company. 1993-97. debentures and other investments. securities. 1994-97. (xi) (xviii) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act.463 59. 2003-04 to 2007-08 1980-81. (xiii) In our opinion. Penalty and Service Tax State & Central Sales Tax Tax. Therefore.367 Customs Act.000 2. 1962 Duty 120. the provisions of clause 4(xiii) of the Companies (Auditor’s Report) Order. 2010 (xii) According to the information and explanations given to us and based on the documents and records produced to us. the Company has not given any guarantee for loans taken by others from bank or financial institutions. we report that no funds raised on short-term basis have been used for long-term investment. (xix) The Company did not have any outstanding debentures during the year. 2003 (as amended) are not applicable to the Company.Name of the statute Nature of dues Amount (` ‘000) 14. 2000-01 to 2008-09 1967-69. debentures and other securities.993 395. 1995-97. 2003 (as amended) are not applicable to the Company.R. 1993-94 to 1997-98. (xx) The Company has not raised any money by way of public issues during the year. 1970-71. 268. For S.970 Acts. the Company has noticed and reported certain instances of frauds relating to theft by third party amounting to ` 21. Work Contract Tax & Penalty Acts. the Company is not dealing in or trading in shares.622 108. Siemens Ltd. 1999-02. 1992-93. 1998-09 1974-78. (xvi) The Company did not have any term loans outstanding during the year. Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management. 2000-01. 1989-03 1984-85. 1991-94. Accordingly. Service tax Appellate Tribunal Assistant /Additional Commissioner Deputy Commissioner/ Commissioner/Joint/ Special Commissioner Sales Tax Tribunal High Court High Court CESTAT Central Excise Act.623 thousand. 1972-74. 1944 Duty. the Company has not granted loans and advances on the basis of security by way of pledge of shares.390 Period to which the amount relates 1988-89 to 1999-2000. (xv) According to the information and explanations given to us.

410 34.113 The schedules referred to above form an integral part of the balance sheet.057.101049W Chartered Accountants per Sudhir Soni Partner Membership No: 41870 Mumbai 24 November 2010 52 2010 2009 3 4 674.761) 6.777.748 (39. Parekh Dr. Armin Bruck Sunil Mathur Yezdi H.449.216 33.119.335.931.640 69.295.534.906 29.606 1.081 13 14 (43.465.655.564.Batliboi & Associates Firm Registration Number:.769.448.208.262) (15.723 1.018 7.352.339.430 12.887 29.000 15.994 79.158 9.777.457. net Current assets.548.515) 15.320 34.126 9.780.113 5 2.780.593) (53.198 6 13.347.022 10.35 11.172.280.922) (13.491.198 1 2 .Balance Sheet as at 30 September 2010 (Currency : Indian rupees thousands) Schedule SOURCES OF FUNDS Shareholders’ funds Share capital Reserves and surplus Loan funds Unsecured loans APPLICATION OF FUNDS Fixed assets Gross block Accumulated depreciation / amortisation Net block Capital work-in-progress including capital advances Investments Deferred tax asset.884.052.788 674.313.951) 7.892.103.971 34.172.R.441 18. For S.322) (59.Malegam Ajai Jain Mumbai 24 November 2010 Annual Report 2010 Chairman Managing Director Executive Director Director & Chairman of Audit Committee Vice President (Legal) & Company Secretary . loans and advances Inventories Sundry debtors Cash and bank balances Loans and advances Current liabilities and provisions Current liabilities Provisions Net current assets Significant accounting policies Schedules to the financial statements As per our report of even date.672.805.115 14.721.342.937 2.774 (5.888 (6.095 7 8 9 10 11 12 3.031 4.468 34.584) 19.624.166. For and on behalf of the Board of Directors of Siemens Limited Deepak S.013 1.497 34.233 29.023.320 28.211.207 5.583.

Malegam Ajai Jain Mumbai 24 November 2010 53 Chairman Managing Director Executive Director Director & Chairman of Audit Committee Vice President (Legal) & Company Secretary .577 (2.190.109 1. 2010 95.R.976.879 (71.318.877.205 10.Batliboi & Associates Firm Registration Number:.805 68.554.508 10.1 32 1 2 .690 445.002 697.405 776.410 83.449.272.479 12.796 105.012 9. Parekh Dr.685.912 5.887) 92.887.219 2.149 8.189.405.259.706.99 The schedules referred to above form an integral part of the profit and loss account.101049W Chartered Accountants per Sudhir Soni Partner Membership No: 41870 Mumbai 24 November 2010 Siemens Ltd.587.154 63.801 286. as on 1 October 2009 Profit available for appropriation Appropriations: Proposed dividend Tax on proposed dividend Transfer to general reserve Earnings per share (‘EPS’) (Equity share of face value ` 2 each) .794 58.315 94.553 75.394 82.114 (2.007.479 (4.020 12.059.715 93.688 9. For and on behalf of the Board of Directors of Siemens Limited Deepak S. net Profit before tax before exceptional income Exceptional income: .593 (4.448. For S.017.803 2009 85.685.326 12. net Other income EXPENDITURE Cost of sales and services Personnel costs Depreciation/amortisation Interest Expense Other costs.017.464) 208.Profit on sale of investments in subsidiaries Profit before tax Provision for tax Current tax Deferred tax credit/(charge) Fringe benefit tax Profit after tax Balance in Profit and loss account brought forward Balance of Profit and loss account of Flender Ltd.587.134 2. Armin Bruck Sunil Mathur Yezdi H.498.151 6.448.508 1.115 745.772 4.448.990 7.776.803 1.476.500) 10.152.367.335 520.474.745 523.085 848.325.188 87.876 6.508 15 16 17 18 19 6 20 2.Basic and diluted Significant accounting policies Schedules to the financial statements As per our report of even date.516.502 8.Profit and Loss Account for the year ended 30 September 2010 (Currency : Indian rupees thousands) Schedule INCOME Sales and services (gross) Excise duty Sales and services (net) Commission income Interest income Other operating income.53 30.112.269.052.014.35 24.459 14.779) 83.186.989 777.513) 201.341.801 279.

811.379) (523.000) (30.268 (1.882) (116.099.506) 108 17 17 680.090.253.046 15 17 (776.541 (4.740 2.796 (267.085) 13.862.871) 258.876 2009 14.276) (1.830 (2.793 (702.291 1.823.468.570.307) (1.232.204 14.079) (1.593 58.257 .In subsidiary company .In mutual funds Sale of investments . net Net cash provided by operating activities Cash flow from investing activities Purchase of fixed assets Proceeds from sale of fixed assets Purchase of investments . net Profit on sale of long term investment (equity shares in Siemens Information Systems Ltd.785 1.982.658) 305.233.479 105.999) 3.579) 5.205.379 (1.772 246.631.265) 371.459 1. net Interest income Dividend income Operating profit before working capital changes (Increase)/ Decrease in inventories (Increase)/ Decrease in sundry debtors and other receivables Increase/ (Decrease) in sundry creditors and other current liabilities Increase/(Decrease) in provisions Net change in working capital Cash generated from operations Direct taxes paid.318.261.) Sale of lease rights Profit on sale of Electronics Assembly Division Unrealised exchange loss/ (gain).708.690 9.577) (78.508 (2.711) 10.377 Annual Report 2010 20 20 6 16 169.705 47.011.186.337 (5.In mutual funds .Others Dividend received .027.746 4.712 (5.002) (2.014.587.563) 777. net Depreciation and amortisation Profit on sale of fixed assets.796) 587.From subsidiary company .In subsidiary companies .Cash Flow Statement for the year ended 30 September 2010 (Currency : Indian rupees thousands) Schedule Cash flow from operating activities Profit before tax Adjustments for: Interest expense Bad debts Provision for doubtful debts/advances.881) 9.828) (1.021.882.100.333) 3.794 (238.229.204 9.942.216 (121.963 1.186.459 3.) Profit on sale of long term investment (equity shares in Siemens Information Processing Systems Ltd.From mutual funds Interest received 54 2010 12.700.422 520.

000 28.Batliboi & Associates Firm Registration Number:.150 2.000) 9.251) (1. 1 October 2009 and are therefore to that extent not comparable with previous year’s figures. Cash and cash equivalents at the end of the period include current account balances with banks of ` 19. has no impact on the Company’s cash flow for the year.496) (2.000 (4.1 (36.180.336 (2009: ` 13.449.310.526) (4.1) is a non cash transaction and hence.420. (Refer Schedule 2.022 2010 (17.812 334.140.1) The amalgamation of Flender Ltd.Malegam Ajai Jain Mumbai 24 November 2010 Chairman Managing Director Executive Director Director & Chairman of Audit Committee Vice President (Legal) & Company Secretary Siemens Ltd.845.e.413.005 3.430 (2.895 897. with the Company (Refer Schedule 2. 55 .830) (3.228 14. The figures of the current year include changes in the cash flow of the erstwhile Flender Ltd.000 78.187.000) 15.022 158.050. 2. which was amalgamated with the Company w. Parekh Dr.R. As per our report even date For S.f. Effect of exchange gain/(loss) on cash and cash equivalents Cash and cash equivalents at the end of the year Note: 1.733) (1.449.831 18.966. Armin Bruck Sunil Mathur Yezdi H.863) which are restricted in use.899 9.059) 3.534.591.485) 4.124.006) 2009 (10.Cash flow statement (Continued) Schedule Inter corporate deposits placed Inter corporate deposits received back Sale of lease rights Sale of Electronic Assembly business Cash generated from investing activities Cash flow from financing activities Interest paid Dividend paid (including tax thereon) Repayment of long term borrowings Net cash used in financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents acquired on merger of Flender Ltd.130.007.708) (1. 11 2.101049W Chartered Accountants per Sudhir Soni Partner Membership No: 41870 Mumbai 24 November 2010 For and on behalf of the Board of Directors of Siemens Limited Deepak S.765 14..

Any expected loss is recognised in the profit and loss account through an accelerated depreciation charge.4 Intangible assets Intangible assets comprise goodwill and technical know-how. on the accrual basis of accounting in accordance with the accounting principles generally accepted in India and comply with the accounting standards notified in the Companies (Accounting Standards) Rules 2006. Items of fixed assets that have been retired from active use and are held for disposal are stated at the lower of their net book value and estimated net realisable value and are disclosed separately in the financial statements. which in management’s opinion reflect the estimated useful economic lives of the fixed assets.2 Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles (‘GAAP’) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements.Other plant and machinery Furniture.1 Significant accounting policies Basis of preparation of financial statements The financial statements are prepared and presented under the historical cost convention. 1. The key fixed asset blocks and related annual depreciation rates. If the management’s estimate of the useful life of a fixed asset at the time of acquisition of the asset or of the remaining useful life on a subsequent review is shorter than that envisaged in the aforesaid Schedule. (as amended) issued by the Central Government. depreciation is provided on the revalued amount and the additional depreciation on accretion to assets on revaluation is transferred from revaluation reserve to the profit and loss account. 1.34% 2-2.3 Fixed assets and depreciation Fixed assets are stated at acquisition or revalued amounts less accumulated depreciation.33% 25% 3. Capital work-in-progress includes the cost of fixed assets that are not ready to use at the balance sheet date and advances paid to acquire capital assets before the balance sheet date.Assets at project sites . The depreciation rates prescribed in Schedule XIV to the Act are considered as the minimum rates. are: Asset Land .Lease hold Buildings . fittings and office equipment Vehicles Over the life of the project 10-20% 10-25% 20%-33.Schedules to the Financial Statements for the year ended 30 September 2010 (Currency: Indian rupees thousands) 1.000 are fully charged to the profit and loss account in the year of acquisition. depreciation is provided at a higher rate based on the management’s estimate of useful life/remaining life.Special machine tools . Assets costing less than ` 5. freight and other incidental expenses related to the acquisition and installation of the respective assets. to the extent applicable. 1. in consultation with National Advisory Committee on Accounting Standards (‘NACAS’) and relevant provisions of Companies Act.Other buildings Plant and machinery . which in management’s estimate represents the period during which economic benefits will be derived from their use: 56 Annual Report 2010 .Freehold land . These intangible assets are amortised on straight-line basis based on the following useful lives.5% Over the lease period Rate Where depreciable assets are revalued.Factory buildings . Any revision to accounting estimates is recognised prospectively in current and future periods. Actual results could differ from those estimates. duties. 1. 1956 (‘the Act’). The cost of fixed assets includes taxes. Depreciation is provided on the straight-line method (‘SLM’).

Sales are stated exclusive of sales tax and net of trade and quantity discount. If any such indication exists. Excise duty is included in the value of finished goods inventory.4 Intangible assets (Continued) Asset Goodwill Technical know-how Useful life 60 months 60 – 84 months 1. the Company estimates the recoverable amount of the asset or cash generating unit. Inventories Inventories comprise all costs of purchase. conversion and other costs incurred in bringing the inventories to their present location and condition. 57 . Work-in-progress and finished goods are valued at the lower of cost and net realisable value. the estimated future cash flows are discounted to the present value at the weighted average cost of capital. in accordance with the Percentage of Completion method followed by the Company for Revenue Recognition. Provision for expected loss is recognised immediately when it is probable that the total estimated contract costs will exceed total contract revenue. The reduction is treated as an impairment loss and is recognised in the profit and loss account. Investments Investments that are readily realisable and intended to be held but not more than a year are classified as current investments. The recoverable amount is the greater of the asset’s net selling price and value in use. In assessing value in use . which is generally on dispatch of goods. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists. Dividend income is recognised when the right to receive the dividend is established. Contract revenue earned in excess of billing has been reflected as “Project Work-in-progress net of amounts billed there against” under “Inventories” and “Billing in excess” of contract revenue has been reflected under “Current Liabilities” in the balance sheet. Custom duty on goods where title has passed to the Company is included in the value of inventory. Revenue from services is recognised as per the terms of the contract with the customer using the proportionate completion method. Cost is determined on a weighted average basis.6 1. The net realisable value of work-in-progress is determined with reference to the estimated selling price less estimated cost of completion and estimated costs necessary to make the sale of related finished goods. Raw materials held for the production of finished goods are not written down below cost except in case where material prices have declined and it is estimated that the cost of the finished product will exceed its net realisable value.5 1. Export incentives receivable are accrued for when the right to receive the credit is established and there is no significant uncertainty regarding the ultimate collection of export proceeds. Current investments are carried at lower of cost and fair value. Cost is determined on the basis of the weighted average method. Percentage of completion is determined as a proportion of the costs incurred upto the reporting date to the total estimated contract costs. other than temporary in value of long-term investments and is determined separately for each individual investment. had no impairment been recognised. All other investments are classified as long term investments. Raw materials are valued at the lower of cost and net realisable value. the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost. Interest income is recognised on the time proportion basis.1. Income from fixed price construction contracts is recognised by reference to the estimated overall profitability of the contract under the percentage of completion method.7 1.8 Impairment of assets The Company assesses at each balance sheet date whether there is any indication that an asset or a group of assets (cash generating unit) may be impaired. Revenue recognition Revenue from sale of products is recognised on transfer of all significant risk and rewards of ownership of the products on to the customers. computed separately in respect of each category of investment. Commission income is recognised when proof of shipment is received from the supplier. the carrying amount is reduced to its recoverable amount. Long-term investments are carried at cost. Provision for diminution is made to recognise a decline. If such recoverable amount of the asset or the recoverable amount of the cash-generating unit to which the asset belongs is less than its carrying amount. Project Work-in-progress net of amounts billed is valued at cost incurred on the contract with the profit taken thereon. and reduced by progressive billings Siemens Ltd.

etc. Initial direct costs such as legal costs. 1. are recognised as an expense in the statement of profit and loss on a straight line basis over the lease term. Non monetary items are stated in the balance sheet using the exchange rate at the date of the transaction. wages and short term compensated absences. the premium or the discount on forward exchange contracts not relating to firm commitments or highly probable forecast transactions and not intended for trading or speculation purpose is amortized as expense or income over the life of the contract. Derivative instruments The Company’s exposure to foreign currency fluctuations relates to foreign currency assets. where the counterparty is a bank. pension.10 Employee benefits (a) Short term employee benefits All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. (b) Post-employment benefits (i) Defined Contribution Plans: The Company’s approved superannuation scheme and employee state insurance scheme are defined contribution plans. gratuity. Lease payments under an operating lease.e. are translated at the year-end at the closing exchange rate and the resultant exchange differences are recognised in the profit and loss account. amount of tax for the year determined in accordance with the income-tax law).11 Foreign currency transactions The Company is exposed to currency fluctuations on foreign currency transactions. The obligation is measured at the present value of the estimated future cash flows. 1. Translation Monetary assets and liabilities in foreign currency. 1961. The Company’s contribution paid/payable under the schemes is recognised as expense in the profit and loss account during the period in which the employee renders the related service. Costs. which are outstanding as at the year-end. Deferred tax assets are recognised only to the extent 58 Annual Report 2010 . is based on the market yields on Government securities as at the balance sheet date.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency: Indian rupees thousands) 1. leave and medical benefit schemes are defined benefit plans. are recognised immediately in the Profit and Loss Account. liabilities and forecasted cash flows. All other derivatives. Transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date of transactions. The discount rates used for determining the present value of the obligation under defined benefit plans. Where the Company is the lessor: Assets subject to operating leases are included in fixed assets. brokerage costs. As per Accounting Standard (‘AS’) 11 – ‘The Effects of Changes in Foreign Exchange Rates’. Actuarial gains and losses are recognised immediately in the Profit and loss account. The present value of the obligation under such defined benefit plans is determined based on actuarial valuation using the Projected Unit Credit Method. are measured using the mark-to-market principle with the resulting gains / losses thereon being recorded in the profit and loss account. The Company enters into forward exchange contracts. which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. Lease income is recognised in the Profit and Loss Account on a straight-line basis over the lease term. etc. and the expected cost of ex-gratia is recognised in the period in which the employee renders the related service. Exchange differences arising on foreign exchange transactions settled during the year are recognised in the profit and loss account of the year. The Company limits the effects of foreign exchange rate fluctuations by following established risk management policies including the use of derivatives. 1. which are not covered by AS 11. including depreciation are recognised as an expense in the Profit and Loss Account. (ii) Defined Benefit Plans: The Company’s provident fund. The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted by the balance sheet date.9 Leases Where the Company is the lessee: Leases where the lessor effectively retains substantially all the risk and benefits of ownership of the leased items are classified as operating leases. Benefits such as salaries. deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the year) computed in accordance with the relevant provisions of the Income Tax Act.12 Taxation Income-tax expense comprises current tax (i.

2. Accordingly. Kolkata Pursuant to the scheme of amalgamation (‘the scheme’) of the erstwhile Flender Limited with the Company under sections 391 to 394 of “The Companies Act” as approved in the Board Meeting held on 23 July 2009 and subsequently sanctioned by the Honorable High Court of Kolkata on 19 April 2010. assessment. the accounting treatment has been given as underi. The operations of Flender Limited include manufacturing of gear boxes. by the weighted average number of equity shares outstanding during the year. In terms of the scheme.1. etc. no disclosure is made.13 Earnings per share Basic and diluted earnings per share is computed by dividing the net profit attributable to equity shareholders for the year. cheques in hand. Pending approval of the aforesaid High Courts.15 Cash and Cash equivalents Cash and cash equivalents include cash. Disclosures for contingent liability are made when there is a possible or present obligation for which it is not probable that there will be an outflow of resources.315 of the book value of the investment in the equity share capital of Flender Limited over the face value of such share capital has been debited to the General Reserves of the Company.1 Amalgamation Amalgamation of Flender Limited.000 equity shares of ` 10 each fully paid up of Flender Limited and investments in such equity shares held by the Company stands cancelled and the excess amount of ` 1. respectively. Deferred tax assets are reviewed as at each balance sheet date and written down or written-up to reflect the amount that is reasonable/virtually certain (as the case may be) to be realised.14 Provision Provisions comprise liabilities of uncertain timing or amount. Siemens Ltd.12 Taxation (Continued) there is reasonable certainty that the asset can be realised in future. coupling and spares. the Board of Directors of the Company had approved the scheme of amalgamation of its wholly owned subsidiaries Siemens Building Technologies Private Limited (SBTPL) and Vista Security Technics Private Limited (Vista) with the Company.544. the appointed date is 1 October 2009. during the year . are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. cash at bank and short term deposits with banks having maturity of three months or less. The amalgamation scheme was filed with the Honorable High Court of Madras and the relevant High court orders have been received on 3 September 2010 (read with order dated 5 October 2010). 59 .320. deferred tax assets are recognised only if there is a virtual certainty supported by convincing evidence of realisation of the assets. penalties. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote. (SRSPL). Provisions are recognised when the Company recognises it has a present obligation as a result of past events. The amalgamation schemes were filed with the Honorable High Courts. Loss contingencies arising from claims.14 ‘Accounting for Amalgamations’. the scheme has been given effect to in these accounts. (SHDL) with the Company on 7 June 2010 and 30 November 2009. Contingent assets are neither recognised nor disclosed in the financial statements.The appointed date for the amalgamation is 1 October 2010. however. The assets. Accordingly. fines. 1. These are reviewed at each balance sheet date and adjusted to reflect current best estimates. Consequently. the assets and liabilities of the erstwhile Flender Limited were transferred to and vested in the Company with effect from 1 October 2009. it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 2. ii. 2. 1. however are not material in relation to the financial statements of the Company. reserves and credit balance in the profit and loss account of Flender Limited as at 1 October 2009 have been incorporated at their book values in the financial statements of the Company. no effect of the above mentioned proposed amalgamation schemes have been recognised in these financial statements. litigation. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. the financial statements for the year ended 30 September 2010 include the financial statements of Flender which. where there is unabsorbed depreciation or carried forward loss under taxation laws. Further. 1. a wholly owned subsidiary and Siemens Healthcare Diagnostics Ltd. 4. liabilities.2 Proposed Amalgamations The Board of Directors approved the amalgamation of Siemens Rolling Stock Private Ltd. The amalgamation has been accounted for under the “pooling of interests” method as prescribed by AS .

over the face value of such share capital (Refer Schedule 2.100) Equity Shares of ` 2 each.410 60 . were allotted as fully paid-up bonus shares by capitalisation of the General reserve.103.000 Equity shares of ` 2 each) Issued 338.160.901.000.Transfer from profit and loss account 2009 2.349 26.906 3.496 Annual Report 2010 5 Unsecured loans Interest free loans under . fully paid up.194 (845) 12. fully paid-up.Balance brought forward .476.320 674.000 676.036 (842) 13.1) .Balance brought forward .1) Amalgamation reserve .205 26. (Refer Schedule 2.901.315) 7.670 8.837 34.024.320 4 688 10.200 Equity shares of ` 2 each fully paid-up) Of the above: 186.049 674. were alloted as fully paid up bonus shares by capitalisation of Securities Premium account. Reserves and surplus Capital reserve .500.100 (2009: 168.635 1.sales tax deferral scheme The loan under the sales tax deferral scheme is payable upto 2011 .Addition on amalgamation of Flender Ltd.000.852 55.041.Balance brought forward .000.000.635 1.495 14.090 (2009: 186.Addition on amalgamation of Flender Ltd.Balance brought forward revaluation transferred from profit and loss account General reserve .425. are held by the Holding company.520.465 Equity shares of ` 2 each) Subscribed and fully paid-up 337.Schedules to the Financial Statements (Continued) as at 30 September 2010 (Currency : Indian rupees thousands) 2010 3 Share capital Authorised 1. (Refer Schedule 2.795 13.875 70. fully paid-up.041. 3.000 Equity Shares of ` 2 each (2009: 1.265 (1.000 (2009: 55.049 2.491.544.Addition on amalgamation of Flender Ltd.000.410 2.000 2.Amounts payable within one year 2.1) Revaluation reserve . (Refer Schedule 2.085) Equity shares of ` 2 each.638. Siemens AG.320 674.200 Equity Shares of ` 2 each fully paid-up (2009: 337.479.320 674.500. were allotted as fully paidup for consideration received other than in cash.465 Equity Shares of ` 2 each (2009: 338.544.085 (2009: 3.194 18.000.052.Excess of the book value of the investments in the equity share capital of Flender Ltd. 55. 168.160.410 2.164 10.580.1) .580.875 28.000 676.Balance brought forward Securities premium account .520.000) Equity shares of ` 2 each.012 32.000.520.000 2.495 24.000.906 5. Germany.495 1.024.090) Equity shares of ` 2 each.887 5.638.300 1.468 688 688 55.

934 608.386 347.774 16.526 26. iii and office and v) equipment 5.355) 225.768 539.673) (285.949 Included in the gross block of land at 30 September 2010 is freehold land of ` 471.770 .751.563 (204.1) Charge for the year ( Refer note ii ) Deductions/ adjustments At 30 September 2010 Net block At 30 September 2010 At 30 September 2009 Notes:i 239.985 - 10.515 42.081 2009 10.347.866 12.6 Fixed assets In tangible assets Goodwill Technical knowhow Land (Refer note i) Tangible assets Buildings Plant and Furniture.814) and buildings includes ` 172.896 20.495 11.224 38.372 Plant and Machinery Buildings 2009 Furniture and Fixture and office equipment 137.370 678.989 (1.933) 6.814 (2009: ` 171.045 336.761 387.546) 782.052. (Refer Schedule 2.558 195. Siemens Ltd.461) (85.865 (60.962 (2009: Nil) cost incurred by the company on certain assets ownership of which vests with the West Bengal State Electricity Board.081 29.436 (250.057 148.013 4.208) 5.295. (Refer machinery fittings note i.161 53.236 10.796 2009 778.864 147.013 837.274.888 11.136.739 147.826.335 iv Assets includes assets given on operating lease 2010 Particulars Buildings Furniture and Fixture and office equipment 181.435.751.521.018 (3.626) 889.015.119.295.520 547.(10.200) 28.671.953 2.558 239.321 (37.682 1.540 46.1) Additions Deductions/ adjustments At 30 September 2010 Accumulated depreciation At 1 October 2009 Additions on amalgamation of Flender Ltd.245 11.032 147.910.641 (246.523 286.171 221.831 109.339.393 Total Vehicles Previous year Gross block At 1 October 2009 Additions on amalgamation of Flender Ltd.201 461.379 2.030 36.508 Plant and Machinery Gross Block Written Down Value Depreciation charge for the year v 888.289 47.015.393 15.287 22.293 3.750 (2009: ` 175.325 1.708 (212.234 967.789 1.794 ii iii Buildings include assets held for sale : 2010 Acquisition Value Accumulated depreciation Written Down Value 475.673) 18.482 1.688 3.625 304.515 54. (Refer Schedule 2.774 1.031 18.683) 6.893 9.697 17.052.739 93.207) 1.438.761 6.832 189 6.005 Building includes ` 24. 61 .886 440.507 5.484.913 51.325 662.403 (1.346 584.743 240.461 2.548.518 814.957.951 7.518 1.969.030 652 86.507) 3.426 3.871.754 2. Depreciation provided has been disclosed as under: 2010 Charge for the year Transfer to Revaluation reserve As per profit and loss account 1.641 (845) 1.596 1.619.014.936 13.439 (3.481.403 345.933) 6.333 778.722) representing 520 shares of ` 50 each and 10 shares of ` 100 each (2009: 560 shares of ` 50 each and 10 shares of ` 100 each) in various co-operative housing societies.636 (65.218 131.861 44.636 (842) 777.339.937 6.045 193.040 697.208.988 1.393 154.799 44.229) 1.700 1.347.920 21.

913 1.000) Equity Shares of ` 10 each fully paid up in Scooters India Ltd.514 1.938 946.587.000) Equity Shares of ` 10 each fully paid-up in Siemens Rolling Stock Private Ltd.884.000 3.000) Equity Shares of ` 10 each fully paid-up in Flender Ltd.884.1) Investment in other companies (Quoted) Nil (2009: 10.601 2.515 4.000 337.000.485) Equity Shares of ` 1 each fully paid up in PRICOL Ltd.119.734.01 0.838 358.Aggregate market value of quoted investments 8 Deferred tax assets Deferred tax assets Arising on account of timing differences in : Provision for doubtful debts and advances Expenditure debited to profit & loss account but allowable for tax purposes in following years Others Less .769.630.615 108 355 3.079 (2009: 3.(100% holding.000 (2009: 25.769. (Sold during the year) Nil (2009: 10.870) Equity Shares of ` 10 each fully paid-up in Siemens Building Technologies Private Ltd.723 4.610 - 8 100 108 0.Aggregate book value of quoted investments .000 1. (2009: 100% holding) (Refer Schedule 2.689 1.01 4.769.587 414.689 309.Aggregate book value of unquoted investments .606 - 324.634.Schedules to the Financial Statements (Continued) as at 30 September 2010 (Currency : Indian rupees thousands) 2010 7 Investments Non-Trade.320. (Written off during the year) 3. long term (at cost) In government securities (unquoted) National Savings Certificates Investment in subsidiary companies (unquoted) 3.932.15% holding) (Purchased 517.000.209 shares during the year) 25.313. 2009 :86.216.Deferred tax liability Arising on account of timing differences in : Excess of depreciation allowable under income-tax law over depreciation provided in accounts Deferred tax assets (net) 62 2009 5 5 5 5 3.642 732.606 . (Sold during the year) (Unquoted) Nil (2009:1) equity share of ` 10 each fully paid up in International Shock Absorbers Ltd.126 Annual Report 2010 .456. (100% holding.617 1.601 250. 2009: 100% holding) Nil (2009: 4.743 317.095 250.884.

) .023.592 552.Siemens Information Processing Services Private Ltd.516 1.549)] Project Work-in-progress net of amounts billed there against 2.263 9.953 2.2010 9 Inventories Raw materials [includes Goods in Transit ` 312.316 (769.492 19.844.529 26.310 13.other debts Of which .316 34.352.Flender Ltd.011 4.441 12.Siemens Healthcare Diagnostics Ltd. . .Siemens VAI Metals Technologies Private Ltd.119 1.considered doubtful Provision for doubtful debts Included in debtors are debts due from companies under the same management : .357 3.168 21.586 3.115 16 44.721.512.Siemens Rolling Stock Private Ltd.806.Bayer Material Science Private Ltd. (formerly known as Siemens Medical Solutions Diagnostics Ltd.201) 34. Included in debtors are debts due from private companies in which some of the directors are common directors : . . .818 97.953 10.799 11.583.551 2. .217) 33.441 821.744 (2009 : ` 965.Powerplant Performance Improvement Ltd.232 117 115.Siemens Building Technology Private Ltd. 63 .201 35.824 35.658 2009 2.Siemens Product Lifecycle Private Ltd.005 10.031)] Work-in-progress Finished goods [includes Goods in Transit ` 241. .047.587.467 588 819 3. .233 1.884 95 17.658 (821.158 2.998. .938 10.531.501.844. .336 4.over six months .979 9.Siemens Corporate Finance Private Ltd.Siemens Power Engineering Private Ltd.346 15.307 6.272.971 15.111.Siemens Hearing Instruments Private Ltd.023.217 33.Winergy Drive Systems India Private Ltd. .698 383 33.335.465 1.490 33.343. 1. .Osram India Private Ltd.115 769.515 6.689 - - Siemens Ltd.216 10 Sundry debtors (Unsecured) Debts outstanding . .583.considered good .Siemens Information Systems Ltd.352.366 8.353. .589 7.Morgan Construction Company India Private Ltd.187.385 (2009 : ` 19.

425 1. Nepal .000 3.217 192.286 1.409 14.622 (141.035 10.946)] Balances with customs.587 1.796 1.782 902. Qatar .326 1.409 124.193 429.691.913.Subsidiaries . Doha .415. Qatar .994 4.843 141.155 64 Annual Report 2010 .265.650 10.448. Colombo . port trusts.The Hongkong and Shanghai Banking Corporation Limited.691.038 (156.843 2.053.882.The Hongkong and Shanghai Banking Corporation Limited.The Hongkong and Shanghai Banking Corporation Limited.761 2.The HongKong and Shanghai Banking Corporation. Khulna .Standard Chartered Bank.918.048 36 65.Standard Chartered Bank.449.Others Interest accrued on inter corporate deposits 3.Standard Chartered Bank. Qatar .900 885.607 282.860.Schedules to the Financial Statements (Continued) as at 30 September 2010 (Currency : Indian rupees thousands) 2010 11 Cash and bank balances Cash in hand Cheques in hand Balances with scheduled banks . Inter corporate deposits .The Hongkong and Shanghai Banking Corporation Limited.292 820. Doha Maximum amount outstanding at any time during the year : .430 1.722 799.534. Khulna .000 12.920 1.997) 3.Standard Chartered Bank. Qatar .Citibank.691 792.279 35.000 24. Dhaka .714 1.Standard Chartered Bank.182 142 598.Deutsche Bank.039. Colombo .Citibank.339 18.376 5.The HongKong and Shanghai Banking Corporation.300.300 1.946 12.371 32 152.658 17. Dhaka . etc.701.824.022 10.on current account . Colombo .473.265.805.087 1.339 13.489 36 171.considered doubtful Provision for doubtful advances Advance payments of income tax [net of provision for tax ` 18.Deutsche Bank. Doha .471 2009 5.on deposit account Balances with other banks Bank balances with other banks in current account includes : . Nepal .523 1. Doha 12 Loans and advances (Unsecured) Loans and advances recoverable in cash or kind or for value to be received .205 1.Standard Chartered Bank.000 1.364.486.069.640 7.658 11.457.882.410 9.407.041 2.951 17.considered good .997 4.779 4.797 180.450.The Hongkong and Shanghai Banking Corporation Limited.The Hongkong and Shanghai Banking Corporation Limited. Colombo .184.265 6.041 156.117 15.779) 4.459 (2009: ` 14.005 1.471 885.633.

647 2.Osram India Private Ltd .685.Winergy Drive Systems India Private Ltd.593 14 Provisions Pension Leave wages Medical benefits Silver Jubilee Warranty (Refer Schedule 25) Loss order (Refer Schedule 25) Liquidated damages (Refer Schedule 25) Contingencies (Refer Schedule 25) Proposed dividend Tax on proposed dividend Siemens Ltd.274 33. .320 2. .Siemens Rolling Stock Private Ltd.892.336 43.672. Maximum amount outstanding at any time during the year : .639.Osram India Private Ltd .000 800.332 228. .961 202.815 1.441.000 1.262 653.Winergy Drive Systems India Private.614 5.000 1.106.000 850.000 660.000 3.310.845 51.819 6.863 39. .000 1.Siemens VAI Metals Technologies Private Ltd. 2. .Others Advances from customers (Refer note below) Unclaimed dividend Note Advance from customers include progress payments billed and advances received from project related work 148.516 28. Ltd.000 600.278 16.322 14.000 800.000 1.100.000 400.239 14.100.841 70.418 2.Siemens Healthcare Diagnostics Ltd.983 240.Siemens VAI Metals Technologies Private Ltd.150.763.502 13.000 400.020.000 674.000 5.Micro and Small Enterprises (Refer Schedule 33) .685. .000 175.000 400.100.000.990 15.684.351 166.000 400. .178 174.754 74.Siemens Building Technologies Private Ltd.Siemens Healthcare Diagnostics Ltd.975.574 661.225 2009 2.326 19.000 1.142 22.988.840.225 1.718.Morgan Construction Company India Private Ltd.000 660.067 82.115.124. .000 800.624.000 600.150.365 13.12 Loans and advances (Unsecured) (Continued) 2010 Amount receivable from Customs authorities towards excess payment of Customs duty Loans and advances includes : (a) Inter-corporate deposits given to companies under the same management : .000 - 13 Current liabilities Sundry creditors . 65 .000.140 2.000 1.655.000 1.651.991 1.801 279.882.Subsidiaries . .Siemens Rolling Stock Private Ltd.Siemens Building Technologies Private Ltd.801 286.545 891.000 800.922 13.

711 18.226 6. net Export incentives Profit on sale of fixed assets.325. associates and third parties Miscellaneous income 17 Other income Dividend from subsidiary companies Dividend from mutual fund investments Miscellaneous Other Income 18 Cost of sales and services Raw materials and components consumed Traded goods purchased Spares and stores consumed Project bought outs (Increase)/ Decrease in inventories Other costs Included in other costs.223 523.109 4.041 381.152 350. change in excise duty on closing stock of finished goods 19 Personnel costs Salaries.643 5.931)] 16 Other operating income.513 5.883 522.601 30.986 266.337 1.247 (5.459 3.929.976.782.841 343.276 337.935 (2009 : ` 61.096.184 196.729 517.341.422.554 264.229.159 537.374.474. net Travel and conveyance External software services and data processing Rates and taxes Communications Packing and forwarding Power and fuel Insurance Rent 676.422 108.779 273.684 267.212 92.498.783 63.038) 6.060.576 35.182 510.359 776.307 2.588 480.334 9.154 848.726 280.714 168.989 19.763.437.108 349.315 97.786)] Others [includes tax deducted at source ` 26. wages and bonus.908) 2.372 267.627 23.520 862. net Recoveries from subsidiary companies.110.629.057 443.301 68.466 350.085 249.941 697. net Contribution to provident and other funds Workmen and staff welfare 20 Other costs.912 19.245 (2009 : ` 57.000 365.188 71.505 525.778.788 2.989.151 52.265 417.246 (1.219 495.375 238.002 2009 66 Annual Report 2010 .363 14. net Exchange loss / (gains).391.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 2010 15 Interest income Interest on bank deposits [includes tax deducted at source ` 42.572 583.034 82.268 543.

021 432. net Miscellaneous expenses 21 Commitments and contingent liabilities (a) Commitments Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) (b) Contingent liabilities Taxation matters (excluding interest) .096 76.877.540 65.584 2.260 1. net (Continued) Repairs .000 47.600 75.697 36.173 120.076 156.656 163.573.914 5.600 1.834 97.354 118.145 53.280 6.918 51.300 2.563) 412.In respect of certain completed assessments where matters are under appeal by the Company Excise/sales tax liabilities Customs liabilities Claims against the company not acknowledged as debts 22 Supplementary statutory information (i) Managerial remuneration Personnel and other costs include remuneration paid to Directors’ as set out below: Salaries Perquisites Commission Performance linked incentive Payment of stock appreciation rights Directors sitting fees Contribution to provident fund Contribution to superannuation fund 20.785 534.055 25.300 246.others Legal and professional Advertising and publicity Office supplies.631 1.422 120. Siemens Ltd.892 76.580 11.553 712.185 76.733 33.103 177.260 169.349 4.on building .689 97.183 11.943 12.830 173. 67 .2010 20 Other costs.569 199.000 75.734 2. printing and stationery Research and development expenditure Bank guarantee commission/ bank charges Lease rentals Donation Commission to directors Directors’ fees Bad debts Provision for doubtful debts and advances.829 432.706 522.378 5.700 1.460 306 12.430 1.705 47.216 (121.706 309.904 122.967 82.000) towards consideration in connection with retirement from office.044 1.022 97.269.074 Managerial remuneration includes ` Nil (2009 : ` 5.782 68.on machinery .540 1.394 2009 89.079 171.

Other services .600 86. net Provision for wealth tax Profit on sale of Tenancy Rights Profit on sale of EA business Less: Profit on sale of investment Profit on sale of fixed assets.059.307 12.000 30. Computation of Managerial Remuneration: Profit before tax Add: Depreciation charged in the accounts (Refer Schedule 6) Profit on sale of fixed assets.796 47.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 2010 22 Supplementary statutory information (Continued) Certain whole time Directors are covered under the Company’s gratuity.230.095 68 Annual Report 2010 . net (as per Section 349 of the Act) Provision for doubtful debts and advances.318.700 12. net (Refer Schedule 16) Depreciation as computed under Section 350 of the Act (see note below) Net profit as per Section 349 of the Act Add: Managing and other director’s remuneration and commission Profit as per Section 198 Performance linked incentive to Managing and Whole-Time Directors is 0. medical and silver/golden jubilee schemes along with the other employees of the Company. Thus.074 12.794) 12.978 (267.974 (121.000 2.265) (1.53% (2009: 0.201 20.794 239.407. the depreciation charged in the books is higher than that prescribed as the minimum by the Act.427 (2.61%) of the net profits as calculated above.Audit fees .Reimbursement of expenses 12.10% (2009: 0. Hence. The specific amount for such benefit can’t be ascertained separately and accordingly the same has not been included above.Tax audit fees .09%) of the net profits as calculated above 156.504.014.381) 78.572) 777.276) (777.348.593 2009 The Company depreciates its fixed assets based on estimated useful lives which are lower or equal to the implicit estimated useful lives prescribed by Schedule XIV of the Act. this higher value has been considered as a deduction for the computation of managerial remuneration above.021 12.013 12.240 177.500 4.785 (19.680 915 29.796) 12.479 14.563) (17. These liabilities are determined for all employees by an independent actuarial valuation. Commission to other Directors is 0.448 65. leave.014.459) (238.195 1.587.500 4.378 11.269 75.312 1.540 78. (ii) Auditors’ remuneration (for Audit services exclusive of service tax) .000 11.

090 558.317 175.410 143.150.209 818. .041.336 2009 2.Exports of goods Direct on FOB basis .2009 One 186. components.000 674.630 1.123 Maximum amount outstanding at any time during the year Subsidiary company .996.048 5.715 116.041.000 600.Expenditure on contracts at foreign sites .793 520.158 40.10.Project Business (Based on Actual Billing) .2010 .Siemens Rolling Stock Private Ltd.020.397.2008 One 186.846 528.Siemens Building Technologies Private Ltd.2008 to 30.481 17.10.2010 22 Supplementary statutory information (Continued) (iii) (a) Earnings and expenditure in foreign exchange (on accrual basis) Earnings in foreign currency .000 850.180 70.899 1. spare parts and traded goods .000 600.000 Siemens Ltd.09.000 1.Travelling .2009 1.240 27.321 888.000 1.205 33.Installation charges . .Service charges .2009 .842 445.565 1.2007 to 30.960.078.Commission .000 1.297.2010 .Commission .704 622.741.458.613 1.355 26.090 930.012 13.Service charges and others (b) Expenditure in foreign currency (on accrual basis) .303.652.961 106.Raw material.150.Others (c) Value of imports calculated on CIF basis .09. 69 .569.100.815 79.Capital goods (iv) Net dividend remitted in foreign exchange Final : Period to which the dividend relates Number of non-resident shareholders Number of equity shares held on which dividend was due Amount remitted 23 Disclosure as per Clause 32 of the listing Agreement Loans and advances in the nature of loans Amount at 30 September 1.723 2.

motor control modules and programmable control systems Protection systems Data acquisition.173.410 83.311 3.202. repairs and other services Industrial turbines Rental Income Transformer Geared Motors/ Geared Boxes Commission income 118. control boards and miscellaneous accessories X-ray equipment Railway equipment Variable speed AC/DC drive systems. 4C.715 93.445 33.714 4.477 8.198 305.814 4.109 34.128 6.819 912.312 230.674.180 1.397.188 83.216.405 5.939 19.600 Nos.887.207 20.996 12.893 3.510.291 800.119 9.090.647.195.280 6.754.629 4.177.935 % of total consumption 36 64 100 70 Annual Report 2010 .307 9.084 981.978.174 6.041. Quantity 2010 Value 10.219.893 87.056.706.732 12.738.956 262.653 535.311 1.504 463.149. stores and spares and components consumed 2010 Value Imported Indigenous 8.111. and 4D of Part II of Schedule VI to the Companies Act.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 24 Additional information pursuant to the provisions of paragraph 4 with paragraphs 3.264.335 520.571.745 (ii) Imported and indigenous raw materials.361. 1956: (i) Sales and Services Class of goods Refer Note (a) and (d) below Switchgear items Electric motors/ generators Switchboards. logging and control systems Medical electronic diagnostic equipment Other engineering project goods Maintenance.139. Quantity 2009 Value 8.444 92.690 445.367.939 % of total consumption 40 60 100 2009 Value 6.799.746 2.152.047 926.452 Nos.388.999 7.142.767.

and 4D of Part II of Schedule VI to the Companies Act.187.806 49. control boards.283 2.166 421.244 11.200 228. X-ray equipment Medical electronic diagnostic equipment Railway equipment Variable speed AC/DC drive systems. motor control modules and programmable control systems Protection systems/ uninterrupted power Data acquisition.366 2.618 54.324 13.846. X-ray equipment Medical electronic diagnostic equipment Railway equipment Variable speed AC/DC drive systems.488.235 1.724 303.747.510 127.217 Nos 2.624 175.806.649 116.235 1.598 12.637 123.571 2. motor control modules and programmable control systems Protection systems/ uninterrupted power Data acquisition.635 308.111.378 1.272.637 123.496 1.806 49.272.806.094.455 71 Siemens Ltd.011 1.143 25. 1956: (Continued) (iii) Inventories Finished goods Refer Note (a) below Class of goods Opening Stock Switchgear items Electric motors/ generators Switchboards.647 21.210 1.751 1.949 35.378 1.512.715 272.324 13. etc.824 20.313 411.743 72.143 25.200 131.047. .465 4.979 7.759.190.417 504.743 72. control boards.871 Nos 308.232 4. 4C.672 Nos 3.638 6.465 4.579 14.200 228.24 Additional information pursuant to the provisions of paragraph 4 with paragraphs 3.190.011 1.665 284. logging and control systems Integrated Building Management System Geared Motors/ Geared Boxes Others Work-in-progress Project Work-in-progress net of amounts billed there against 3.111.257 164. etc.672 Nos 342.455 391.313 2.346 12.391 Quantity 2010 2009 Value 2010 2009 284. logging and control systems Others Work-in-progress Project Work-in-progress net of amounts billed there against Closing Stock Switchgear items Electric motors/ generators Switchboards.953 8.979 7.232 4.

887 18.003 146. bought out components consumed during the year 2010 Unit Copper flats. diodes and transistors X-ray tubes Amphenol terminals Vacuum tubes Integrated circuits Capacitors and condensers Printed circuit boards Turbine components Others MT MT Kms Kgs Nos Nos Nos Nos Nos Nos Nos Nos Pcs 7. 1956: (Continued) (iv) Purchases Refer Note (a) below Class of goods Medical electronic diagnostic equipment Others Towards projects execution 2010 Value 4.585 128.966 38.620 585.054.024 2.739 7.860 2.879 6.218 15.397 188 5.820 385.864 19.905 353.595 64.367 206.845 104.246 39.368 9.231 Value 773.944 13.006 652. strips and laminations Hot rolled and cold rolled steel sheets.300 17.100. strips and profiles Enamelled copper wire Brass sheets and strips Aluminium ingots. etc.819 (v) Raw materials.140 10. 4C.403 24.337 37.334 MT MT MT MT MT Quantity 1.853 63.363 3.485 237.440 189.282 25.412 212.943 59.661 100.310 35.907 30 1.814.778.548.232 72 Annual Report 2010 .989.766.771.787 8.096.024.875 2009 Quantity 1.923 198.920 94 965.771 2009 Value 3.527 438.197.836 580.274. strips.030 6.023.455 11. Cables and wires Silver components Ball and roller bearings Thyristors.612 218.398 14.800 746.683 2.032 7.993 7.599 Value 550.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 24 Additional information pursuant to the provisions of paragraph 4 with paragraphs 3.234.264 6.091 21. profiles and castings Iron and steel castings and shafts Dynamo steel sheets.468 37.929.247 50.107 30.235 289. and 4D of Part II of Schedule VI to the Companies Act.264 2.149 252.962.136 18.657 50.531 466.300.216 38.779 282.692 214.870 687.624 126. housings.967 17.320 46.306 37.391 12.204 78.047 1.262 10.659 13.391.094 13.253 21.

250 15. 477(E) dated 25th July.127 (Boards) 1.023 2.130 131 72 138 1.065 85 626 110. and 4D of Part II of Schedule VI to the Companies Act. 1956: (Continued) (vi) Capacities and Production Refer Note (b) and (c) below 2010 Class of goods manufactured Unit Annual installed capacity (refer note (c) below) 15.263.924 421 129 336 130.522 2.894 1. production and closing stock figures include equipment processed or to be supplied for project orders. For paragraph 4C.110 104 34 68 940 4. 1956. motor control modules and programmable control system Instrument Transformers Static Converter for railways Audio frequency track circuit Interlocking relays Auxiliary inverter for AR locomotive Traction converter for diesel locomotive Electrical control cabinet Circuit breakers above 1000 volts Power Transformers Single stage/ multi stage turbines Traction Converters for EMU Auxiliary Converters for EMU High Frequency Power Supply Digital Axcel Counter Medium Voltage Drive Gears/ Gear couplings/ Spares Nos Nos Nos Nos Nos 15. control boards and miscellaneous accessories X-ray equipment Electromedical equipment Variable speed AC/DC drive systems.740 610 900 250.288 6. Purchases.023 2.O.133 610 900 250.000 180 72 288 3. disclosures by quantity are restricted to those items/articles which individually account for 10% or more of the total sales and services.064.789 20. the classes of goods dealt with by the Company are grouped under suitable product heads. 1991.000 69 180 180 600 300 96 2. 73 (b) (c) (d) Siemens Ltd. .283 209 Actual production Switchgear items Electric motors/ generators Switch boards.279 (Boards) 958 23 Nos Nos Nos Nos Nos Nos Nos Nos Nos MVA MW Nos Nos Nos Nos Nos Nos 6.248 1.000 69 180 180 600 - 1. (a) For paragraph 3(ii) of Part II of Schedule VI to the Companies Act.270 2.500 1. Installed capacities are as certified by the Management.140 33 140 142 - Licensed Capacity is not applicable in terms of the Government of India’s notification No.000 150 72 288 2.008 2.888 (Boards) 1.905 39 109 132 175 1 1. 1956.598 20. In terms of note 3 to paragraph 3 of Part II of Schedule VI. purchases or closing stocks as applicable.248 1. Sales and services are inclusive of equipment supplied for project orders. the goods manufactured by the Company are grouped as per the classification of Industrial Licenses without giving the individual articles covered by each license.493 20.283 209 Actual production 2009 Annual installed capacity (refer note (c) below) 16.500 15. S.000 (Boards) 1.24 Additional information pursuant to the provisions of paragraph 4 with paragraphs 3.614 16.319.216. of Part II to Schedule VI to the Companies Act. 4C.226 13 12.

648.819 762. material cost.999. duties and other levies.124.124) 2.510.320 (246. Provision for liquidated damages Liquidated damages are provided based on contractual terms when the delivery/ commissioning dates of an individual project have exceeded or are likely to exceed the delivery/ commissioning dates as per the respective contracts.354 16.199 8. The movements in the above provisions are summarised below: Warranties Balance as at 1 October 2009 Additions on amalgamation of Flender (Refer Schedule 2.242 6.318 (213.815 5.684.725) (562.320 6.574 1.614 16.693.441.283.315.323 74 Annual Report 2010 .854.Reversed Balance as at 30 September 2010 26 1.205 8.614) 6.Created .607) (105.771) 661.1) Provisions : .095 154.827) (154.101) (448.478 (746. litigation cases and pending assessments in respect of taxes.934 Liquidated damages 5.815 (5.789.140 655. Provision for loss orders A provision for expected loss on construction contracts is recognised when it is probable that the contract costs will exceed total contract revenue.137 177. For all other contracts loss order provisions are made when the unavoidable costs of meeting the obligation under the contract exceed the currently estimated economic benefits.106.991 2.875.545 10.843 13.7 ‘Construction Contracts’ : 2010 (i) (ii) (iii) (iv) (v) (vi) Contract Revenue recognised for the year ended 30 September 2010 Aggregate amount of contract costs incurred and recognised profits (less recognised losses) for all contracts in progress as at 30 September 2010 Amount of advances received Amount of Retentions Amounts due from customers Amounts due to customers 57.856 12.718.744 5.469.836.435 2009 55.763.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 25 Disclosure relating to Provisions Provision for warranty Warranty costs are provided based on a technical estimate of the costs required to be incurred for repairs.892 Disclosure pursuant to Accounting Standard .906 8.Utilised .167.882.651.325 Contingencies 2. It is expected that this expenditure will be incurred over the contractual warranty period.841 Loss orders 891. the outflow of which would depend on the cessation of the respective events. This expenditure is expected to be incurred over the respective contractual terms upto closure of the contract (including warranty period). replacement. Contingencies The Company has made provisions for known contractual risks.924) 2. servicing and past experience in respect of warranty costs.

557) Sub-lease payments recognised in the profit and loss account ` 20. (upto 20 September 2010) Wholly owned subsidiary of Siemens Building Technologies Private Ltd. (Singapore) Avenues (Honkong) Ltd.787 374. (Ireland) Wholly owned subsidiary of iMetrex Technologies Ltd.e. (Ireland) Clonshaugh Security Ltd. formerly known as Europlex Manufacturing Ltd.e. (upto 30 April 2010) Wholly owned subsidiary of Siemens Building Technologies Private Ltd. The future lease rental payments are determined on the basis of the monthly lease payment terms as per the agreements At the expiry of the non cancellable lease period the option of renewal rests with the Company.332 60.002 28 Related party transactions 28. 2009 30.670 798.790 (2009: ` 28. (United Kingdom) Europlex Technologies (Ireland) Ltd. 8 January 2010) Wholly owned subsidiary of Siemens Building Technologies Private Ltd. (Ireland) Siemens Ltd. (Ireland) Wholly owned subsidiary of iMetrex Technologies Ltd. residential premises and motor cars for its employees. Flender Ltd.048 Lease rent debited to profit and loss account ` 383. Some of the lease agreements have escalation clause ranging from 5% to 15%. 1October 2009) Wholly owned subsidiary company (w.559) There is no contingent rent recognised in the P&L account General description of the leasing arrangement: (i) (ii) (iii) (iv) The Company has entered into operating lease arrangements for its office premises.(Ireland) Holding company Wholly owned subsidiary company Wholly owned subsidiary company (w.988 80. (Hongkong) iMetrex Technologies Ltd.1 Parties where control exists Siemens AG Siemens Rolling Stock Private Ltd.e.27 Disclosure pursuant to Accounting Standard .682 172.494 (2009: ` 232.f. Vista Security Technics Private Ltd. formerly known as Europlex Technologies Ltd. Siemens Building Technologies Private Ltd.f 1 August 2009) and amalgamated with the company (w. storage locations. There are no exceptional / restrictive covenants in the lease agreements. Ltd. (Ireland) Europlex Technologies (UK) Ltd.591 327. iMetrex Technologies Pte.f. Wholly owned subsidiary of iMetrex Technologies Ltd.19 ‘Leases’ : Lease payments on non cancellable lease arrangement debited to the profit and loss account and the future lease payments in respect of non cancellable operating lease are summarised below: 2010 (i) (ii) (iii) Amount due not later than one year from the balance sheet date Amount due later than one year and not later than five years Amount due later than five years 95. Wholly owned subsidiary of Siemens Building Technologies Private Ltd. 75 .

Siemens Electrical Apparatus Ltd. Ltd. Siemens S. Siemens Ltd. Siemens Shanghai Medical Equipment Ltd. Siemens Canada Ltd.r. Siemens Numerical Control Ltd. Siemens Manufacturing and Engineering Centre Ltd. Siemens Wiring Accessories Shandong Ltd. Siemens Industrial Turbomachinery (Huludao) Co. Iriel Ind. Ltd. Siemens Eletroeletronica Limitada Siemens Milltronics Process Instruments. Eletr.o. Siemens International Trading Ltd. Siemens Sensors & Communication Ltd./N. Com.V. Inc. Memcor Australia Pty. Siemens Manufacturing S.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 28.L.. Siemens Mechanical Drive Systems (Tianjin) Co. Siemens Bangladesh Ltd. Argentina Australia Australia Austria Austria Austria Bahrain Bangladesh Belgium Brasilia Brasilia Brasilia Canada Canada Canada China China China China China China China China China China China China China China China China China China China Columbia Columbia Croatia Czech Republic Czech Republic 76 Annual Report 2010 . Siemens Mindit Magnetic Resonance Ltd. Siemens Power Plant Automation Ltd. Trench Ltd. Shanghai MWB (Shanghai) Co Ltd. Siemens Ltda.2 Other related parties where transactions have taken place during the year Fellow Subsidiaries Siemens S. Siemens S. Siemens Ltd. Siemens Electrical Drives (Shanghai) Ltd. Siemens Circuit Protection Systems Ltd. Siemens Factory Automation Engineering Ltd. Ltd. China Siemens Electrical Drives Ltd.o.. Siemens Industrial Turbomachinery s. ETM professional control GmbH Siemens Aktiengesellschaft Österreich Siemens VAI Metals Technologies GmbH (upto 1 July 2010) Siemens W. Ltd.r.A.A.L. Siemens s.A. Ltda. Koncar Power Transformers Ltd.A. Siemens Medium Voltage Switching Technologies (Wuxi) Ltd. Sist. Siemens Switchgear Co.

A.E. Siemens VAI Metals Technologies SAS Flender-Graffenstaden SAS Siemens SAS. Friedr Flender AG Siemens Geared Motors Gesellschaft mit beschränkter Haftung Siemens VAI Metals Technologies GmbH Winergy AG Flender Industriegetribe GmbH.A.S.o. Siemens Technologies S. Anwendungstechnologie GmbH Siemens Industriegetriebe GmbH LINCAS Export Services GmbH Siemens Industrial Turbomachinery GmbH Siemens Turbomachinery Equipment GmbH Weiss Spindeltechnologie GmbH Ruhrtal Hochspannungsgeräte GmbH S’Busbar Trunking GmbH & Co KG (upto 1 January 2010) Siemens Financial Services GmbH Trench Germany GmbH Siemens Finance & Leasing GmbH VVK Versicherungsvermittlungs.r.und Verkehrskontor GmbH Mechanik Center Erlangen GmbH Wallace & Tiernan GmbH Alpha Verteilertechnik GmbH evosoft GmbH HSP Hochspannungsgeräte GmbH Loher GmbH A.A.A.2 Other related parties where transactions have taken place during the year (Continued) Fellow Subsidiaries Siemens Electric Machines s. Siemens plc Siemens Ltd.S.28. Siemens Transmission & Distribution SAS Siemens S. Division Production Sensors & Communication. Komponenten. Siemens Osakeyhtiö Trench France S. Usine de Haguenau SYKATEC Systeme. Siemens EM dARE Siemens Flow Instruments A/S Siemens Wind Power A/S Siemens Turbomachinery Equipment A/S Siemens S. Czech Republic Czech Republic Denmark Denmark Denmark Ecuador Egypt Finland France France France France France France Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Great Britain Great Britain 77 . Penig(upto July 2010) Siemens Industrial Turbomachinery Ltd.

Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands)
28.2 Other related parties where transactions have taken place during the year (Continued) Fellow Subsidiaries Electrium Sales Ltd. Siemens A.E., Elektrotechnische Projekte und Erzeugnisse Siemens Ltd. Siemens Information Processing Services Private Ltd. (w.e.f 25 June 2009) Siemens VAI Metals Technologies Private Ltd. Powerplant Performance Improvement Ltd. Siemens Hearing Instruments Private Ltd. Siemens Power Engineering Private Ltd. Siemens Healthcare Diagnostics Ltd. Siemens Corporate Finance Private Ltd. Winergy Drive Systems India Private Ltd. Morgan Construction Company India Private Ltd. Osram India Private Ltd. Siemens Information Systems Ltd.(w.e.f 25 June 2009) Siemens Product Lifecycle Management Software (India) Private Ltd. P.T. Siemens Indonesia Siemens S.p.A. Trench Italia S.r.l. Siemens Japan K.K. Yaskawa Siemens Automation & Drives Corp. Siemens TOO Siemens Kenya Ltd. Siemens Ltd. Siemens Electrical & Electronic Services K.S.C. Siemens Malaysia Sdn. Bhd. Siemens Innovaciones S.A. de C.V. Siemens, S.A. de C.V. Siemens Plant Operations Tahaddart SARL Siemens Industrial Turbomachinery B.V. Siemens Nederland N.V. Siemens (N.Z.) Ltd. Siemens AS Siemens L.L.C. Siemens Pakistan Engineering Co. Ltd. Siemens S.A.C. Siemens, Inc. Siemens Power Operations, Inc. Siemens Sp. z o.o. Great Britain Greece Hongkong India India India India India India India India India India India India Indonesia Italy Italy Japan Japan Kazakhstan Kenya Korea Kuwait Malaysia Mexico Mexico Morocco Netherland Netherland New Zealand Norway Oman Pakistan Peru Philippines Philippines Poland

78

Annual Report 2010

28.2 Other related parties where transactions have taken place during the year (Continued) Fellow Subsidiaries TurboCare Poland Spólka Akcyjna Siemens S.A. Siemens W.L.L. Siemens S.R.L. OOO Siemens Siemens Ltd. Arabia Electric Ltd. (Equipment) Siemens d.o.o. Beograd Siemens Pte. Ltd. Siemens Electronics Assembly Systems Pte. Ltd Siemens d.o.o. Siemens Ltd. Siemens S.A. Fábrica Electrotécnica Josa, S.A. Siemens Industrial Turbomachinery AB Siemens Schweiz AG, Building Technologies Division, International Headquarters Siemens Ltd. Siemens Ltd. Siemens Sanayi ve Ticaret A.S. Siemens Ukraine Siemens LLC Siemens Industry, Inc. Siemens Energy, Inc. Siemens Demag Delaval Turbomachinery, Inc. Siemens Water Technologies Corp. PETNET Solutions, Inc. Morgan Construction Company (upto 1 July 2010) Siemens Medical Solutions USA, Inc. SMS Inc. - Customer Solutions Group Siemens S.A. Siemens Automation Systems Ltd. Siemens Ltd. 28.3 Key Managerial Personnel Dr. Armin Bruck Mr. Sunil Mathur Mr. Vijay. V. Paranjape Mr. Vilas Parulekar (Retired on 25 September 2009) Mr.Patrick de Royer (Retired on 31 December 2008) Mr. K.R.Upilli (Retired on 27 July 2008)
Siemens Ltd. 79

Poland Portugal Qatar Romania Russia Saudi-Arabia Saudi-Arabia Serbia Singapore Singapore Slovania South Africa Spain Spain Sweden Switzerland Taiwan Thailand Turkey Ukraine United Arab Emirates USA USA USA USA USA USA USA USA Venezuela Vietnam Vietnam

Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands)
28.4 Related party transactions (Continued)
Description 2010 2009 Holding Subsidiaries Fellow Associate Key Holding Subsidiaries Fellow Associate Key Company Subsidiaries managerial Company Subsidiaries managerial personnel personnel 19,041 7,093 11,962 14,263 940 3,095 24,782 264,927 1,056,279 333,077 1,338,929 7,961 3,043 8,640 662 125,678 27,192 12,553 27,628 186,356 31,976 2,469 14,289 20,844 180,710 88,479 1,932,199 879,533 342,836 2,024,042 481,223 153,633 352,973 280,376 28,601 6,876 592 15,529 78,636 11,881 3,528 9,593 8,088 6,830 720 385 99,365 14,350 28,468 88,574 519,617 784,264 154,578 1,068,311 17,576 16,047 2,586 2,978 17,457 7,688 13,259 25,727 30,307 10,115 2,357 569 13,044 11,231 1,210 58,397 43,327 602,950 566,228 3,006 6,178 18 -

Sales (net of taxes) - Siemens AG 1,471,485 - Siemens Information Systems Ltd. - Siemens Energy & Automation, Inc - Siemens VAI Metals Technologies Private Ltd. - Siemens VAI Metals Technologies SAS - Siemens Rolling Stock Private Ltd. - Siemens Building Technologies Private Ltd. - Siemens Industry Inc. - Flender Ltd. - Others Commission income - Siemens AG 425,409 - Siemens Industrial Turbomachinery AB - Siemens Industrial Turbomachinery Ltd. - Siemens Pte.Ltd. - Loher Gmbh -A. Friedr Flender AG - Others Other recoveries - Siemens AG 658,524 - Siemens Information Systems Ltd. - Siemens Information Processing Services Private Ltd. - Siemens Corporate Finance Private Ltd. - Siemens Enterprise Communications Private Ltd. - Siemens Wind Power A/S - Flender Ltd. - Siemens Rolling Stock Private Ltd. - Siemens Building Technologies, Inc. - Others Reimbursement of expenses - Siemens AG 379,943 - Siemens Information Systems Ltd. - Siemens Rolling Stock Private Ltd. - Siemens Building Technologies, Inc. - Siemens Enterprise Communications Private Ltd. - Siemens Pte. Ltd. - Siemens Wind Power A/S - Siemens Electronics Assembly Systems Pte. Ltd - Flender Ltd. - Others Purchase / Other services - Siemens AG 19,576,523 - Siemens Information Systems Ltd. - Siemens Building Technologies Private Ltd. - Siemens Information Processing Services Private Ltd. - Koncar Power Transformers Ltd. - Siemens Electrical Apparatus Ltd. - Siemens Medical Solutions USA, Inc. 80

- 15,502,378 -

Annual Report 2010

.Mr.400. .450.Siemens Electronics Assembly Systems Pte.Siemens Corporate Finance Private Ltd.478 - 42 1.Morgan Construction Company India Private Ltd. Paranjape .300.Siemens Rolling Stock Private Ltd.Siemens Building Technologies Private Ltd.Others Interest Income .Siemens VAI Metals Technologies Private Ltd.112.980.975 29. Inter Corporate Deposits repaid .000 735.778 48.Winergy Drive Systems India Private Ltd.831 72.19.783 8.427 - 30.407.434. .000 3.218 .Siemens Rolling Stock Private Ltd.Patrick de Royer .000 - .Siemens Information Systems Ltd.3. 2010 2009 Holding Subsidiaries Fellow Associate Key Holding Subsidiaries Fellow Associate Key Company Subsidiaries managerial Company Subsidiaries managerial personnel personnel .000 1.Ltd Purchase of Investments / Equity Contribution .560 13.3.711 20.3.000 3.000 4. .Osram India Private Ltd.693 6.439 .R.-Flender AG Sale of investments in subsidiaries . . Purchase of Fixed assets / Capital work in progress .Upilli Inter Corporate Deposits given .254 19. Siemens Ltd.809 62.273 44.935 3. .726 14.Trench Germany GmbH .414 2.080.Siemens VAI Metals Technologies Private Ltd.400. Vilas Parulekar .Siemens Information Processing Services Private Ltd.780.371 - 12.Winergy Drive Systems India Private Ltd. V. . Vijay.307 - - 930. Armin Bruck .944 61. .000 1.000 2. Sunil Mathur .2.804.Mr.000 - 70.650 116. .Mr.392 8.123 - 909.28.000 2.000 .336 42.000 1.679 117 - - - - - - - - 30.445 58.600.931 24. .000 2.Siemens AG .Siemens Building Technologies Private Ltd.Winergy Drive Systems India Private Ltd.900.Flender Ltd. .360.Morgan Construction Company India Private Ltd.000 - .Others Managerial Remuneration .Siemens Rolling Stock Private Ltd.2.000 700.Osram India Private Ltd.Mr.431 44. .459 - - - .691 253 81 .687 3.4 Related party transactions (Continued) Description .550 1. .450.000 - 5.650. .1.A Friedr.000 800.Siemens Building Technologies Private Ltd.120.205 - - - - - 558.Siemens Corporate Finance Private Ltd.021. . Dividend paid Dividend received .Mr.700.Osram India Private Ltd. .Siemens Healthcare Diagnostics Ltd.000 3.000 2.624 23. Sale of division / investments . .750. . K.000 - 63.950.Siemens Healthcare Diagnostics Ltd.Dr. .339 - 14.877 42.Siemens Building Technologies Private Ltd.

098.358 2.034.601 33.600.Siemens Healthcare Diagnostics Ltd.Siemens Healthcare Diagnostics Ltd. Vijay.729 37.336 - - 32.Siemens VAI Metals Technologies Private Ltd.150.000 820.159 800.645 135.000 600.Others Inter Corporate Deposits . Managerial Remuneration payable .153 13. .441 62.000 660.985 - 3.975 5.Osram India Private Ltd.466 21.Flender Ltd .589 211.Siemens Building Technologies Private Ltd.779 - 7.000 - 344. Outstanding Balances Debtors .112.000 800.694 82 Annual Report 2010 .000 600.948 35.105 156.4 Related party transactions (Continued) Description .Siemens Healthcare Diagnostics Ltd.377 13.119 819 51.095 - 945 7.Siemens VAI Metals Technologies Private Ltd. . Armin Bruck . .Mr. .324 3. . .Siemens Information Processing Services Private Ltd.515 26.233 115.Siemens Power Engineering Private Ltd.Siemens Rolling Stock Private Ltd.181 51.111 - 3.Siemens Industrial Turbomachinery Services Private Ltd.574 1.000 - - 880.000 1.258 - - 2.314. . Sunil Mathur .842 12.186 21.684 6.000 1.307 13.Siemens AG . . . . .100. Interest receivable on Inter Corporate Deposits .575 238.Mr. . . .Mr. Paranjape .995 976 2.000 400. . .651 1.283 4.000 400.098 165.Siemens Building Technologies Private Ltd.668 3.640 1.915 - - 34.Trench Germany Gmbh .Koncar Power Transformers Ltd.Siemens Building Technologies Private Ltd. .000 - 97.Morgan Construction Company India Private Ltd. .Siemens AG .756 32.Winergy Drive Systems India Private Ltd. . . .263 3.Winergy Drive Systems India Private Ltd.Siemens Rolling Stock Private Ltd.516 674.357 850.000 - - - 9.554 14.Siemens VAI Metals Technologies Private Ltd. Vilas Parulekar 2010 2009 Holding Subsidiaries Fellow Associate Key Holding Subsidiaries Fellow Associate Key Company Subsidiaries managerial Company Subsidiaries managerial personnel personnel 1.Siemens Building Technologies Private Ltd.Osram India Private Ltd. V.Siemens Rolling Stock Private Ltd.000 - 552.Others Creditors . .Siemens Information Systems Ltd .785 6.607 21.Siemens VAI Metals Technologies Private Ltd.000 400.100.Flender Ltd . .Siemens VAI Metals Technologies Private Ltd.348 45.357 1.Morgan Construction Company India Private Ltd.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 28.Dr.884 6.429 322.Siemens Information Systems Ltd.835 9.000.

510 53.354 548.453 433.560.603 (140.672 2.217 82.515.771.294 56.355 1.993 4.014.064 1.472 519.246 5.363 736.479 (4.094.508 10.623 173.918 282.657 5.554 4.662 38.344.488.163 19.998 2.745 2010 631.031 55.820 93.149 8.354 4.902 6.495.405 25.457.199 29.218.115 93.930) Total 2010 6.448.254.302.976 9.536 (902.602.167.606.036.606 5.912 57.570 28.467.903.059 11.226 571.632.006.514 8.587.267) (99.938 8.486 717.470.286 5.341.628 (76.377.147.500) 10.186 9.031 (9.737 1.093 1.405 83.777. 83 .172.758 39.072 175.930) 83.593 (4.365 6.905 3.892 6.170 12.350 24.994) 24.292 5.353 2.516.263.994 114.514 (25.745 8.115 2009 468.820 (10.085.794 2009 2.183 24.079 653.071.670 936.980 (10.152 3.353.161 28.431.022 7.520.286.603.931 113.245 9.536 588.794 777.527.433 10.968 289.681 481.543 368.591 7.171 13.150 1.942.096.171 40.044.000 13.157 43.538 2.639 811.556 5.604 10.394 535.294.711 5.152.251.110 11.979 1.864 (9.875 5.201 7.205.431.482.031 21.631.305.318.857 5.282 1.290 1.699 28.377 7.189.274.085 12.966 5.543.500 1.764 186.222.606.568) 62.824.227.042.121 3.534 751.272.708.058 5.570 56.451 1.763 19.566.416 1.556 206.648 53.517 2.864 2.134.126 (58.691 1.976 46.192.207.740 10.827.219.887.263 19.544 399.653.270 (105.007.083 844.490 524.887.824 3.272.929.397 777.155 528.871 276.059.164 37.726) (902.889.080.497.154.714) (4.282 4.376 245.796 82.537.869 Non cash expenditure Depreciation Others 2010 2009 2010 125.052 231.421 90.092 2.171 55.415 3.031 83.937 5.962.312) 30.227 5.682.778 14.432.913 11.089) 2009 327.951.957.138 5.631.260.813 49.044 338.331) 51.897.789 2009 Liabilities 2010 1.685) (10.912) (21.832 652.653 6.626 5.459 2.905) 441.955) (54.389 18.506.719 55.237 3.496.163 (28.002 2.513) 201.698. 448.850.476.962 857.503.152.282 4.592.772) 523.016 174.076 413.613 7.447.291 2.662.940 53.713 479.454 1.887.876) 776.670 339.089) 93.004.177 67.254 3.993 Consolidated total 94.718.184 59.207.141 11.990 55.841.887.011.394 535.079 653.727 6.810 4.292.405 83.014.822 153.917.979 1.491.601 1.527.237.696.773 4.145.177.452.105 73.260.879 (71.945 11.226.630 192.473 7.970 (1.870 14.095 8.138.493 7.102.132 (19.004.083.994 2009 Capital Expenditure 2010 2009 409.537.019 3.448.669 3.152.432.832 5.102 5.810 10.892 688.745 93.955 26.639 11.429.736 1.183 24.587.644 4.486 196.405 2009 5.026) 588.234.745 Inter segmental sales 2010 471.009 104.655.628 1.084.29 (i) Information about business segments Revenue External sales 2010 2009 5.417 62.216 2.726) Unallocable corporate items 32.342 459.635 4.405 Assets 2010 Industry Automation Drive Technologies Building Technologies Industry Solutions Mobility Fossil Power Generation Oil & Gas Power Transmission Power Distribution Healthcare Real Estate Total 2.794.649) (20.411 27.675.182 3.424 1.464) 208.782 Siemens Ltd.952 245.225.446 2.796 1.144.152.508 Results Industry Automation Drive Technologies Building Technologies Industry Solutions Mobility Fossil Power Generation Oil & Gas Power Transmission Power Distribution Healthcare Real Estate Eliminations Total Interest expenses Interest income Exceptional income Unallocable corporate items Profit before tax Income tax Deferred tax Fringe benefit tax Profit after tax Consolidated total 6.726 119.

Distribution boards.148 94. Miniature Circuit breakers.093 20. The business of each segment comprises of : Industry Automation :. light and heavy rail. and integrated IT solutions for pipeline and storage applications.764 2009 1. Business Segments: The business of the Company is divided into eleven segments.g. 72.e.871 1. Power Distribution :.745 Carrying amount of segment assets by location 2010 69.186. substations.764 3. Profits/ losses on inter segment transfers are eliminated at the Company level. The Division also develops instrumentation and control systems for every type of power plant. Residual Current Circuit Breakers. switchgear and transformers.Undertakes turnkey projects in the industrial and infrastructure sectors over the entire life cycle including concept.708.344.634 25. Products for Building. within India and outside India. Fossil Power Generation :.011.871 Segment information : The primary and secondary reportable segments are business segments and geographical segments respectively.708. e.618. supplies. These segments are the basis for management control and hence. to turnkey power plants.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 29 (ii) Secondary segment information Revenue based on location of customers 2010 Within India Outside India Total 29 (iii) Other disclosures : 29 (iv) Inter-segment prices are normally negotiated amongst the segments with reference to the costs. installation. i.887.312 93. special purpose motors.219. Industry Solutions :. Drive Technologies :.Provides complete range of automation products & systems.The Fossil Power Generation Division offers highly efficient products and solutions for power generation based on fossil fuels. nuclear medicine. 84 Annual Report 2010 . process and automation technologies. digital radiography systems. Healthcare :. lithotripsy and linear accelerators.Provides comprehensive real estate management.158.The specialties of the Power Distribution Division range from solutions for the automation of power grids.Provides solutions for rail automation.452.911 17.Provides complete range of large and standard drives and motors. ultrasonography.268.405 2009 66.011. to products like medium-voltage switchgear and components. trains. therapeutic and life-saving products in computer tomography (CT).The Power Transmission Division offers products and solutions in the high-voltage field – such as High Voltage Direct Current (HVDC) transmission systems. Figures for the year ended 30 September 2009 have been regrouped to make them comparable. compressors with electrical and mechanical drives. They range from individual gas and steam turbines and generators.326. Power Transmission :. railway electrification.610 82.Electrical Installation Technologies. engineering.782 2009 50. Building Technologies :. commissioning and after sales services. etc. form the basis for reporting.152. During the year there has been reorganisation of Industry Automation and Building Technologies business segments. radiology networking systems. conversion and transport of oil and gas. Oil & Gas :.018 32. Mobility :. procurement.126. digital angiography.834 83. The Division portfolio also includes solutions for power generation and distribution.933.Provides diagnostic. Real Estate :. magnetic resonance imaging (MRI).628 Additions to fixed assets and intangible assets 2010 3. market price and business risks.The Oil & Gas Division offers customers products and solutions that are used for the extraction. turnkey projects and integrated services. locomotives. industrial automation systems & low-voltage Switchgears. process and motion control systems. patient monitoring systems.e. - - - - - Geographical Segments: The business is organised in two geographical segments i.

495 9.983 13.860) 604.783 9.411 - - - - 818.749 206.999 (28.489 37.067 202.575 50.983 647.601 2009 Pension 2010 174.626 50.332 166.30 Disclosure pursuant to Accounting Standard .368 67.806 850.460 70.813 604.249 22.749 (43.602 647.616) 647. 85 .147) 166.290) 818.188 29.175 202.15 ‘Employee Benefits’ : (i) Defined Contribution Plans Amount of ` 119.754 Siemens Ltd.038) 113.760) 130.401 (2009 : ` 98.332 174.754 5.285 (7.947 (50.038) (14.067 70.806 56.169 3.947 (50.332 2009 Medical 2010 70.803 166.983 202.049) 4.528 (1.305) 30.274 29.555 2.820 4.027 (14.222) (44.136 174.027 171.461 476.067 2009 45.881) is recognised as an expense and included in “Personnel costs” (Refer Schedule 19) in the Profit and loss account.820 166.754 466. (ii) a) Defined benefit Plans Amounts for the current period are as follows : Gratuity 2010 I Change in benefit obligation Liability at the beginning of the year Interest cost Current service cost Past Service Cost (Vested Benefit) Liability transfer in Liability transfer out Benefit paid Actuarial (gain)/loss on obligations Liability at the end of the year II Fair value of plan assets Fair value of plan assets at the beginning of the year Expected return on plan assets Contributions Transfer from other company Transfer to other company Benefit paid Actuarial gain/(loss) on plan assets Fair value of plan assets at the end of the year Actual return on plan assets Expected return on plan assets Actuarial gain/(loss) on plan assets Actual return on plan assets IV Amount recognised in the balance sheet Liability at the end of the year Fair value of plan assets at the end of the year Net(Asset)/Liability recognised in the balance sheet 604.754 70.613 3.453) 5.410) 26.749 - - - - III 51.980 (7.601 850.983 174.528 (1.222) (44.749 51.602 48.826 (28.616) 35.461 (31.602 160.326 12.049) (88.

073 (7.672 (84) 702 8.027) 128.368 67.826 30.0% 1% increase (17.995 (7.475 2009 Pension 2010 13.15 ‘Employee Benefits’ : (Continued) Gratuity 2010 V Expenses recognised in the income statement Interest cost Current service cost Expected return on plan assets Past Service Cost (Vested Benefit) Recognised Actuarial (gain) / loss Expense recognised in personnel costs(Schedule 19) Balance sheet reconciliation Opening net liability Expense as above Employers contribution Net(Asset)/Liability recognised in balance sheet 48.169 32.754 VII Actuarial Assumptions : For the Year Discount Rate Current Rate of Return on Plan Assets Current Medical Cost increase rate Attrition rate VIII Sensitivity Change in Liability .188) (171.337) 22.285 130.25% 7.086) 7.613 3.749 (51.147) 174.862 1.962 3.Discount rate Change in Liability .555 2.489 476.860) (43.128 471.495) (31.410) 70.073 2009 37.0% 7.274 (93.071 86 Annual Report 2010 .897) 2008 466.0% - 8.136 42.284) 15.575 (10.754 139.0% 8.803 19.326 42.461 (31.749 (43.25% - 8.962 (28.0% 8.602 647.820) 206.096) 177.429 138.802 (28.0% 5.883 (13.475 138.760) 202.147) 9.434 (166.Inflation rate Change in Service Cost Discount rate Change in Interest Cost Discount rate IX 8.802 2009 Medical 2010 5.305) 174.297) 189 (702) - - - - Amount for the Current and Previous periods as per AS15 Para 120(n) are as follows : Gratuity 2010 Liability at the end of the year Fair value of plan assets at the end of the year Difference Experience Adjustment on Plan Liabilities (gain)/ loss Experience Adjustment on Plan Assets (loss)/ gain 818.995 VI (43.983 19.999 5.25% 8.055 (19.860) (73.175 139.147) (10.0% 5.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 30 Disclosure pursuant to Accounting Standard .669 2007 442.067 45.0% 8.0% 1% decrease 21.412 (29.332 160.434 12.460 32.806 2009 604.601 850.249 22.453) 166.983 70.980 26.783 (50.342) 4.086) 177.831 7.

government interest to be paid on provident funds scheme exceeds rate of interest earned on investment). The fund does not have any existing deficit or interest shortfall. II Medical Post-Retirement Medical Benefit is paid to eligible employees in case of survival upto the retirement age and after death. pending the issuance of guidance note from the Actuarial Society of India. the Company’s actuary is unable to reliably measure the same. In regard to any future obligation arising due to interest shortfall (i.532 to gratuity fund in 2010-11. The Company pays 80% of difference between liability incurred by employee and claim received from insurance company subject to ceiling based on the grade of employees. such as supply and demand in the employment market. promotion and other relevant factors. seniority. need to be treated as defined benefit plan. along with the estimated incremental investments to be made during the year. Yield on portfolio is calculated based on a suitable mark-up over the benchmark Government securities of similar maturities. The estimates of future salary increases. considered in actuarial valuation. Expected rate of return on investments is determined based on the assessment made by the Company at the beginning of the year on the return expected on its existing portfolio. benefits are available to the employee’s spouse. in terms of the provisions of the Payment of Gratuity Act. The guidance issued by the Accounting Standard Board (ASB) on implementing AS 15. death and permanent disablement. The Company reimburses the employees for expenses incurred over and above the claim accepted by the insurance company. 87 . (iv) Broad category of plan assets as a percentage of total plan assets of the Gratuity plan Particulars Government of India securities State Government securities Public sector unit bonds Special Discount scheme Total Plan Assets 2010 16% 19% 38% 27% 100% 2009 13% 22% 32% 33% 100% c) d) (iii) General Descriptions of significant defined plans I Siemens Ltd. The Company expects to contribute ` 52. which requires interest shortfall to be met by the employer.e.30 Disclosure pursuant to Accounting Standard . 1972 or as per the Company’s Scheme whichever is more beneficial.15 ‘Employee Benefits’ : (Continued) b) The fund formed by the Company manages the investments of the Gratuity Fund. Gratuity Plan Gratuity is payable to all eligible employees of the Company on superannuation. Employee Benefits (revised 2005) states that provident funds set up by employers. take into account inflation.

258 3 2.627.907.406 393.067 11.325 165. as at 30 September 2010 to facilitate reading purposes only.291 10.989 3.518 165. 88 Annual Report 2010 .682.144 16 13 1.855 410.600 9.055 1.255 21.553.224.952 49. The Company does not enter into any forward contract which is intended for trading or speculative purposes.543 206 143 335.Schedules to the Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 31 Derivative Instruments a) Forward Contracts The company uses forward contracts to mitigate its risks associated with foreign currency fluctuations having underlying transaction and relating to firm commitments or highly probable forecast transactions.753 18.702 26.004 111 103 407.195 2 2 750 1.781 3.503 Buy Amount Indian rupees equivalent Number of contracts Sell Amount Indian rupees equivalent All currency exposures having underlying transactions as at 30 September 2010 are covered by foreign currency forward contracts.179 17. The details of forward contracts outstanding at the year end is as follows:Currency Number of contracts US Dollar 2010 2009 Euro 2010 2009 Qatari Riyal 2010 2009 Japanese Yen 2010 2009 Pound Sterling 2010 2009 CHF 2010 2009 CAD 2010 2009 SEK 2010 2009 1 4 458 729 3. at the spot rates.769 1 1 167 235 7. The forward contracts have been converted in Indian rupees.408 20.350 21 13 5.793 18.414 51.000 17.930 1.115 4 3 32.208 96.600 192 163 109.516.916 39 53 25.941.186 4.240 4.104 20.504 296.396 1 51 2.306.635.303.558.066 33.769.

000 kg and silver is of 30 kg.768 137. Parekh Dr.200 24.94 MT 749 MT Buy /Sell Buy Buy Buy Note: Each contract of copper is of 1. Prior year comparatives Previous year’s figures have been regrouped/ reclassified wherever necessary.959 2.115 337.059. For S. Armin Bruck Sunil Mathur Yezdi H.644.R.274 5.160.670 2. to conform to current year’s classification. unpaid Payment made to suppliers (other than interest) beyond the appointed day during the year Interest paid to suppliers under the MSMED Act Interest due and payable towards suppliers under MSMED Act towards payments already made Interest accrued and remaining unpaid at the end of the accounting year 2010 148. The disclosure pursuant to the said Act is as under: Principal amount due to suppliers under MSMED Act Interest accrued and due to suppliers under Section 16 of MSMED Act.792 with a Private Limited Company which is a 100% subsidiary of a foreign company and in which a director of the Company is a director. the Company has entered into a contract.211 MT 2.53 2009 10. 32 Earnings per share: Profit after tax (Net profit attributable to Equity shareholders) Shares :Weighted average number of Equity shares outstanding during the year Earnings per share (Basic and diluted) 33 Micro and Small Enterprises Development Act.489 2009 653. 35 For and on behalf of the Board of Directors of Siemens Limited Deepak S. 2006 on the above amount.Malegam Ajai Jain Mumbai 24 November 2010 89 Chairman Managing Director Executive Director Director & Chairman of Audit Committee Vice President (Legal) & Company Secretary . application for approval is being made to the Central Government under Section 297 of the Companies Act. 34 During the year. 1956.172 64.448. Payment has been received in accordance with the normal sales terms. for sales of a value of ` 14.160.272.Batliboi & Associates Firm Registration Number:.99 The information has been given in respect of such vendors to the extent they could be identified as ‘micro and small enterprises’ on the basis of information available with the Company.346 2010 8.845 1. The following are outstanding future contracts entered into by the Company as on 30 September 2010 Year 2010 2009 Commodity Copper Silver Copper Number of Contracts 1. 2006 (‘MSMED’) The Company has amounts due to suppliers under MSMED as at 30 September 2010. in the normal course of business.101049W Chartered Accountants per Sudhir Soni Partner Membership No: 41870 Mumbai 24 November 2010 Siemens Ltd.200 30.31 Derivative Instruments (Continued) b) Commodity Contracts The Company uses Commodity Future Contracts to hedge against fluctuation in commodity prices.530 139. As per our report of even date. As a measure of abundant caution.676 70.211 98 749 Contractual Quantity 1.508 337.

606 Miscellaneous Expenditure NIL Deferred Tax Asset 1.000 Reserves & Surplus 34.344.320 Secured Loans NIL Application of Funds Net Fixed Assets 9.103.777. Registration Details Registration No.468 Unsecured Loans 2.884. Balance Sheet Date 30 Date 10839 09 Month 2010 Year State Code 11 II.Balance Sheet Abstract and Company’s General Business Profile I.782 Sources of Funds Paid-up Capital 674.805.410 Total Assets 94.344.782 90 Annual Report 2010 . Capital raised during the year (Amount in ` thousands) Public Issue NIL Bonus Issue NIL Rights Issue NIL Private Placement NIL III.497 Accumulated Loss NIL Investments 3.095 Net Current Assets 19. Position of mobilisation and deployment of funds (Amount in ` thousands) Total Liabilities 94.313.

Earning per share. Performance of the Company (Amount in ` thousands) Turnover (including other income) 94.Malegam Ajai Jain Mumbai 24 November 2010 Chairman Managing Director Executive Director Director & Chairman of Audit Committee Vice President (Legal) & Company Secretary Siemens Ltd.805 +/.479 (Please tick appropriate box + for Profit.115 V. Armin Bruck Sunil Mathur Yezdi H.776. Parekh Dr.326 +/. issued by the Institute of Chartered Accountants of India (“ICAI”). 91 . Generic Names of Three Principal Products/Services of the Company (As per monetary terms) Item No.272. For and on behalf of the Board of Directors of Siemens Limited Deepak S.189.Profit/Loss Before Tax + 12. .53 Dividend Rate % 250% Total Expenditure 82.for Loss) Earning per share in Rs 24. (ITC Code) Product description Item No. (ITC Code) Product description 854800 Electrical part of machinery or apparatus 903289 Electronic automatic regulators 902210 X-ray apparatus The Earning per share disclosed above has been computed in accordance with the Accounting Standard .Profit/Loss After Tax + 8.Balance Sheet Abstract and Company’s General Business Profile (Continued) IV.587. (ITC Code) Product description Item No.20.

[25.808) 92 Annual Report 2010 . [Nil (2009: 2.815.Nil (100% holding from 1 August 2009)] Siemens Information Processing Services Pvt. fully paid-up i.079 (2009: 3. 1956 : (Currency: Indian rupees in thousands) Name of the Subsidiary The net Aggregate of profits (losses) of the The net Aggregate of profits (losses) of the subsidiary company for it’s financial year so far subsidiary company for it’s financial year so far as they concern the members of Siemens Ltd.000) Equity shares of ` 10 each.320.f.193 - (135.Statement Regarding Subsidiary Companies Pursuant to Section 212 ( 1 ) and (3) of The Companies Act. [Nil (amalgamated with the Company w.406 30 September 2010 Siemens Information Systems Ltd. [3.979 - 107. 1 October 2009) (2009: 4. [Nil (2009: 6.216.e. fully paid-up.85% acquired on 8 January 2010) 77.100% holding (2009: 100%)] Siemens Building Technologies Private Ltd.800) Equity shares of ` 10 each.000.e.042) - (146.123. Nil (2009: 51% holding)] (up to 24 June 2009) Siemens Rolling Stock Private Ltd. a) Dealt within the account of Siemens Limited for the year ended b) Not dealt within the account of Siemens Limited for the year ended a) Dealt within the b) Not dealt within the account of Siemens account of Siemens Limited for the year Limited for the year ended ended 30 September 2009 187.000 (2009:25.e.000.352 (212. i.e. Ltd.15% holding)] (Additional 13. fully paid-up i.000) Equity shares of ` 10 each.899) - - 44.e. fully paid-up i.734.870) Equity shares of ` 10 each. as they concern the members of Siemens Ltd.e. fully paid-up i.Nil (2009: 100% holding)] (up to 24 June 2009) Flender Ltd. 100% holding (2009: 86.000) Equity shares of ` 10 each.

Siemens Group Consolidated Financial Statements for the year ended 30 September 2010 with Auditors’ Report Siemens Group 93 .

Siemens Information Processing Services Private Ltd.514 equity shares of ` 10 each fully paid-up in Siemens Information Processing services Pvt ltd.928 (1. Upto 24 June 2009 Particulars Capital Reserves Loans Total Assets Total liabilities Details of investments: 2.091 107.000 1.351 (134.193 - 107.200 850.000 1. Turnover Profit / (Loss) before Tax Provision For Tax Deferred Tax Fringe Benefit Tax Profit / (Loss) After Tax Interim dividend 2010 2009 2010 - From 1 August 2009 2009 43.979 - - 764.433 (2.406 - - 389.851) 5. 2010 under Section 212 (8) of the Companies Act.524) 518 (135.899) (212.900) 17.733.629 (212. 1956 (Currency: Indian rupees in thousands) Siemens Information Systems Ltd.893 2010 250.042) - 94 Annual Report 2010 .718 42.899) - 29. Flender Ltd.150.000 1. 47/689/2010-CL-III dated 17 September.577 (1.336 23.000 850.400.000 600.000 850.040.000 2009 250.Disclosure pursuant to Central Government approval no.418 900.332 67.996 5.631 245.000 - 29.400. Upto 24 June 2009 2010 2009 - Siemens Rolling Stock Private Ltd.893 900.896 109.634 187.570) 44.

330 1.780 1.635 (142.468 415. iMetrex Technologies Pte.050 (156.341 576.861 674.603 554.256 82. (Ireland) Upto 21 September 2010 Particulars Capital Reserves Loans Total Assets Total liabilities Details of investments Turnover Profit / (Loss) before Tax Provision For Tax Deferred Tax Fringe Benefit Tax Profit / (Loss) After Tax Interim dividend 2010 37.808) 2010 669 66.984 2009 339 260.574) 188 1.095 331.452 120.831 2010 2009 (4.535 (108.050 5.074 (3.486 138.873 1.668 206.758 (41.138 2.620 (11.917 354.001 1.897) 228.490.341) 2009 669 81.288.187 2010 284.330 209.622 (15. 1956 (Currency: Indian rupees in thousands) Siemens Building Vista Security Technics Technologies Private Ltd. 47/689/2010-CL-III dated 17 September.095 1.595 8.129 1.205) (156.341 571.462.875 4.284 17.205) 2009 113.611 35.230) - Siemens Group 95 .485) 5.046 2009 37.541 (28.Disclosure pursuant to Central Government approval no.246 66.915 99.468 (1.295) 2.462. Ltd.881 852. (Singapore) Avenues (Hongkong ) Ltd.719) 3.603 260.919) 81.772.897) (4. Private Ltd.169 415. 2010 under Section 212 (8) of the Companies Act.230) (1.256) 26.915 66. (Hongkong) iMetrex Technologies Ltd.586 82.069 44.256 251.463 2010 113.264 260.288.929 (146.236 258.

Disclosure pursuant to Central Government approval no. 47/689/2010-CL-III dated 17 September, 2010 under Section 212 (8) of the Companies Act, 1956 (Currency: Indian rupees in thousands)
Europlex Technologies (UK) Ltd. (UK) Particulars Capital Reserves Loans Total Assets Total liabilities Details of investments Turnover Profit / (Loss) before Tax Provision For Tax Deferred Tax Fringe Benefit Tax Profit / (Loss) After Tax Interim dividend 2010 220,717 (218,881) 1,836 1,836 73,563 1,705 1,705 2009 224,566 (238,417) (48,265) (48,265) 69,428 (23,991) (23,991) Europlex Technologies (Ireland) Ltd. (Ireland) 2010 199,159 (183,323) 15,837 15,837 141,046 352,141 352,141 2009 52,634 (416,386) (418,691) (418,691) 174,653 (44,178) 8,067 (52,245) -

The Currency & exchange rate used by the following companies Company iMetrex Technologies Pte. Ltd. (Singapore) Avenues (Hongkong) Ltd. (Hongkong) iMetrex Technologies Ltd. (Ireland) Europlex Technologies (UK) Ltd. (UK) Europlex Technologies (Ireland) Ltd. (Ireland) Currency SGD HK$ Euro GBP Euro Exchange Rate closing rate for balance sheet items 34.14 5.78 61.25 71.22 61.25 Exchange Rate average rate for revenue items 33.32 5.93 62.37 71.93 62.37

96

Annual Report 2010

Auditors’ Report To the Board of Directors of Siemens Limited
We have audited the attached consolidated balance sheet of Siemens Limited and its subsidiaries (collectively referred to as the ‘Siemens Group’) as at September 30, 2010, and also the consolidated profit and loss account and the consolidated cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Siemens Limited’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report that the consolidated financial statements have been prepared by the Siemens Limited’s management in accordance with the requirements of Accounting Standards (AS) 21, Consolidated Financial Statements notified pursuant to the Companies (Accounting Standards) Rules, 2006, (as amended). In our opinion and to the best of our information and according to the explanations given to us, the consolidated financial statements give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the consolidated balance sheet, of the state of affairs of the Siemens Group as at September 30, 2010; in the case of the consolidated profit and loss account, of the profit for the year ended on that date; and in the case of the consolidated cash flow statement, of the cash flows for the year ended on that date.

(b) (c)

For S.R. BATLIBOI & ASSOCIATES Firm registration number: 101049W Chartered Accountants per Sudhir Soni Partner Membership No.: 41870 Place : Mumbai Date : November 24, 2010

Siemens Group

97

Consolidated Balance Sheet as at 30 September 2010 (Currency : Indian rupees thousands)
Schedule SOURCES OF FUNDS Shareholders’ funds Share capital Reserves and surplus Minority interest Equity Non-equity Loan funds Secured loans Unsecured loans 2010 2009

3 4

674,320 32,122,909 32,797,229 129 2,410 2,539 32,799,768

674,320 27,138,616 27,812,936 5,173 51,144 56,317 515 5,906 6,421 27,875,674

5 6

7 8

APPLICATION OF FUNDS Fixed assets Gross block Accumulated depreciation / amortisation Net block Capital work-in-progress including capital advances Investments Deferred tax asset, net Current assets, loans and advances Inventories Sundry debtors Cash and bank balances Loans and advances Current liabilities and provisions Current liabilities Provisions Net current assets Significant accounting policies Schedules to the consolidated financial statements

9 18,262,356 (8,412,683) 9,849,673 2,551,556 12,401,229 5 1,427,375 15,716,320 34,103,953 18,795,018 10,798,019 79,413,310 (44,682,451) (15,759,700) (60,442,151) 18,971,159 32,799,768 1-2 24 - 33 16,705,108 (7,436,799) 9,268,309 1,616,343 10,884,652 113 1,196,377 10,554,838 36,134,193 14,745,833 9,191,125 70,625,989 (41,119,100) (13,712,357) (54,831,457) 15,794,532 27,875,674

10 11 12 13 14 15

16 17

The schedules referred to above form an integral part of the consolidated balance sheet. As per our report of even date. For S.R.Batliboi & Associates Firm Registration Number:- 101049W Chartered Accountants per Sudhir Soni Partner Membership No: 41870 Mumbai 24 November 2010
98

For and on behalf of the Board of Directors of Siemens Limited Deepak S. Parekh Dr. Armin Bruck Sunil Mathur Yezdi H.Malegam Ajai Jain Mumbai 24 November 2010
Annual Report 2010

Chairman Managing Director Executive Director Director & Chairman of Audit Committee Vice President (Legal) & Company Secretary

150 1.164.581.929.425) 8. As per our report of even date.90 18 19 20 21 22 9 23 For S.324. 2009 : ` 22.Basic and diluted Significant accounting policies 1-2 Schedules to the consolidated financial statements 24 .272.071 7.099 448.382.714 7.502 8.565.641 114.478 6.200.038 1.864.714 7.979 (2.998 7.149) 95.846.169 (4. Armin Bruck Sunil Mathur Yezdi H.801 279.Malegam Ajai Jain Mumbai 24 November 2010 99 Chairman Managing Director Executive Director Director & Chairman of Audit Committee Vice President (Legal) & Company Secretary .066.097.245.310 12.342 1.228 10.089 84.856.643 12.990 8.751 of discontinued operations) Fringe benefit tax (includes ` Nil.665) 230.714) 92.315 98.449 626.726 of discontinued operations) Profit after tax Share of profit of associate Minority interest Net profit after tax Consists of: .731.Continuing operations Net profit after tax Balance in profit & loss account brought forward Amount available for appropriation Appropriations: Proposed dividend Tax on Proposed dividend Transfer to general reserve Balance carried forward Earnings per share (‘EPS’) 32 (Equity share of face value ` 2 each) .848 1.Batliboi & Associates Firm Registration Number:.031.Profit on sale of subsidiaries Profit before tax Consists of: .801 286.038 387.732.883.336.749 667.316 81.104.782.Discontinued operations .Consolidated Profit and Loss Account for the year ended 30 September 2010 (Currency : Indian rupees thousands) INCOME Sales and services (gross) Excise duty Sales and services (net) Commission income Interest income Other operating income.169 447.473.528 558.577.052 7.855 86.436.Continuing operations Provision for tax Current tax (includes ` Nil.229.577.944 7.098) 6. 2009 : ` 42.501.389 6.265 528.289 22.046. net Profit before tax before exceptional income Exceptional income: .649 7.33 The schedules referred to above form an integral part of the consolidated profit and loss account.425) 6.101049W Chartered Accountants per Sudhir Soni Partner Membership No: 41870 Mumbai 24 November 2010 Siemens Group For and on behalf of the Board of Directors of Siemens Limited Deepak S.205 (1.528 65.975.083 20.473.670 41.637 7.113 (4.090 110.577.188.687.685.310 (4.435.712 70.883.752.685.615) 6.066. Parekh Dr.805 (94. net Other income EXPENDITURE Cost of sales and services Personnel costs Depreciation/ amortisation Interest Expense Other costs.923.104.48 2009 94.685.689 73.046.083 1.310 12.650 96.Discontinued operations .402 12.975.658.714 (1.378 9.310 12.577 of discontinued operations) Deferred tax credit (includes ` Nil.045 8. Schedule 2010 98.443.263 92.052.910 94.808 9.019 10.R.248 (2.066.289 1.121.941 10.476.133. 2009 : ` 4.648 1.066.560) 255.

Business Process Outsourcing Cash flow from investing activities Purchase of fixed assets Proceeds from sale of fixed assets Purchase of investments .478 2009 10.603 556.860 (78.982 (5.Others Dividend income received from mutual funds Interest received Sale of lease rights Sale of EA business 100 2010 12.707 588.129 3.853 1.In mutual funds .497) (1.921 112.090 (264.732.432.603) 9. net Profit on sale of long term investment (equity shares in Siemens Information Systems Ltd.952) 257.648) 13.754 3.834.) Sale of lease rights Profit on sale of Electronics Assembly Division Bad debts Provision for doubtful debts/ advances. net Unrealised exchange Loss/ (gain).) Loss on sale of long term investment (equity shares in Siemens Information Processing Systems Ltd.101.654) (1.In subsidiary companies .314 (702.012.471 (5.617 371.310 110.161.150 Annual Report 2010 9 19 1.Information Technology Services .865 - 9 (3.578) - 23 23 18 20 317. net Net cash provided by operating activities of which discontinued operations .706 (227.596 2.689 (240. net Interest income Dividend income Operating profit before working capital changes (Increase) / Decrease in inventories (Increase) / Decrease in sundry debtors and other receivables Increase / (Decrease) in sundry creditors and other current liabilities Increase / (Decrease) in provisions Net change in working capital Cash generated from operations Direct taxes paid.066.513.506) 108 20 575.In subsidiary company .000) (30.176.740) (1.076 78.000 28.260.736) 5.425 (1.571 49.700.379) (558.024 (1.825.671.928.651 (2.459 6.117) 10.687.977) (2.944 1.886 (5.331.096 15.487) 4.048.095.669.984 665.883.879) 12.027.021.449) (6.053.187.968.482) 571.999) 1.089.169 73.046 (667.307) 311.571 - .701) 306.820 10.053.Consolidated Cash Flow Statement for the year ended 30 September 2010 (Currency : Indian rupees thousands) Schedule Cash flow from operating activities Profit before tax Adjustments for: Interest expense Depreciation and amortisation Profit on sale of fixed assets.

335) (386) (1. Armin Bruck Sunil Mathur Yezdi H.229 14.845.459) 897.870.802) 693.101049W Chartered Accountants per Sudhir Soni Partner Membership No: 41870 Mumbai 24 November 2010 For and on behalf of the Board of Directors of Siemens Limited Deepak S.496) (2.Business Process Outsourcing Net increase in cash and cash equivalents Cash and cash equivalents at beginning of the year Cash and cash equivalents acquired on acquisition of subsidiary (Flender Ltd.991 (2.) Effect of exchange gain/(loss) on cash and cash equivalents Cash and cash equivalents at the end of the year 14 3.745.000 (4.548 13.363.701.714.817 125.833 334. As per our report of even date.047) (17.) Cash and cash equivalents on sale of subsidiary (Siemens Information Systems Ltd. For S.000) 4.012.745.018 (359.045) (64) 2.789.000 159.Batliboi & Associates Firm Registration Number:.833 (41. Parekh Dr.832 18.863) which are restricted in use.830) (3.578.798 (3.R.000) 8.795.423) (101.Business Process Outsourcing Cash flow from financing activities Interest paid Repayment of short term borrowings Dividend paid (including tax thereon) Repayment of long term borrowings Net cash used in financing activities of which discontinued operations .Cash flow statement (Continued) Schedule Inter corporate deposits placed Inter corporate deposits received back Cash generated from investing activities of which discontinued operations .722) 2010 (9.Information Technology Services .966.221.700.465) 2009 (5.336 (2009: ` 13.430.353 14.366 Note: Cash and cash equivalents at the end of the period include current account balances with banks of ` 19.175) (1.Information Technology Services .068.293) (220.) Cash and cash equivalents on sale of subsidiary (Siemens Information Processing Systems Ltd.Malegam Ajai Jain Mumbai 24 November 2010 Chairman Managing Director Executive Director Director & Chairman of Audit Committee Vice President (Legal) & Company Secretary Siemens Group 101 .708) (1.496) (4.

Country of % holding incorporation 2010 India India India India Singapore Hongkong Ireland Ireland Ireland Ireland UK 100% 100% 100% 100% 100% 100% 100% 100% % holding 2009 86. The amounts shown in respect of reserves comprise the amount of the relevant reserves as per the balance sheet of the parent company and its share in the post-acquisition increase in the relevant reserves of the subsidiaries. Flender Limited (amalgamated with the company w. (100% share capital held by iTL) Europlex Technologies UK Ltd.f. (100% share capital held by iTL) Notes : 1. (100% share capital held by iTL) Europlex Research Ltd. on the accrual basis of accounting in accordance with the accounting principles generally accepted in India and comply with the accounting standards notified in the Companies (Accounting Standards) Rules 2006. Unrealized losses resulting from intra-group transactions are also eliminated except to the extent that recoverable value of related assets is lower than their cost to the group. (‘VSTPL’) (100% share capital held by SBTPL) iMetrex Technologies Pte Ltd. in consultation with National Advisory Committee on Accounting Standards (‘NACAS’) and relevant provisions of Companies Act.546 has been adjusted against the General Reserve. The Company and its subsidiaries constitute the Siemens Group. 01 October 2009) Step-down subsidiaries Vista Security Technics Private Ltd. (100% share capital held by iTL) Europlex Manufacturing Ltd. The financial statements of the parent company and its subsidiaries have been combined on a line-by-line basis by adding together the book values of like items of assets. On amalgamation of Flender Limited. 102 Annual Report 2010 . (‘SBTPL’) Siemens Rolling Stock Private Ltd. 1956 (‘the Act’). to the extent applicable.1 Significant accounting policies Basis of preparation of financial statements The financial statements are prepared and presented under the historical cost convention. During the year. the goodwill as on that date amounting to ` 636. (‘iTL’) (100% share capital held by SBTPL) Europlex Technologies Ltd. (‘AHKL’) (100% share capital held by SBTPL) iMetrex Technologies Ltd. have been liquidated on 30 April 2010 and 21 September 2010 respectively.e. step-down subsidiaries and associate are set out below: Entity Subsidiaries Siemens Building Technologies Private Ltd. Avenues (Hongkong) Ltd and iMetrex Technologies Ltd. liabilities.Schedules to the Consolidated Financial Statements for the year ended 30 September 2010 (Currency: Indian rupees thousands) 1 1.Singapore. The parent company’s portion of equity in such subsidiaries is determined on the basis of book values of assets and liabilities as per the financial statements of the subsidiaries as on the date of investment and if not available. the financial statements for the immediately preceding period adjusted for the effects of significant transactions. The list of subsidiaries. Subsidiaries The excess/deficit of cost to the parent company of its investment in the subsidiaries over its portion of equity in the subsidiaries at the respective dates on which investment in such subsidiaries was made is recognised in the financial statements as goodwill/capital reserve. 1. Subsidiaries are consolidated from the date on which effective control is transferred to the Group and are no longer consolidated from the date of disposal. income and expenses after eliminating intra-group balances/ transactions and resulting unrealized profits in full. Goodwill is amortised over a period of 5 years from date of acquisition/investment.15% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2. Flender Limited has been amalgamated with the company with effect from 01 October 2009. The accounting policies have been consistently applied by the group and are consistent with those used in the previous year.2 Principles of consolidation The consolidated financial statements include the financial statements of Siemens Limited (‘the Company’) or (‘the parent company’) and its subsidiaries. (as amended) issued by the Central Government. (‘iTPL’) (100% share capital held by SBTPL) Avenues (Hong Kong) Ltd.

1. depreciation is provided on the revalued amount and the additional depreciation on accretion to assets on revaluation is transferred from revaluation reserve to profit and loss account.2. duties. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles (‘GAAP’) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities on the date of the financial statements.3 1.Lease hold Buildings .Assets at project sites . The key fixed asset blocks and related annual depreciation rates. Assets costing less than ` 5. The cost of fixed assets includes taxes.25% 20% .34% 2% . are: Asset Land . Depreciation is provided on the straight-line method (‘SLM’).Other buildings Plant and machinery . Consolidated financial statements are prepared using uniform accounting policies for transactions and other events in similar circumstances.Special machine tools . These intangible assets are amortised on straight-line basis based on the following useful lives.Other plant and machinery Furniture. Minority interest’s share of net assets is presented separately in the balance sheet.5 Intangible assets Intangible assets comprises of goodwill. Actual results could differ from those estimates.5% Over the life of the project 10% 10% .Freehold land . freight and other incidental expenses related to the acquisition and installation of the respective assets. depreciation is provided at a higher rate based on the management’s estimate of useful life/remaining life. Capital work-in-progress includes the cost of fixed assets that are not ready to use at the balance sheet date and advances paid to acquire capital assets before the balance sheet date. which in management’s opinion reflect the estimated useful economic lives of the fixed assets. Any revision to accounting estimates is recognised prospectively in current and future periods. fittings and office equipment Vehicles Rate Over the lease period 3.Factory buildings .000 are fully charged to the profit and loss account in the year of acquisition. If the management’s estimate of the useful life of a fixed asset at the time of acquisition of the asset or of the remaining useful life on a subsequent review is shorter than that envisaged in the aforesaid Schedule. The depreciation rates prescribed in Schedule XIV to the Act are considered as the minimum rates. Any expected loss is recognised in the profit and loss account through an accelerated depreciation charge.4 Where depreciable assets are revalued. software and technical know-how.2 Principles of consolidation (Continued) Minority interest’s share of net profit is adjusted against the income to arrive at the net income attributable to shareholders. Fixed assets and depreciation Fixed assets are stated at acquisition or revalued amounts less accumulated depreciation. which in management’s estimate represents the period during which economic benefits will be derived from their use: Asset Goodwill Software Technical know-how Siemens Group Useful life 60 months 36 months 60 – 84 months 103 .33 1/3% 25% 1. Items of fixed assets that have been retired from active use and are held for disposal are stated at the lower of their net book value and estimated net realisable value and are disclosed separately in the financial statements. 1.

1. All other investments are classified as long term investments.7 Investments Investments that are readily realisable and intended to be held but not more than a year are classified as current investments. Provision for expected loss is recognised immediately when it is probable that the total estimated contract costs will exceed total contract.8 Inventories Inventories comprise all costs of purchase. Dividend income is recognised when the right to receive the dividend is established. The net realisable value of work-in-progress is determined with reference to the estimated selling price less estimated cost of completion and estimated costs necessary to make the sale of related finished goods.9 Revenue recognition Revenue from sale of products is recognised on transfer of all significant risk and rewards of ownership of the products to the customers. the Group estimates the recoverable amount of the asset or cash generating unit. the carrying amount is reduced to its recoverable amount. Income from fixed price construction contracts is recognised by reference to the estimated overall profitability of the contract under the percentage of completion method. other than temporary in value of long-term investments and is determined separately for each individual investment. Revenue recognition is postponed in circumstances when significant uncertainty with respect to collectibility exists. Long-term investments are carried at cost. the estimated future cash flows are discounted to the present value at the weighted average cost of capital. Raw materials held for the production of finished goods are not written down below cost except in case where material prices have declined and it is estimated that the cost of the finished product will exceed its net realisable value. Sales are stated exclusive of sales tax and net of trade and quantity discount. Provision for diminution is made to recognise a decline. Excise duty is included in the value of finished goods inventory. If such recoverable amount of the asset or the recoverable amount of the cash-generating unit to which the asset belongs is less than its carrying amount. had no impairment been recognised. Custom duty on goods where title has passed to the Group is included in the value of inventory. Commission income is recognised when proof of shipment is received from the supplier. and reduced by progressive billings. Project Work-in-progress net of amounts billed is valued at cost incurred on the contract with the profit taken thereon. In assessing value in use . Raw materials are valued at the lower of cost and net realisable value. computed separately in respect of each category of investment. Percentage of completion is determined as a proportion of the costs incurred upto the reporting date to the total estimated contract costs. in accordance with the Percentage of Completion method followed by the Company for Revenue Recognition. Export incentives receivable are accrued for when the right to receive the credit is established and there is no significant uncertainty regarding the ultimate collection of export proceeds. If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists. Interest income is recognised on the time proportion basis.Schedules to the Consolidated Financial Statements for the year ended 30 September 2010 (Currency: Indian rupees thousands) 1. The reduction is treated as an impairment loss and is recognised in the profit and loss account. If any such indication exists.6 Impairment of assets The Group assesses at each balance sheet date whether there is any indication that an asset or a group of assets (cash generating unit) may be impaired. 1. 1. conversion and other costs incurred in bringing the inventories to their present location and condition. 104 Annual Report 2010 . Cost is determined on a weighted average basis. the recoverable amount is reassessed and the asset is reflected at the recoverable amount subject to a maximum of depreciable historical cost. Work-in-progress and finished goods are valued at the lower of cost and net realisable value. Current investments are carried at lower of cost and fair value. Commission from sale of software license is recognised when the right to use the license is conferred. which is generally on despatch of goods. Contract revenue earned in excess of billing has been reflected as “Project Work-in-progress net off amounts billed there against” under “Inventories” and “Billing in excess” of contract revenue has been reflected under “Current Liabilities” in the balance sheet. The recoverable amount is the greater of the asset’s net selling price and value in use. Cost is determined on the basis of the weighted average method. Revenue from services is recognised as per the terms of the contract with the customer using the proportionate completion method.

The present value of the obligation under such defined benefit plans is determined based on actuarial valuation using the Projected Unit Credit Method. Finance charges are charged to the profit and loss account. Benefits such as salaries. which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. Actuarial gains and losses are recognised immediately in the Profit and loss account. and the expected cost of ex-gratia is recognised in the period in which the employee renders the related service. the translation procedures applicable to the revised classification are applied from the date of the change in the classification. In respect of Non-integral foreign operations. Translation Monetary assets and liabilities in foreign currency. are translated at the year-end at the closing exchange rate and the resultant exchange differences are recognised in the profit and loss account. are capitalized at the lower of the fair value and present value of the minimum lease payments at the inception of the lease term and disclosed as assets taken on lease. The discount rates used for determining the present value of the obligation under defined benefit plans. etc. both monetary and non-monetary are translated at the closing rates and income and expenses are translated at average exchange rates and all the resulting exchange differences are accumulated in foreign currency translation reserve. The Group’s contribution paid/payable under the schemes is recognised as expense in the profit and loss account during the period in which the employee renders the related service. Lease payments are apportioned between the finance charges and reduction of the lease liability based on the implicit rate of return. including depreciation are recognised as an expense in the Profit and Loss Account. and short term compensated absences. Costs. Initial direct costs such as legal costs. gratuity. which effectively transfer to the Company substantially all the risks and benefits incidental to ownership of the leased item.11 Employee benefits (a) Short term employee benefits All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. etc. Exchange differences arising on foreign exchange transactions settled during the year are recognised in the profit and loss account of the year.12 Foreign currency transactions The Group is exposed to currency fluctuations on foreign currency transactions. On the disposal of a non-integral foreign operation. wages. are recognised as an expense in the statement of profit and loss on a straight line basis over the lease term. which are outstanding as at the year-end. Defined Benefit Plans: The Group’s provident fund. When there is a change in the classification of a foreign operation. Siemens Group 105 (ii) . the assets and liabilities. Lease payments under an operating lease.10 Leases Where the Group is the lessee: Leases where the lessor effectively retains substantially all the risk and benefits of ownership of the leased items are classified as operating leases. is based on the market yields on Government securities as at the balance sheet date. are recognised immediately in the Profit and Loss Account. Where the Group is the lessor : Assets subject to operating leases are included in fixed assets. Transactions denominated in foreign currency are recorded at the exchange rate prevailing on the date of transactions. employee state insurance scheme and labour welfare fund are defined contribution plans. Non monetary items are stated in the balance sheet using the exchange rate at the date of the transaction. pension. The obligation is measured at the present value of the estimated future cash flows. leave and medical benefit schemes are defined benefit plans. (b) Post-employment benefits (i) Defined Contribution Plans: The Group’s approved superannuation scheme. brokerage costs. Finance leases. Lease income is recognised in the Profit and Loss Account on a straight-line basis over the lease term. the cumulative amount of the exchange differences which have been deferred and which relate to that operation are recognised as income or as expenses in the same period in which the gain or loss on disposal is recognised. 1. 1.1.

Ltd. respectively. fines. liabilities and forecasted cash flows. cheques in hand. 1961. Further. it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 1. 1. which are not covered by AS 11. As per Accounting Standard (‘AS’) 11 – ‘The Effects of Changes in Foreign Exchange Rates’.15 Provision Provisions comprise liabilities of uncertain timing or amount. by the weighted average number of equity shares outstanding during the year. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect current best estimates. Disclosures for contingent liability are made when there is a possible or present obligation for which it is not probable that there will be an outflow of resources. 2 Proposed Amalgamations The Board of Directors approved the amalgamation of Siemens Rolling Stock Pvt. Pending approval of the aforesaid High Courts. Deferred tax assets are reviewed as at each balance sheet date and written down or written-up to reflect the amount that is reasonable/virtually certain (as the case may be) to be realised. no provision or disclosure is made. however. the appointed date is 1 October 2009. a wholly owned subsidiary and Siemens Healthcare Diagnostics Ltd. where the counterparty is a bank. deferred tax charge or credit (reflecting the tax effect of timing differences between accounting income and taxable income for the year) computed in accordance with the relevant provisions of the Income Tax Act. no effect of the above mentioned proposed amalgamation schemes have been recognised in these financial statements. are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. are measured using the mark-to-market principle with the resulting gains / losses thereon being recorded in the profit and loss account. the Board of Directors of the Company had approved the scheme of amalgamation of its wholly owned subsidiaries Siemens Building Technologies Private Limited (SBTPL) and Vista Security Technics Private Limited (Vista) with the Company. (SHDL) with the Company on 7 June 2010 and 30 November 2009. cash at bank and short term deposits with banks having maturity of three months or less.Schedules to the Consolidated Financial Statements for the year ended 30 September 2010 (Currency: Indian rupees thousands) 1. if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the taxes on income levied by same governing taxation laws. Loss contingencies arising from claims. amount of tax for the year determined in accordance with the income-tax law).14 Earnings per share Basic and diluted earnings per share is computed by dividing the net profit attributable to equity shareholders for the year.16 Cash and Cash equivalents Cash and cash equivalents include cash. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote. Contingent assets are neither recognised nor disclosed in the financial statements. 1. (SRSPL). All other derivatives. The Group limits the effects of foreign exchange rate fluctuations by following established risk management policies including the use of derivatives. In terms of the scheme. during the year . The amalgamation schemes were filed with the Honorable High Courts. 106 Annual Report 2010 . penalties. deferred tax assets are recognised only if there is a virtual certainty of realisation of the assets.13 Taxation Income-tax expense comprises current tax (i. Deferred tax assets are recognised only to the extent there is reasonable certainty that the asset can be realised in future.The appointed date for the amalgamation is 1 October 2010. etc. The Group enters into forward exchange contracts.e. The amalgamation scheme was filed with the Honorable High Court of Madras and the relevant High court orders have been received on 3 September 2010 (read with order dated 5 October 2010). The deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the tax rates that have been enacted or substantively enacted by the balance sheet date.12 Foreign currency transactions (Continued) Derivative instruments The Group’s exposure to foreign currency fluctuations relates to foreign currency assets. Deferred tax assets and deferred tax liabilities are offset. where there is unabsorbed depreciation or carried forward loss under taxation laws. 1. the premium or the discount on forward exchange contracts not relating to firm commitments or highly probable forecast transactions and not intended for trading or speculation purpose is amortized as expense or income over the life of the contract. Provisions are recognised when the Company recognises it has a present obligation as a result of past events. litigation. assessment.

041.Goodwill of Flender Limited adjusted on amalgamation .160.000.100) Equity Shares of ` 2 each.615) 32.638.Created during the year .811 (48.194 (845) 12.200 Equity Shares of ` 2 each fully paid-up (2009: 337.164 10.085 (2009: 3.060.520.473.616 10.635 1. Siemens Group 107 .Additional depreciation on building due to revaluation transferred from profit and loss account General reserve .122.036 (842) 13.500. were allotted as fully paid-up bonus shares by capitalisation of the General reserve. are held by the Holding company.320 674.546) 8.000 676.194 18.473.041.580.272.000 2.000 2.696.495 1.000 2.450 (636.024.852 10.000.000 (2009: 55.Balance brought forward Foreign currency translation reserve * . fully paid-up.852 55.Balance brought forward Profit and loss account (4.320 674.049 674.000. were alloted as fully paid up bonus shares by capitalisation of Securities Premium account.138.Addition on acquisition of Flender Ltd.524) (38. Amalgamation Reserve Securities premium account .349 27.Transfer from profit and loss account Profit and loss account . Siemens AG.638.000 Equity Shares of ` 2 each (2009: 1.085) Equity shares of ` 2 each.200 Equity shares of ` 2 each fully paid-up) 2009 2.476.398) (51. Germany.824) 13. fully paid up.060.495 (48.090 (2009: 186.Balance brought forward .465 Equity shares of ` 2 each) Subscribed and paid-up 337.320 674.000) Equity shares of ` 2 each.584. 4 Reserves and surplus Capital reserve .615) (4.090) Equity shares of ` 2 each.205 27.425) (1.100 (2009 : 168.450 * Foreign Currency translation reserve arising from consolidation of non-integral subsidiaries.520.049 676.Schedules to the Consolidated Financial Statements (Continued) as at 30 September 2010 (Currency : Indian rupees thousands) 2010 3 Share capital Authorised 1.133.852 55.000.585) 14.Share allocated to Minority Revaluation reserve .285 (7.520.580. fully paid-up.000 Equity shares of ` 2 each) Issued 338.425) 27. 3.017 688 10.245 8.Balance brought forward . were allotted as fully paid-up for consideration received other than in cash. 55.909 (1.024.Balance brought forward .000.998) 7.500.635 1.465 Equity Shares of ` 2 each (2009: 338.495 (4.585) 17. 168.000.495 1.520.000.000.320 Of the above: 186.113 34.160.133.Balance brought forward .

144 5.Schedules to the Consolidated Financial Statements (Continued) as at 30 September 2010 (Currency : Indian rupees thousands) 2010 5 Minority interest in equity Siemens Building Technologies Private Ltd.052) (7. Balance brought forward Adjustment on purchase of additional stake Share of profit/(loss) for the year/ period Share of foreign currency translation reserve 51.410 2.410 5.721 (2. Nil (2009: 517.597) (12. 2009: 13.071) 7.144 (46.209) equity shares held by minority interest (Nil holding.sales tax deferral scheme 2.173 2009 108 Annual Report 2010 .173) 7.85% holding) Adjustment on purchase of additional interest 6 Minority interest in non-equity Siemens Building Technologies Private Ltd.906 5.548) 5.173 (5.811) 51.658) (41.665 (39.524 7 Secured loans Finance lease obligation ( Refer schedule 25B) 8 Unsecured loans Interest free loans under .906 129 129 515 515 139.

359) (2.278 637.986.520 547.515 42.680) 19.732.490 304.107 177.703 727.294 16.813) 1.436.653 700.045 193.750 (2009: ` 179.935 (845) 1.683 7.356 16.687.557) 6. Charge for the year Deductions/ adjustments At 30 September 2010 Net block At 30 September 2010 At 30 September 2009 Notes:1 Included in the gross block of land at 30 September 2010 is freehold land of ` 474.081 (2009 : 6.177 110.849.751 (2009 : ` 3.335) are held for sale at 30 September 2010 Depreciation provided has been disclosed as under: 2010 Charge for the year Goodwill on investment in associate amortised (refer Schedule 10) Transfer from Revaluation reserve As per profit and loss account 4 Assets includes assets given on operating lease 2010 Particulars Buildings Furniture and Fixture and office equipment 181.9 Fixed assets Intangible assets Goodwill Technical Software Knowhow Land Buildings Tangible assets Plant and Machinery Furniture.020 (2009 : ` 2.835 (2.954 (2.728 Plant and Machinery Buildings 2009 Furniture and Fixture and office equipment 137.671 - Building includes ` 24.393.435 53.090 2009 1.888 (376.305 18.920 19.372 ) Net Block ` 1.493 147.248.Gross Block ` 2.831 109.626) 4.268.586 (10.360) 2 3 Gross Block Written Down Value Depreciation charge for the year 5 6 7 888.238.268.675) (1.756.975 4.136) and building with a value of ` 225.412.325) 4.393 15.637.744.968 7.687. Land with a value of ` 2.030 36.694 1.161 53.832 (234.997 (2009 : ` 21.762 3.017) 1.705.574 7.655.608 582.866 12.957 (842) 1.882 1.418 3.245 11.508 Plant and Machinery 1.507.739 147.886 440.201 461.523 28.296 20.224 8.898.835 (2.660.333) (3.309 1.341.437.534 1.505 797.935 8.059 591.331 (3.589 (2009 : ` 20.551.515 54.645.546) 794.705.783 18.130) 914.687.686 2.108 (712.751 3.581 1.309 9.136 (2009: ` 2.349.494 174. Above additions to gross block and deletions in accumulated depreciation include exchange fluctuation adjustments amounting to ` 51.111) representing 520 shares of ` 50 each and 10 shares of ` 100 each (2009: 560 shares of ` 50 each and 10 shares of ` 100 each) in various co-operative housing societies.540.603.173.574 87.263 93.926 38.232.738 3.346 889.479) 32.446 (2009: ` 19.319 (60.337 2.114 650.673 9.278 45.563.557) 6.188 625.436.756.108 15.021. Fittings & Office Equipment 907.262.051) (2.571) respectively on consolidation of non-integral foreign operations.568 7.540 46.962 (2009: 24.013.503.288.758.743 942.689 1.521.324.799 1.962) cost incurred by the company on certain assets ownership of which vests with the West Bengal State Electricity Board. Goodwill includes goodwill on consolidation .387 12.881 90.564.174 639.168) and ` 50.116.473 Vehicles Total Previous year Gross block At 1 October 2009 Addition on purchase of Flender Ltd.600 9.645.078 ) and buildings includes ` 172.086 3.739 7.739 8.267 23.062 Deductions/ adjustments (1.996 (78.233 3.840 ) Siemens Group 109 .439 11.004.040 697.177 (266. Additions (others) At 30 September 2010 Accumulated depreciation At 1 October 2009 Additions on purchase of Flender Ltd.593 3.799 3.230 2.190 159.099) 8.

688 452.184 (609.546 274.Others Deferred tax liability Arising on account of timing differences in : .838 432.743 677.Depreciation Deferred tax asset (net) 5 - 365.196.407 732.837 527.637 378.000) Equity Shares of ` 10 each fully paid-up in Flender Ltd.082 1. (2009: 50% holding) Cumulative goodwill on purchase of shares in associate Cumulative amortisation of goodwill Cumulative share of profit in associate company Conversion to subsidiary pursuant to purchase of balance shares by the Group (Quoted) Investment in other companies Nil (2009: 10.034) 334.745.375 374.638 609.Expenditure debited to profit & loss account but allowable for tax purposes in following years .Depreciation .853 946.814 317.377 110 Annual Report 2010 .689 1.Schedules to the Consolidated Financial Statements (Continued) as at 30 September 2010 (Currency : Indian rupees thousands) 2010 10 Investments Non-Trade.Aggregate book value of unquoted investment .427.064 7.373 1.580 (343.437 1.Provision for doubtful debts and advances .184) 5 5 2009 - 8 - 100 108 5 0.570.Aggregate market value of quoted investments 11 Deferred tax asset Arising on account of timing differences in : .Aggregate book value of quoted investments .000) Equity Shares of ` 10 each fully paid up in Scooters India Ltd.160.01 113 5 108 355 . (Sold during the year) (Unquoted) Nil (2009:1) equity share of ` 10 each fully paid up in International Shock Absorbers Ltd. long term (at cost) In government securities (unquoted) National Savings Certificates (Unquoted) Shares in associate company Nil (2009: 2.485) Equity Shares of ` 1 each fully paid up in PRICOL Ltd. (Written off during the year) 149. (Sold during the year) Nil (2009: 10.

125 24.807 20.840 1.339 18.Over six months .979 10.140.939.616.Considered doubtful Provision for doubtful debts 14 Cash and bank balances Cash in hand Cheques in hand Balances with scheduled banks .046.369 1.897.798.782 902.838 12.000 7.953 7.636.752 1.100 13.682.303.on current account .190.516.032.178 Siemens Group 111 .533 34.639.624 35.484) 36.966.377.134.716.Other debts Of which .111.516 36.975.763 885.114.029 (143.019 29.236) 34.386.132.193 980.484 37.842 15. Inter corporate deposits Interest accrued on inter corporate deposits 16 Current liabilities Sundry creditors Advances from customers (Refer note below) Unclaimed dividend Note Advance from customers include progress payments billed and advances received from project related work 2.408.961 13.451 4.013 2.408.417 156.365.191.906 8.723.869 792.860.417 2.853 14.062 143.409 14.276 16.on deposit account Balances with other banks Loans and advances (Unsecured) Advances recoverable in cash or in kind or for value to be received .477 1.055.851 10.292 1.967 4.300.909 22.997 4.554.414 (156.911 3.809 15.320 13 2009 2.062 2.193 8.103.592 2.085.795.997) 3.262 19.134.236 35.504 1.975.018 16.considered good .341 4.394.953 942.281.677 (980.806.108.976.801.189 (942. port trusts etc.967) 4.709 37.326 10.306 9.863 41.975.considered doubtful Provision for doubtful advances Advance payments of income tax (net of provision for taxation) Balances with customs.691.833 15 3.336 44.103.000 15.388 830.014 1.Considered good .552.826.2010 12 Inventories Raw materials Work-in-progress Finished goods Project Work-in-progress net of amounts billed there against Sundry debtors (Unsecured) Debts outstanding .351 14.668.119.745.

449 558.449 97.781 279.242.357 558.187 (5.494 35.987 502.Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 2010 17 Provisions Pension Provision for Taxation (net of advance tax payment) Leave wages Medical benefits Silver Jubilee Warranty (Refer schedule 27) Loss order (Refer schedule 27) Liquidated damages (Refer schedule 27) Contingencies (Refer schedule 27) Proposed dividend Tax on proposed dividend Interest income Interest income (Others) 166.361.301 661.324.788 8.975 259.995 9.939 5.700 18 667.562 608.289 70.215 202.808 19.637 Included in other costs.904.332 33.711 6.605 7.990 15.492 (1.443.578 390.229.112.477.648 19 Other operating income.658.204 70.140 2.647 2.210.123.307 114.052.164 380.457.690 30.375 240.064.801 286.910 19.315 20 Other income Dividend on mutual fund investment Miscellaneous Other Income 21 Cost of sales and services Raw materials and components consumed Traded goods purchased Spares and stores consumed Project bought outs (Increase)/ Decrease in inventories Other costs 20.418 2.685.385 65.983 23.639 768. net Contribution to provident and other funds Staff welfare 52.067 82.603 108.731.648 667.740 223.718.846.801 279. change in excise duty on closing stock of finished goods Personnel costs Salaries.342 2009 174.386.141 626.502 13.329 10.753 74.066 1.496 255.819 6.769.161 2.973) 2. wages and bonus.712.406.716 1.989.994.684 264.848 22 112 Annual Report 2010 .892 1.078 15.573 548.905 907.214 464.879) 6.641 6.240.685.759. net Recoveries from associates and third parties Miscellaneous income 71.395 65. net Export incentives Profit on sale of fixed assets.

855 2009 61.856.others Provision for doubtful debts and advances.617 460.033 219.617 555.042 173.425 597.296 102.044 1.183 114.994 6.327 361.494 7. net Rates and taxes Power and fuel Packing and forwarding Insurance Office supplies.580 11.267 228.365 157.982 49.260 565.866 529.2010 23 Other costs.089 Siemens Group 113 .158 409.141 715.338.914 74.713 98.on machinery .571 33.032 311.637 367.430 688.648 541.454 1.046 537.921 36.173.341 179.on building .322 757.052 317.183 90.600 1.950 141.817 181. net Exchange losses/(gains).300 538. net Travel and conveyance Legal and professional External software services and data processing Communications Rent ( Refer Schedule 25) Repairs .037 205.657 1.979 74.178 287.265 112.460 306 12.600 371.540 1.013 77. printing and stationery Advertising and publicity Research and development expenditure Bank guarantee commission/ bank charges Bad debts Lease rentals ( Refer Schedule 25) Donation Commission to directors Directors’ fees Miscellaneous expenses 670.685.287 6.

There are no exceptional / restrictive covenants in the lease agreements.099 863.706 541. The future lease rental payments are determined on the basis of the monthly lease payment terms as per the agreements. storage locations.595 Future lease commitments in respect of Financial leases (i) Within one year Minimum lease payments 129 386 Present value of Minimum lease payments 126 353 (ii) Later than one year and not later than five years Minimum lease payments 129 Present value of Minimum lease payments 126 (iii) Later than five years (iv) Total minimum lease payments at the year end 129 515 Less : amount representing finance charges 3 36 Present value of minimum lease payments (Rate of interest : 126 479 16.) (v) The Company has entered into finance lease arrangements for vehicles for a period of 5 years.014 432.427 120.Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 2010 24 Commitments and contingent liabilities (a) Commitments Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) (b) Contingent liabilities Taxation matters (excluding interest) -In respect of certain completed assessments where matters are under appeal by the Company Excise/sales tax liabilities.617 25 Disclosure pursuant to Accounting Standard . There is no escalation clause and there are no exceptional / restrictive covenants. The lease rental payments are determined on the basis of the monthly lease payment terms as per the agreements.642 432.000 80.077 409. Annual Report 2010 114 .000 117. vehicles. At the expiry of the non cancellable lease period the option of renewal rests with the Company.591.439 (2009: ` 751.706 312.613 Lease rent debited to profit and loss account ` 443.417 90.104 609. Some of the lease agreements have escalation clause. motor car.19 ‘Leases’ : Lease payments on non cancellable lease arrangement debited to the profit and loss account and the future lease payments in respect of non cancellable operating lease are summarised below: A Operating Lease (i) Amount due not later than one year from the balance sheet date (ii) Amount due later than one year and not later than five years (iii) Amount due later than five years 126.609 120. 170.31% p.437 328. equipments and residential premises for its employees.559) There is no contingent rent recognised in the P&L account General description of the leasing arrangement: (i) (ii) (iii) (iv ) B The Company has entered into operating lease arrangements for its office premises.081) Sub-lease payments recognised in the profit and loss account ` 20.025.a. under dispute Customs liabilities. under dispute Claims against the company not acknowledged as debts 1.074 349.702 2009 1.790 (2009: ` 28.

ETM professional control GmbH Siemens Aktiengesellschaft Österreich Siemens VAI Metals Technologies GmbH (upto 1 July 2010) Siemens W. Siemens Canada Ltd. Siemens Numerical Control Ltd.r. Memcor Australia Pty. Siemens Factory Automation Engineering Ltd. Siemens Bangladesh Ltd. Siemens Industrial Turbomachinery s.r. Koncar Power Transformers Ltd. Siemens Shanghai Medical Equipment Ltd.o. Siemens Electrical Drives (Shanghai) Ltd. Sist.L.o.18% of the Equity Share capital as at 30 September 2010) 26. Siemens s. Shanghai MWB (Shanghai) Co Ltd.A. Siemens Ltd. Trench Ltd. Ltd. Inc.. Siemens Switchgear Co. Siemens Industrial Turbomachinery (Huludao) Co. Siemens International Trading Ltd. Siemens Electrical Drives Ltd. Siemens Ltda. Siemens Power Plant Automation Ltd.1 Siemens AG 26. Siemens Mechanical Drive Systems (Tianjin) Co. Siemens S.A. Siemens Electrical Apparatus Ltd. Iriel Ind. Siemens Electric Machines s.r. Ltd. Ltda.26 Related party Names Holding company (holds 55. Ltd.2 Other related parties where transactions have taken place during the year (Continued) Fellow Subsidiaries Siemens S. Siemens Manufacturing and Engineering Centre Ltd. Beijing Siemens Cerberus Electronics Ltd./N. Eletr.V. Com.o. Siemens S.. Siemens Sensors & Communication Ltd. Siemens Wiring Accessories Shandong Ltd. Ltd. Siemens Eletroeletronica Limitada Siemens Milltronics Process Instruments. Siemens Medium Voltage Switching Technologies (Wuxi) Ltd.A. Siemens Mindit Magnetic Resonance Ltd. Siemens Circuit Protection Systems Ltd.L. Siemens Group Argentina Australia Austria Austria Austria Bahrain Bangladesh Belgium Brasilia Brasilia Brasilia Canada Canada Canada China China China China China China China China China China China China China China China China China China China China Columbia Croatia Czech Republic Czech Republic Czech Republic 115 .

Anwendungstechnologie GmbH Siemens Industriegetriebe GmbH LINCAS Export Services GmbH Siemens Industrial Turbomachinery GmbH Siemens Turbomachinery Equipment GmbH Weiss Spindeltechnologie GmbH Ruhrtal Hochspannungsgeräte GmbH S’Busbar Trunking GmbH & Co KG (upto 1 January 2010) Trench Germany GmbH Siemens Finance & Leasing GmbH VVK Versicherungsvermittlungs. Siemens plc Electrium Sales Limited 116 Denmark Denmark Denmark Ecuador Egypt Finland France France France France France France Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Germany Great Britain Great Britain Great Britain Annual Report 2010 . Division Production Sensors & Communication. OHG. SBT HVAC Product GMBH. Siemens Transmission & Distribution SAS Siemens S.E. Siemens VAI Metals Technologies SAS Flender-Graffenstaden SAS Siemens SAS.A. SBT GMBH & Co. Friedr Flender AG Siemens Geared Motors Gesellschaft mit beschränkter Haftung Siemens VAI Metals Technologies GmbH Winergy AG Flender Industriegetribe GmbH.S.Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 26. Usine de Haguenau SYKATEC Systeme. EPROXX Electronic Systems Production GmbH & Co KG Siemens Industrial Turbomachinery Ltd.A. Penig(upto July 2010) SBT Fire & Security Products GMBH & Co.2 Other related parties where transactions have taken place during the year (Continued) Fellow Subsidiaries Siemens Flow Instruments A/S Siemens Wind Power A/S Siemens Turbomachinery Equipment A/S Siemens S. Siemens Osakeyhtiö Trench France S.und Verkehrskontor GmbH Mechanik Center Erlangen GmbH Wallace & Tiernan GmbH Alpha Verteilertechnik GmbH Evosoft GmbH HSP Hochspannungsgeräte GmbH Loher GmbH A.A.S. Siemens Technologies S.A. Komponenten.

26.2 Other related parties where transactions have taken place during the year (Continued) Fellow Subsidiaries SBT Security Products Ltd. Siemens A.E., Elektrotechnische Projekte und Erzeugnisse Siemens Ltd. Siemens Information Processing Services Private Ltd.(w.e.f. 25 June 2009) Siemens VAI Metals Technologies Private Ltd. Powerplant Performance Improvement Ltd. Siemens Hearing Instruments Private Ltd. Siemens Power Engineering Private Ltd. Siemens Healthcare Diagnostics Ltd. Siemens Corporate Finance Private Ltd. Winergy Drive Systems India Private Ltd. Morgan Construction Company India Private Ltd. OSRAM India Private Ltd. Siemens Information Systems Ltd.(w.e.f. 25 June 2009) Siemens Product Lifecycle Management Software (India) Private Limited P.T. Siemens Indonesia Siemens Ltd. Siemens S.p.A. Trench Italia S.r.l. Siemens K.K. Yaskawa Siemens Automation & Drives Corp. Siemens TOO Siemens Kenya Ltd. Siemens Ltd. Siemens Electrical & Electronic Services K.S.C. Siemens Malaysia Sdn. Bhd. Siemens Innovaciones S.A. de C.V. Siemens, S.A. de C.V. Siemens Plant Operations Tahaddart SARL Siemens Industrial Turbomachinery B.V. Siemens Nederland N.V. Siemens (N.Z.) Ltd. Siemens AS Siemens L.L.C. Siemens Pakistan Engineering Co. Ltd. Siemens S.A.C. Siemens, Inc. Siemens Power Operations, Inc. Siemens Sp. z o.o. TurboCare Poland Spólka Akcyjna Siemens S.A. Siemens W.L.L.
Siemens Group

Great Britain Greece Hongkong India India India India India India India India India India India India Indonesia Ireland Italy Italy Japan Japan Kazakhstan Kenya Korea Kuwait Malaysia Mexico Mexico Morocco Netherland Netherland New Zealand Norway Oman Pakistan Peru Philippines Philippines Poland Poland Portugal Qatar
117

Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands)
26.2 Other related parties where transactions have taken place during the year (Continued) Fellow Subsidiaries Siemens S.R.L. OOO Siemens Siemens Ltd. Arabia Electric Ltd. (Equipment) Siemens d.o.o. Beograd Siemens Pte. Ltd. Siemens Electronics Assembly Systems Pte. Ltd Siemens d.o.o. Siemens Ltd. Siemens S.A. Fábrica Electrotécnica Josa, S.A. Siemens Industrial Turbomachinery AB Siemens Schweiz AG, Building Technologies Division, International Headquarters Siemens Ltd. Siemens Ltd. Siemens Sanayi ve Ticaret A.S. Siemens Ukraine Siemens LLC Siemens Industry, Inc. Siemens Energy, Inc. Siemens Demag Delaval Turbomachinery, Inc. Siemens Water Technologies Corp. PETNET Solutions, Inc. Morgan Construction Company (upto 1 July 2010) Siemens Medical Solutions USA, Inc. SMS Inc. - Customer Solutions Group SBT Inc. Siemens S.A. Siemens Automation Systems Ltd. Siemens Ltd. 26.3 Key Managerial Personnel Dr. Armin Bruck Mr. Sunil Mathur Mr. Vijay. V. Paranjape Mr. Vilas Parulekar (Retired on 25 September 2009) Mr.Patrick de Royer (Retired on 31 December 2008) Mr. K.R.Upilli (Retired on 27 July 2008) Romania Russia Saudi-Arabia Saudi-Arabia Serbia Singapore Singapore Slovania South Africa Spain Spain Sweden Switzerland Taiwan Thailand Turkey Ukraine United Arab Emirates USA USA USA USA USA USA USA USA USA Venezuela Vietnam Vietnam

118

Annual Report 2010

26.4 Related party transactions
Description Holding Company Sales - Siemens AG - Siemens Energy & Automation, Inc - Siemens VAI Metals Technologies Private Ltd - Siemens VAI Metals Technologies SAS - Siemens Medical Solutions Health Services Corp., US - Siemens IT Solutions & Services Ltd, UK - Flender Ltd - Siemens Industry Inc. - Siemens Switzerland Ltd. - Others Commission income - Siemens AG - Siemens Industrial Turbomachinery AB - Siemens Industrial Turbomachinery Ltd. - Siemens Pte. Ltd. - Loher Gmbh - A. Friedr Flender AG - Others Other recoveries - Siemens AG - Siemens Information Systems Ltd - Siemens Information Processing Services Private Ltd. - Siemens Corporate Finance Private Ltd. - Siemens Enterprise Communications Private Ltd. - Flender Ltd - Siemens Wind Power - Others Reimbursement of expenses - Siemens AG - Siemens Information Systems Ltd - Siemens Enterprise Communications Private Ltd. - Siemens Pte. Ltd. - Siemens Wind Power A/S - Siemens Electronics Assembly Systems Pte. Ltd - Flender Ltd - Siemens Switzerland - Others Purchase / Other services - Siemens AG - Siemens Information Systems Ltd - Koncar Power Transformers Ltd. - Siemens Electrical Apparatus Ltd. - Siemens Medical Solutions USA, Inc. - Flender Ltd - Others
Siemens Group

2010 Fellow Subsidiaries Key Managerial Personnel Holding Company

2009 Fellow Subsidiaries Associate Key Managerial Personnel 119

1,473,597 425,409 659,043 379,943 19,613,627 -

1,097,118 4,904 333,077 264,841 1,736,569 7,961 3,043 8,640 3,597 125,678 27,192 27,628 199,813 31,976 2,469 14,289 74,909 21,125 193,055 1,932,199 879,533 342,836 3,866,476

4,345,279 481,223 153,633 352,973 15,796,470 -

543,157 821,417 154,578 634,940 679,817 2,244,717 17,576 16,047 2,586 10,773 17,457 7,688 13,259 25,727 53,027 10,115 2,357 569 13,044 11,231 1,210 59,633 43,327 602,950 566,228 3,185,830

3,006 6,178 18 19,439 -

459 42 4.Others Managerial Remuneration .Mr.000 3.679 8.Siemens Enterprise Communications Private Ltd. Outstanding Balances Debtors .164 234. Ltd Purcahse of Investments / Equity Contribution .Winergy Drive Systems India Private Ltd.400.Siemens Healthcare Diagnostics Ltd.000 1.831 5.935 3.Siemens Healthcare Diagnostics Ltd.950.Siemens VAI Metals Technologies Private Ltd.000 400. .931 24.877 42. Vilas Parulekar .Mr.Siemens Corporate Finance Sale of division / investments .000 2.105 198.000 2. Inter Corporate Deposits repaid .205 62.Patrick de Royer .427 Holding Company 2009 Fellow Subsidiaries Associate Key Managerial Personnel 63. K.Siemens Information Systems Ltd .693 6. Sunil Mathur . .750.450.123 32.Winergy Drive Systems India Private Ltd . Paranjape .Mr. .254 19.886 116.336 42.Siemens Electronics Assembly Systems Pte.120. .000 1.000 820.Upilli Inter Corporate Deposits given . .Osram India Private Ltd .Osram India Private Ltd .339 - 58.711 20.000 3.283 - 588.Siemens AG .000 1.Others 120 2010 Fellow Subsidiaries Key Managerial Personnel 70.000 735.975 - 100.392 8.780.560 13. Dividend paid Purchase of Fixed assets / Capital WIP .783 117 30. .-Flender AG Sale of Subsidiaries .Siemens Healthcare Diagnostics Ltd.273 44. V.342 - - Annual Report 2010 .000 2.600.400.Dr.584 38.Siemens VAI Metals Technologies Private Ltd.021. .Trench Germany GmbH .360.000 - - 344.691 253 - 930.358 4.Siemens VAI Metals Technologies Private Ltd.307 909. .R.Winergy Drive Systems India Private Ltd .000 800. . Vijay.4 Related party transactions (Continued) Description Holding Company Interest Income .000 558.A Friedr.600.000 600.Siemens VAI Metals Technologies Private Ltd.Mr.107 1.624 23.857 3.Morgan Construction Company India Private Ltd.804 1.000 1.431 44. Armin Bruck . .080.Siemens AG .Mr.Siemens Corporate Finance Private Ltd.Morgan Construction Company India Private Ltd.825 - 880.Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 26.Morgan Construction Company India Private Ltd.Osram India Private Ltd . .Morgan Construction Company India Private Ltd.504 - 29.635 6.

material cost.258 32.000 5. Contingencies The Company has made provisions for known contractual risks.Mr. Paranjape .153 1.000 400.221 4. .694 7.314.Osram India Private Ltd .Siemens VAI Metals Technologies Private Ltd.640 1. duties and other levies. .000 1.842 12. Provision for loss orders A provision for expected loss on construction contracts is recognised when it is probable that the contract costs will exceed total contract revenue. Sunil Mathur .100.466 21.Osram India Private Ltd . Managerial Remuneration payable .186 21.948 35.132.26.023 45.366.820 2010 Fellow Subsidiaries Key Managerial Personnel Holding Company 2009 Fellow Subsidiaries Associate Key Managerial Personnel 27 Disclosure relating to Provisions Provision for warranty Warranty costs are provided based on a technical estimate of the costs required to be incurred for repairs.377 13. .Siemens Information Systems Ltd .Siemens industrial turbomachinery Ltd. V.000 800.729 37. servicing and past experience in respect of warranty costs.Siemens Power Engineering Private Ltd.776 172. For all other contracts loss order provisions are made when the unavoidable costs of meeting the obligation under the contract exceed the currently estimated economic benefits. the outflow of which would depend on the cessation of the respective events.Siemens Healthcare Diagnostics Ltd.Dr.000 800. Interest receivable on Inter Corporate Deposits . Vilas Parulekar 34. Siemens Group 121 .995 976 2. Vijay.662 14.Koncar Power Transformers Ltd. .Others Inter Corporate Deposits .Siemens Healthcare Diagnostics Ltd.756 32. This expenditure is expected to be incurred over the respective contractual terms upto closure of the contract (including warranty period).668 945 3.103.835 9.159.Winergy Drive Systems India Private Ltd .Siemens Information Processing Services Private Ltd.Trench Germany Gmbh .Mr.4 Related party transactions (Continued) Description Holding Company Creditors .645 135.Winergy Drive Systems India Private Ltd . It is expected that this expenditure will be incurred over the contractual warranty period. .000.441 62.357 1. Provision for liquidated damages Liquidated damages are provided based on contractual terms when the delivery/ commissioning dates of an individual project have exceeded or are likely to exceed the delivery/ commissioning dates as per the respective contracts.915 3.Mr.000 400.336 1.429 322.Siemens AG .607 21. replacement. .Siemens VAI Metals Technologies Private Ltd.575 238.000 660. Armin Bruck .324 3.Siemens VAI Metals Technologies Private Ltd. litigation cases and pending assessments in respect of taxes. .

401 8.036.692 7.608 10.143.7 ‘Construction Contracts’ : (i) (ii) (iii) (iv) (v) (vi) Contract Revenue recognised for the year ended 30 September 2010 Aggregate amount of contract costs incurred and recognised profits (less recognised losses ) for all contracts in progress as at 30 September 2010 Amount of advances received Amount of Retentions Amounts due from customers Amounts due to customers Information about business segments External Revenue 2010 2009 6.712 (184.277 11.Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 27 Disclosure relating to Provisions (Continued) The movements in the above provisions are summarised below: Balance as at 1 October 2009 .751 (73.604 11.725) (562.022 4.200.435 2009 55.292.473 8.733.851 78.998 7.722 339.789 798.490 1.843 13.590.315.496 5.841.454.186.402.219.875.716 768.972 27.174 5.124) 2.121.577.870.236.103 235 25.589 629.Created .923 764.034 527.501 399.482 5.613 401.130 6.514 6.153 (110.591 7.678 341.621 (246.591 3.288.810 10.227.537.864.904.557 7.864.188.077.732 8.658.452 1.836.245 24.577.771.526 935.903.394 5.006.394 5.278 445 2.826) (154.867.140.939 407.501.606.987 6.780 5.446 209.013) 12.981 550.771) 661.749 92.818.805 (94.367 154.430.729 1.602.648.353 482.371 11.939 655.078 535.718.698.045 1.106) 10.789.819 Contingencies 2.559 8.96.703 518.060.429.233 120.665) 230.044.749 of discontinued operations) Exceptional income Unallocable corporate items (includes ` Nil.095.183 29.052 (4.496.376.(10.560) 255.101) (448.318 (213.528 667.809 2.225.883.865 7.021.304) (10.075 177.848.161 1.967 7. 2009: ` 117.140 Loss orders 907.098) 7.143 8.892 Disclosure pursuant to Accounting Standard .066.076.648 - 558.285 283.999.169 81.200.843 510.457.288.749 Revenue Inter segmental Revenue 2010 2009 471.895 .289) (10.315.864 7.990.031 2010 630.200.514.614) 6.071 (4.207.936 12.769.980 1.327) 438. 2009: ` 3.200.714 (557.477 (746.631.986 7.654 12.289) 92.718.630.019 96.892 24.528 - - 96.038 Annual Report 2010 .759 12.478) 2009 459.187.939 9.294.759 117.274.528 .864.460 8.717 1.323 29 (i) Industry Automation Drive Technologies Building Technologies Industry Solutions Mobility Fossil Power Generation Oil & Gas Power Transmission Power Distribution Healthcare Real Estate Information Technology Services * Business Process Outsourcing * Eliminations Total Interest expenses Interest income (includes ` Nil.516.431.301 Liquidated damages 5.497.678 646.731.684.092 8.506.749 92.Utilised .744 5.021.749 92.944) 2010 57.942 13.654.251 Results Total Revenue 2010 2009 6.856 12.449 1.713.939 28.283.112.864.346 807.516.606) (105.500 244 1.706 (5.528 (567.999 742.631 736.182 of discontinued operations) Profit before tax Share of profit from associate Minority interest Current tax Deferred tax Fringe benefit tax Consolidated total * Discontinued operations 122 5.304) (10.924) 2.088.777.889.092.079 689.493 7.562 11.354 16.613 4.046.905 1.065 5.780 96.354 5.305.608 10.699 5.532 10.821 653.537.670 41.871 6.251 9.099 313.218.Reversed Balance as at 30 September 2010 28 Warranties 2.310 12.618 737.199 5.

254.139 4.131 Additions to fixed assets and intangible assets 2010 3.711 3.877 338.823 2009 2.034.447 2.561.683. During the year there has been reorganisation of Business Segments.685) (4.670 92.940.288.303.338 62.200. Drive Technologies :.623.615 93.376 245.064 Non cash expenditure Depreciation 2009 82.687.712.397 269.889.033) (603.145.954 1.163 19.948 750.699 9.129.623 3.512 283 3.664 524. Profits/losses on inter segment transfers are eliminated at the Company level.799 1.833.164 37.603 51.543 368.732.431.131 56.189 6.810 59.819.689 55.707.694 (603.461 (25.199 23.132 30.462 Liabilities 2010 1.639 50.241.071 6.163 174.713 479.056.707.697.188.342 5.201 Segment information : The primary and secondary reportable segments are business segments and geographical segments respectively.595.182 6.795 4.813 2.955) (20.606 858.868 4.094 4.625 790.133 12.109.807.075 20.095 13.446.602 21. Business Segments: The business of the Company is divided into eleven segments.687.Provides complete range of large and standard drives and motors.178 53.953 (24.585.180.053 1.658.632 14.404.556 245.871 276.092 Others 2010 90.669.009 237.429 48.301.884 2.031 55.570 2009 206.749 2009 69.304 25.541.673.234 3. industrial automation systems & low-voltage Switchgears.459.833.714) 738.177 67.980 32.817.29 (i) Information about business segments (Continued) Net Capital Employed Assets 2010 Industry Automation Drive Technologies Building Technologies Industry Solutions Mobility Fossil Power Generation Oil & Gas Power Transmission Power Distribution Healthcare Real Estate Information Technology Services * Business Process Outsourcing * Total Unallocable corporate items Consolidated total 2.972 4.137 4.921 24.491 (19.157 43.603.465 3.107 22.884 93.032 4.747.681 Capital Expenditure 2010 409.128.195 3.826.525 5.016 174.694 19.753 5.267) 64.148 - 60.466. market price and business risks. Figures for the year ended 30 September 2010 and year ended 30 September 2009 has been regrouped to make them comparable.026) 138.820) 176.151 82.001.689 * Discontinued operations 29 (ii) Secondary segment information Revenue.971 5.853 3.000 52.618 2009 1.568) 53.570 - 26.850.192.853 1.282 144.based on location of customers 2010 Within India Outside India Consolidated total 29 (iii) Other disclosures : (iv) Inter-segment prices are normally negotiated amongst the segments with reference to the costs.929.486 196.878 4.062 3.490 (21.720 58.017 3. form the basis for reporting.528 Carrying amount of segment assets by location 2010 68.350.294 (140.241.674 96.489.462.823 4.272 2.312) (99.777 5.053.069 538.838.736 741.031.560 2010 125.262 3.653.779.670 339.096.171 40.458 2.758 2.938 18.221 4.134. special purpose motors.795 2009 4.919 82.221.503 548.454.401 5.621 28.056.968 289.912) (54.090 1.Provides complete range of automation products & systems. These segments are the basis for management control and hence.864.499.570 28.090 1.970 (1.234 738.454 459.912 246.061 25. process and motion control systems 123 Siemens Group .051 4.072 175.961.201 1.646 2.690 54.919 2009 50.822 153.247 28.493.649) (10.276 717.858 23.758 39.079.852 3.446 2009 186.444.033) 5.505 2. The business of each segment comprises of : Industry Automation :.947.335.732. 75.668.334.931 113.518.510 56.938.995 746.976 679.331) 56.833.894.

Undertakes turnkey projects in the industrial and infrastructure sectors over the entire life cycle including concept. 30 Disclosure pursuant to Accounting Standard . compressors with electrical and mechanical drives.983 13. within India and outside India. nuclear medicine. i.Electrical Installation Technologies. magnetic resonance imaging (MRI).788 174.The Fossil Power Generation Division offers highly efficient products and solutions for power generation based on fossil fuels. switchgear and transformers.999 160. Oil & Gas :. conversion and transport of oil and gas. Fossil Power Generation :.602 75. installation.341 207.g Miniature Circuit breakers. The Division also develops instrumentation and control systems for every type of power plant. packaged software integration and systems maintenance to its worldwide customers operating in different industries. Real Estate :.Provide comprehensive range of technology services.e. Power Transmission :. engineering. railway electrification.Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) (iv) Segment information : (Continued) Building Technologies :. ultrasonography.490 41. procurement.285 45.326 12. digital radiography systems. - - - - - - Geographical Segments: The business is organised in two geographical segments i. e.966 46. substations.826 70.e. radiology networking systems.Provides diagnostic.The Oil & Gas Division offers customers products and solutions that are used for the extraction. The Division portfolio also includes solutions for power generation and distribution. (ii) Defined benefit Plans a Amounts for the current period are as follows : Gratuity 2010 I Change in benefit obligation Liability at the beginning of the year Interest cost Current service cost Past Service Cost (Vested Benefit) 650. digital angiography.753 5.706 602.854 1.Provides comprehensive real estate management. supplies. Power Distribution :.613 3. light and heavy rail.Provides solutions for rail automation. Products for Building.872 ) is recognised as an expense and included in “Personnel costs” (Refer schedule 22) in the Profit and loss account.555 2. trains. They range from individual gas and steam turbines and generators. commissioning and after sales services.169 3. including software development.15 ‘Employee Benefits’ : (i) Defined Contribution Plans Amount of ` 135. Residual Current Circuit Breakers etc. Industry Solutions :. lithotripsy and linear accelerators. Mobility :. therapeutic and life-saving products in computer tomography (CT). Healthcare :.The Power Transmission Division offers products and solutions in the high-voltage field – such as High Voltage Direct Current (HVDC) transmission systems. turnkey projects and integrated services.979 77.Provides back office support services to group companies and other external customers.459 2009 Pension 2010 2009 Medical 2010 2009 Superannuation 2010 2009 124 Annual Report 2010 . Business process outsourcing :. and integrated IT solutions for pipeline and storage applications. Information technology services :.947 (2009 : ` 225.262 1. locomotives.The specialties of the Power Distribution Division range from solutions for the automation of power grids. process and automation technologies. patient monitoring systems. Distribution boards. to products like medium-voltage switchgear and components.664 49. to turnkey power plants.

332 2009 (28.602 75.409 183.664 686.389) 166.460 32.057) 4.784 (432) 1.944 53.176) (26.555 2.446 53.490 41.038) 686.167) 650.613 3.224) 650.311 (65.176 139.521) 207.136 42.459 (1.983 174.803) (30.332 174.640 9.681) (5.352 841.760) 130.753 Superannuation 2010 2009 (215) (779) (198) 79.262 1.923 1.550 13.753 70.053 (149.653) 135.999 5.383 79.925 57.067 70.383 - Siemens Group .514 (25.788 (53.311 860.205) 841.521 4.130) 185.15 ‘Employee Benefits’ : (Continued) Gratuity 2010 Liability transfer in Liability transfer out Benefit paid Actuarial (gain)/loss on obligations Transfer in on Purchase of Flender Ltd Transfer out on Sale of SISL and SIPS Liability at the end of the year II Fair value of plan assets Fair value of plan assets at the beginning of the year Expected return on plan assets Contributions Transfer from other company Transfer to other company Benefit paid Actuarial gain/(loss) on plan assets Transfer in on Purchase of Flender Ltd Transfer out on Sale of SISL and SIPS Fair value of plan assets at the end of the year Total Actuarial Gain/(Loss) to Be Recognised III Actual return on plan assets Expected return on plan assets Actuarial gain/(loss) on plan assets Actual return on plan assets IV Amount recognised in the balance sheet Liability at the end of the year Fair value of plan assets at the end of the year Amount recognised in the balance sheet V Expenses recognised in the income statement Interest cost Current service cost Expected return on plan assets Past Service Cost (Vested Benefit) Recognised Recognition of Tansition Liability Expense recognised in personnel costs (Schedule 22) 49.130 520.069) 24.170 125 Pension 2009 9.925 860.285 130.962 5.136) (130.383 (234) 52.784 4.176 202.305) 30.410) 26.653) (14.478 (19.341 (52.664 686.136 174.222) (65.998 46.979 26.409 (14.983 Medical 2010 (7.681 184.521 169.528 (1.053 52.803 166.460 70.067 2009 (7.478 94.057) (89.802 12.453) 5.983 202.528 (1.612 29.074 3.460) - 74.409) 149.069) 39.102 (215) (779) (432) 79.379 (148.053 (35.30 Disclosure pursuant to Accounting Standard .826 30.706 (94.332 166.753 - 79.604 (568) (52.383 (740) (52.994 1.784) 233 1.803 19.222) 2010 (28.340 - - - - - 1.067 202.

760) 202.983 70.845) (12.0% 5.389) 174.Inflation rate Change in Service Cost Discount rate Change in Interest Cost Discount rate IX 8.131 1.932 1. considered in actuarial valuation. Annual Report 2010 126 .0% 8.753 139.550 (183. seniority.389) (5.998 (169.802 (28.Discount rate Change in Liability .962 (28.311 860.640) 4.938) 2008 602.0% 8.055 (19.186) (35.865 (123.326 42. government interest to be paid on provident funds scheme exceeds rate of interest earned on investment).167) 82.Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 30 Disclosure pursuant to Accounting Standard .604) (172) (19.25% 7. needs to be treated as defined benefit plan.0% 5. Yield on portfolio is calculated based on a suitable mark-up over the benchmark Government securities of similiar maturities.966 to gratuity fund in 2010-11.15 ‘Employee Benefits’ : (Continued) Gratuity 2010 VI Balance sheet reconciliation Opening net liability Expense as above Employers contribution /paid Transfer to other company Transfer in on Purchase of Flender Ltd Transfer out on Sale of SISL and SIPS Amount recognised in balance sheet VII Acturial Assumptions : For the Year Discount Rate Current Rate of Return on Plan Assets Current Medical Cost increase rate Attrition rate VIII Sensitivity Change in Liability .102) 2009 Pension 2010 2009 Medical 2010 2009 Superannuation 2010 2009 1% increase 1% decrease (17.297) 189 (702) - Amount for the Current and Previous periods as per AS15 Para 120(n) are as follows : 2010 841.305) 174.986 Liability at the end of the year Fair value of plan assets at the end of the year Difference Experience Adjustment on Plan Liabilities ( gain )/ loss Experience Adjustment on Plan Assets ( loss )/ gain b c d The fund formed by the Company manages the investments of the Gratuity Fund. The estimates of future salary increases. the Company’s actuary is unable to reliably measure the same.389) 185.453) 166.664 686.020 13.0% (35. pending the issuance of guidance note from the Actuarial Society of India.410) 70.994 (7.25% 8.25% 8.067 45.367) 4. promotion and other relevant factors. along with the estimated incremental investments to be made during the year. In regard to any future obligation arising due to interest shortfall (i.332 160.946 82. take in to account inflation.0% 7.337) 22. Expected rate of return on investments is determined based on the assessment made by the Company at the beginning of the year on the return expected on its existing portfolio.672 (84) 702 21.810 Gratuity 2009 650. Employee Benefits (revised 2005) states that provident funds set up by employers.983 19.053 (35.022 184.074 (7.478 (19. which requires interest shortfall to be met by the employer. The Company expects to contribute ` 52.0% 8.753 2.167) (73. The guidance issued by the Accounting Standard Board (ASB) on implementing AS 15. The fund does not have any existing deficit or interest shortfall.170 (4.169 32.0% 8. such as supply and demand in the employment market.0% 8.966 520.e.

843.753 31.627.186 336.855 51 167 235 458 729 407.004 20.066 33.325 - Siemens Group .291 10.952 49.30 31 Disclosure pursuant to Accounting Standard .932 1. The details of forward contracts outstanding at the year end is as follows:Currency Number of contracts US Dollar 2010 2009 Euro 2010 2009 Qatari Riyal 2010 2009 Japanese Yen 2010 2009 Pound Sterling 2010 2009 CHF 2010 2009 CAD 2010 2009 SEK 2010 2009 194 163 209 160 2 2 4 3 21 13 1 1 1 1 4 Buy Amount Indian rupees equivalent 4.303.600 32.055 1.170 750 1. The Company reimburses the employees for expenses incurred over and above the claim accepted by the insurance company.144 17.781 3.635. The Company does not enter into any forward contract which is intended for trading or speculative purposes. 1972 or as per the Company’s Scheme whichever is more beneficial.682.543 165.224. (iv) Broad category of plan assets as a percentage of total plan assets of the Gratuity plan Particulars 2010 2009 Government of India securities 16% 13% State Government securities 19% 22% Public sector unit bonds 38% 32% Special Discount scheme 27% 33% Total Plan Assets 100% 100% Derivative Instruments a Forward Contracts The company uses forward contracts to mitigate its risks associated with foreign currency fluctuations having underlying transaction and relating to firm commitments or highly probable forecast transactions.173 51.000 5.775 11.954.15 ‘Employee Benefits’ : (Continued) (iii) General Descriptions of significant defined plans I Gratuity Plan Gratuity is payable to all eligible employees of the Company on superannuation.707 4.020 169.195 410.179 17. II Medical Post-Retirement Medical Benefit is paid to eligible employees in case of survival upto the retirement age and after death. The Company pays 80% of difference between liability incurred by employee and claim received from insurance company subject to ceiling based on the grade of employees. in terms of the provisions of the Payment of Gratuity Act.769 Number of contracts 111 103 45 57 16 13 3 Sell Amount Indian rupees equivalent 18.941.567 9.793 18.255 21.406 393.115 127 110.715 20. benefits are available to the employee’s spouse.546.408 2. death and permanent disablement.306.906.135 3.702 26.396 3.350 7.504 296.769.266 96.258 2.503 1.

90 Number of Contracts 1. to conform to current year’s classification.490 1.046.06 392 7.200 22.577.211 MT 2. Armin Bruck Executive Director Sunil Mathur per Sudhir Soni Director & Chairman of Audit Committee Yezdi H.508 547 5.06 Profit after tax Profit after tax (Net profit attributable to Equity shareholders) Shares :Weighted average number of Equity shares outstanding during the year Earnings per share 33 Prior year comparatives Pursuant to the disposal of ‘SISL’ and ‘SIPS’ in the previous year.148 117 Payable Amount Indian rupees equivalent 108.708.038 7.101049W Chairman Deepak S. as at 30 September 2010 to facilitate reading purposes only b Commodity Contracts The Company uses Commodity Future Contracts to hedge against fluctuations in commodity prices. at the spot rates.714 7.000 kg and silver is of 30 kg.361 20 3 2009 7.372 3.Batliboi & Associates For and on behalf of the Board of Directors of Siemens Limited Firm Registration Number:.298 18.427 22 221 27 0.160. For S. Parekh Chartered Accountants Managing Director Dr. the figures of the current year are not strictly comparable to those of the previous year.837 111.Malegam Partner Membership No: 41870 Vice President (Legal) & Company Secretary Ajai Jain Mumbai 24 November 2010 128 Mumbai 24 November 2010 Annual Report 2010 .732 253.598 - 1.44 0.605 43 0.44 0. The forward contracts have been converted in Indian rupees.038 337.507 392.Schedules to the Consolidated Financial Statements (Continued) for the year ended 30 September 2010 (Currency : Indian rupees thousands) 31 Derivative Instruments (Continued) All currency exposures having underlying transactions as at 30 September 2010 are covered by foreign currency forward contracts.200 20.48 2009 Payable Amount Indian rupees equivalent 72.914 2010 7.160. As per our report of even date.086 7. The following are outstanding future contracts entered into by the Company as on 30 September 2010 Year 2010 2009 Commodity Copper Silver Copper Note: Each contract of copper is of 1.R.562 2.714 337.079 20 3 Receivable Amount Indian rupees equivalent 18. Previous year’s figures have been regrouped/ reclassified wherever necessary.960 718 13.94 MT 749 MT Buy/Sell Buy Buy Buy USD SGD EURO GBP CHF AUD 32 Earnings per share: 27. c Unhedged foreign currency exposure derivatives 2010 Receivable Amount Indian rupees equivalent 1.211 98 749 Contractual Quantity 1.982 2.577.046.

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