Siemens Limited Annual Report 2013

Contents
Annual Report 2013
Board of Directors
Financial Highlights
Chairmans Statement
Notice
Directors Report
13
Annexure I - Conservation of Energy, etc.
17
Annexure II - Managements Discussion and Analysis
19
Annexure III - Corporate Governance Report
24
Annexure IV - General Shareholder Information
36
Business Responsibility Report - Overview
43
Auditors Report
45
Financial Statements
48
Attendance Slip
95
Siemens Ltd.
Board of Directors
Mr. Deepak S. Parekh
Chairman
Mr. Darius C. Shroff
Director
Mr. Yezdi H. Malegam
Director
Mr. Narendra J. Jhaveri
Director
Mr. Keki B. Dadiseth
Director
Mr. Pradip V. Nayak
Director
Mr. Joe Kaeser
Director
Dr. Roland Busch
Special Director (Nominee of Siemens AG)
Ms. Mariel von Drathen
Director (with effect from 2nd August, 2013)
Mr. Johannes Apitzsch
Director* (Alternate Director for Dr. Roland Busch upto 22nd November, 2013)
Dr. Armin Bruck
Managing Director and Chief Executive Ofcer (upto 31st December, 2013)
Mr. Sunil Mathur
Executive Director and Chief Financial Ofcer (upto 31st December, 2013)
Managing Director and Chief Executive Ofcer (with effect from 1st January, 2014)
Company Secretary
Ketan Thaker
Committees of Directors
Audit Committee
Investors Grievance
Committee
Remuneration
Committee
Corporate Governance
Committee
Investment /
Divestment Committee
Yezdi H. Malegam
(Chairman)
Darius C. Shroff
(Chairman)
Narendra J. Jhaveri
(Chairman)
Keki B. Dadiseth
(Chairman)
Deepak S. Parekh
(Chairman)
Deepak S. Parekh
Pradip V. Nayak
Darius C. Shroff
Deepak S. Parekh
Yezdi H. Malegam
Keki B. Dadiseth
Dr. Armin Bruck
Deepak S. Parekh
Yezdi H. Malegam
Pradip V. Nayak
Pradip V. Nayak
Darius C. Shroff
Joe Kaeser
Joe Kaeser
Mariel von Drathen*
Joe Kaeser
Sunil Mathur
Dr. Armin Bruck
Keki B. Dadiseth
Dr. Roland Busch

Johannes Apitzsch*
Dr. Roland Busch

Johannes Apitzsch*
Johannes Apitzsch*
Joe Kaeser
(upto 22nd November, 2013)
* With effect from 23rd November, 2013
Annual Report 2013
Siemens Ltd.
Financial Highlights - Siemens Limited
(` in Million)
2012-13
2011-12
2010-11
2009-10
2008-09
109,573
102,351
122,886
124,305
87,964
114,196
129,774
121,336
94,777
89,508
Prot Before Depreciation, Interest and Tax
4,877
7,489
14,398
13,708
15,155
Depreciation
2,502
2,010
1,522
1,015
778
Orders received
Income, Prot and Dividend
Total Income (including exceptional income)
Interest
189
270
127
106
59
2,186
5,209
12,749
12,587
14,319
246
1,777
4,295
4,315
3,870
Prot After Tax
1,940
3,432
8,454
8,272
10,449
Dividend - %
250%
300%
300%
250%
250%
712
681
681
674
674
23
Reserves & Surplus
39,591
38,922
37,481
34,103
28,492
Net Worth (Shareholders Fund)
40,303
39,626
38,162
34,778
29,166
40,303
39,626
38,162
34,780
29,172
Fixed Assets
14,678
14,972
13,486
9,805
7,352
Investments
3,885
4,770
Net Current Assets & Other Assets
25,626
24,654
24,676
21,090
17,050
Net Assets
40,303
39,626
38,162
34,780
29,172
Book Value - `
113.17
112.56
112.14
103.15
86.50
Prot Before Tax

Tax
Dividend - ` Per Share

Share Capital, Assets and Book Value
Share Capital
Share capital suspense account
Loans
Total Capital Employed
Capital Represented by:
Returns
On Total Income (PBT) - %
1.91
4.01
10.51
13.28
16.00
On Capital Employed (PBIT) - %
5.89
13.83
33.74
36.50
49.28
On Shareholders Fund (PAT) - %
4.81
8.66
22.15
23.79
35.83
Per Share (PAT) - `
5.45
9.75
24.95
24.53
30.99
Annual Report 2013
1_Chairman Message_2013.indd 3
Siemens Ltd.
12/2/2013 12:25:22 PM
Chairmans Statement
Dear Shareholders,
Financial year 2012-13 was yet another challenging year for the Indian economy.
The investment scenario was weighed down by numerous factors such as delays
in statutory approvals, slow decision-making, land acquisition issues, volatility in
commodity prices and exchange rates, higher capital costs and non-availability of
raw material. Accentuating the low business and investor condence, the Reserve
Bank of India (RBI) revised downward, the GDP growth forecast to 4.8 percent for
the period April 2013 to March 2014.
The uncertain macro-economic environment also affected Siemens Ltd., which
operates in the business segments of infrastructure, power, industrial automation
and healthcare. While order growth was reasonable, revenues declined and the
Companys protability was also impacted due to increased project costs, lower
off-take of nished goods and project delays.
Performance highlights
For the nancial year ended September 30, 2013, the Company received new orders valued at ` 10,957.3 crores, a 7%
increase over ` 10,235.1 crores in the nancial year ended September 30, 2012. Sales were down by 12% to ` 11,145.2
crores, compared with ` 12,708.1 crores in the previous year.
The order backlog as of September 30, 2013 stood at ` 12,926.4 crores a decline of 5% compared with ` 13,660.4
crores in the previous year. Prots from operations stood at ` 170.5 crores, down by 75% compared with ` 690.3 crores
in nancial year 2011-12.
For the year ended September 30, 2013, the Companys prot before tax stood at ` 218.6 crores, down by 58% compared
with ` 520.9 crores in the previous year. The prot after tax for the year was ` 194 crores, down by 43% compared with
` 343.2 crores in the previous year.
The Board of Directors has recommended a dividend of ` 5 per equity share of face value of ` 2 per share for the nancial
year ended September 30, 2013. The Company had paid a dividend of ` 6 per equity share during the previous nancial
year.
Performance analysis
Keeping the challenging economic conditions in perspective, all four Sectors Energy, Healthcare, Industry and
Infrastructure & Cities performed at par with the market.
Among the highlights of the nancial year 2012-13, the Energy Sector won an order to install a state-of-the-art
distributed control system for the renovation and modernization of the Korba Stage-II plant of National Thermal Power
Corporation. The Sector was awarded a contract by Bangladesh Steels Re-Rolling Mills Ltd. to supply the rst private
sector funded gas-insulated switchgear substation project in Bangladesh. It also established Global Engineering Centres
in Coimbatore and Mumbai in order to strengthen its capability to support global customers with high quality, end-toend solutions.
The Healthcare Sector received a major order from Sir HN Hospital and Research Centre, Mumbai (Reliance) for the
complete imaging package. Additionally, NM Medical, a diagnostic imaging chain with a pan-India presence, selected
Siemens MAGNETOM Spectra 3T MRI scanner for installation in its new diagnostic center at Sancheti Hospital in Pune.
This will be one of the rst installations of MAGNETOM Spectra with the newly introduced 3T MRI in the country. Other
major highlights include the installation of Indias rst simultaneous PET MRI at Indraprastha Apollo, New Delhi and
Somatom Denition Edge, the newly-introduced Cardiac CT scanner at PSG Hospital, Coimbatore.
The Industry Sector received an order from Rashtriya Ispat Nigam Ltd. to modernize the Visakhapatnam steel plant.
The Steel Authority of India Ltd. signed a three-year Memorandum of Understanding (MoU) with the Sectors SITRAIN
unit to provide training for its technical staff. The Sector also unveiled the Siemens Productivity Tour, a nationwide,
multi-city mobile road show aimed at providing small and medium manufacturing enterprises across India with
technologies that will enhance their productivity and efciency.
The Infrastructure & Cities Sector secured two new contracts to construct 38 sub-stations that will improve power
distribution throughout Bangladesh. The Sector continued to support Bangladeshs Rural Electrication Board in
its efforts to provide reliable power supplies and improve economic development in western Bangladesh. In this
connection, the Sector installed and upgraded existing power distribution facilities in the country. The Sector also won
4
Annual Report 2013
Siemens Ltd.
orders to supply rolling stock, electrication and a signaling system for the Gurgaon Metro and Delhi Metro, thereby
improving travel for over 30,000 passengers per hour.
The Company continued its focus on its localization initiatives under the SMART (simple-to-use, maintenance-friendly,
affordable, reliable and timely-to-market) strategy and launched additional solutions such as SMART@MT packages for
the metals industry and SMART numerical relays. The SMART products provide a competitive edge to the Company over
local and Asian competitors through a combination of quality features and affordability.
Corporate Responsibility
Siemens Ltd. has been conscious of its responsibilities as a corporate towards all its key stakeholders society,
employees, customers and the environment.
During the nancial year 2012-13, Siemens Ltd. increased its focus on the social and education sector through corporate
citizenship initiatives. I am glad to inform you about the success of Project Asha, an integrated, sustainable development
initiative that is transforming the lives of around 300 villagers in Amle village, around 130 kilometers from Mumbai.
Among other corporate citizenship initiatives at Siemens in India is Sanjeevan Mobile Clinic that provides accessible and
affordable primary healthcare focusing on community outreach, health promotion, preventive education and curative
services in remote rural areas. The Company has also undertaken upgradation of various Industrial Training Institutes
(ITIs). The Company has also awarded scholarships for engineering students from less-privileged communities and
continues to provide support for the development of children at the Welfare Society for Destitute Children, Mumbai.
These initiatives are already content-wise, fully in line with the recent amendment to the Companys Act.
In addition, our sustainability initiatives were also acknowledged by the Confederation of Indian Industry (CII), when
the Company was ranked Number 1 in the Capital Goods Sector (as per BSE classication) and graded as a Sustainable
Plus Platinum Company as part of CIIs Sustainability Rating. The Company was amongst the Top 6 out of the Top 100
listed companies in India.
People excellence
Siemens Ltd. continued to focus on the sustained development of its dynamic workforce, an important asset to the
Company. New learning and development programs launched included the Local Key Expert Career Program aimed
at developing customized career paths linked to critical business roles in research and development, engineering and
manufacturing.
Various HR processes were simplied and made exible, such as medical insurance, group personal accident insurance,
parents insurance and superannuation fund.
As of September 30, 2013, the Companys employee strength was 11,539 as compared to 12,041 as of September 30,
2012. This includes an addition of 908 employees as a result of the merger of Siemens Power Engineering Pvt. Ltd. and
Winergy Drive Systems India Pvt. Ltd. The new employees have been integrated into the Energy Sector and Industry
Sector respectively.
During the nancial year 2012-13, the Company initiated measures to optimize capacity and resource utilization across
locations to counter the lack of market demand.
The Company continues to have a cordial relationship with its unions.
The road ahead the outlook for Siemens Ltd.
While the company has already initiated measures to optimize its cost position and productivity in the factories, the
growth of the Company is also dependent on the implementation of government policies to promote infrastructure
development within the country and create an environment conducive to investment in capital goods.
It is therefore imperative that the government and the RBI work in unison to take urgent steps to create an investment
friendly environment. The recent clearances given by the Project Monitoring Group and the Cabinet Committee on
Investment for projects in the power and infrastructure space are positive signs, but more needs to be urgently done.
In conclusion, I would like to sincerely thank our customers, the board, management, unions and most importantly,
the dedicated employees for their consistent support and commitment to Siemens Ltd. during a very challenging year.
Deepak Parekh
Chairman
Annual Report 2013
Siemens Ltd.
Notice
NOTICE is hereby given that the 56th Annual General Meeting of the Members of the Company will be held at Yashwantrao
Chavan Pratishthan Auditorium, Y.B. Chavan Centre, General Jagannathrao Bhonsle Marg, Nariman Point, Mumbai 400 021 on
Thursday, 30th January, 2014, at 3.00 p.m. to transact the following business:
ORDINARY BUSINESS:
1.
To receive, consider and adopt the audited Financial Statements for the year ended 30th September, 2013, together with
the Reports of the Directors and Auditors thereon.
2.
To declare a dividend on Equity Shares.
3.
To appoint a Director in place of Mr. Deepak S. Parekh, who retires by rotation and, being eligible, offers himself for
re-appointment.
4.
To appoint a Director in place of Mr. Keki B. Dadiseth, who retires by rotation and, being eligible, offers himself for
re-appointment.
5.
To appoint a Director in place of Mr. Pradip V. Nayak, who retires by rotation and, being eligible, offers himself for
re-appointment.
6.
To re-appoint Messrs S.R. Batliboi & Associates LLP, Chartered Accountants (Firm Registration Number : 101049W), as
Statutory Auditors of the Company to hold ofce from the conclusion of this Annual General Meeting upto the conclusion
of the next Annual General Meeting of the Company and to authorise the Board of Directors of the Company to x their
remuneration.
SPECIAL BUSINESS:
To consider and if thought t, to pass with or without modications, the following Resolutions:
7.
Appointment of Ms. Mariel von Drathen as a Director of the Company

As an Ordinary Resolution:
RESOLVED THAT Ms. Mariel von Drathen who was appointed by the Board of Directors as an Additional Director with
effect from 2nd August, 2013 and who holds ofce upto the date of this Annual General Meeting in terms of Section 161 of
the Companies Act, 2013 but who is eligible for appointment and in respect of whom the Company has received a notice
in writing from a Member under the provisions of Section 257 of the Companies Act,1956 proposing her candidature for
the ofce of a Director be and is hereby appointed as a Director of the Company and shall be liable to retire by rotation.
8.
Appointment of Mr. Johannes Apitzsch as a Director of the Company

RESOLVED THAT Mr. Johannes Apitzsch who was appointed by the Board of Directors as an Additional Director with effect
from 23rd November, 2013 and who holds ofce upto the date of this Annual General Meeting in terms of Section 161 of
the Companies Act, 2013 but who is eligible for appointment and in respect of whom the Company has received a notice
in writing from a Member under the provisions of Section 257 of the Companies Act,1956 proposing his candidature for
the ofce of a Director be and is hereby appointed as a Director of the Company and shall be liable to retire by rotation.
9.
Re-appointment of Mr. Sunil Mathur as an Executive Director and Chief Financial Ofcer of the Company and
payment of remuneration to him
RESOLVED THAT pursuant to the provisions of Sections 198, 269, 309 read with Schedule XIII to the Companies Act, 1956
(including any statutory modication or re-enactment thereof for the time being in force) and other applicable provisions
of the Companies Act, 1956 / Companies Act, 2013, and subject to the approval of Central Government and such other
approvals / permissions, if and as may be required, the Company hereby accords its approval to the re-appointment of
Mr. Sunil Mathur, as an Executive Director and Chief Financial Ofcer of the Company, with effect from 22nd July, 2013 to
31st December, 2013, on the terms and conditions including those relating to remuneration as approved by the Members
at their 55th Annual General Meeting held on 31st January, 2013.
RESOLVED FURTHER THAT the Board of Directors (including any Committee thereof) be and is hereby authorised to take
all such steps as may be necessary, proper and expedient to give effect to this resolution.
Annual Report 2013
Siemens Ltd.
10.
Appointment of Mr. Sunil Mathur as the Managing Director and Chief Executive Ofcer of the Company and
payment of remuneration to him
RESOLVED THAT pursuant to the provisions of Sections 198, 269, 309 read with Schedule XIII to the Companies Act, 1956
(including any statutory modication or re-enactment thereof for the time being in force) and other applicable provisions
of the Companies Act, 1956 / Companies Act, 2013, and subject to the approval of Central Government, and such other
approvals / permissions, if and as may be required, the Company hereby accords its approval to the appointment of
Mr. Sunil Mathur as the Managing Director and Chief Executive Ofcer of the Company (MD and CEO) with effect from
1st January, 2014 to 31st December, 2018, on the terms and conditions including those relating to remuneration as set
out under Serial No. 3 of the Statement setting out the material facts annexed to this Notice, with liberty to the Board of
Directors (including any Committee thereof) to alter and vary any terms and conditions including remuneration in such
manner as may be agreed to between Mr. Sunil Mathur and the Board from time to time.
RESOLVED FURTHER THAT Mr. Sunil Mathur, as the MD and CEO, shall not be liable to retire by rotation.
RESOLVED FURTHER THAT the Board of Directors of the Company (including any Committee thereof) be and is hereby
authorised to do all such acts, deeds, matters and things as may be considered necessary, desirable or expedient to give
effect to this resolution.
By Order of the Board of Directors

For Siemens Ltd.
Ketan Thaker
Company Secretary
Registered Ofce:
130, Pandurang Budhkar Marg
Worli, Mumbai - 400 018
Mumbai
Friday, 22nd November, 2013
Notes:
a)
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.
Proxies, in order to be effective, must be received by the Company, duly lled, stamped and signed, at its Registered Ofce
not less than 48 hours before the Meeting.
b)
The Statement setting out the material facts pursuant to Section 102 of the Companies Act, 2013, concerning the Special
Business in the Notice is annexed hereto.
c)
Corporate Members intending to send their authorised representatives to attend the Annual General Meeting are
requested to send a duly certied copy of their Board Resolution authorising their representatives to attend and vote at
the Annual General Meeting.
d)
Members / Proxies / Representatives should bring the enclosed Attendance Slip, for attending the Meeting. Copies of the
Annual Report or Attendance Slips will not be distributed at the Meeting.
e)
Prole of the Directors seeking appointment / re-appointment, as required in terms of Clause 49 of the Listing Agreement
entered into with the Stock Exchanges, are annexed to this Notice.
f)
The Register of Members and Share Transfer Books of the Company will remain closed from Friday, 17th January, 2014 to
Thursday, 30th January, 2014 (both days inclusive).
g)
The Dividend, as recommended by the Board of Directors, if declared at the 56th Annual General Meeting, will be paid
on Thursday, 6th February, 2014, to those Members who hold shares in physical form and whose name appears on the
Companys Register of Members as holders of Equity Shares on Thursday, 30th January, 2014.
In respect of shares held in electronic form, to the Benecial Owners of the shares as at the close of business hours
on Thursday, 16th January, 2014, as per details to be furnished by National Securities Depository Limited and
Central Depository Services (India) Limited.
Annual Report 2013
Siemens Ltd.
h)
Unclaimed / Unpaid Dividend:

Pursuant to the provisions of Sections 205A and 205C of the Companies Act, 1956 and the relevant provisions of
the Companies Act, 2013 (whenever notied), the dividend which remains unclaimed / unpaid for a period of seven
years from the date of transfer to the unpaid dividend account of the Company is required to be transferred to the
Investor Education and Protection Fund (IEPF) of the Central Government. Accordingly, the unclaimed dividend for the
Financial Year 2004-05 and interim dividend for the Financial Year 2005-06 was transferred to IEPF. The unclaimed
dividend for the Financial Year 2005-06 and all subsequent years must be claimed as early as possible failing which
it would be transferred to IEPF as per the (tentative) dates mentioned herein below. In terms of Section 205C of the
Companies Act, 1956, no claim shall lie against the Company after the said transfer.
Financial Year
Tentative date for transfer Financial Year

to IEPF
2005 06
Tentative date for transfer

to IEPF
2008-09
th
*Interim Dividend
11 January, 2014
Dividend
6th March, 2017
Final Dividend
23rd February, 2014
*Dividend
5th March, 2017
*Final Dividend
29th July, 2014
2009-10
2006 - 07
Dividend
7th March, 2018

4th March, 2018
Dividend
8th March, 2015
*Dividend
*Dividend
29th April, 2015
2010-11
2007 08
Dividend
*Dividend
Dividend
7th March, 2016
th
4 April, 2016
8th March, 2019
2011-12
Dividend
8th March, 2020
* Declared by the erstwhile Siemens Healthcare Diagnostics Ltd. (since amalgamated with the Company).
Members are requested to contact TSR Darashaw Pvt. Ltd. (TSRDPL), the Registrar and Share Transfer Agent of the
Company for claiming the dividend for the aforesaid years.
The details of the unclaimed dividends of the aforesaid years are available on the Companys website at
www.siemens.co.in and Ministry of corporate affairs at www.mca.gov.in
i)
SEBI has mandated the submission of Permanent Account Number (PAN) for participating in the securities market, deletion
of name of deceased holder, transmission / transposition of shares. Members are requested to submit the PAN details to
their Depository Participant in case of holdings in dematerialised form or to TSRDPL in case of holdings in physical form,
mentioning your correct reference folio number.
j)
Members holding shares in dematerialised form are requested to intimate all changes pertaining to their bank details,
National Electronic Clearing Service (NECS), Electronic Clearing Service (ECS), mandates, nominations, power of attorney,
change of address, change of name, e-mail address, contact numbers, etc., to their Depository Participant (DP) only.
Changes intimated to the DP will then be automatically reected in the Companys records which will help the Company
and TSRDPL to provide efcient and better services. Members holding shares in physical form are requested to intimate
such changes to TSRDPL.
k)
Members holding shares in physical form are requested to consider converting their holding to dematerialised form to
eliminate all risks associated with physical shares and for ease in portfolio management. Members can contact TSRDPL for
assistance in this regard.
l)
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 certicates so as to enable the Company to consolidate their holdings into one folio.
m)
The Annual Report 2013 of the Company circulated to the Members of the Company, will be made available
on the Companys website at www.siemens.co.in and also on the website of the respective Stock Exchanges at
www.bseindia.com and www.nseindia.com
n)
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, so that the information can be kept ready at the meeting.
o)
All documents referred to in the accompanying Notice and Statement setting out material facts are open for inspection
at the Registered Ofce of the Company on all working days between 10.00 a.m. and 12 noon up to the date of the
56th Annual General Meeting.
Annual Report 2013
Siemens Ltd.
p)
Green Initiative
The Ministry of Corporate Affairs has taken a Green Initiative in Corporate Governance by issuing circulars
allowing paperless compliances by companies through electronic mode. The Members can now receive various
notices and documents through electronic mode by registering their e-mail addresses with the Company. Member
who have not registered their e-mail address with the Company can now register the same by submitting duly
lled-in E-Communication Registration Form enclosed at the end of this report (also available on our website
www.siemens.co.in), with TSR Darashaw Pvt. Ltd., / Investors relations team of the Company. The Members holding
shares in electronic form are requested to register their email addresses with their Depository Participants only.
Even after registering for E-communication, the Members are entitled to receive such communication in physical form,
upon request.
Statement setting out material facts under Section 102 of the Companies Act, 2013
1.
Item No. 7
The Board of Directors appointed Ms. Mariel von Drathen as an Additional Director of the Company with effect from
2nd August, 2013. Pursuant to Section 161(1) of the Companies Act, 2013 and Article 104(b) of the Articles of Association
of the Company, Ms. von Drathen holds ofce up to the date of this annual general meeting but is eligible for appointment
as a Director. The Company has received a notice alongwith the requisite deposit under Section 257 of the Companies
Act, 1956, from a Member signifying her intention to propose the appointment of Ms. von Drathen as a Director of the
Company.
Ms. von Drathen is a post graduate in Economics and Management and has been working with Siemens AG
since last 15 years and has held various senior level positions with Siemens AG, including Director, Strategy &
Business Alliances Information & Communication Mobile and Head of Mergers & Acquisitions, Group Investment
Management, Special Projects Communications Division. Currently, Ms. von Drathen is the Senior Vice President
Head of Investor Relations of Siemens AG.
Brief Prole of Ms. von Drathen in terms of Clause 49 of the Listing Agreement, is provided elsewhere in this Notice.
The Board of Directors are condent that her vast knowledge and varied experience will be of great value to the Company
and hence commends the Resolution at Item No. 7 of the notice for your approval.
Ms. von Drathen is not related to any other Director of the Company.
None of the Directors, Key Managerial Personnel and relatives thereof other than Ms. von Drathen, are interested in the
Resolution.
2.
Item No. 8
The Board of Directors appointed Mr. Johannes Apitzsch as an Additional Director of the Company with effect from
23rd November, 2013. Pursuant to Section 161(1) of the Companies Act, 2013 and Article 104(b) of the Articles of
Association of the Company, Mr. Apitzsch holds ofce up to the date of this annual general meeting but is eligible for
appointment as a Director. The Company has received a notice alongwith the requisite deposit under Section 257 of the
Companies Act, 1956, from a Member signifying her intention to propose the appointment of Mr. Apitzsch as a Director
of the Company.
Mr. Apitzsch is a post graduate in Economics and Business Administration and has held various senior executive
management positions with Siemens Group in Germany and abroad since last 22 years including various CFO functions in
the business elds Industry, Automation and Energy within Siemens. Currently, Mr. Apitzsch is the CFO of Infrastructure &
Cities Sector of Siemens AG. Prior to his appointment as an Additional Director, Mr. Apitzsch was an Alternate Director of
Dr. Ronald Busch on the Companys Board of Directors since April 2012.
Brief Prole of Mr. Apitzsch in terms of Clause 49 of the Listing Agreement, is provided elsewhere in this Notice.
The Board of Directors are condent that his vast knowledge and varied experience will be of great value to the Company
and hence commends the Resolution at Item No. 8 of the notice for your approval.
Mr. Apitzsch is not related to any other Director of the Company.
None of the Directors, Key Managerial Personnel and relatives thereof other than Mr. Apitzsch, are interested in the
Resolution.
Annual Report 2013
Siemens Ltd.
3.
Item Nos. 9 and 10

The Members at their 51st Annual General Meeting held on 30th January, 2009, had appointed Mr. Sunil Mathur as the
Whole time Director of the Company with effect from 22nd July, 2008 (Executive Director with effect from 1st October, 2008)
for a period of ve years. Considering his valuable contribution in the growth of the Company and his vast experience,
the Board of Directors at its meeting held on 26th April, 2013, re-appointed Mr. Sunil Mathur as an Executive Director and
Chief Financial Ofcer (ED & CFO) of the Company for a further period from 22nd July, 2013 to 21st July, 2018, on the
terms and conditions including remuneration as approved by the Members at their 55th Annual General Meeting held on
31st January, 2013.
Pursuant to Section 302 of the Companies Act, 1956, the Abstract of the Terms of his re-appointment and Memorandum
of Interest dated 2nd August, 2013, was sent to the Members for their information.
Mr. Mathur is a Chartered Accountant. He has been working with Siemens for over 25 years and prior to joining Siemens
Ltd., in 2008, he has held various senior level positions in Siemens Group and was the CFO of Siemens Electrium Ltd., UK.
Considering his rich and varied experience, the Board of Directors at its Meeting held on 25th October, 2013, appointed
Mr. Sunil Mathur as the Managing Director and Chief Executive Ofcer of the Company (MD & CEO) for a period of ve
years with effect from 1st January, 2014, subject to the approval of Members and Central Government, if required.
Accordingly, Mr. Mathurs tenure as ED & CFO was revised for a period from 22nd July, 2013 to 31st December, 2013.
Pursuant to Section 302 of the Companies Act, 1956, an Abstract of the Terms of his appointment as the MD & CEO and
Memorandum of Interest dated 25th October, 2013 was sent to the Members for their information.
Brief Prole of Mr. Mathur in terms of Clause 49 of the Listing Agreement, is provided elsewhere in this Notice.
The Remuneration Committee of Directors at its Meeting held on 22nd November, 2013, approved the terms and
conditions of appointment including remuneration of Mr. Mathur as the MD & CEO of the Company with effect from
1st January, 2014.
The terms and conditions with respect to appointment of Mr. Sunil Mathur as MD & CEO including those relating to
remuneration are given below:
I.
Remuneration:
Salary per month (`)
950,513
Salary Grade (`)

400,000 - 1,200,000
Special Allowance per month (`)

1,175,513
Annual Increments as may be decided by the Remuneration Committee of Directors / Board of Directors.
II.
Perquisites:
i.
In addition to the above, he shall also be entitled to Perquisites and Allowances like Rent-free furnished / semifurnished accommodation / House Rent Allowance / Stay in a hotel; Domiciliary Medical Reimbursement,
Hospitalisation Expenses, Leave; Leave Travel Concession; Home Leave; Retirement benets as per the laws
applicable from time to time; Club Fees; Long Service Award; Company maintained two cars each with driver.
Communication facility (Personal long distance calls will be borne by him), as per the Rules of the Company.
The perquisites and allowances shall be valued as per the Income Tax Rules, wherever applicable. In the
absence of any such Rules, they shall be evaluated at actual cost.
ii.
Childrens Education Expenses:

For Children studying in or outside India, the Education Expenses shall be paid by the Company directly to the
school.
iii.
Holiday passage for children studying outside India / family staying abroad:
Return holiday passage is admissible once in a year by economy class or once in two years by rst 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.
iv.
Reimbursement of expenses incurred on returning to home country after completion of tenure.

Family means the spouse and dependent children.
III.
Performance Linked Incentive

He shall also be entitled to remuneration by way of Performance Linked Incentive based on the specic
targets mutually set and approved by the Board of Directors / Remuneration Committee of Directors, from
time to time.
10
Annual Report 2013
Siemens Ltd.
IV.
Equity based compensation programs of Siemens AG / Siemens Limited

He shall also be entitled to participate in the Equity based compensation programs of Siemens AG, Germany /
Siemens Ltd., as applicable from time to time.
V.
Commission
He 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.
VI.
The Severance fees shall be payable as per the Rules of the Company.
VII.
Minimum Remuneration
Notwithstanding anything hereinabove, where, in any Financial Year during the currency of his tenure as
the MD & CEO, the Company has no prots or its prots are inadequate, the Company will pay the aforesaid
remuneration by way of Salary, Special Allowance, Perquisites, Performance Linked Incentive, benet under the
Equity based compensation programs of Siemens AG / Siemens Ltd., and Severance fees, as Minimum Remuneration
to him.
No Sitting Fee shall be paid to him for attending the Meetings of the Board of Directors or any Committee thereof.
The above shall be treated as an abstract of the terms and conditions of appointment including remuneration of
Mr. Mathur, pursuant to Section 302 of the Companies Act, 1956.
Pursuant to the provisions of Sections 198, 269 and 309 read with Schedule XIII to the Companies Act, 1956,
the approval of Members, is sought for re-appointment of Mr. Mathur as an ED & CFO for a period from
22nd July, 2013 to 31st December, 2013 and as the MD & CEO for a period from 1st January, 2014 to 31st December, 2018,
on the terms and conditions including remuneration as mentioned hereinabove. The Board of Directors commends
Item Nos. 9 and 10 for your approval.
Mr. Mathur is not related to any other Director of the Company.
None of the Directors, Key Managerial Personnel and relatives thereof other than Mr. Mathur are interested in the
above Resolutions.
By Order of the Board of Directors

For Siemens Ltd.
Ketan Thaker
Company Secretary
Registered Ofce:
130, Pandurang Budhkar Marg,
Worli, Mumbai - 400 018
Mumbai
Annual Report 2013
Siemens Ltd.
11
Prole of the Directors being appointed / re-appointed as required under

Clause 49 of the Listing Agreement entered into with the Stock Exchanges
Particulars

th

th
Mr. Pradip V. Nayak
Date of Birth
18 October, 1944
20 December, 1945
6th September, 1943
Date of
Appointment
7th November, 2003
27th January, 2006
27th January, 2006
Qualication
B.Com.
B.Com.
Fellow Member of The Institute of Chartered
Fellow Member of The Institute of
Accountants of India as well as of England and Wales Chartered Accountants - England and
Wales
A degree in Economics and

Politics from the University of
York, England. He also read Law
at Grays Inn, London
Expertise in specic Strategic Business Management, Finance & Banking

functional areas
and Mergers & Acquisitions
Finance, Business Management and

Mergers & Acquisitions
Human Resources and Corporate

Communications
Directorships held
in other Public
companies in India
1. Housing Development Finance Corporation Ltd.

2. GlaxoSmithKline Pharmaceuticals Ltd.
3. HDFC Assest Management Company Ltd.
4. HDFC Ergo General Insurance Company Ltd.
5. HDFC Standard Life Insurance Company Ltd.
6. Mahindra & Mahindra Ltd.
7. The Indian Hotels Company Ltd.
*8. Zodiac Clothing Company Ltd.
*9. Exide Industries Ltd.
*Alternate Director
1. Britannia Industries Ltd.

2. ICICI Prudential Life Insurance
Company Ltd.
3. Piramal Enterprise Ltd.
4. ICICI Prudential Trust Ltd.
6. Godrej Properties Ltd.
7. JM Financial Ltd.
8. JM Financial Services Ltd.
1. GlaxoSmithKline
Pharmaceuticals Ltd.
Membership of
Committees held
in other Public
companies in India
Audit Committee
Member
Member
3. Mahindra & Mahindra Ltd. - Chairman
Audit Committee
1. Britannia Industries Ltd. - Member
2. ICICI Prudential Life Insurance
Company Ltd. - Chairman
3. Piramal Enterprise Ltd. - Member
Chairman
5. Godrej Properties Ltd. - Chairman
Audit Committee
1. GlaxoSmithKline
Pharmaceuticals Ltd.
Member
Investor Grievances Committee

Chairman
No. of Equity
shares held in the
Company
9,000
Nil
Nil
Particulars
Date of Birth
Date of
Appointment
Qualication

5th July, 1971
2nd August, 2013
Mr. Johannes Apitzsch

3rd December, 1957
23rd November, 2013
Mr. Sunil Mathur

6th January, 1963
22nd July, 2008
Master in Economics
B.Sc. Qualied Chartered

Accountant
Finance, Mergers & Acquisitions,
Business Management and
Treasury & Accounts
Nil
Master of Economics and Business

Administration
Finance, Mergers & Acquisitions, Business
Management, Treasury & Accounts
and Supply Chain Management &
Sustainability
Nil
Nil
N.A.
N.A.
N.A.
Nil
Nil
Nil
Expertise in specic Mergers & Acquisitions and Investor relations

functional areas
Directorships held
in other Public
companies in India
Membership of
Committees held
in other Public
companies in India
No. of Equity
shares held in the
Company
12
Annual Report 2013
Siemens Ltd.
Directors Report
Dear Members,
The Directors have pleasure in presenting the 56th Annual Report of your Company and the Audited Accounts for the year ended
30th September, 2013.
1.
Financial Performance
` in Million
Turnover
Prot before exceptional items, prior period items and tax
Add: Exceptional Items
Add: Prior Period Items
Prot before Tax
Less: Tax
Net Prot after Tax
Balance in the Statement of Prot and Loss brought forward
Addition in the Statement of Prot and Loss due to the amalgamation of companies
Amount available for appropriation
Appropriations:
General Reserve
Proposed Dividend
Dividend Distribution Tax
Balance in the Statement of Prot and Loss carried forward
2.
2012-13
113,526
1,861
325
2,186
246
1,940
6,110
134
8,184
2011-12
129,199
7,208
(1,200)
(799)
5,209
1,777
3,432
4,771
705
8,908
194
1,781
303
5,906
343
2,112
343
6,110
Operations
The Turnover of the Company decreased by approximately 12% and stood at ` 113,526 million as compared to
` 129,199 million in the previous year. The Companys Prot from Operations for the year ended 30th September, 2013
was ` 1, 705 million as compared to ` 6,903 million in the corresponding period of the previous year.
The Prot after Tax was ` 1,940 million, compared to ` 3,432 million during 2011-12.
3.
Dividend
The Board of Directors recommends a dividend of ` 5 per Equity Share of ` 2 each. This dividend is subject to the approval
of the Members at the forthcoming Annual General Meeting. In the previous year, the Company paid a dividend of
` 6 per Equity Share of ` 2 each.
4.
Amalgamations and Divestment

a.
Amalgamation of Siemens Power Engineering Pvt. Ltd. (SPEL) and Winergy Drive Systems India Pvt. Ltd.
(Winergy) with the Company
Key details of the aforesaid amalgamations are summarised as follows:
Particulars
SPEL
High Court Order date Bombay : 2nd November, 2012
Punjab & Haryana : 23rd November, 2012
Appointed Date
1st October, 2011
Effective Date
1st January, 2013
Share Exchange Ratio 6 Equity Shares of ` 2 each of the Company
for every 13 Equity Shares of ` 10 each of
SPEL
Equity Shares issued
3,461,538 to Siemens Aktiengesellschaft,
Germany
Date of Allotment of 5th February, 2013
new Equity shares
Annual Report 2013
Winergy
Bombay : 22nd March, 2013
Madras : 18th February, 2013
1st October, 2012
31st March, 2013
1 Equity Share of ` 2 each of the Company
for every 72 Equity Shares of ` 10 each of
Winergy
625,139 to Siemens Aktiengesellschaft,
Germany
24th May, 2013
Siemens Ltd.
13
Directors Report
b.
Sale and transfer of Postal and Parcel Logistics Technologies & Airport Logistics Technologies businesses
(LAS business)
Pursuant to the approval granted by the Members by way of Postal Ballot on 18th September, 2013, the LAS business
of the Company was sold and transferred as a going concern on a slump sale basis to Siemens Postal Parcel &
Airport Logistics Pvt. Ltd., a new 100% subsidiary of Siemens Aktiengesellschaft, Germany with effect from the
close of business hours of 30th September, 2013, for a consideration of ` 1,285 million and recorded prot of
` 1,146 million, which forms part of exceptional items.
5.
Share capital
During the year under review, the paid-up share capital of the Company increased from 340,295,025 Equity shares of
` 2 each (FY 2011-12) to 356,119,885 Equity shares of ` 2 each (FY 2012-13). The following are the details of the Equity
shares issued and allotted during FY 2012-13:
Particulars
Amalgamation of Siemens VAI Metals Technologies Pvt. Ltd. and Morgan

Construction Company India Pvt. Ltd. with the Company
Settlement of a Disputed case
No. of Equity
shares of the Face
value of ` 2 each
Date of Allotment
11,738,108
13.10.2012
75
01.02.2013
Amalgamation of Siemens Power Engineering Pvt. Ltd. with the Company
3,461,538
05.02.2013
Amalgamation of Winergy Drive Systems India Pvt. Ltd. with the Company
625,139
24.05.2013
Total
15,824,860
The aforesaid 15,824,860 new Equity shares of ` 2 each rank pari passu in all respects with the existing Equity shares of
the Company and shall be entitled for full amount of Dividend for the year ended 30th September, 2013, if declared by
the Members at the forthcoming 56th Annual General Meeting. The said Equity shares have been listed on BSE Ltd. and
National Stock Exchange of India Ltd.
6.
Subsidiary company:
The Company has no subsidiary during the year.
7.
Foreign Exchange Earnings and Expenditure

Details of foreign exchange earnings and expenditure have been given under the Notes to the Accounts.
8.
Conservation of Energy and Technology Absorption

Information in terms of Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988, is given as Annexure I to this Report.
9.
Corporate Governance
A detailed review of the operations, performance and future outlook of the Company and its businesses is given in the
Managements Discussion and Analysis, which forms part of this Report as Annexure II.
Your Company observes high standards of corporate governance in all areas of its functioning with strong emphasis on
transparency, integrity and accountability. As required by Clause 49 VI of the Listing Agreement, a detailed report on
Corporate Governance alongwith the Auditors Certicate thereon forms part of this Report as Annexure III.
General Shareholder Information forms part of this Report as Annexure IV.
10.
Business Responsibility Report

SEBI, vide its circular CIR/CFD/DIL/8/2012 dated 13th August, 2012, mandated inclusion of Business Responsibility
Report (BRR) as part of the Annual Report for top 100 listed entities based on their market capitalisation on BSE Limited
and National Stock Exchange of India Limited, as on 31st March, 2012. Clause 55 of the Listing agreement with the
Stock Exchanges introduced in this regard, provides a suggested framework of a BRR, describing initiatives taken by the
company from an environmental, social and governance perspective.
14
Annual Report 2013
Siemens Ltd.
As a Green Initiative, we have hosted our full BRR for the year 2013 on our website, which can be accessed at
http://www.siemens.co.in/en/about_us/index/sustainability.htm and http://www.siemens.co.in/en/index/investor/annual_
report.htm
Any Member interested in obtaining a copy of BRR may write to the Company Secretary of the Company.
11.
Employees
Your Directors place on record their deep appreciation for the contribution made by the employees of the Company at all
levels.
Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956, read with Companies
(Particulars of Employees) Rules, 1975, as amended, forms part of this Report. However, as per the provisions of
Section 219(1)(b)(iv) of the Companies Act, 1956, this Report and Accounts are being sent to all the Members of the
Company, excluding the Statement of Particulars of Employees. Any Member interested in obtaining a copy of the said
Statement may write to the Company Secretary of the Company.
12.
Directors Responsibility Statement

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors conrm that, to the best of their
knowledge and belief:
13.
a.
in the preparation of the annual accounts, the applicable accounting standards have been followed alongwith
proper explanation relating to material departures;
b.
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, 2013 and of the prot of the Company for the year ended on that date;
c.
proper and sufcient care has been taken for the maintenance of adequate accounting records in accordance with
the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities; and
d.
the annual accounts have been prepared on a going concern basis.
Directors
Mr. Johannes Apitzsch automatically ceased to be an Alternate Director for Dr. Roland Busch with effect from
30th January, 2013 since Dr. Busch had visited the State of Maharashtra, where the Board Meetings of the Company are
ordinarily held. Mr. Apitzsch was re-appointed as an Alternate Director for Dr. Busch with effect from 31st January, 2013.
Further, Mr. Apitzsch ceased to be an Alternate Director for Dr. Busch with effect from the close of business hours of
22nd November, 2013.
Ms. Mariel von Drathen and Mr. Johannes Apitzsch have been appointed as Additional Directors of the Company
with effect from 2nd August, 2013 and 23rd November, 2013, respectively. As per provisions of Section 161 of the
Companies Act, 2013 and Article 104(b) of the Articles of Association of the Company, Ms. von Drathen and
Mr. Apitzsch, hold ofce upto the date of the forthcoming 56th Annual General Meeting and are eligible for appointment.
Notices under Section 257 of the Companies Act, 1956 have been received from a member signifying her intention to
propose the appointment of Ms. von Drathen and Mr. Apitzsch as Directors of the Company.
Dr. Armin Bruck, on completion of his term, will cease to be the Managing Director & Chief Executive Ofcer (MD & CEO)
and Director of the Company with effect from the close of business hours of 31st December, 2013. The Board places on
record its appreciation for the services rendered by Dr. Bruck during his tenure with the Company.
Mr. Sunil Mathur was re-appointed as an Executive Director & Chief Financial Ofcer (ED & CFO) for a term of ve
years with effect from 22nd July, 2013. The Board of Directors at its meeting held on 25th October, 2013 appointed
Mr. Mathur as the MD & CEO for a term of ve years with effect from 1st January, 2014. Consequent to his appointment
as MD & CEO, Mr. Mathurs tenure as ED & CFO was revised for a period from 22nd July, 2013 to 31st December, 2013.
The terms and conditions of Mr. Mathurs re-appointment as ED & CFO and appointment as MD & CEO, including his
remuneration, are subject to approval of the Members.
Annual Report 2013
Siemens Ltd.
15
Directors Report
At the Annual General Meeting, Mr. Deepak S. Parekh, Mr. Keki B. Dadiseth and Mr. Pradip V. Nayak retire by rotation and
being eligible, offer themselves for re-appointment.
The above appointments and re-appointments forms part of the Notice of the 56th Annual General Meeting to be held on
30th January, 2014 and the respective Resolutions are recommended for your approval.
Proles of these Directors, as required under Clause 49 of the Listing Agreement, are given in the Notice of the
Annual General Meeting.
14.
Auditors
Messrs S.R. Batliboi & Associates LLP, Chartered Accountants, retire as the Statutory Auditors of the Company at the
ensuing Annual General Meeting and offer themselves for re-appointment. A certicate from them has been received to
the effect that their re-appointment as Statutory Auditors of the Company, if made, would be within the limits prescribed
under Section 224(1B) of the Companies Act, 1956.
15.
Fixed deposits
Your Company has not accepted any xed deposits and, as such, no amount of principal or interest was outstanding as of
the Balance Sheet date.
16.
Cost Auditors
The Board of Directors have appointed Messrs R. Nanabhoy & Co., Cost Accountants, for the Financial Year 2013-14, for
conducting the audit of the cost accounts maintained by the Company for the various products mandated by the Central
Government, pursuant to its order No 52/26/CAB-2010 dated 6th November 2012, subject to the approval of the Central
Government. The Company had led the Cost Audit Report for FY 2011-12 on 21st March, 2013, which is within the time
limit prescribed under the Companies (Cost Audit Report) Rules, 2011.
17.
Acknowledgements
The Board of Directors take this opportunity to thank Siemens AG - the parent company, customers, members, suppliers,
bankers, business partners / associates and Central and State Governments for their consistent support and co-operation
to the Company.
On behalf of the Board of Directors

For Siemens Ltd.
Deepak S. Parekh
Chairman
Mumbai
16
Annual Report 2013
Siemens Ltd.
Annexure I to the Directors Report
Conservation of Energy, etc. u/s 217(1)(e)
Additional Information in terms of Section 217(1)(e) of the Companies Act, 1956, dealing with Conservation of Energy, Research
& Development and Technology Absorption & Innovation.
A.
Conservation of Energy
a.
Measures taken:

Installation of Energy efcient appliances.

Use of solar energy to preheat dish washing machine water.

Reduction in forklift movement across various shops.

Maintaining Power factor up to 0.996 (unity).

Recharge 2 nos. wells for rain water conservation to increase water table.
b.
Additional investments and proposals, if any being implemented for reduction of consumption of energy:

Replacement of air purier with energy efcient purier and removal of leakages in system.

Use of drip irrigation and removal of leakages.
c.
Impact of Measures undertaken:

Optimization of energy consumption.

Savings in energy and fuel cost.

Environment Protection.
B.
Research and Development (R&D)
1.
Specic areas in which R&D was carried out:

Enhancement of our range in LV motors by manufacturing upto 1750kW 690V LV range motors in India.

Introducuction of IE2 and IE3 range of high efciency motors in Indian market conforming to IS:12615.

Development of special industrial motors in dual speed with single stator winding for rugged applications
suitable for 1000 Ton Press-brake (with uctuating torques), for auto-industry.

Design and realization of current transformer operated thermal overload relay for 3RT Sirius family.

Development of 36kV, 1250A / 2500A, 1AC 0.1sec / 1sec, 31.5kA indoor switchgear, switching device
compartments for 12kV and 33kV ratings and ring main unit for ratings 12kV, 21kA / 1sec.
2.
Benets derived as a result of the above R&D:

Cost effective product

Energy efcient products.

Overall cost reduction.

Opportunity to tap new market.

Improved quality.

Enhancement of product portfolio.

Reduced time to market the product.

In-house competency for higher capacity motors.

Enhancement of safety features of the product while fully complying with the latest standards.

Saves space for the customers.
3.
Future Plan of action:

Development of Auxiliary Converter 500kVA for Electric Locomotives.

Ramp up of current transformer operated thermal overload relay for 3RT Sirius family.

Design and realization of improved contactors for switching capacitor banks.

Sales release for 8DJH ST 310mm CB.

Introduction of new products in markets.

Development and localization of global platform products aimed at providing advantages and features
presently available in European designs.
4.
Expenditure on R&D:
a.
Capital Expenditure:
` 150 million
b.
Revenue Expenditure:
` 195 million
c.
Total Expenditure:
` 345 million
d.
Total R & D expenditure as a percentage of total turnover : 0.30%
Annual Report 2013
Siemens Ltd.
17
Annexure I to the Directors Report (Continued)
Conservation of Energy, etc. u/s 217(1)(e)
C.
Technology Absorption Adaption & Innovation

1.
Efforts undertaken:

Designs of Copper rotors for 1LA8 45 & 40 motors were replaced in aluminium die casting technology by
adapting 1LA4 platform and still meeting or exceeding the copper bar rotor parameters of efciency and
temperature rise.

Interaction & Training with external agencies / technology partners for exposure to the latest products /
designs, manufacturing technologies, processes, analytical techniques and engineering protocols.

Integration of induction brazing generator (source), customized induction coils with in-house designed &
built operational interfacing mechanism.

Local customization of Sensors communication products including test certication with high precision
calibration equipments.
2.
Benets derived from the above:

Reliability of operation, increase in speed and consistent quality enabling localization with global standard.

Meeting the need of Customers who would like to witness calibration, lead time reduction.

Reduced dependence on imported technology.

Environment friendly process, reduction in hazardous waste.

Overall cost reduction.

Increased market coverage.

Reduction of cost in product thus improving product competitiveness
3.
Imported Technology:
Technology Imported
Generator for Induction brazing

Calibrating equipments
(Local customization of Sensors
communication products including
test certication with high
precision calibration equipments.)
D.
Year of Import Has the technology If not fully absorbed, areas

been fully absorbed
where this has not taken
place, reasons therefore and
future plans of action.
2012
Yes
Not Applicable
2012
Yes
Not Applicable
Foreign Exchange Earnings and Outgo

1.
The Company manufactures products for the local market which could also be exported to other markets having
similar requirements. Among the products being exported are GIS substations, high-performance and energyefcient technologies such as control relay panels and substation automation systems, metals technologies, oil and
gas, instrumentation and electricals, energy service and power transmission solutions.
2.
The Company focused on implementing projects and installing solutions in new as well as existing markets of
Bangladesh, Sri Lanka, various countries of South East Asia, Africa, Europe and the Middle East.
3.
The Company actively pursues projects as well as product sales in overseas markets. We expect demand for products
in our base-level or SMART portfolio.

For Siemens Ltd.
Deepak S. Parekh
Chairman
Mumbai
18
Annual Report 2013
Siemens Ltd.
Annexure II to the Directors Report
Managements Discussion & Analysis
General performance review

Indias gross domestic product (GDP) growth dropped to
a four-year low of 4.4 per cent in the April-June quarter of
2013, one of the lowest growth periods in the last decade.
The major factors contributing to this low rate of growth
were high interest rates, weakening demand and uncertain
economic conditions.
Interest rates in general remained elevated during the
nancial year 2012-13, dampening both consumption as
well as investment demand. The latest Index of Industrial
Production data was also disappointing, registering a growth
of 0.6% in August 2013. The uncertain economic conditions
were reected in the fact that major infrastructure and power
projects remained stalled during the year due to delayed
decision-making and issues related to land acquisition,
environmental clearances, liquidity and availability of raw
material. According to Reserve Bank of India, the business
condence in India remains weak with companies scaling
down their investment plans.
businesses in Mumbai and Coimbatore respectively. The Sector

won an order worth ` 66 crores from National Thermal Power
Corporation Ltd. to modernise its Korba Stage II plant. It also
won an order worth ` 104.4 crores from Bangladesh Steels
Re-Rolling Mills Ltd. (BSRM), the largest steel manufacturing
company in Bangladesh, to build a Gas Insulated Switchgear
(GIS) substation. This is the rst private sector-funded
GIS substation project and the largest order size in the GIS
segment in Bangladesh.
Among other milestones, the Sector handed over the
Unosugen combined cycle power plant in India to the
customer, Torrent Power Ltd. The state-of-the-art and
environmentally-friendly fossil fuel-red power plant has an
installed capacity of approximately 380 megawatts (MW)
and an efciency level of 57 percent, one of the highest in
India. The Sector also successfully designed and developed, in
collaboration with the parent company Siemens AG, a 1200kV
double-break disconnector, the highest-rating disconnector
in India, at its factory in Hyderabad.
In addition, the past year witnessed volatility in commodity

prices and exchange rates. This in turn affected Indias
current account decit and consequently led to further
liquidity tightening measures by the Reserve Bank of India.
The Indian Rupee depreciated by almost 18 percent for the
period October 2012 to September 2013, touching a low of
` 68.4 per US dollar in August 2013, with the volatility adding
to the uncertainty in the business environment.
During the nancial year 2012-13, the Company completed

the amalgamation of Siemens Power Engineering Pvt. Ltd., a
100% subsidiary of Siemens AG.
Siemens Ltd.s results during nancial year 2012-13 were also

impacted due to these factors. New orders were up by 7% at
` 10,957.3 crores in nancial year 2012-13, compared with
` 10,235.1 crores in nancial year 2011-12. Sales were down
by 12% to ` 11,145.2 crores, compared with ` 12,708.1
crores in nancial year 2011-12, while prot after tax (PAT)
was down by 43% at ` 194 crores compared with ` 343.2
crores in nancial year 2011-12.
The investment climate in the power sector is expected to

remain subdued and projects are expected to get delayed
due to various prevailing factors such as lack of fuel supply,
delayed statutory clearances, liquidity constraints and land
acquisition issues. The recent clearance of 28 stalled power
and infrastructure projects involving an investment of
` 50,000 crores is a positive sign. However, further actions
will be required to drive the investment in the sector. The
Energy Sector has been gearing up to meet this challenging
market situation by focusing on improving the cost position
and strengthening the Sectors competitive edge.
ENERGY SECTOR
The power segment continued to face issues related to land
acquisition, environmental clearances, power tariffs and
fuel linkages. During the nancial year 2012-13, the market
for power equipment was characterized by sharply reduced
demand, overcapacities and consequently lower prices.
Despite these challenges, the Energy Sector was in a position
to retain its overall market share.
During the nancial year, the Energy Sector set up Global
Engineering Centres for Compressors and Oil & Gas Solutions
Annual Report 2013
For nancial year 2012-13, the new orders were up by 15%

to ` 3,121 crores, sales fell by 24% to ` 3,937 crores, while
prots from operations were ` 46 crores.
Outlook
HEALTHCARE SECTOR
The growth of the overall healthcare market is directly linked
to the growth of the economy as a majority of healthcare
costs are paid for out-of-pocket by patients a fact attributed
to the low penetration of insurance services in India. The
Healthcare Sector was also affected by the exchange rate
uctuation.
Siemens Ltd.
19
Annexure II to the Directors Report (Continued)
Among the highlights of the nancial year 2012-13, The

Healthcare Sector received a major order from Sir HN
Hospital and Research Centre, Mumbai (Reliance) for
the complete imaging package including Computerized
Tomography (CT) scan, Magnetic Resonance Imaging, Cath
Labs and other imaging equipment such as Ultrasound and
X-ray. Additionally, NM Medical, a diagnostic imaging chain
with a pan-India presence, selected Siemens MAGNETOM
Spectra 3T MRI scanner for installation in its new diagnostic
center at Sancheti Hospital in Pune. This will be one of the
rst installations of Magnetom Spectra with the newlyintroduced 3T MRI in the country. Other major highlights
include the installation of Indias rst simultaneous PETMRI
at Indraprastha Apollo Hospital, New Delhi and Somatom
Denition Edge, the newly-introduced Cardiac CT scanner, at
PSG Hospital, Coimbatore.
Other new solutions launched during the nancial year
include the Perspective 128 Slice CT system which consumes
lower power and is easy to install; the Freestyle ultrasound
system that features a wireless hands-free probe; and the
X700 Economy ultrasound with high-end features.
In spite of the challenging macro-economic conditions, for
nancial year 2012-13, the new orders were up by 17% to
` 1,237 crores, sales grew by 3% to ` 1,115 crores, while
prots from operations were ` 31 crores.
Outlook
The Healthcare Sector provides end-to-end solutions
including diagnostics, imaging and therapy. With the market
for healthcare services expected to grow in moderation, the
Sector will seek to increase market penetration for its range of
solutions by expanding its distribution channels and customer
interface points. In addition, cost optimisation, protability
enhancement and strengthening the organisations
capabilities will remain key focus areas.
INDUSTRY SECTOR
During the nancial year 2012-13, the Industry Sector was
affected by issues such as lower capital investments by
customers across verticals which led to delays in project
closures and in the nalisation of new projects. Reduced
access to capital, uctuating exchange rates and consistently
high interest rates further pushed up the cost of capital across
key industry verticals. The Original Equipment Manufacturers,
one of the key sales channel for the Industry Sector, were
also affected by the slowdown which resulted in low order
backlog and pile up of nished goods inventory.
20
Annual Report 2013
Customer segments such as Food & Beverages, Cement and

Chemical showed positive signs whereas Automobile, Metals,
Power and Mining showed a decline.
During the nancial year 2012-13, Industry Sector received
an order worth ` 271 crores from the Rashtriya Ispat Nigam
Ltd. (RINL) to modernise blast furnace No. 2 at Visakhapatnam
Steel Plant (Vizag Steel). The Sector also signed a three-year
Memorandum of Understanding with Steel Authority of India
Ltd. whereby SITRAIN, the Industry Sectors training services
unit, will provide technical training to all personnel of SAIL
Plants involved in projects, maintenance and other technical
departments.
Among other highlights of the nancial year, the Industry Sector
launched SMART@MT packages for the metals industry such
as electric arc furnace and circular pelletization technology,
expanding the SMART (simple-to-use, maintenance-friendly,
affordable, reliable and timely-to-market) portfolio of locallydesigned and manufactured solutions for the steel industry.
The Sector also launched SIMATIC PCS 7 CPU410-5H Process
Controller the fastest and the most powerful process
controller in the Indian market. Other key product launches
were S7-1500 Programmable Logic Controller for medium to
high-end machine and plant automation, and SINAMICS V20
inverter for standard applications in India.
With an aim to improve customer proximity and showcase its
offerings for the small and medium enterprises, the Sector
launched a mobile road show called Siemens Productivity
Tour covering 204 locations in 86 cities. It also organised
over 100 in-plant seminars across India to promote energy
efciency through the use of IE2 and IE3 efciency class lowvoltage motors.
During nancial year 2012-13, the Company completed the
amalgamation of Winergy Drive Systems India Pvt. Ltd.
For nancial year 2012-13, the new orders were down by 9%
to ` 3,048 crores, sales fell by 11% to ` 3,344 crores, while
prots from operations were at ` 24 crores.
Outlook
The Industry Sector expects a continued moderation in
demand. With key Original Equipment Manufacturers
focusing on cost reduction due to various factors such as
ination, uctuating exchange rates and high interest rates,
the sector will continue to face pressure on costs.
Demand is expected to be driven through initiatives taken by
various industry verticals for modernising their manufacturing
systems. These initiatives are aimed at improving productivity
Siemens Ltd.
and efciency while saving energy consumption. The

Industry Sector will continue to tap new opportunities in the
product business as well as value-added services such as plant
maintenance.
INFRASTRUCTURE & CITIES SECTOR
Reecting the challenging macro-economic environment, the
Infrastructure & Cities Sector witnessed reduced investments
in greeneld and modernisation projects in nancial
year 2012-13. This was largely due to the slow pace of
government decision making and high interest rates. A few of
the long-pending projects include the Navi Mumbai airport,
elevated rail corridor, Mumbai Metro and the locomotive
manufacturing factories by Indian Railways.
Among the orders won by the Infrastructure & Cities Sector
during the nancial year 2012-13 were: ` 176 crores order for
the electrication of Phase III of the Delhi Mass Rapid Transit
System (MRTS), a turnkey project worth ` 184.1 crores from
IL&FS Rail Ltd. for the Gurgaon Metro South Extension project
and two contracts aggregating ` 144 crores from the Rural
Electrication Board, Bangladesh to build and modernise
substations.
During the year, the Infrastructure & Cities Sector launched
a device for the remote monitoring of locomotives in rail
systems. Once installed, the device captures real-time data,
which is transferred to the central monitoring unit using global
positioning system (GPS). This solution delivers increased
productivity and improved response time for maintenance
activities. New solutions that were added to the portfolio
included auxiliary relays, numerical relays, FRTUs and 33kV
air-insulated switchgears.
During the nancial year 2012-13, Siemens Ltd. initiated the
sale and transfer of its Postal & Parcel Logistics Technologies
and Airport Logistics Technologies business (both forming
part of the Infrastructure and Cities Sector) to Siemens
Postal Parcel & Airport Logistics Pvt. Ltd., a 100% subsidiary
of Siemens AG, effective from the close of business on
September 30, 2013 for a consideration of ` 129 crores and
recorded prot of ` 115 crores.
For nancial year 2012-13, the new orders were up by 15% to
` 3,521 crores, sales up by 2% to ` 2,750 crores, while prots
from operations were ` 53 crores.
Outlook
The existing infrastructure capacity is under pressure due to
a widening gap in demand and supply. The demand is driven
Annual Report 2013
by the growing levels of urbanisation, industrialisation and

population growth. The central and state governments have
been increasing their focus on development and capacity
expansion of all sectors of infrastructure including power
transmission and distribution, roads, railways, ports and
airports. This provides opportunities for the Infrastructure
& Cities Sector in the areas of safety, modernisation and
greeneld projects. However, project delays are foreseen due
to the high cost of nancing and slow decision making.
The market continues to remain highly challenging. The
sustained liquidity issues could result in postponement
of new projects and delays in executing existing projects.
The Infrastructure & Cities Sector is focusing on further
strengthening its processes, quality, productivity, safety and
project execution capabilities.
Internal Control Systems
The Company has a robust internal control framework that
ensures the integrity of nancial reporting and adherence to
guidelines dened for Siemens Ltd. in a systematic manner.
In nancial year 2012-13, the Internal Control process was
further improved through simplication of the assessment
process, enhancing the knowledge of independent assessors
and stronger focus on sustainable remediation of control
weaknesses identied through the assessment process.
Siemens Ltd. has outsourced the internal audit function to
Corporate Finance Audit, the Global Audit Department of
Siemens AG. The Internal Audit team develops a exible riskbased audit plan for the Company, which includes a mix of
nancial, operational, compliance and IT topics. The audit
coverage includes corporate, core business operations, as
well as support function activities. The annual internal audit
plan is approved by the Companys Audit Committee. The key
audit results and recommended management actions are
presented to the Audit Committee on a quarterly basis.
Compliance
During the nancial year 2012-13, Siemens Ltd. continued its
focus on compliance in all areas of its business by rationalising
and strengthening controls to ensure the adherence
to compliance. Over 5,000 employees were trained on
ethical behaviour as part of the Integrity Dialogue training.
Approximately 500 employees underwent training on AntiTrust topics which assumes relevance in the current business
environment. The Compliance team further conducted
training sessions to promote Zero Tolerance approach to key
external stakeholders such as Custom House Agents, Business
Partners and Vendors.
Siemens Ltd.
21
Annexure II to the Directors Report (Continued)
Siemens Ltd. continued to be actively involved in the

Collective Action initiatives. The Companys Compliance
Ofcer along with the parent company Siemens AGs Global
Head of Collective Action presented Siemens initiatives
against corruption at the 10th Principle against Corruption
conference organised by Global Compact Network in New
Delhi. The Compliance Ofcer also represented Siemens Ltd.
at the 19th PACI (Partnering Against Corruption Initiative)
Task Force meeting in New Delhi. The meeting was organised
to share the best practices and the initiatives taken by PACI
to combat corruption globally. Siemens Ltd. also partnered
with Caux Initiatives of Business on Sustaining Growth
and Governance in the Industrial Context across India.
(Details on compliance activities are included in the Business
Responsibility Report available on www.siemens.co.in)
Safety and environment
For the nancial year 2012-13, Siemens Ltd. initiated
various measures to achieve the goal of Zero Fatality,
Safe Workplace. The Company has adopted a four-level
Environment, Health and Safety management structure with
the overall objective being zero harm culture. Contractors
and customer managers play an integral role in the overall
site EHS evaluation to ensure an optimum mix of trained
resources are deployed to mitigate safety risks.
A total of 36,694 man hours of safety training was conducted
during the nancial year. The Companys manufacturing
units in India have already implemented international EHS
standards like ISO 14001 and OHSAS 18001. (Details on EHS
activities are included in the Business Responsibility Report
available on www.siemens.co.in)
Human Resources Initiatives
Committed and motivated employees are one of the most
important assets for the Company. During the nancial
year 2012-13, Siemens Ltd. focused on various strategic
learning programmes, employee engagement and health
management initiatives aimed at the strategic development
of this dynamic workforce.
To simplify existing HR processes and further reduce
complexity, the concept of Lean was implemented in Human
Resources. Some of the processes identied for implementing
Lean were hiring, training and employee settlement.
To motivate, develop and retain its employees, the Company
continued its emphasis on developing leaders at different
levels and organised a variety of initiatives to support this
objective.
22
Annual Report 2013
a.
Q-LEEP (Quantum-Leadership Enhancement through

Excellence in People management): 150 middle-level
managers participated in the programme aimed at
improving people management skills through selfawareness and coaching.
b.
People Business Management (PBM)-3, a Core Learning

Programme, which focuses on preparing employees
who would be taking on managerial responsibilities in
the future.
Another key initiative Local Key Expert Career Programme was

launched in line with the global process. The programme is
aimed at developing customised career paths for employees
and is linked to business-critical roles in Research &
Development, Engineering and Manufacturing. The selection
of the key experts is aligned with the technology landscape
of the business.
Various HR processes were simplied and made exible, such
as medical insurance, group personal accident insurance,
parents insurance and superannuation fund.
As of September 30, 2013, the Companys employee strength
was 11,539 as compared to 12,041 as of September 30,
2012. This includes an addition of 908 employees as a result
of the merger of Siemens Power Engineering Pvt. Ltd. and
Winergy Drive Systems India Pvt. Ltd. The new employees
have been integrated into the Energy Sector and Industry
Sector, respectively. During the nancial year 2012-13,
the Company initiated measures to optimize capacity and
resource utilization across locations to counter the lack of
market demand.
The Company also continues to have a cordial relationship
with its Unions.
Outlook for Siemens Ltd.
Siemens Ltd. operates in all the areas that contribute to
modernising infrastructure, and has solutions for the entire
energy matrix (generation, transmission and distribution),
intra-city and inter-city mobility, industrial automation and
healthcare.
The Company has a strong, established local manufacturing
footprint with R&D facilities that has helped position Siemens
Ltd. as a technology provider of choice for customers in India.
The bundled nancing solutions offered by Siemens Financial
Services Pvt. Ltd., a non-banking nance company and a
wholly-owned subsidiary of Siemens AG., are also an added
advantage. On the basis of these strengths, the Company
expects protable and sustainable growth in the future.
Siemens Ltd.
However, to drive the growth of the overall economy, it is

imperative that concrete steps are taken by the government,
which will create an environment for increased capital
expenditure across verticals. The revival of large stalled
projects and the pipeline cleared by the Project Monitoring
Group and the Cabinet Committee on Investment recently
may sustain investment and overall activity during the next
nancial year.
Note: This report contains forward-looking statements based
on beliefs of Siemens management. The words anticipate,
believe, estimate, forecast, expect, intend, plan,
should, and project are used to identify forward-looking
statements, Such statements reect the companys current
views with respect to future events and are subject to risks and
uncertainties. Many factors could cause the actual result to be
materially different, including, among other things, changes
in general economic and business conditions, changes in
Annual Report 2013
currency exchange rates and interest rates, introduction of

competing products, lack of acceptance of new products or
services, and changes in business strategy. Actual results may
vary materially from those projected here. Siemens does not
intend to assume any obligation to update these forwardlooking statements.
For Siemens Ltd.
Deepak S. Parekh
Chairman
Mumbai
November 22, 2013
Siemens Ltd.
23
Annexure III to the Directors Report
Corporate Governance Report

(As per Clause 49 of the Listing Agreement entered into with the Stock Exchanges)
I.
Companys Philosophy on Corporate Governance

The Companys philosophy on Corporate Governance is to observe the highest level of ethics in all its dealings, to ensure
the efcient conduct of the affairs of the Company to achieve its goal of maximising value for all its stakeholders.
II.
Board of Directors (Board)

Composition
During the year under consideration, the Board comprises of 11 experts (excluding Alternate Director) drawn from
diverse elds / professions. The Board has an optimum combination of Executive and Non-executive Directors,
which is in conformity with the requirement of Clause 49 of the Listing Agreement with the Stock Exchanges
(Listing Agreement) in this regard. The Chairman of the Board is a Non-executive and Independent Director.
All Directors, except the Managing Director and Special Director, are liable to retire by rotation.
The Company has 9 Non-executive Directors out of which 6 are Independent Directors. There are two Directors in
whole-time employment of the Company, one being the Managing Director and other as an Executive Director.
The necessary disclosures regarding Committee positions have been made by all the Directors. 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.
There is no relationship between the Directors inter-se.
The Composition of the Board, Directorship / Committee positions in other companies as on 30th September, 2013,
number of meetings held and attended during the Financial Year (FY) are as follows:
Name
24
Category(1)
Held
Attended
Attendance
at last AGM
held on
31.01.2013
Other
Directorships in
India(2)
Yes
Other Committee
positions in India(3)
Member
Chairman

(Chairman)
NED (I)
Yes
10
NED (I)
Yes
NED (I)
Yes
NED (I)
Yes
Mr. Pradip V. Nayak
NED (I)
Yes
Nil
Dr. Armin Bruck
WTD
Yes
Nil
Mr. Sunil Mathur
WTD
Yes
Nil
N.A.
N.A.
Dr. Roland Busch(4)(5)

(Nominee of Parent
Company, Siemens AG)
NED
Yes
Nil
N.A.
N.A.
10
Mr. Johannes Apitzsch(4)(6)

(Alternate for Dr. Roland
Busch from 27.04.2012 to
30.01.2013 and thereafter
from 31.01.2013)
NED
N.A.
Nil
N.A.
N.A.
11
Mr. Joe Kaeser(4)
NED
Yes
Nil
N.A.
N.A.
12

(appointed
as
an
Additional Director from
02.08.2013)(4)(7)
NED
N.A.
Nil
N.A.
N.A.
Annual Report 2013
NED (I)
Board Meetings
during the
FY 2012-13
Siemens Ltd.
Notes:
(1)
Category: WTD - Whole-time Director, NED Non-executive Director, NED (I) Non-executive Director and
Independent.
(2)
Includes Alternate Directorships and Directorships in private companies.
(3)
Includes only Audit Committee and Investors Grievance Committee of public limited companies.
(4)
In the whole-time employment of parent company, Siemens AG, Germany.
(5)
Special Director as per Article 110 of the Articles of Association of the Company and as such is not bound to
retire by rotation.
(6)
Mr. Apitzsch attended the Board Meeting dated 23rd November, 2012 and 2nd August, 2013 as an
Alternate Director for Dr. Roland Busch and attended the remaining two meetings as an invitee.
(7)
Details provided for the period for which the individual held Directorship of the Company.
Board Meetings
During the Financial Year 2012-13, 5 Meetings were held on 13th October, 2012, 23rd November, 2012,
31st January, 2013, 26th April, 2013 and 2nd August, 2013.
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. Where it is not practicable
to attach or send the relevant information as a part of Agenda Papers, the same are tabled at the meeting or / and
the presentations are made by the concerned managers to the Board. Considerable time is spent by the Directors
on discussions and deliberations at the Board Meetings.
The information as specied in Annexure IA to Clause 49 of the Listing Agreement is regularly made available to the
Board, whenever applicable, for discussion and consideration.
III.
Committees of Directors
A
Mandatory Committees
i.
Audit Committee of Directors (Audit Committee)

Composition
The Audit Committee comprises of experts specialising in accounting / nancial management. The Chairman
of the Audit Committee is a Non-executive and Independent Director. The present composition of the Audit
Committee is as follows:
Name
From
No. of meetings during FY 2012-13

Held
Attended
Mr. Yezdi H. Malegam, Chairman
15.12.2000
Mr. Joe Kaeser
01.10.2006
22.11.2004
01.02.2006
Mr. Ketan Thaker, Company Secretary, is a Secretary to the Committee.

During the Financial Year 2012-13, 5 Meetings were held on 13th October, 2012, 23rd November, 2012,
31st January, 2013, 26th April, 2013 and 2nd August, 2013.
The Chief Financial Ofcer, Siemens AGs Nominee Director / his or her Alternate Director, Head of Accounts,
Internal Auditors and the Statutory Auditors are permanent invitees to the Meetings.
Terms of reference
The powers and terms of reference of the Audit Committee are as mentioned in the Clause 49 II (C), (D) & (E)
of the Listing Agreement and Section 292A of the Companies Act, 1956.
Annual Report 2013
Siemens Ltd.
25
Annexure III to the Directors Report (Continued)

The terms of reference are briey described below:

a.
Oversight of the Companys nancial reporting process and disclosure of nancial information.
b.
Recommend the appointment, re-appointment and, if required, replacement or removal of Statutory Auditors,
xation of audit fees and approving payments for any other services.
c.
Review with management the annual and quarterly nancial statements before submission to the Board.
d.
Review with management, performance of Statutory and Internal Auditors and adequacy of internal control
systems.
e.
Review the adequacy of internal audit function.
f.
Discussions with Internal Auditors of any signicant ndings and follow-ups thereon.
g.
Review the ndings of any internal investigations by the Internal Auditors.
h.
Discussions with Statutory Auditors before the audit commences, of the nature and scope of audit as well as have
post-audit discussion to ascertain any areas of concern.
i.
Look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders (in
case of non-payment of declared dividends) and creditors.
j.
Review the functioning of the Whistle Blower mechanism.
k.
Review the following information:
Management discussion and analysis of nancial condition and results of operations;
Statement of signicant related party transactions;
Management letters / letters of internal control weaknesses issued by the Statutory Auditors;
Internal audit reports relating to internal control weaknesses;
The appointment, removal and remuneration of the Chief Internal Auditor; and
The nancial statements, in particular, the investments made by unlisted subsidiary companies.
In addition to the above, the following disclosures are made to the Audit Committee, as and when applicable:
Basis of related party transactions;
Disclosure of Accounting Treatment; and
Utilisation / application of proceeds from public issues, rights issues, preferential issues, etc., if any.
The Audit Committee is vested with the necessary powers, as dened in its Charter, to achieve its objectives.
The Chairman of the Audit Committee was present at the 55th Annual General Meeting held on 31st January, 2013.
ii.
Investors Grievance Committee of Directors (Investors Grievance Committee)

Composition
The Investors Grievance Committee has been constituted to attend to and redress the investors grievances.
The Chairman of the Investors Grievance Committee is a Non-executive and Independent Director. The present composition
of the Investors Grievance Committee is as follows:
Name
From

Held
Attended
Mr. Darius C. Shroff, Chairman
15.12.2000
Mr. Pradip V. Nayak
01.02.2006
Nil
Dr. Armin Bruck
01.01.2008
th
th
During the Financial Year 2012-13, the Committee met on 5 October, 2012 and 11 March, 2013.
Mr. Ketan Thaker, Company Secretary, is the Compliance Ofcer pursuant to the requirement of the Securities and
Exchange Board of India (SEBI) Regulations and Listing Agreement.
26
Annual Report 2013
Siemens Ltd.
Details of Investors Complaints

The Company and TSR Darashaw Pvt. Ltd., Registrar & Share Transfer Agent (RTA), attend to all grievances of the investors
received directly or through SEBI, Stock Exchanges, Ministry of Corporate Affairs, Registrar of Companies, etc.
Barring certain cases pending in Courts / Consumer Forums, relating to disputes over the title to Shares, in which either
the Company has been made a party or necessary intimation thereof has been received by the Company, all the investor
grievances / correspondences have been promptly attended to from the date of their receipt. Continuous efforts are made
to ensure that grievances are more expeditiously redressed to the complete satisfaction of the investors.
The details of complaints received, cleared / pending during the Financial Year 2012-13 is given below:
Nature of Complaints
Received
Cleared
Pending
Non-receipt of Share Certicates duly transferred
01
01
Non-receipt of dividend warrants
07
07
Letters from SEBI / SCORES Site
13
10
03*
Letters from Stock Exchanges
03
03
Letters from Depositories
01
01
25
22
03*
Letters from Ministry of Corporate Affairs

Total
*Since resolved
B.
Non-Mandatory Committees
Remuneration Committee of Directors (Remuneration Committee)
The Chairman of the Remuneration Committee is a Non-executive and Independent Director. The present composition of
the Remuneration Committee is as follows:
Name
From

Held
Attended
Mr. Narendra J. Jhaveri, Chairman
15.12.2000
15.12.2000
01.10.2004
Mr. Pradip. V. Nayak
23.07.2007
Nil
N.A.
Mr. Joe Kaeser(1)
01.02.2013
st
st
During the Financial Year 2012-13, the Committee met on 21 November, 2012 and 31 January, 2013.
(1)
Details provided for the period for which the individual held Committee Membership.
Terms of reference
a.
Determine the Companys policy on specic remuneration packages for Whole-time Directors / Executive Directors
including pension rights and any compensation payment.
b.
Decide the actual Salary, Salary Grades, Overseas Allowance, Perquisites, Retirals and Increment of Whole-time
Directors.
c.
Dene 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.
d.
Decide the amount of Commission payable to the Whole-time Directors.
e.
Periodically review and suggest revision of the total remuneration package of the Whole-time Directors keeping in
view the performance of the Company, standards prevailing in the industry, statutory guidelines, etc.
Annual Report 2013
Siemens Ltd.
27

Remuneration Policy
The remuneration policy of the Company is performance driven and is structured to motivate employees, recognize their merits
& achievements and promote excellence in their performance.
1.
For Whole-time Directors

The Board of Directors / the Remuneration Committee of Directors is authorised to decide the remuneration of the
Whole-time Directors, subject to the approval of the Members and Central Government, if required. The remuneration
structure comprises of Salary, Perquisites, Retirement benets as per the law / rules, Performance Linked Incentive (PLI),
Commission and entitlement to participate in the Equity based compensation programs of Siemens AG, Germany /
Siemens Ltd., as applicable from time to time. Annual increments are decided by the Remuneration Committee within
the salary grade approved by the Members.
In addition to the above remuneration, Expatriate Directors are paid Overseas Allowance / Special Allowance and certain
other Perquisites as per the Rules of the Company.
PLI, benet under the Equity based compensation programs of Siemens AG / Siemens Ltd. and Commission constitute the
variable component of remuneration. PLI is computed on the basis of specic targets set for each Whole-time Directors
every year. The targets are also linked to the Companys targets. PLI is paid to the Whole-time Directors on achievement of
the said targets. Commission is determined on the basis of the Net Prots of the Company in a particular Financial Year,
subject to the overall ceiling as stipulated in Sections 198 and 309 of the Companies Act, 1956.
Remuneration paid / payable to the Whole-time Directors for the Financial Year 2012-13
(Amount in `)
Dr. Armin Bruck
Salary
Mr. Sunil Mathur
12,868,500
9,351,900
Perquisites
35,869,328
21,918,963
Performance Linked Incentive
39,695,722
27,618,098
9,462,290
8,415,469
Nil
Nil
97,895,840
67,304,430
From
01.10.2007
22.07.2008
To
31.12.2013
31.12.2018*
Nil
Nil
(1)
Compensation under Stock Option Plan(s) of Siemens AG

Commission
Total
Tenure
Shares of ` 2 each held as on 30.09.2013
*subject to Members approval for the re-appointment as the Executive Director and Chief Financial Ofcer for the period
from 22.07.2013 to 31.12.2013 and appointment as Managing Director and Chief Executive Ofcer for a period of ve
years w.e.f. 01.01.2014 in the ensuing Annual General Meeting.
Notes:
(1)
Perquisites include Companys contribution to Provident Fund and Superannuation Fund for Directors (except
Dr. Bruck). Further, Overseas Allowance and Special Allowance are included in the perquisite for Dr. Bruck and
Mr. Mathur, respectively.
(2)
The Whole-time Directors are covered under the Companys gratuity, leave, medical and silver/golden jubilee
schemes as applicable, along with the other employees of the Company. These liabilities are determined for all
employees by an independent actuarial valuation. The specic amount for such benets cant be ascertained
separately and accordingly the same has not been included above.
The Severance fees are payable to the Directors on termination of employment as per the rules of the Company.
28
Annual Report 2013
Siemens Ltd.
2.
For Non-executive Directors

The Non-executive Directors are paid remuneration by way of Sitting Fees and Commission.
Sitting Fees
The Non-executive Directors are entitled to sitting fees for attending Board / Committee Meetings, as per the details given
below:
Meetings
Board
Audit Committee
Investors Grievance Committee, Remuneration Committee, Corporate Governance
Committee, Investment / Disinvestment Committee and Special Committee.
Sitting fees per Meeting (`)

20,000
20,000
10,000
Commission
In terms of the Members approval given at the 52nd Annual General Meeting held on 29th January, 2010, Commission is
payable at a rate not exceeding 1% per annum of the Net Prots of the Company computed in the manner referred to in
Section 309 of the Companies Act, 1956. 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
Role and responsibility as Chairman / Member of the Board / Committee
Overall contribution
Remuneration paid / payable to the Non-executive Directors for the Financial Year 2012-13:
Name
Sitting Fees* for

Board / Committee
Meetings attended
Commission*(1)
Total
(`)
260,000
260,000
160,000
120,000
170,000
150,000
N.A.
N.A.
N.A.
N.A.
(`)
3,800,000
3,000,000
1,950,000
1,950,000
1,950,000
1,950,000
N.A.
N.A.
N.A.
N.A.
(`)
4,060,000
3,260,000
2,110,000
2,070,000
2,120,000
2,100,000
N.A.
N.A.
N.A.
N.A.

Mr. Pradip V. Nayak
Mr. Joe Kaeser(2)
Dr. Roland Busch(2)
Mr. Johannes Apitzsch(2)
Ms. Mariel von Drathen(2)
Number of Equity
Shares of ` 2
each held as on
30.09.2013
(`)
9,000
8,000
9,000
5,000
Nil
Nil
Nil
Nil
Nil
Nil
* Exclusive of service tax.

Notes:
(1)
Subject to the approval of Annual Accounts for the Financial Year 2012-13 by the Members at the
56th Annual General Meeting to be held on 30th January, 2014.
(2)
Opted not to accept any Sitting Fees or Commission.
None of the Non-executive Directors have any other pecuniary interest in the Company, as disclosed to us.
C.
Other Committees of Directors

i.
Corporate Governance Committee of Directors (Corporate Governance Committee)

The Committee has been constituted, inter-alia, to consider, review and decide the matters relating to Corporate
Governance as per the Listing Agreement and applicable Laws & Regulations and recommending best practices
in the areas of Board Governance, Corporate Governance & disclosure policies considering the interest of the
Annual Report 2013
Siemens Ltd.
29

stakeholders. The Chairman of the Corporate Governance Committee is a Non-executive and Independent Director.
The present composition of the Corporate Governance Committee is as follows:
Name
Mr. Keki B. Dadiseth, Chairman
Mr. Joe Kaeser
Dr. Armin Bruck
Dr. Roland Busch / Mr. Johannes Apitzsch (Alternate Director for Dr. Roland Busch)
From
01.06.2007
01.06.2007
01.06.2007
23.07.2007
01.06.2007
01.01.2008
10.08.2012
During the Financial Year 2012-13, the Committee met on 13th October, 2012 and 26th April, 2013.
ii.
Investment / Disinvestment Committee

The Committee has been constituted, inter-alia, to review guidelines for investing surplus funds of the Company,
reviewing proposals of mergers and acquisitions, demergers, carve-outs, sale, transfer of business / real estate and
its valuation thereof, investment proposals and periodical monitoring of investments, authorizing negotiation of the
terms and conditions of the various credit/nancial facilities and carrying out such other function as may be delegated
by the Board from time to time. The Chairman of the Investment / Disinvestment Committee is a Non-executive and
Independent Director. The present composition of the Investment / Disinvestment Committee is as follows:
Name
Mr. Deepak S. Parekh, Chairman
Mr. Pradip V. Nayak
Mr. Joe Kaeser
Mr. Sunil Mathur
Dr. Roland Busch / Mr. Johannes Apitzsch (Alternate Director for Dr. Roland Busch)
From
23.07.2007
23.07.2007
23.07.2007
23.07.2007
01.10.2008
01.02.2012
10.08.2012
The Investment / Disinvestment Committee Meetings are held as and when required. During the Financial Year
2012-13, the Committee met on 22nd July, 2013.
IV.
Committees of Management (Constituted by the Board of Directors)

i.
Share Transfer Committee (STC)

Composition
Name
From
Dr. Armin Bruck, Chairman
01.01.2008
Mr. Sunil Mathur
01.10.2008
Mr. Ketan Thaker, Member & Secretary
02.08.2013
The STC notes and takes on record the transfer / transmission / transposition of shares and consolidation / splitting
of folios, issue of share certicates in exchange for sub-divided, consolidated, defaced, etc., as approved by the
authorised persons. The STC also notes the dealings in Companys Shares by the designated employees under
the Companys Code of Conduct for Prevention of Insider Trading. 12 Meetings of STC were held during the
Financial Year 2012-13.
ii.
Finance Committee (FC)

Composition
Name
Mr. Sunil Mathur, Chairman
Dr. Armin Bruck
30
Annual Report 2013
From
01.10.2008
01.01.2008
02.08.2013
Siemens Ltd.
The FC authorises opening / closing of bank accounts, availing of credit facilities, giving of loans, intercorporate
deposits, guarantees, investment in mutual funds, commodity hedging etc. The FC Meetings are held as and when
required. 11 Meetings of FC were held during the Financial Year 2012-13.
iii.
Delegation of Powers Committee (DPC)

Composition
Name
Dr. Armin Bruck, Chairman
Mr. Sunil Mathur
From
01.01.2008
27.07.2008
02.08.2013
The DPC issues / revokes Powers of Attorney, xes the procedures for signing authority, grants authority for various
purposes to the employees, etc. The DPC Meetings are held as and when required. 17 Meetings of DPC were held
during the Financial Year 2012-13.
V.
Subsidiary companies
The Company does not have any Subsidiary as on 30th September, 2013.
VI.
Chief Executive Ofcer (CEO) and Chief Financial Ofcer (CFO) certication
As required by Clause 49 V of the Listing Agreement, the CEO and CFO certication on the Financial Statements, the
Cash Flow Statement and the Internal Control Systems for nancial reporting has been obtained from Dr. Armin Bruck
(Managing Director / CEO) and Mr. Sunil Mathur (Executive Director / CFO).
VII.
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 dened framework.
VIII. 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, as per the requirement of Clause 49 I D of the Listing Agreement. The Company has
received conrmations from all the Directors and Senior Management of the Company regarding compliance with the
BCGs for the year ended 30th September, 2013. A certicate from Dr. Armin Bruck, Managing Director, to this effect, is
attached to this Report. The BCGs can be viewed on the website of the Company www.siemens.co.in
IX.
Policy for Prevention, Detection and Investigation of Frauds and Protection of Whistleblowers (the Whistleblower
Policy)
The Company is committed to provide an open, honest and transparent working environment and seeks to eliminate
fraudulent activities in its operations. To maintain high level of legal, ethical and moral standards and to provide a gateway
for employees to report unethical behaviour and actual or suspected frauds, the Company has adopted the Whistleblower
Policy with effect from 1st February, 2005, in line with Clause 7 of Annexure I D to Clause 49 of the Listing Agreement. No
personnel have been denied access to the Audit Committee.
The Whistleblower Policy broadly covers a detailed process for reporting, handling and investigation of fraudulent activities
and providing necessary protection to the employees who report such fraudulent activities / unethical behaviour.
X.
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,
1992, as amended, the Company has adopted a Code of Conduct for Prevention of Insider Trading with effect from
1st August, 2002. Mr. Ketan Thaker, Company Secretary, is the Compliance Ofcer. This Code of Conduct is applicable to
all Directors and such identied 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.
Annual Report 2013
Siemens Ltd.
31

XI.
a.
General Body Meetings

Financial Year Meeting and Venue
b,
Day, Date
and Time
Special Resolutions passed
2011-12
55th Annual General Meeting

Yashwantrao Chavan Pratishthan Auditorium,
Y. B. Chavan Centre, General Jagannathrao
Bhonsle Marg, Nariman Point, Mumbai - 400 021
Thursday,
31st January,
2013
2.30 p.m.
No special resolution was

passed.
2010-11

Tuesday,
31st January,
2012
3.00 p.m.
Approving the payment of

remuneration to Mr. Praveen
Singh (Managing Director
of
erstwhile
Siemens
Healthcare
Diagnostics
Limited).
2010-11
Extra-Ordinary General Meeting

Indian Merchants Chamber, Walchand Hirachand
Hall, 4th Floor, Indian Merchants Chamber Marg,
Churchgate, Mumbai 400 020
Thursday,
24th March,
2011
3.00 p.m.
Approving
the
issue
and allotment of shares
consequent to amalgamation
of
Siemens
Healthcare
Diagnostics Limited with
Siemens Limited during
SAGs Offer Period.
2009-10
53rd Annual General Meeting

Friday,
28th January,
2011
3.00 p.m.
No special resolution was

passed.
Pursuant to Section 192A of the Companies Act, 1956 and Companies (passing of resolution by postal ballot)
Rules, 2011, the following Ordinary Resolution was passed by the Members by way of Postal Ballot:Sale and transfer of the Companys Postal and Parcel Logistics Technologies and
Airport Logistics Technologies businesses to Siemens Postal Parcel & Airport
Logistics Pvt. Ltd., a 100% subsidiary of Siemens Aktiengesellschaft, Germany,
with effect from the close of business hours of 30th September, 2013.
Name of Scrutinizer
Mr. P. N. Parikh of M/s. Parikh Parekh & Associates, Practicing Company Secretaries
Date of Report of Scrutinizer
17th September, 2013
Date of Declaration of Results 18th September, 2013

/ Date of Approval of Members
Number of Postal Ballots
Number of Votes
Valid Ballots / Votes
3,563
278,782,136
In favour
3,277
271,868,968
Percentage (%)
91.97
97.52
Against
286
6,913,168
Percentage (%)
8.03
2.48
Invalid Ballots/ Votes
442
143,087
Thus, the above resolution has been passed by overwhelming majority of Members who cast their vote. In addition
to physical voting, the members were provided with e-voting option to cast their vote.
Resolutions, if required, shall be passed by Postal Ballot during the year ending on 30th September, 2014, as per the
prescribed procedure.
32
Annual Report 2013
Siemens Ltd.
XII.
Disclosures
a.
Transactions with related parties, as per requirements of Accounting Standard 18, are disclosed in notes to accounts
annexed to the nancial statements.
b.
The Company has not entered into any other transaction of a material nature with the Promoters, Directors or
Management, their subsidiaries or relatives, etc. that may have a potential conict with the interests of the Company
at large.
c.
With regard to matters related to capital markets, the Company has complied with all requirements of the Listing
Agreement as well as SEBI regulations and guidelines. No penalties were imposed or strictures passed against the
Company by the Stock Exchanges, SEBI or any other statutory authority during the last three years in this regard.
d.
Disclosures have also been received from the senior management personnel relating to the nancial and commercial
transactions in which they or their relatives may have a personal interest. However, none of these transactions have
potential conict with the interests of the Company at large.
XIII. Means of Communication

All important information relating to the Company, its performance, shareholding pattern, business, quarterly results,
press releases, other information as per the Listing Agreement, presentation to the press/analyst meet are regularly posted
on Companys website and also forwarded to the stock exchanges. The quarterly, half-yearly and annual nancial results
of the Company are published in Business Standard and Navshakti. These results are also available on the websites of the
Company, BSE Limited and National Stock Exchange of India Ltd. The Company also holds press conference/analysts meet
from time to time.
Investors can view this information by visiting the website www.corpling.co.in
XIV. General Shareholder Information
General Shareholder Information forms part of the Directors Report as Annexure IV.
XV.
Compliance with Non-mandatory requirements:

a.
The Board: The Company does not maintain a separate ofce for the Non executive Chairman. The independent
directors are having requisite qualication and experience to act as a director on the Board.
b.
Remuneration Committee: The Company has a Remuneration Committee. Please refer relevant paragraph of this
report.
c.
Shareholders Rights: The quarterly nancial results are published in the newspapers of wide circulation and not
sent to individual shareholders. Financial Results are also available on the website of the Company and of stock
exchanges where the Equity shares of the Company are listed,
d.
Audit qualication: The Company is in the regime of no audit qualication.
e.
Training of Board Members: All members of the Board are experts in their respective elds and well versed with
business as well as risk prole of the Company.
f.
Evaluation of Non-Executive Board Members: The Board members are from diverse elds of expertise and have long
standing experience and expert knowledge in their respective elds which is very relevant as well as of considerable
value for the Companys business.
g.
Whistle Blower Policy: The Company has a Whistleblower Policy. Please refer relevant paragraph of this report.

For Siemens Ltd.
Deepak S. Parekh
Chairman
Mumbai
Annual Report 2013
Siemens Ltd.
33
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, I hereby conrm that all the Directors
and the Senior Management personnel of the Company have afrmed compliance with the Business Conduct Guidelines
(Code of Conduct), as applicable to them, for the Financial Year ended on 30th September, 2013.
o S
e e s Ltd.
td.
For
Siemens
Dr. Armin Bruck

Managing Director
Mumbai
Certication by the Chief Executive Ofcer (CEO) and Chief Financial Ofcer (CFO) under Clause 49 of the
Listing Agreement
To the Board of Directors of Siemens Ltd.,
Dear Sirs,
a)
We have reviewed the nancial statements and the cash ow of Siemens Ltd. (the Company) for the year ended
30th September, 2013 and to the best of our knowledge and belief:
i)
These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
ii)
These statements together present a true and fair view of the Companys affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
b)
There are, to the best of our knowledge and belief, no transactions entered into between the Company during the year
which are fraudulent, illegal or violative of the Companys code of conduct.
c)
We accept responsibility for establishing and maintaining internal controls for nancial reporting. We have evaluated the
effectiveness of internal control systems of the Company and have disclosed to the Auditors and the Audit Committee,
deciencies in the design or operation of internal controls, if any and steps taken or proposed to be taken for rectifying
these deciencies.
d)
We have indicated to the Auditors and the Audit Committee:

i)
Signicant changes in the internal control over nancial reporting during the year;
ii)
Signicant changes in accounting policies during the year and that the same have been disclosed suitably in the
notes to the nancial statements;
iii)
Instances of signicant fraud of which we have become aware and the involvement therein, if any, of the management
or an employee having a signicant role in the Companys internal control systems over nancial reporting.
Yours truly
Sunil Mathur
Executive Director / CFO
Dr. Armin Bruck

Managing Director / CEO
Mumbai
34
Annual Report 2013
Siemens Ltd.
Certicate of Compliance
To
The Members of Siemens Limited
We have examined the compliance of conditions of Corporate Governance by Siemens Limited (the Company), for the year
ended on September 30, 2013, as stipulated in clause 49 of the Listing Agreement of the said Company with stock exchanges.
The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination was limited
to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of the
Corporate Governance. It is neither an audit nor an expression of opinion on the nancial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing Agreement.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efciency or
effectiveness with which the management has conducted the affairs of the Company.
For S. R. Batliboi & Associates LLP

ICAI Firm Registration Number:101049W
Chartered Accountants
per Sudhir Soni

Partner
Membership No.: 41870
Place : Mumbai
Date : November 22, 2013
Annual Report 2013
Siemens Ltd.
35
Annexure IV to the Directors Report
General Shareholder Information

(As required by Clause 49 of the Listing Agreement entered into with the Stock Exchanges)
Corporate Information
Siemens Limited was incorporated on 2nd March, 1957 initially as a private limited company under the name Siemens Engineering
& Manufacturing Co. of India Private Limited by the Registrar of Companies, Maharashtra, vide Certicate of Incorporation No.
10839 of 1956-57. Subsequently the Company was converted into public company. The name of the Company was thereafter
changed from Siemens Engineering & Manufacturing Co. of India Limited to Siemens India Limited on 23rd October, 1967 and
thereafter to the present name on 31st March, 1987.
1.
2.

Day, date and time
Thursday, 30th January, 2014 at 3.00 P.M.
Venue

Y. B. Chavan Centre,
General Jagannathrao Bhonsle Marg,
Nariman Point, Mumbai 400 021
Book closure dates
17th January, 2014 to 30th January, 2014

(both days inclusive)
Dividend payment date
6th February, 2014
Financial Calendar
The Company follows the period of 1st October to 30th September, as the Financial Year.
For the Financial Year 2013-14, Financial Results will be announced as per the following tentative schedule:
1st quarter ending 31st December, 2013
nd
st
rd
th
2 quarter ending 31 March, 2014
3.
Fifth week of January, 2014

Fourth week of April, 2014
3 quarter ending 30 June, 2014
Third week of August, 2014
Year ending 30th September, 2014
Fifth week of November, 2014
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:
BSE Ltd. (BSE)
National Stock Exchange of India Ltd. (NSE)
Phiroze Jeejeebhoy Towers
Exchange Plaza, Plot No. C/1
Dalal Street, Mumbai - 400 001
G Block, Bandra-Kurla Complex,

Bandra (E), Mumbai - 400 051
The Company has paid the listing fees for the Financial Year 2013-14 to the aforesaid Stock Exchanges.
The Company forms part of CNX 100 & CNX Nifty Junior indices of NSE. BSE has permitted trading of the Companys
Shares in the A Group. The Companys shares are also available for trading in the Futures & Options segment. The market
lot for trading in the Companys shares in this segment is 250.
4.
Stock Code / Symbol

BSE
36
500550
NSE
SIEMENS EQ
Reuters
SIEM.BO / SIEM.NS
Bloomberg
SIEM:IN
International Securities Identication Number (ISIN)
INE003A01024
Corporate Identity Number (CIN) - allotted by the

Ministry of Corporate Affairs
L28920MH1957PLC010839
Annual Report 2013
Siemens Ltd.
5.
Custodial Fees to Depositories

The annual custodial fees for the Financial Year 2013-14 has been paid to National Securities Depository Ltd. (NSDL) and
Central Depository Services (India) Ltd. (CDSL).
6.
Market Price Data

(1) The market price and volume of the Companys Equity Shares traded on BSE and NSE during each month of the last
Financial Year from 1st October, 2012 to 30th September, 2013 are as follows:
Face Value of ` 2 each
BSE
NSE
High
Low
Volume
High
Low
Nos.
Volume
October 2012
749.95
675.00
663,342
750.00
675.10
5,496,750
November 2012
712.20
649.60
960,101
712.95
649.00
4,991,402
December 2012
698.75
656.35
365,697
698.50
656.25
2,805,334
Nos.
January 2013
695.25
630.65
548,356
695.70
632.00
3,175,606
February 2013
656.75
502.20
680,943
657.45
501.00
3,614,853
March 2013
592.00
482.35
1,060,814
594.00
482.35
7,266,922
April 2013
563.75
467.00
1,466,946
564.00
466.65
8,309,679
May 2013
628.00
531.50
1,505,483
628.00
531.45
7,760,215
June 2013
600.10
501.55
527,465
600.80
501.10
3,772,741
July 2013
590.90
487.10
659,838
591.10
486.00
4,892,061
August 2013
519.80
416.00
1,034,807
519.50
414.00
6,175,898
September 2013
568.00
414.05
1,985,042
569.00
416.00
10,590,477
(2) The Companys closing share price movement during the Financial Year 2012-13 on BSE and NSE vis--vis
respective indices:
800
BSE Sensex
20,000
NSE Share Price
600
500
15,000
Index
700
BSE Share Price
10,000
400
300
S&P CNX Nifty
Share Price (`)
25,000
200
5,000
Annual Report 2013
0
Sep - 13
Jul - 13
Jun - 13
May - 13
Apr - 13
Mar - 13
Feb - 13
Jan- 13
Dec - 12
Nov - 12
Oct - 12
Aug - 13
100
Siemens Ltd.
37
Annexure IV to the Directors Report (Continued)
7.
Distribution of Shareholding as on 30th September, 2013

Number of Equity Shares
held (Face Value ` 2 each)
Shares
Number
% of total
Number
% of total
139,083
99.04
28,279,351
7.94
501-1000
772
0.55
5,408,702
1.52
1001-2000
327
0.23
4,532,781
1.27
2001-3000
71
0.05
1,719,462
0.48
3001-4000
41
0.03
1,467,981
0.41
4001-5000
25
0.02
1,147,969
0.32
5001-10000
45
0.03
3,118,820
0.88
10001 & above
71
0.05
310,444,819
87.18
140,435
100.00
356,119,885
100.00
1-500
Total
8.
Shareholders
Shareholders Prole as on 30th September, 2013
Category
% of total
Promoter (Siemens AG and its subsidiary)
75.00
Public
10.82
Insurance Companies
7.21
Banks & Indian Financial Institutions
0.14
Mutual Fund and UTI
1.24
Foreign Institutional Investors
3.56
Bodies Corporate
1.69
Non-Resident Indians and

Overseas Corporate Bodies
0.33
Directors & their Relatives
0.01
100.00
Total
No. of shareholders as on 30th September
38
Annual Report 2013
2013
2012
140,435
137,143
Siemens Ltd.
9.
Top Ten Shareholders of the Company as on 30th September, 2013

Sr.
No.
Name of the Shareholder
Category
Number of Shares
of ` 2 each
Siemens Aktiengesellschaft, Germany (1)
Promoter
267,089,913
75.00
Life Insurance Corporation of India
Financial Institution
20,247,974
5.69
Bharat Bijlee Limited
Body Corporate
2,138,160
0.60
General Insurance Corporation of India
Financial Institution
1,767,503
0.50
Vanguard Emerging Markets Stock Index Fund,

a series of Vanguard International Equity Index
Fund
Foreign Institutional
Investor
1,752,273
0.49
HDFC Standard Life Insurance Company Limited
Body Corporate
1,378,811
0.39
Bajaj Allianz Life Insurance Company Ltd.
Body Corporate
1,188,348
0.33
IDFC Premier Equity Fund
Mutual Fund
1,029,000
0.29
Abu Dhabi Investment Authority - Gulab
Foreign Institutional
Investor
1,001,942
0.28
10
Reliance Capital Trustee co. Ltd. A/C Reliance

Tax Saver (ELSS) Fund
654,996
0.18
298,248,920
83.75
Mutual Fund
Total
% of total
Capital *
*Total Paid-up Equity Share Capital is ` 712,239,770 i.e. 356,119,885 Equity Shares of ` 2/- each.
(1) including 3.30% Shares held by Siemens VAI Metals Technologies GmbH, Austria, a subsidiary of Siemens AG.
10. Dematerialisation of Shares & Liquidity
The details of Equity Shares dematerialised and those held in physical form as on 30th September, 2013 are given hereunder:
Equity Shares of ` 2 each
Particulars of
Equity Shares
Shareholders
Number
% of total
Number
% of total
345,855,234
97.12
99,157
70.61
5,336,335
1.50
32,908
23.43
Sub-total
351,191,569
98.62
132,065
94.04
4,928,316
1.38
8,370
5.96
Total
356,119,885
100.00
140,435
100.00
Dematerialized form
NSDL*
CDSL
Physical Form
* including 75.00% holding of Siemens AG, Germany and its subsidiary, i.e. Siemens VAI Metals Technologies GmbH,
Austria.
Considering the advantages of dealing in securities in electronic / dematerialised form, shareholders still holding Shares in
physical form are requested to dematerialise their shares at the earliest. For further information / clarication / assistance
in this regard, please contact TSR Darashaw Pvt. Ltd., Registrar and Share Transfer Agent.
As per the directions of SEBI, Equity Shares of the Company can be traded by all the investors only in dematerialised form.
The Companys Shares are actively traded on BSE and NSE.
11. Outstanding GDRs / ADRs / Warrants or any Convertible Instruments, conversion date and likely impact on equity
The Company has not issued any such securities.
Annual Report 2013
Siemens Ltd.
39
Annexure IV to the Directors Report
General Shareholder Information (Continued)
12. Registrar and Share Transfer Agent (RTA)

Share transfers, dividend payment and all other investor related matters are attended to and processed by our Registrar and
Share Transfer Agent viz. TSR Darashaw Pvt. Ltd. (TSRDPL).
For the convenience of shareholders based in the following cities, transfer documents and letters will be accepted at the
following ofces of TSRDPL:
TSR Darashaw Private Ltd.
6-10, Haji Moosa Patrawala Industrial Estate
503 Barton Centre, 5th Floor
20, Dr. E. Moses Road, Nr. Famous Studio,
84, M G Road
Mahalaxmi, Mumbai 400 011
Bengaluru - 560 001
Time: 10 a.m. to 3.30 p.m. (Monday to Friday)
Phone: +91 (22) 6656 8484 Extn :- 411 / 412 / 413
Phone: +91 (80) 2532 0321
Fax: +91 (22) 6656 8494
Fax: +91(80) 2558 0019
Email: csg-unit@tsrdarashaw.com
Email: tsrdlbang@tsrdarashaw.com
Website: www.tsrdarashaw.com
Contact Person: - Mr. Jaymohan K.
Contact Person:- Ms. Mary George

Tata Centre 1st Floor,
Plot No 2/42, Sant Vihar,
43, Jawaharlal Nehru Road
Ansari Road, Daryaganj
Kolkata - 700 071
New Delhi - 110 002
Phone:+91 (33) 2288 3087
Phone: +91 (11) 2327 1805
Fax:+91 (33) 2288 3062
Fax: +91 (11) 2327 1802
Email: tsrdlcal@tsrdarashaw.com
Email: tsrdldel@tsrdarashaw.com
Contact Person:- Mr. Rijit Mukherjee
Contact Person:- Mr. Shyamalendu Shome
Shah Consultancy Services Ltd
Agents : TSR DARASHAW PRIVATE LIMITED
Bungalow No. 1, E Road
3, Sumatinath Complex,
Northern Town, Bistupur
Pritam Nagar, Akhada Road
Jamshedpur - 831 001
Ellisbridge, Ahmedabad - 380 006
Phone: +91 (657) 2426616
Phone:- Tel: +91 (79) 2657 6038
Fax: +91(657) 2426937
Telefax : +91 (79) 2657 6038
Email: tsrdljsr@tsrdarashaw.com
Email: shahconsultancy8154@gmail.com
Contact Person:- Mr. Subrato Das
Contact Person:- Mr. Suresh Shah

13. Share Transfer System
Documents for transfer of shares in physical form can be lodged with TSR Darashaw Pvt. Ltd. at the registered address or
at any of the above mentioned branch ofces. The transfers are normally processed within 10-12 days from the date of
receipt, if the documents are complete in all respects.
40
Annual Report 2013
Siemens Ltd.
14. Plant Locations

Location
Maharashtra
Goa
Gujarat
Andhra Pradesh
Karnataka
West Bengal
Puducherry
Haryana
Tamilnadu
Address
1.
E-76, Waluj, MIDC Area, Aurangabad 431 136
2.
Plot No A 1/2, Five Star MIDC, Shendra, Aurangabad 431 201
3.
Plot No. C-1, Additional Industrial Area, MIDC, Ambad, Nashik - 422 010
4.
Thane - Belapur Road, Thane - 400 601
5.
Plot No. R-508 , TTC, Industrial Area, MIDC, Rabale, Thane- 400 701
6.
Thane-Belapur Road, Airoli, Navi Mumbai 400 708
7.
Plot No. D-41/1, TTC Industrial Area, MIDC Turbhe, Opp. Turbhe MTNL Exchange,
Navi-Mumbai- 400 705
L-6, Verna Industrial Area, Panjim-Margao Highway, Verna, Goa 403 722
1.
R.S. No: 144, Maneja Village, Opp. Makarpura Rly. Station, Vadodara 390 013
2.
589 Sayajipura, Ajwa Road, Vadodara 390 019
Plot No. 89 & 90, IDA, Gandhinagar, Post Balanagar, Hyderabad 500 037
97/2, Devanahalli Road, Off Old Madras Road, Virgonagar Post, Bengaluru 560 049
Nimpura Industrial Growth Centre, PO: Rakhajungle, Paschim Midnapur, Kharagpur 721 301
1.
MMG Manufacturing Group - Unit -I, R.S No 16/8, Kurumbapet Village, Villianur Commune,
Puducherry - 605 009
2.
MMG Manufacturing Group - Unit -II, R.S No 23/2A, Uruvaiyaru Road, Abishegapakkam,
Puducherry - 605 007
Sector-18, Unit No. 37, Gurgaon 122 002, Haryana
309/2, A Block 100, Chettipedu Village, Thandalam Post, Sriperumbudur Taluk, Kancheepuram
District, Chennai, Tamilnadu - 602 105
15. Address for correspondence

Registered and Corporate Ofce:
Siemens Ltd.
130, Pandurang Budhkar Marg
Worli, Mumbai - 400 018, India
Phone: +91 (22) 3967 7000 Fax: +91 (22) 3967 7500
Website: www.siemens.co.in
Investor Relations Team:
Contact Person: Ms. Sarika Amlekar
E-mail: Corporate-Secretariat.in@siemens.com
Phone: +91 (22) 3967 7547 Fax: +91 (22) 3967 7562
Time: 10 a.m. to 12 noon and 2 p.m. to 4 p.m. on all working days of the Company. (Saturday and Sunday closed).
The Investor Relations Team of the Legal Department is located at the Registered Ofce. For the convenience of our
investors, transfer requests, etc. are accepted at the Registered Ofce also.
Designated email address for investor services
The designated email address for investor complaints / queries / correspondence is Corporate-Secretariat.in@siemens.com
16. Other Corporate Information
Bankers
Citibank N. A.
Deutsche Bank AG
The Hongkong and Shanghai Banking Corporation Ltd.
Standard Chartered Bank
HDFC Bank Ltd.
ICICI Bank Ltd.
State Bank of India
Annual Report 2013
Auditors
S. R. Batliboi & Associates LLP
Cost Auditors
R. Nanabhoy & Co.
Siemens Ltd.
41
Annexure IV to the Directors Report (Continued)
17. Unclaimed Shares in Physical Form

As required under Clause 5A II of the Listing Agreement, the Company had sent 3 reminders to the shareholders whose
shares were lying unclaimed / undelivered with the Company. The Company has received many requests to claim these share
certicates which are released after a through due diligence. As on date, the Company has 1,617 of the total shareholders
whose shares are lying unclaimed /undelivered. The Company has already opened the Unclaimed Suspense Account and
is in the process of completing the formalities for transferring the shares to Demat Suspense Account as required under
Listing Agreement.
18. Recommendations to the Investors / Shareholders
a. Open a demat account and dematerialize your shares since it helps in immediate transfer of shares without payment
of stamp duty.
b. Provide a NECS mandate to the Company in case of shares in physical form and ensure that correct and updated
particulars of bank account are available with DP in case of shares held in dematerialized form.
c. Fill and submit nomination forms (to the Company / TSRDPL for physical shares; to DP for dematerialized shares.)
d. Obtain valid Share Transfer Deed / Documents relating to purchase / sale of shares.
e. Transfer of shares prior to book closure / record date will be eligible for corporate benets.
f. Deal only through SEBI registered intermediaries.
g. Give clear and unambiguous instructions to your broker / sub-broker / DP.
h. Keep copies of all your investment documentation i.e. Share transfer deed, Share Certicate etc.
i. Send share certicates, cheques, demand drafts etc. through registered post or courier.
j. Keep address / contact details / phone nos. and email ids updated at all times.
k. Change of Address: Regarding change of address, bank details, nomination, registration of power of attorney, change
in e-mail address, etc., Shareholders holding shares in physical form should notify the RTA and those who are holding
shares in demat mode, should send their instructions directly to their DP.
l. Loss of Shares: In case of loss/misplacement of shares, investors should immediately lodge a complaint/FIR with the
police and then to the RTA who will guide on the procedure of obtaining the duplicate share certicates.
m. Unclaimed Dividends: The Shareholders may claim their unpaid dividend upto FY 1994-95 by submitting an application
in Form II of The Companies Unpaid Dividend (Transfer to the General Revenue Account of the Central Government)
Rules, 1978 to the Registrar of Companies Everest, 100, Marine Drive, Mumbai 400 002.
In terms of the Investor Education and Protection Fund (uploading of information regarding unpaid and
unclaimed amounts lying with companies) Rules, 2012, which was notied on 10th May, 2012, the Company
has made the relevant disclosures to the Ministry of Corporate Affairs regarding unclaimed dividends.
The Company has uploaded the prescribed information on www.iepf.gov.in and www.siemens.co.in
n. Non-Resident Shareholders : Non-Resident Shareholders are requested to immediately notify the following to the
Company in respect of shares held in Physical form and to their DPs in respect of shares held in Dematerialised form:
Indian address for sending all communications, if not provided so far;
Change in their residential status on return to India for permanent settlement;

Particulars of the Bank Account maintained with a bank in India, if not furnished earlier;
RBI Permission number with date to facilitate prompt credit of dividend in their Bank Accounts.
Feed Back: Members are requested to give us their valuable suggestions for improvement of our investor services to our
Corporate Ofce or RTA ofce at Mumbai.
For Siemens Ltd.
Deepak S. Parekh
Chairman
Mumbai
Note: The information given hereinabove is as of date unless otherwise stated.
42
Annual Report 2013
Siemens Ltd.

Sustainability at Siemens is integrated across all business
activities and proactively extends to inuence the value chain.
The three aspects of sustainable development environment,
business and society are well ingrained in our values, ethos,
policies and practices to drive our sustainability agenda. We
are guided by Siemens AGs Sustainability Program (SSP) to
steer our efforts in creating long term stakeholder value while
minimizing environmental and social impacts.
Recognition for sustainability

Siemens Limited was ranked no. 1 (Capital Goods
2012 Sector BSE Classication) in CII Sustainability
Rankings and rated Platinum Plus
Siemens is again ranked as the worlds leading
2013 industrial company in the Dow Jones Sustainability
Index (DJSI)
Innovation is at the core of Siemens market leadership
position, in providing sustainable technologies that help
customers reduce energy costs and protect the environment.
We have developed an Environmental Portfolio (EP) to deliver
green technologies to help our customers address energy and
environmental issues. EP products and services are designed
to address Renewable Energies, Fossil Power Generation,
Power Transmission and Distribution, Industry Solutions,
Mobility, Building Automation and Healthcare.
We have institutionalised a well-dened governance structure

supported by relevant policies, internal regulations and
procedures to ensure consistent implementation of SSP. We
have a Sustainability Council which is chaired by the CEO and
Sustainability Workgroups which exist across our four sectors
of our major operations of Energy, Healthcare, Industry, and
Infrastructure & Cities.
Materiality serves as a guiding principle for us to map issues
that are of signicance to our long term sustainable business
success as well as those that reect stakeholder concerns and
expectations. These issues are aligned to global megatrends
urbanization, climate change, demographic change,
and globalization which we believe will shape the way
businesses will operate in the near future. Our Sustainability
Program is developed to seize these future opportunities and
minimize risks for business, environment and society. The
SSP has clear linkages to the National Voluntary Guidelines
on Social, Environmental and Economic Responsibilities of
Business.
We believe in positively inuencing our value chain by

extending our sustainability agenda to suppliers, vendors
and channel partners. We have adopted a risk based supplier
selection and approval framework which enables us to
proactively identify the risks associated including those on
sustainability issues. The framework consists of sustainability
self-assessments by suppliers, risk evaluation conducted by
the buyer, sustainability module as part of supplier quality
audits, and sustainability audits by external auditors.
P1 - Ethics, Transparency
and Accountability
P2 - Product Sustainability
SUSTAINABILITY PROGRAMME
P9
P3
WALK THE TALK
BUSINESS OPPORTUNITIES
P2
P6
P8
STAKEHOLDER ENGAGEMENT
P3 - Employee Wellbeing
P4 - Stakeholder
Engagement
P4
P5 - Human Rights
P6 - Environment
P7
P7 - Public Policy
Advocacy
P8 - Inclusive Growth and
Equitable Development
P9 - Customer Value
Values - responsible,excellent and innovative
Annual Report 2013
P1, P5
Siemens Ltd.
43

Employees are our key assets. Promoting employee diversity
through integration of women at all levels within organisation
is one of key focus areas of our people agenda. Towards
promoting diversity, we have developed a denitive Diversity
Plan till 2015. Learning & Development (L&D) framework at
Siemens is designed to address the business requirements as
well as personal development aspirations of employees. We
also support in continual education of our employees and
workmen who wish to pursue higher education. We have
a Structured Leadership Development framework which
identies high potential candidates and grooms them for
future leadership positions.
Environment Protection and Safety at Siemens are given
utmost priority. We have adopted Corporate Occupational
Health, Safety and Environment policy, Standard on
Environmentally Compatible Product and Systems Design and
Product Safety Guidelines that reafrm our commitment to
minimise the impacts of our products, operations and services
on the environment. We have established well dened EHS
management systems at all our plants. Safety management
at our project sites at client premises is a signicant challenge
owing to various complexities of client maturity, contractor
capabilities, oating contractual workforce, language and
cultural barriers etc. To address these challenges, we have
Siemens Ltd. delivered the core rail systems for Rapid Metro
Rail Gurgaon. Supporting infrastructural development in India
through such projects resonate our vision of transforming
cities for the better through sustainable technology.
44
Annual Report 2013
adopted a four level EHS management structure with a Zero

Harm Culture dening our overall objective
We believe that inclusive growth and equitable development
are vital components of community prosperity which is
sustainable. To further strategically align our community
development agenda with our business model, we have
developed a Corporate Citizenship Strategy. The strategy
serves to focus more on integrating community development
issues with business strategies to leverage our core
competencies while addressing stakeholder needs. This
strategy has seven focus areas under the three main pillars
Education, Environment and Social & Humanitarian.
Sustainability at Siemens has been and will continue to be
at the core of our DNA to help us continue to do what we
do the best innovate for a sustainable society. We have
published our Business Responsibility Report in accordance
with Clause 55 of Listing Agreement with Stock Exchanges
in India. As a Green Initiative, we have hosted our full BRR
for the year 2013 on our website, which can be accessed at
http://www.siemens.co.in/en/about_us/index/sustainability.
htm and http://www.siemens.co.in/en/index/investor/annual_
report.htm
Project Asha is an integrated, sustainable development

initiative that uses Siemens technology for transforming the
lives of around 300 villagers in Amle village, around 130
kilometres from Mumbai.
Siemens Ltd.
INDEPENDENT AUDITORS REPORT

To the Members of Siemens Limited
1.
2.
3.
4.
Report on the Financial Statements

We have audited the accompanying nancial statements
of Siemens Limited (the Company), which comprise
the Balance Sheet as at September 30, 2013, and the
Statement of Prot and Loss and Cash Flow Statement
for the year then ended, and a summary of signicant
accounting policies and other explanatory information.
Managements Responsibility for the Financial
Statements
Management is responsible for the preparation of these
nancial statements that give a true and fair view of
the nancial position, nancial performance and cash
ows of the Company in accordance with accounting
principles generally accepted in India, including the
Accounting Standards referred to in sub-section (3C)
of section 211 of the Companies Act, 1956 (the Act).
This responsibility includes the design, implementation
and maintenance of internal control relevant to
the preparation and presentation of the nancial
statements that give a true and fair view and are free
from material misstatement, whether due to fraud or
error.
Auditors Responsibility
Our responsibility is to express an opinion on these
nancial statements based on our audit. We conducted
our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India.
Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether the nancial
statements are free from material misstatement. An
audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
nancial statements. The procedures selected depend
on the auditors judgment, including the assessment
of the risks of material misstatement of the nancial
statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal
control relevant to the Companys preparation and
fair presentation of the nancial statements in order
to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the
reasonableness of the accounting estimates made
by management, as well as evaluating the overall
presentation of the nancial statements. We believe
that the audit evidence we have obtained is sufcient
and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and
according to the explanations given to us, the nancial
statements give the information required by the Act in
the manner so required and give a true and fair view
Annual Report 2013
5.
in conformity with the accounting principles generally

accepted in India:
(a) in the case of the Balance Sheet, of the state of
affairs of the Company as at September 30, 2013;
(b) in the case of the Statement of Prot and Loss, of
the prot for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the
cash ows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
i.
As required by the Companies (Auditors Report)
Order, 2003 (the Order) issued by the Central
Government of India in terms of sub-section
(4A) of section 227 of the Act, we give in the
Annexure a statement on the matters specied in
paragraphs 4 and 5 of the Order.
ii.
As required by section 227(3) of the Act, we
report that:
(a) We have obtained all the information and
explanations which to the best of our knowledge
and belief were necessary for the purpose of our
audit;
(b) In our opinion proper books of account as
required by law have been kept by the Company
so far as appears from our examination of those
books;
(c) The Balance Sheet, Statement of Prot and
Loss, and Cash Flow Statement dealt with by
this Report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, Statement of
Prot and Loss, and Cash Flow Statement comply
with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies
Act, 1956 (read with the General Circular
15/2013 dated 13/9/2013 issued by the Ministry
of Corporate Affairs);
(e) On the basis of written representations received
from the directors as on September 30, 2013, and
taken on record by the Board of Directors, none
of the directors is disqualied as on September
30, 2013, from being appointed as a director in
terms of clause (g) of sub-section (1) of section
274 of the Companies Act, 1956.
For S.R. Batliboi & Associates LLP

ICAI Firm Registration Number: 101049W
per Sudhir Soni
Partner
Membership Number: 41870
Place: Mumbai
Date: November 22, 2013
Siemens Ltd.
45
Annexure referred to in paragraph 5(i) of our report of even date

Re: Siemens Limited (the Company)
(i)
(ii)
(a)
The Company has maintained proper records

showing full particulars, including quantitative
details and situation of xed assets.
(b)
The Company has a regular programme of

physical verication of its xed assets by which
all xed assets are veried in a phased manner
over a period of three years. In our opinion, the
periodicity of physical verication is reasonable
having regard to the size of the Company and
the nature of its assets. As informed, no material
discrepancies were noticed on such verication.
(c)
There was no disposal of a substantial part of

xed assets during the year.
(a)
The management has conducted physical

verication of inventory at reasonable intervals
during the year.
(b)
(iii)
(iv)
46
The procedures of physical verication of

inventory followed by the management are
reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c)
The Company is maintaining proper records of

inventory and no material discrepancies were
noticed on physical verication.
(a)
According to the information and explanations

given to us, the Company has not granted any
loans, secured or unsecured to companies,
rms or other parties covered in the register
maintained under section 301 of the Companies
Act, 1956. Accordingly, the provisions of clause
4(iii)(a) to (d) of the Order are not applicable to
the Company and hence not commented upon.
(e)
According to information and explanations given

to us, the Company has not taken any loans,
secured or unsecured, from companies, rms or
other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
Accordingly, the provisions of clause 4(iii)(e)
to (g) of the Order are not applicable to the
Company and hence not commented upon.
In our opinion and according to the information

and explanations given to us, 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, there is an
adequate internal control system commensurate with
Annual Report 2013
the size of the Company and the nature of its business,

for the purchase of inventory and xed assets and for
the sale of goods and services. During the course of
our audit, we have not observed any major weakness
or continuing failure to correct any major weakness in
the internal control system of the company in respect
of these areas.
(v)
(a)
In our opinion, there are no contracts or

arrangements that need to be entered in the
register maintained under Section 301 of the
Companies Act, 1956. Accordingly, the provisions
of clause 4(v)(b) of the Order is not applicable to
the Company and hence not commented upon.
(vi)
The Company has not accepted any deposits from the

public.
(vii) In our opinion, the Company has an internal audit

system commensurate with the size of the Company
and nature of its business.
(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, 1956, and are of the opinion that prima facie, the
prescribed accounts and records have been made and
maintained.
(ix)
(a)
Undisputed statutory dues including provident

fund, investor education and protection fund,
employees state insurance, income-tax, salestax, wealth-tax, service tax, customs duty, excise
duty, cess and other material statutory dues have
been regularly deposited with the appropriate
authorities though there have been slight delays
in few cases.
(b)
According to the information and explanations

given to us, no undisputed amounts payable in
respect of provident fund, investor education
and protection fund, employees state insurance,
income-tax, wealth-tax, service tax, sales-tax,
customs duty, excise duty cess and other material
statutory dues were outstanding, at the year end,
for a period of more than six months from the
date they became payable.
(c)
According to the records of the Company, the

dues outstanding of income-tax, sales-tax,
wealth-tax, service tax, customs duty, excise
duty and cess on account of any dispute, are as
follows:
Siemens Ltd.
Name of the statute
Nature of dues
Central Excise Act,

1944 and Service Tax
Duty, Penalty
State & Central

Sales Tax Acts
Customs Act, 1962
Tax, Interest &

Penalty
Duty
Amount
(` in millions)
Period to which the amount

relates
Forum where the dispute is

pending
17
1993-99, 2000-07, 2008-10

and 2011-12
Asst.Comm / Dy. Comm / Comm

/ Comm (Appeals)
539
1980-81, 1987-93, 1993-02,

2003-10 and 2011-12
Tribunal
1,097
1962-69, 1970-74, 1975-81,

1982-90, 1991-96, 1997-03
and 2004-08
Assistant / Additional
Commissioner
223
1962-88, 1989-98, 1999-07,

2008-09 and 2009-11
Dy. Comm / Comm / Joint / Spl.

Comm.
654
1962-77, 1989-96, 1997-03,

2003-07 and 2007-08
Tribunal
531
1962-85, 1996-04, 2005-07,

2008-10 and 2011-12
High Court
2003-04
Supreme Court
120
1998-99
High Court
22
2010-11
Commissioner
197
2003-08
High Court
(x)
The Company has no accumulated losses at the end of

the nancial year and it has not incurred cash losses in
the current and immediately preceding nancial year.
(xi)
Based on our audit procedures and as per the information

and explanations given by the management, we are
of the opinion that the Company has not defaulted in
repayment of dues to bank. The Company did not have
any outstanding dues in respect of nancial institution
or by way of debentures during the year.
(xii) According to the information and explanations given to

us and based on the documents and records produced
before us, the Company has not granted loans and
advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi
/ mutual benet fund / society. Therefore, the provisions
of clause 4(xiii) of the Order are not applicable to the
Company.
(xvii) According to the information and explanations given to

us and on an overall examination of the balance sheet of
the Company, we report that no funds raised on shortterm basis have been used for long-term investment.
(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,
1956.
(xix) The Company did not have any outstanding debentures
during the year.
(xx) The Company has not raised any money by public issues
during the year.
(xxi) Based upon the audit procedures performed for the
purpose of reporting the true and fair view of the
nancial statements and as per the information and
explanations given by the management, we report
that no material fraud on or by the Company has been
noticed or reported during the year.
(xiv) In our opinion, the Company is not dealing in or trading

in shares, securities, debentures and other investments.
Accordingly, the provisions of clause 4(xiv) of the Order
are not applicable to the Company.

ICAI Firm Registration Number: 101049W
(xv) According to the information and explanations given to

us, the Company has not given any guarantee for loans
taken by others from bank or nancial institutions.
per Sudhir Soni

Partner
Membership Number: 41870
(xvi) The Company did not have any term loans outstanding
during the year.
Place: Mumbai
Date: November 22, 2013
Annual Report 2013
Siemens Ltd.
47
Balance Sheet
as at 30 September 2013
(Currency: Indian rupees millions)
Notes
2013
2012
712
39,591
681
23
38,922
Non-current liabilities
Other long-term liabilities
Long-term provisions
5
6
837
2,535
1,048
3,075
Current liabilities
Trade payables
Other current liabilities
Short-term provisions
7
8
9
25,518
15,700
13,547
26,542
22,079
14,077
98,440
106,447
10
10
13,559
230
889
13,901
221
850
Non-current investments
Deferred tax assets (net)
Long-term loans and advances
Other non-current assets
11
12
13
14
432
4,297
6,164
6,705
410
3,176
5,341
7,773
Current assets
Inventories
Trade receivables
Cash and cash equivalents
Short-term loans and advances
Other current assets
15
16
17
18
19
9,334
37,668
6,038
4,909
8,215
9,431
39,124
9,768
5,690
10,762
98,440
106,447
EQUITY AND LIABILITIES

Shareholders funds
Share capital
Share capital suspense account
Reserves and surplus
TOTAL
ASSETS
Non-current assets
Fixed assets
Tangible assets
Intangible assets
Capital work-in-progress (net)
TOTAL
1
Signicant accounting policies
The accompanying notes are an integral part of the nancial statements.

As per our report of even date
ICAI Firm Registration Number:- 101049W
For and on behalf of the Board of Directors of Siemens Limited
per Sudhir Soni

Partner
Membership No: 41870
Deepak S. Parekh
Dr. Armin Bruck
Sunil Mathur
Yezdi H. Malegam
Ketan Thaker
Mumbai
Date: 22 November 2013
Mumbai
48
Annual Report 2013
Chairman
Managing Director
Executive Director
Director & Chairman of Audit Committee
Company Secretary
Siemens Ltd.
Statement of prot and loss

for the year ended 30 September 2013
Notes
Income
Revenue from operations (gross)
Less: Excise duty
Revenue from operations (net)
Other income
Total revenue
2013
2012
117,054
(3,528)
113,526
345
113,871
132,957
(3,758)
129,199
575
129,774
33
32
26,056
23,629
25,984
24,398
22
23
24
10
25
224
35,459
13,524
189
2,502
10,427
112,010
(1,014)
49,115
11,959
270
2,010
9,844
122,566
43
44
1,861
325
2,186
7,208
(1,200)
(799)
5,209
(1,051)
805
(246)
(2,958)
1,181
(1,777)
1,940
3,432
5.45
9.75
20
21
Expenses
Raw materials consumed
Purchase of traded goods
(Increase) / decrease in inventories of nished goods, work-in-progress
and traded goods
Project bought outs and other direct costs
Employee benets expense
Finance costs
Depreciation and amortization expense
Other expenses
Total expenses
Prot before exceptional items, prior period items and tax
Exceptional items
Prior period items
Prot before tax
Tax expenses
Current tax
Deferred tax credit / (charge)
Total tax expense
Prot for the year
Earnings per share ('EPS')
(Equity share of face value ` 2 each)
- Basic and diluted (in `)
41
The accompanying notes are an integral part of the nancials statements.

per Sudhir Soni

Partner
Deepak S. Parekh
Dr. Armin Bruck
Sunil Mathur
Yezdi H. Malegam
Ketan Thaker
Mumbai
Mumbai
Annual Report 2013
Chairman
Managing Director
Executive Director
Company Secretary
Siemens Ltd.
49
Cash Flow Statement

Notes
2013
2012
2,186
5,209
Cash ow from operating activities

Prot before tax
Adjustments for:
Finance costs
24
189
270
Bad debts
25
213
167
Provision for doubtful debts / advances, net
25
541
124
Depreciation and amortization expense
10
2,502
2,010
(Prot) / Loss on sale of xed assets, net
21 / 25
(14)
12
Prot on sale of LAS business
43
(1,146)
Impairment loss
43
355
1,200
Other liabilities written back
21
(130)
1,644
(180)
Unrealised exchange loss / (gain), net

Interest income
21
(201)
(575)
Liabilities written back
20a
(227)
Operating prot before working capital changes
6,139
8,010
(Increase) / Decrease in inventories
1,079
(1,078)
(Increase) / Decrease in trade and other receivables
7,366
(768)
(10,193)
(728)
Increase / (Decrease) in provisions
(1,543)
(1,446)
Net change in working capital
(3,291)
(4,020)
2,848
3,990
(1,830)
(3,557)
1,018
433
(2,239)
(4,114)
365
329
1,228
206
664
(23,835)
(28,825)
22,085
30,531
1,125
(2,190)
(290)
Increase / (Decrease) in trade payables and other liabilities
Cash generated from operations

Direct taxes paid, net
Net cash generated from operating activities
Cash ow from investing activities

Purchase of xed assets
Proceeds from sale of xed assets and advance received
Proceeds from sale of investments - LAS business
Interest received
Inter corporate deposits given
Refund of Inter corporate deposits given
Refund of Deposits (with maturity more than 3 months) with banks
Net cash used in investing activities
50
Annual Report 2013
Siemens Ltd.
Cash Flow Statement (Continued)

Notes
2013
2012
(290)
(226)
Dividend paid (including tax thereon)
(2,451)
(2,368)
Proceeds from short-term borrowings
15,850
Repayment of short-term borrowings
(15,954)
Net cash used in nancing activities
(2,845)
(2,594)
Net (decrease) / increase in cash and cash equivalents
(4,017)
(2,451)
9,768
11,625
Cash and cash equivalents acquired on amalgamation of SVAI
237
Cash and cash equivalents acquired on amalgamation of Morgan
312
Cash and cash equivalents acquired on amalgamation of Winergy

(Refer note 2.2)
65
172
50
45
6,038
9,768
Cash ow from nancing activities

Interest paid
Cash and cash equivalents at beginning of the year
Cash and cash equivalents acquired on amalgamation of SPEL

(Refer note 2.1)
Effect of exchange gain / (loss) on cash and cash equivalents
17
Cash and cash equivalents at the end of the year
Notes:
1.
Cash and cash equivalents at the end of the period include unpaid dividend account balances with banks of ` 34 (2012:
` 30) which are restricted in use.
2.
The gures of the current year include changes in the cash ow of the erstwhile SPEL and Winergy (Refer note 2.1
and 2.2), which were amalgamated with the Company w.e.f. 1 October 2011 and 1 October 2012 respectively and are
therefore to that extent not comparable with previous years gures.
3.
The amalgamation of SPEL and Winergy ( Refer note 2.1 and 2.2) with the Company is a non cash transaction and hence,
has no impact on the Companys cash ow for the year.

per Sudhir Soni

Partner
Deepak S. Parekh
Dr. Armin Bruck
Sunil Mathur
Yezdi H. Malegam
Ketan Thaker
Mumbai
Mumbai
Annual Report 2013
Chairman
Managing Director
Executive Director
Company Secretary
Siemens Ltd.
51
Notes to the nancial statements

Basis of preparation of nancial statements
The nancial statements are prepared and presented under the historical cost convention, on the accrual basis of accounting
except for certain derivative instruments which are measured at fair value in accordance with generally accepted accounting
principles in India (Indian GAAP) and comply in all material respects with the accounting standards notied in the Companies
(Accounting Standards) Rules 2006, (as amended) issued by the Central Government, in consultation with National Advisory
Committee on Accounting Standards (NACAS) and relevant provisions of the Companies Act, 1956 (the Act).
The accounting policies adopted in the preparation of nancial statements are consistent with those of previous year.
1.
1.1
Use of estimates
The preparation of nancial statements in conformity with Indian 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 nancial statements. Actual results could differ from those estimates. Any revision to accounting estimates is
recognised prospectively in current and future periods.
1.2
Tangible xed assets and depreciation

Fixed assets are stated at cost of acquisition or revalued amounts less accumulated depreciation and impairment losses,
if any. The cost of xed assets includes taxes, duties, freight and other incidental expenses related to the acquisition and
installation of the respective assets.
Depreciation is provided on the straight-line method (SLM). The depreciation rates prescribed in Schedule XIV to the
Act are considered as the minimum rates. If the managements estimate of the useful life of a xed 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, depreciation is provided at a higher rate based on the managements estimate of useful life/remaining
life.
Diagnostics equipments are being treated as traded items of inventory when they are received. However, if these
instruments are issued from inventory to customers under placement agreement, these are treated as capital asset in the
period of such issue and are stated at cost less accumulated depreciation.
The key xed asset blocks and related annual depreciation rates, which in managements opinion reect the estimated
useful economic lives of the xed assets, are:
52
Asset
Land
- Freehold land
- Lease hold
Over the lease period
Buildings
- Factory buildings
- Other buildings
- Leasehold improvements
3.33 - 6.66%
2 - 2.5%
Over the lease period
Plant and equipments

- Assets specic to a project
- Special machine tools
- Other plant and equipments
Over the life of the project

10 - 20%
8.33 - 25%
Furniture, xtures and ofce equipments

Vehicles
10 - 33.33%
12.5 - 25%
Annual Report 2013
Rate
Siemens Ltd.
1.2
Tangible xed assets and depreciation (Continued)

Where depreciable assets are revalued, depreciation is provided on the revalued amount and the additional depreciation
on accretion to assets on revaluation is transferred from revaluation reserve to the statement of prot and loss.
Assets costing ` 5,000 or less are fully charged to the statement of prot and loss in the year of acquisition.
Items of xed 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 realizable value and are disclosed separately in the nancial statements.
Capital work-in-progress includes the cost of xed assets that are not ready to use at the balance sheet date.
1.3
Intangible assets
Intangible assets comprise goodwill, software and technical know-how. These intangible assets are amortised on straightline basis based on the following useful lives, which in managements estimate represents the period during which
economic benets will be derived from their use:
1.4
Asset
Useful life
Goodwill
36 - 60 months
Software
36 - 60 months
Technical know-how
60 - 120 months
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. If any such indication exists, the Company estimates the recoverable amount of the
asset or cash generating unit.
The recoverable amount is the greater of the assets net selling price and value in use. In assessing value in use, the
estimated future cash ows are discounted to the present value using a pre-tax discount rate that reects current market
assessments of the time value of money and the risks specic to the asset. In determining net selling price, recent market
transactions are taken into account, if available. If no such transactions can be identied, an appropriate valuation model
is used. 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, the carrying amount is reduced to its recoverable amount. The reduction
is treated as an impairment loss and is recognized in the statement of prot and loss. If at the balance sheet date there is
an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the
asset is reected at the recoverable amount subject to a maximum of depreciable historical cost, had no impairment been
recognised.
1.5
Investments
Investments that are readily realizable and intended to be held for not more than a year are classied as current investments.
All other investments are classied as long term investments.
Long-term investments are carried at cost. Provision for diminution is made to recognize a decline, other than temporary
in value of long-term investments and is determined separately for each individual investment.
Investment property
An investment in land or buildings, which is not intended to be occupied substantially for use by or in the operation of the
Company, is classied as investment property. Investment properties are stated at cost, net of accumulated depreciation
and accumulated impairment losses, if any.
The cost comprise purchase price, borrowing costs if capitalisation criteria are met and directly attributable cost of bringing
the investment property to its working condition for the intended use.
Annual Report 2013
Siemens Ltd.
53
Notes to the nancial statements (Continued)

1.5
Investments (Continued)
Investment property (Continued)
Depreciation on investment property is calculated on a straight line basis based on the useful lives estimated by
the management or that prescribed under the Schedule XIV to the Act, whichever is higher. The Company has used
depreciation rate of 1.39% - 3.45%.
On disposal of an investment property, the difference between its carrying amount and net disposal proceeds is charged
or credited to the statement of prot and loss.
1.6
Revenue recognition
Revenue is recognised to the extent it is probable that the economic benets will ow to the Company and the revenue
can be reliably measured.
Revenue from sale of products is recognised on transfer of signicant risk and rewards of ownership of the products to the
customers, which is generally on dispatch of goods. Sales are stated exclusive of sales tax and net of trade and quantity
discount.
Revenue from services is recognised as per the terms of the contract with the customer using the proportionate completion
method.
Revenue from services represents service income other than from services which are incidental to sale of products and
projects.
Income from xed price construction contracts is recognised by reference to the estimated overall protability of the
contract under the percentage of completion method. Percentage of completion is determined as a proportion of the
costs incurred upto the reporting date to the total estimated contract costs. Contract revenue earned in excess of billing
has been reected as Project Excess Cost under Other current assets and Billing in excess of contract revenue has
been reected under Current Liabilities in the balance sheet. Provision for expected loss is recognized immediately when
it is probable that the total estimated contract costs will exceed total contract revenue.
Commission income is recognised when proof of shipment is received from the supplier.
Interest income is recognised on the time proportion basis.
Export incentives receivable are accrued for when the right to receive the credit is established and there is no signicant
uncertainty regarding the ultimate collection of export proceeds.
1.7
Inventories
Inventories comprise all costs of purchase, conversion and other costs incurred in bringing the inventories to their present
location and condition.
Raw materials are valued at the lower of cost and net realisable value. Cost is determined on the basis of the weighted
average method.
Work-in-progress, nished goods and traded goods are valued at the lower of cost and net realisable value. Excise duty is
included in the value of nished goods inventory. Cost is determined on a weighted average basis.
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 nished goods. Raw materials held for the
production of nished goods are not written down below cost except in case where material prices have declined and it
is estimated that the cost of the nished product will exceed its net realisable value.
54
Annual Report 2013
Siemens Ltd.
1.8
Leases
Where the Company is the lessee:
Leases where the lessor effectively retains substantially all the risk and benets of ownership of the leased items are
classied as operating leases. Lease payments under an operating lease, are recognised as an expense in the statement
of prot and loss on a straight line basis over the lease term.
Where the Company is the lessor:
Assets subject to operating leases are included in xed assets. Lease income is recognised in the statement of prot
and loss on a straight-line basis over the lease term. Costs, including depreciation are recognised as an expense in the
statement of prot and loss. Initial direct costs such as legal costs, brokerage costs, etc. are recognised immediately in the
statement of prot and loss.
1.9
Employee benets
(a)
Short term employee benets

All employee benets payable wholly within twelve months of rendering the service are classied as short-term
employee benets. Benets such as salaries, wages and short term compensated absences, etc. and the expected
cost of ex-gratia is recognised in the period in which the employee renders the related service.
(b)
Post-employment benets
(i)
Dened Contribution Plans: The Companys approved superannuation scheme and employee state insurance
scheme are dened contribution plans. The Companys contribution paid/payable under the schemes is
recognised as expense in the statement of prot and loss during the period in which the employee renders
the related service.
(ii)
Dened Benet Plans and other Long Term Benets: The Companys provident fund, gratuity, pension
and medical benet schemes are dened benet plans. Leave wages, retention bonus, silver jubilee and star
awards are other long term benets. The present value of the obligation under such dened benet plans and
other long term benets are determined based on actuarial valuation using the Projected Unit Credit Method,
which recognises each period of service as giving rise to additional unit of employee benet entitlement and
measures each unit separately to build up the nal obligation.
Provision for leave wages, pension, medical benet, retention bonus, silver jubilee and star awards which is
expected to be utilized within the next 12 months is treated as short term employee benets and beyond 12
months as long term employee benets. For the purpose of presentation, the allocation between short and
long term provisions has been made as determined by an actuary.
Actuarial gains and losses are recognised immediately in the statement of prot and loss.
1.10 Foreign currency transactions

The Company is exposed to currency uctuations on foreign currency transactions. Transactions denominated in foreign
currency are recorded at the exchange rate prevailing on the date of transactions.
Exchange differences arising on foreign exchange transactions settled during the year are recognized in the statement of
prot and loss of the year.
Translation
Monetary assets and liabilities in foreign currency, which are outstanding as at the year-end, are translated at the year-end
at the closing exchange rate and the resultant exchange differences are recognized in the statement of prot and loss.
Non monetary items are stated in the balance sheet using the exchange rate at the date of the transaction.
Annual Report 2013
Siemens Ltd.
55

1.10 Foreign currency transactions (Continued)
Derivative instruments
The Companys exposure to foreign currency uctuations relates to foreign currency assets, liabilities and forecasted cash
ows. The Company limits the effects of foreign exchange rate uctuations by following established risk management
policies including the use of derivatives. The Company enters into forward exchange contracts, where the counterparty is
a bank.
As per Accounting Standard (AS) 11 The Effects of Changes in Foreign Exchange Rates, the premium or the discount on
forward exchange contracts not relating to rm 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. All other derivatives
except cash ow hedges, which are not covered by AS 11, are measured using the mark-to-market principle with the
resulting gains / losses thereon being recorded in the statement of prot and loss.
Hedge Accounting
The Company uses foreign currency forward contracts to hedge its risks associated with foreign currency uctuations
relating to highly probable forecast transactions. The Company designates some of the forward contracts in a cash ow
hedging relationship by applying the hedge accounting principles.
These forward contracts are stated at fair value at each reporting date. Changes in the fair value of these forward contracts
that are designated and effective as hedges of future cash ows are recognised directly in Cash Flow Hedge Reserve under
Reserves and Surplus, net of applicable deferred income taxes and the ineffective portion is recognised immediately in the
statement of prot and loss.
Amounts accumulated in Cash Flow Hedge Reserve are reclassied to prot and loss in the same periods during which the
forecasted transaction materialises.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer
qualies for hedge accounting. For forecasted transactions, any cumulative gain or loss on the hedging instrument
recognised in Hedging Reserve Account is retained there until the forecasted transaction occurs.
If the forecasted transaction is no longer expected to occur, the net cumulative gain or loss recognised in Cash Flow Hedge
Reserve is immediately transferred to the statement of prot and loss for the period.
1.11 Taxation
Income-tax expense comprises current tax (i.e. amount of tax for the year determined in accordance with the income-tax
law), deferred tax charge or credit (reecting 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, 1961. 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. Deferred tax assets are recognised only to the extent
there is reasonable certainty that the asset can be realised in future; however, where there is unabsorbed depreciation or
carried forward loss under taxation laws, all deferred tax assets are recognised only if there is a virtual certainty supported
by convincing evidence of realisation of the assets. Deferred tax assets are reviewed as at each balance sheet date and
written down or written-up to reect the amount that is reasonable/virtually certain (as the case may be) to be realised.
1.12 Earnings per share
Basic and diluted earnings per share is computed by dividing the net prot attributable to equity shareholders for the year,
by the weighted average number of equity shares outstanding during the year.
1.13 Provision
Provisions are recognized when the Company recognises it has a present obligation as a result of past events and it
is probable that an outow of resources embodying economic benets will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. 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 reect current best estimates.
56
Annual Report 2013
Siemens Ltd.
1.13 Provision (Continued)

Disclosures for contingent liability are made when there is a possible or present obligation which arises from past events
which is not recognised since it is not probable that there will be an outow of resources. When there is a possible or
present obligation in respect of which the likelihood of outow of resources is remote, no disclosure is made.
Loss contingencies arising from claims, litigation, assessment, nes, penalties, etc. are recorded when it is probable that
a liability has been incurred and the amount can be reasonably estimated.
Contingent assets are neither recognized nor disclosed in the nancial statements.
1.14 Cash and Cash equivalents
Cash and cash equivalents include cash, cheques in hand, cash at bank and short term deposits with banks having maturity
of three months or less.
1.15 Insurance claims
Amounts by way of insurance claims are recognised as assets when it is reasonably certain that the claim is receivable and
is recorded as a reduction in the expense where the corresponding loss has been debited.
1.16 Operating cycle
All assets and liabilities have been classied as current or non-current as per the Companys normal operating cycle and
other criteria set out in Revised Schedule VI to the Companies Act, 1956. The Company has ascertained its operating cycle
as twelve months for the purpose of current or non-current classication of assets and liabilities.
2.
Amalgamations
2.1. Amalgamation of Siemens Power Engineering Pvt. Ltd. (SPEL)

Pursuant to the scheme of amalgamation (the scheme) of erstwhile SPEL with the Company under sections 391 to 394
of the Companies Act, 1956 sanctioned by the Honorable High Court of Bombay and Punjab & Haryana on 2 November
2012 and 23 November 2012 respectively, the assets and liabilities of SPEL were transferred to and vested in the Company
with effect from 1 October 2011. Accordingly, the scheme has been given effect to in these accounts.
The operations of SPEL include drawings and designing for planning and setting up of power plant worldwide, by using
standard and specically customized software.
The amalgamation has been accounted for under the pooling of interests method as prescribed by AS - 14 Accounting
for Amalgamations. Accordingly, the accounting treatment has been given as underi.
The assets, liabilities and reserves of SPEL as at 1 October 2011 have been incorporated at their book values in the
nancial statements of the Company.
ii.
7,500,000 equity shares of ` 10 each fully paid up of SPEL stand cancelled and 3,461,538 equity shares of ` 2 each
of the Company have been issued to the shareholders of SPEL on 5 February 2013. The excess amount of ` 68 of
the share capital of SPEL over the face value of share capital issued has been credited to the Capital Reserve of the
Company.
iii.
The prot (net of dividend) of SPEL for the year ended 30 September 2012 amounting to ` 47 has been added to
the General Reserve of the Company.
The nancial statements include the operations of SPEL for the year ended 30 September 2013 and are reected in the
Energy segment.
Annual Report 2013
Siemens Ltd.
57

2.
Amalgamations (Continued)
2.2. Amalgamation of Winergy Drive Systems India Pvt. Ltd. (Winergy)

Pursuant to the scheme of amalgamation (the scheme) of Winergy with the Company under sections 391 to 394 of the
Companies Act, 1956 sanctioned by the Honorable High Court of Bombay and Madras on 22 March 2013 and 18 February
2013 respectively, the assets and liabilities of Winergy were transferred to and vested in the Company with effect from 1
October 2012. Accordingly, the scheme has been given effect to in these accounts.
The operations of Winergy include manufacture of wind turbine gear unit, turbo gear unit and coupling assembly to cater
to the wind mill and providing design and engineering services for manufacture of power transmission items.
The amalgamation has been accounted for under the pooling of interests method as prescribed by AS - 14 Accounting
for Amalgamations. Accordingly, the accounting treatment has been given as underi.
The assets, liabilities, reserves and credit balance of prot and loss of Winergy as at 1 October 2012 have been
incorporated at their book values in the nancial statements of the Company.
ii.
45,010,000 equity shares of ` 10 each fully paid up of Winergy stand cancelled and 625,139 equity shares of
` 2 each of the Company have been issued to the shareholders of Winergy on 24 May 2013. The excess amount
of ` 449 of the share capital of Winergy over the face value of share capital issued has been credited to the Capital
Reserve of the Company.
iii.
The Company has reassessed the useful lives of certain assets of Winergy as of the effective date of the amalgamation
i.e. 1 October 2012. Additional depreciation of ` 116 (` 77 net of tax) has been adjusted to the opening balance of
statement of prot and loss, transferred from Winergy.
iv.
The Company has recognised deferred tax assets of ` 201 relating to timing differences between accounting
income and taxable income of Winergy, which was previously not recorded by Winergy owing to absence of virtual
certainty. The same has been adjusted to the opening balance of statement of prot and loss of the Company.
The nancial statements include the operations of Winergy for the year ended 30 September 2013 and are reected in
the Industry segment.
58
Annual Report 2013
Siemens Ltd.
2013
2012
2,000
2,000
2,000
2,000
714
682
712
681
712
681
Share capital
Authorised
1,000,000,000 Equity Shares of ` 2 each (2012: 1,000,000,000 Equity Shares of ` 2 each)
Issued
356,983,950 Equity Shares of ` 2 each (2012: 341,159,165 Equity shares of ` 2 each)
Subscribed and fully paid-up

356,119,885 Equity Shares of ` 2 each fully paid-up (2012: 340,295,025 Equity
shares of ` 2 each fully paid-up)
a)
Shares held by Holding Company and subsidiary of Holding Company:

255,351,805 (2012: 251,265,128) Equity shares of ` 2 each, fully paid-up, are held by the Holding Company,
Siemens AG, Germany;
11,738,108 (2012: Nil) Equity shares of ` 2 each, fully paid-up, are held by Siemens VAI Metals Technologies
GmbH, a 100% subsidiary of Siemens AG, Germany.
b)
Reconciliation of the number of shares outstanding at the beginning and at the end of the year:
2013
2012
Number
Amount
Number
Amount
Shares outstanding at the beginning of

the year
340,295,025
681
340,294,900
681
Shares issued / subscribed during the

year
15,824,860
31
125
Shares outstanding at the end of the

year
356,119,885
712
340,295,025
681
During the year, the paid up share capital of the Company increased consequent to the issue of 15,824,785 (2012:
Nil) equity shares on the amalgamation of SVAI, SPEL and Winergy and allotment of 75 (2012: 125) equity shares
to member upon settlement of a disputed case.
* denotes gures less than a million
c)
Details of shareholders holding more than 5% shares in the Company as on 30th September:
2013
Name of shareholder
Siemens Aktiengesellschaft, Germany
and its subsidiary
Life Insurance Corporation of India
2012
No. of shares
held
% of Holding
No. of shares
held
% of Holding
267,089,913
75.00%
251,265,128
73.84%
20,247,974
5.69%
17,067,385
5.02%
As per records of the Company, including its register of shareholders/ members and other declarations received
from shareholders regarding benecial interest, the above shareholding represents both legal and benecial
ownerships of shares.
Annual Report 2013
Siemens Ltd.
59

3
Share capital (Continued)

d)
Details of aggregate number of shares issued for consideration other than cash and bonus shares issued
during the period of ve years immediately preceding 30 September:
Equity shares alloted as
2013
2012
Fully paid up to the shareholders of Siemens Healthcare Diagnostics Ltd. in
3,134,700
3,134,700
accordance with the scheme of amalgamation
Fully paid up to the shareholders of Siemens VAI Metals Technologies Pvt.
11,738,108
Ltd. in accordance with the scheme of amalgamation
Fully paid up to the shareholders of Siemens Power Engineering Pvt. Ltd. in
3,461,538
Fully paid up to the shareholders of Winergy Drive Systems India Pvt. Ltd. in
625,139
Fully paid up by way of bonus shares
168,580,100
e)
Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of ` 2 per share. Each holder of equity shares
is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
During the year ended 30 September 2013, the amount of per share dividend recognised for distribution to equity
shareholders is ` 5 (2012: ` 6)
In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts (if any). The distribution will be in proportion to the
number of equity shares held by the shareholders.
2013
2012
21
449
68
538
21
21
56
56
1,567
1,567
11
12
(1)
10
(1)
11
(3)
3
20
20
33
(33)
(3)
(3)
Reserves and surplus

a)
Capital reserve
- Balance brought forward
- Addition on amalgamation of Winergy (Refer note 2.2)
- Addition on amalgamation of SPEL (Refer note 2.1)
b)
Amalgamation reserve
c)
Capital redemption reserve
d)
Securities premium account
e)
Revaluation reserve
- Additional depreciation on building due to revaluation transferred from the
statement of prot and loss
f)
Cash ow hedge reserve

- Transferred to the statement of prot and loss
- Additions during the year [net of tax ` 12 (2012: ` *)]

60
Annual Report 2013
Siemens Ltd.
2013
2012
31,160
31,021
(204)
- Addition on amalgamation of SPEL (Refer note 2.1)
93
- Prot of SPEL for the period from 1 October 2011 (appointed date) to
30 September 2012 (Refer note 2.1)
47
194
343
31,494
31,160
6,110
4,771
- Addition on amalgamation of SVAI as on 1 October 2011
156
- Addition on amalgamation of Morgan as on 1 October 2011
549
- Addition on amalgamation of Winergy as on 1 October 2012

(Refer note 2.2)
10
- Reassessment of useful lives on amalgamation of Winergy

(net of tax of ` 40) (Refer note 2.2)
(77)
- Opening deferred tax assets created on amalgamation of Winergy

(Refer note 2.2)
201
1,940
3,432
(1,781)
(2,112)
Reserves and surplus (Continued)

g)
General reserve
- Excess of the book value of the investments held by SVAI in the equity share
capital of Morgan Ltd. over the face value of such share capital and excess
of share capital of SVAI over the amount credited by the Company to the
share capital suspense account
- Transferred from surplus balance in the statement of prot and loss
h)
Surplus in the statement of prot and loss

- Prot for the year

Less: Appropriations
- Proposed dividend
- Tax on proposed dividend
(303)
(343)
- Transfer to general reserve
(194)
(343)
(2,278)
(2,798)
5,906
6,110
39,591
38,922
518
865
195
47
- Derivative contracts
48
- Other liabilities
76
136
Total appropriations
Net surplus in the statement of prot and loss
Total reserves and surplus
Other long-term liabilities

a)
Trade payables
b)
Others
- Long-term employee incentives
Annual Report 2013
319
183
837
1,048
Siemens Ltd.
61

6
b)
- Pension (Refer note 39)

- Leave wages
- Medical benets (Refer note 39)
- Silver jubilee and star awards
- Retention bonus
Others
- Warranty (Refer note 34)
- Liquidated damages (Refer note 34)
- Other matters (Refer note 34)
62
2013
2012
144
427
243
310
7
144
374
237
278
-
820
160
424
2,535
788
780
474
3,075
688
24,830
25,518
1,340
25,202
26,542
3,418
7,593
34
64
5,608
11,624
30
60
2,155
866
454
181
935
15,700
1,766
742
648
323
1,278
22,079
31
54
32
18
6
29
58
31
76
15
-
1,910
3,526
3,155
2,731
1,781
303
13,547
2,093
3,580
2,821
2,919
2,112
343
14,077
Long-term provisions
a)
Provision for employee benets
Trade payables
- Micro and Small Enterprises (Refer note 42)
- Others
Other current liabilities

Advances from customers
Billing in excess / Income received in advance
Unclaimed dividend
Security deposits
Other liabilities
- Accrued salaries and benets
- Derivative contracts
- Liability for capital goods
- Interest accrued and due
- Others
Short-term provisions
(a)
Provision for employee benets
- Pension (Refer note 39)
- Leave wages
- Medical benets (Refer note 39)
- Gratuity (Refer note 39)
- Silver jubilee and star awards
- Retention bonus
(b) Others
- Warranty (Refer note 34)
- Loss order (Refer note 34)
- Liquidated damages (Refer note 34)
- Other matters (Refer note 34)
- Proposed dividend
- Tax on proposed dividend
Annual Report 2013
Siemens Ltd.
Annual Report 2013
Siemens Ltd.
63
1,131
4,633
953
76
223
(1)
(7)
1,244
5,510
257
133
(1)
(22)
5,877
7,153
6,665
1
495
1,824
346
(757)
(10)
8,564
14,118
3
881
1,829
(1,103)
(11)
15,717
208
495
1
4
76
4
(10)
570
711
1
10
67
(11)
778
430
1,334
137
21
299
2
(25)
1,768
1,899
211
33
83
(28)
2,198
Tangible assets
Buildings Plant and Furniture
Ofce
(Refer note equipments and xtures equipments
i and iii) (Refer note (Refer note (Refer note
iii and iv)
iii)
iii)
30
2
1
4
(1)
36
36
2
1
2
(1)
40
Vehicles
13,559
9,537
141
597
2,436
352
(794)
(10)
(7)
12,252
23,438
217
1,213
2,122
(1,145)
(11)
(23)
25,811
Total
13,901
7,692
65
58
1,944
(209)
(13)
9,537
18,740
168
87
4,728
(245)
(40)
23,438
Previous
year
421
1
422
421
1
422
Goodwill
170
244
10
33
287
440
11
6
457
60
32
35
9
26
102
57
57
10
38
162
230
697
35
20
59
811
918
57
22
44
1,041
Intangible assets
Technical Software
Total
knowhow
221
577
41
30
61
(12)
697
820
44
59
12
(17)
918
Previous
year
iv
iii
ii
112
89
4
Buildings
2013
2012
1,944
61
6
(1)
2,010
62
30
6
18
5
2
8
2
1
Plant and Furniture

Ofce
equipments and xtures equipments
2013
2,436
59
8
(1)
2,502
490
405
15
Buildings
2012
633
355
61
177
59
22
80
22
8
Plant and
Furniture
Ofce
equipments and xtures equipments
Plant and equipments includes gross block of ` 25 (2012: ` 25) and Net Block of ` 12 (2012: ` 15) cost incurred by the company on certain assets ownership of which vests with the West Bengal State
Electricity Board.
Gross Block
Written Down Value
Depreciation charge for the year
Particulars
Assets include assets given on operating lease:
Depreciation on tangible assets

Amortisation of intangible assets
Depreciation on investment property
Less : Transferred to revaluation reserve
As per the statement of prot and loss
Depreciation and amortisation expense:
At 30 September 2012
1,104
4,557
7,453
216
565
6
13,901
196
25
221
Notes :i
Included in the gross block of land at 30 September 2013 is freehold land of ` 504 (2012: ` 471) and buildings includes ` 431 (2012: ` 393) representing 525 shares of ` 50 each and 10 shares of `100 each
(2012: 330 shares of ` 50 each and 10 shares of ` 100 each) in various co-operative housing societies.
Net block
60
10
70
Accumulated depreciation / amortisation

At 1 October 2012
Additions on amalgamation of Morgan
Additions on amalgamation of SVAI
Additions on amalgamation of SPEL (Refer note 2.1)
Additions on amalgamation of Winergy (Refer note 2.2)
Charge for the year (Refer note ii)
Impairment loss (Refer note 43)
Deductions / adjustments
Assets held for sale
Transferred to investment property
Land
(Refer
note i)
1,164
31
8
(1)
(1)
1,201
Fixed assets
Gross block
At 1 October 2012
Additions on amalgamation of Morgan
Additions on amalgamation of SVAI
Additions on amalgamation of SPEL (Refer note 2.1)
Additions on amalgamation of Winergy (Refer note 2.2)
Additions
Deductions / adjustments
Transferred to investment property
10

11
2013
2012
Land and building (at cost)
486
446
Less: Accumulated depreciation
(54)
(36)
Net block
432
410
744
442
3,777
3,138
53
42
4,574
3,622
277
446
4,297
3,176
Advances recoverable in cash or kind
711
565
Capital advances
134
286
354
331
22
22
376
353
(22)
(22)
354
331
4,965
4,159
6,164
5,341
Non-current investments
Investment property less accumulated depreciation
12

Deferred tax assets
Arising on account of timing differences in:
Provision for doubtful debts and advances
Expenditure debited to the statement of prot and loss but allowable
for tax purposes in following years
Other provisions
Less - Deferred tax liability

Arising on account of timing differences in:
Depreciation
13
Long-term loans and advances (unsecured considered good, unless

otherwise stated)
Security deposits
- considered good
- considered doubtful
Provision for doubtful security deposits
Advance payments of income tax [net of provision for tax ` 27,442

(2012: ` 26,066)]
64
Annual Report 2013
Siemens Ltd.
14
2013
2012
6,571
7,720
134
53
6,705
7,773
Raw materials [includes Goods in Transit ` 677 (2012: ` 345)]
2,753
2,847
Work-in-progress
3,920
3,409
873
1,319
1,788
1,856
9,334
9,431
6,374
5,834
33,328
34,458
39,702
40,292
37,668
39,124
2,034
1,168
39,702
40,292
(2,034)
(1,168)
37,668
39,124
- On current accounts
1,625
3,533
- Bank deposits with original maturity of less than 3 months
4,050
4,715
34
30
325
1,483
6,038
9,768
Other non-current assets

Long-term trade receivables (unsecured, considered good)
Derivative contracts
15
Inventories (at lower of cost and net realisable value)
Finished goods
Traded goods [includes Goods in Transit ` 1,172 (2012: ` 667)]
16
Trade receivables (unsecured)

Trade receivables outstanding
- for a period exceeding six months from the date they are due for payment
- other receivables
Of which
- considered good
Provision for doubtful receivables
17
Cash and cash equivalents

Balances with banks:
- On unpaid dividend account

Cash on hand
Cheques / drafts on hand
Annual Report 2013
Siemens Ltd.
65

18
2013
2012
2,905
2,582
158
64
3,063
2,646
(158)
(64)
2,905
2,582
259
351
46
45
305
396
(46)
(45)
259
351
350
1,065
350
1,067
1,395
1,690
4,909
5,690
7,440
10,183
15
703
534
71
26
8,215
10,762
Short-term loans and advances (unsecured considered good, unless

otherwise stated)
Advances recoverable in cash or kind
- considered good
Provision for doubtful advances
Security deposits
- considered good
Provision for doubtful security deposits
Loans and advances to related parties (Refer note 37)

- Inter corporate deposits
- Interest accrued on inter corporate deposits
Balances with excise, customs etc.
Advances recoverable in cash or kind include gratuity excess funded of ` 36

(2012: Nil) (Refer note 39)
19
Other current assets

Project excess cost and unbilled revenue
Derivative contracts
Interest accrued on bank deposits
Other receivables
66
Annual Report 2013
Siemens Ltd.
20
2013
2012
Sale of products
49,136
47,869
Sale of services
7,813
5,456
570
326
53,933
73,430
111,452
127,081
2,074
2,118
113,526
129,199
131
93
1,532
1,126
245
491
227
166
181
2,074
2,118
201
575
14
130
345
575
295
635
31,000
43,633
4,164
4,847
35,459
49,115
(21)
73
11,977
10,464
Contribution to provident and other funds
804
804
Staff welfare expenses
743
691
13,524
11,959
162
243
27
27
189
270
Revenue from operations, net of excise duty (Refer note 30)
Commission income
Revenue from construction contracts (Refer note 35 and note 44)
Other operating revenues (Refer note 20a)
20a Other operating revenues

Export incentives
Recoveries from group companies
Rental income
Others
21
Other income
Interest income
Prot on sale of xed assets, net
Other liabilities written back
22
Project bought outs and other direct costs

Spares and stores consumed
Project bought outs
Other costs (Refer note 44)
Included in other costs, change in excise duty on closing stock of nished goods
23
Employee benets expense

Salaries, wages and bonus, net
24
Finance costs
Interest costs
Other costs
Annual Report 2013
Siemens Ltd.
67

25
2013
2012
40
465
Travel and conveyance
1,673
1,946
Software license fees and other information technology related costs
1,137
692
Rates and taxes
684
269
Communications
293
293
Other expenses
Exchange loss / (gains), net
Packing and forwarding
1,080
1,096
Power and fuel
549
533
Insurance
461
439
Rent
965
1,013
- on building
202
387
- on machinery
223
241
- others
138
189
Legal and professional
703
608
257
Ofce supplies, printing and stationery
109
114
Research and development expenditure
195
73
Bank guarantee commission / bank charges
237
224
12
15
17
Bad debts
213
167
Provision for doubtful debts and advances, net
541
124
12
960
672
10,427
9,844
682
1,606
201
159
1,945
1,804
Customs liabilities, under dispute
120
120
Claims against the Company not acknowledged as debts
105
149
Repairs
Advertising and publicity
Donation
Commission to directors
Directors' fees
Loss on sale of xed assets, net

Miscellaneous expenses (Refer note 27)
26
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
Income tax (excluding interest)
Excise / sales tax liabilities, under dispute
In respect of above contingent liabilities, the future cash outows are determinable only on receipt of judgements
pending at various forums / authorities.
68
Annual Report 2013
Siemens Ltd.
27
2013
2012
29
5
2
3
39
23
5
3
2
33
Earnings in foreign currency

- Exports of goods direct on FOB basis
- Project business (based on actual billing)
- Commission
- Service charges and others
5,101
7,128
570
2,672
3,283
14,067
326
1,141
Expenditure in foreign currency

- Travelling
- Installation charges
- Expenditure on contracts at foreign sites
- Service charges
- Others
173
9
2,822
3,779
3,503
176
70
6,119
2,832
1,608
34,869
445
39,859
1,031
1.10.2011 to
30.09.2012
Two
1.10.2010 to
30.09.2011
Two
251,265,128
11,738,108
253,066,759
2,154,416
-
1,508
70
1,518
13
-
1.10.2011 to
30.09.2012
One
1.10.2010 to
30.09.2011
-
7,500,000
367
Auditors remuneration (for Audit services exclusive of service tax)

- Audit fees
- Tax audit fees
- Other audit related attestations
- Reimbursement of expenses
28
Earnings and expenditure in foreign currency (on accrual basis)

(a)
(b)
(c)
29
Value of imports calculated on CIF basis

- Raw materials, components, spare parts and traded goods
- Capital goods
Net dividend remitted in foreign exchange

Siemens Ltd.
Period to which the dividend relates
Number of non-resident shareholders
Number of equity shares held on which dividend was due:
- Siemens AG
- Siemens Diagnostic Holdings II B.V., Netherlands
- Siemens VAI Metals Technologies GmbH
Amount remitted:
- Siemens AG
- Siemens Diagnostic Holdings II B.V., Netherlands
Erstwhile Siemens Power Engineering Pvt. Ltd.
Period to which the dividend relates
Number of non-resident shareholders
Number of equity shares held on which dividend was due:
- Siemens AG
Amount remitted:
- Siemens AG
Annual Report 2013
Siemens Ltd.
69

30
Revenue from operations
Sale of products
Switchgear items
Switchboards, control boards and miscellaneous accessories
Industrial turbines
Others
Revenue from construction contracts
Other engineering project goods
Sale of services
Maintenance, repairs and other services
Commission income
Other operating revenues
31
32
Imported and indigenous raw materials and stores & spares consumed
2013
Value
% of total
consumption
Imported
12,069
46%
Indigenous
14,282
54%
26,351
100%
2012
Value
6,522
11,884
5,599
25,131
6,359
12,674
12,254
16,582
53,933
73,430
7,813
110,882
570
2,074
113,526
5,456
126,755
326
2,118
129,199
2012
Value
9,521
17,098
26,619
% of total
consumption
36%
64%
100%
2013
Value
6,164
17,465
23,629
2012
Value
5,989
18,409
24,398
807
224
58
335
926
324
363
328
384
348
35
32
74
340
24
81
16
1,249
20,108
26,056
1,112
271
42
353
844
244
522
207
450
370
34
42
66
499
225
75
35
1,825
18,768
25,984
Purchase of traded goods
Medical healthcare equipments

Others
33
2013
Value
Raw materials consumed

Copper ats, strips and proles
Enamelled copper wire
Brass sheets and strips
Aluminium ingots, proles and castings
Iron and steel castings and shafts
Dynamo steel sheets, strips and laminations
Hot rolled & cold rolled steel sheets, strips
Cables and wires
Silver components
Ball and roller bearings
Thyristors, diodes and transistors
X-ray tubes
Amphenol terminals
Vacuum tubes
Integrated circuits
Capacitors and condensers
Printed circuit boards
Turbine components
Others
Raw materials consumed includes costs incurred for manufacturing of nished goods which have been internally used for
the project business.
70
Annual Report 2013
Siemens Ltd.
34
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, replacement,
material cost, servicing and past experience in respect of warranty costs. It is expected that this expenditure will be
incurred over the contractual warranty period.
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. This
expenditure is expected to be incurred over the respective contractual terms upto closure of the contract (including
warranty period).
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. 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 benets.
Other matters
The Company has made provisions for known contractual risks, litigation cases and pending assessments in respect of
taxes, duties and other levies, the outow of which would depend on the cessation of the respective events.
The movements in the above provisions are summarised below:
Warranties
Balance as at 1 October
Additions on amalgamation of
SVAI
Morgan
Winergy (Refer note 2.2)
Provisions :
- Created
- Utilised
- Reversed
Balance as at 30 September
- Current
- Non-current
35
Liquidated
damages
2013
2012
3,601
7,219
2013
2,881
2012
3,651
65
34
1,456
(791)
(850)
2,730
1,910
820
Loss orders
Other matters
2013
3,580
2012
916
2013
3,393
2012
2,964
112
238
20
22
1,293
(643)
(1,485)
2,881
2,093
788
1,183
(266)
(1,203)
3,315
3,155
160
1,640
(108)
(5,397)
3,601
2,821
780
2,749
(2,523)
(280)
3,526
3,526
-
3,511
(781)
(180)
3,580
3,580
-
1,450
(234)
(1,476)
3,155
2,731
424
1,065
(182)
(474)
3,393
2,919
474
Disclosure pursuant to Accounting Standard - 7 Construction Contracts

2013
2012
(i)
Contract Revenue recognised for the year ended 30 September (net of prior
period ` Nil (2012: ` 572), Refer note 44)
53,933
72,858
(ii)
Aggregate amount of contract costs incurred and recognised prots

(less recognised losses) for all contracts in progress as at 30 September
212,127
220,833
(iii)
Amount of advances received
6,128
7,592
(iv)
Amount of retentions
15,722
19,683
(v)
Amounts due from customers
10,827
12,700
(vi)
Amounts due to customers
6,157
9,652
Annual Report 2013
Siemens Ltd.
71

36
Disclosure pursuant to Accounting Standard - 19 Leases

Lease payments on non cancellable lease arrangement debited to the statement of prot and loss and the future lease
payments in respect of non cancellable operating lease are summarised below:
2013
2012
359
360
(i)
Amount due not later than one year from the balance sheet date
(ii)
Amount due later than one year and not later than ve years
911
1,622
(iii)
Amount due later than ve years
220
338
1,490
2,320
Lease rent debited to the statement of prot and loss ` 965 (2012: ` 1,013)
Sub-lease payments recognised in the statement of prot and loss ` 74 (2012: ` 339)
There is no contingent rent recognised in the statement of prot and loss
General description of the leasing arrangement:
37
(i)
The Company has entered into operating lease arrangements for its ofce premises, storage locations, residential
premises and motor cars for its employees.
(ii)
The future lease rental payments are determined on the basis of the monthly lease payment terms as per the
agreements.
(iii)
At the expiry of the non cancellable lease period the option of renewal rests with the Company.
(iv)
Some of the lease agreements have escalation clause ranging from 5% to 15%. There are no exceptional / restrictive
covenants in the lease agreements.
Related party transactions

37.1 Parties where control exists
Siemens AG
Holding Company
37.2 Other related parties where transactions have taken place during the year
Fellow Subsidiaries Name
72
Annual Report 2013
Country
Siemens S.A.
Argentina
Siemens Spa
Algeria
Siemens Ltd.
Australia
ETM professional control GmbH
Austria
SAGO dARE Transformers Austria (erstwhile Siemens

Transformers Austria GmbH & Co KG)
Austria
SAGOE dARE Plant Rail Systems
Austria
Siemens Aktiengesellschaft Osterreich
Austria
Siemens Convergence Creators GmbH
Austria
Siemens Gebudemanagement & -Services G.m.b.H.
Austria
Siemens VAI Metals Technologies GmbH
Austria
Siemens VAI Metals Technologies GmbH & Co
Austria
Trench Austria GmbH
Austria
Siemens W.L.L.
Bahrain
Siemens Bangladesh Ltd.
Bangladesh
Siemens Healthcare Diagnostics SA
Belgium
Siemens S.A./N.V.
Belgium
Siemens Eletroeletronica Limitada
Brazil
Siemens Ltd.
37.2 Other related parties where transactions have taken place during the year (Continued)
Annual Report 2013
Country
Siemens Ltd.a.
Brazil
Siemens EOOD
Bulgaria
RuggedCom Inc.
Canada
Siemens Hearing Instruments Inc.
Canada
Trench Ltd.
Canada
Siemens Healthcare Diagnostics Manufacturing Ltd.
Cayman
Islands
Siemens S.A.
Chile
Beijing Siemens Cerberus Electronics Ltd.
China
MWB (Shanghai) Co Ltd.
China
Siemens Circuit Protection Systems Ltd.
China
Siemens Electrical Apparatus Ltd.
China
Siemens Electrical Drives (Shanghai) Ltd.
China
Siemens Electrical Drives Ltd.
China
Siemens Factory Automation Engineering Ltd.
China
Siemens Healthcare Diagnostics (Shanghai) Co. Ltd.
China
Siemens High Voltage Circuit Breaker Co., Ltd.
China
Siemens High Voltage Switchgear Co., Ltd. Shanghai
China
Siemens Industrial Automation Ltd., Shanghai
China
Siemens Industrial Turbomachinery (Huludao) Co. Ltd.
China
Siemens International Trading Ltd., Shanghai
China
Siemens Ltd., China
China
Siemens Mechanical Drive Systems (Tianjin) Co., Ltd.
China
Siemens Medium Voltage Switching Technologies (Wuxi) Ltd.
China
Siemens Numerical Control Ltd.
China
Siemens Power Automation Ltd.
China
Siemens Power Plant Automation Ltd.
China
Siemens Shanghai Medical Equipment Ltd.
China
Siemens Shenzhen Magnetic Resonance Ltd.
China
Siemens Standard Motors Ltd., Jiangsu
China
Siemens Switchgear Co. Ltd.
China
Siemens Transformer (Guangzhou) Co., Ltd.
China
Siemens Transformer (Wuhan) Company Ltd.
China
Siemens VAI Metals Technologies Co., Ltd., Shanghai
China
Siemens Water Technologies Ltd.
China
Siemens Wind Power Blades (Shanghai) Co., Ltd.
China
Siemens Wiring Accessories Shandong Ltd.
China
Siemens X-Ray Vacuum Technology Ltd.
China
Trench High Voltage Products Ltd., Shenyang
China
Winergy Drive Systems (Tianjin) Co. Ltd.
China
Siemens S.A.
Columbia
Siemens Ltd.
73

Koncar Power Transformers d.o.o. (erstwhile Koncar Power Transformers
Ltd.)
Siemens d.d.
Siemens Electric Machines s.r.o.
Siemens, s.r.o.
Siemens, s.r.o., odstepny zavod Industrial Turbomachinery
Siemens A/S
Siemens Wind Power A/S
Siemens S.A.
Siemens Technologies S.A.E.
Siemens Osakeyhti
Flender-Graffenstaden SAS
Siemens Industry Software SAS
Siemens S.A.S.
Siemens SAS, Division Production Sensors & Communication,
Usine de Haguenau
Siemens Transmission & Distribution SAS
Siemens VAI Metals Technologies SAS
Trench France S.A.S.
Alpha Verteilertechnik GmbH
evosoft GmbH
HSP Hochspannungsgerte GmbH
LINCAS Export Services GmbH
Loher GmbH
Siemens Bank GmbH
Siemens Beteiligungen Inland GmbH
Siemens Geared Motors Gesellschaft mit beschrnkter Haftung
Siemens Gusstechnik GmbH
Siemens Healthcare Diagnostics Holding GmbH
Siemens Healthcare Diagnostics Products GmbH
Siemens Industrial Turbomachinery GmbH
Siemens Industriegetriebe GmbH
Siemens IT Solutions and Services GmbH
Siemens Power Control GmbH
Siemens Turbomachinery Equipment GmbH
Siemens VAI Metals Technologies GmbH
SYKATEC Systeme, Komponenten, Anwendungstechnologie GmbH
TLT-Turbo GmbH
Trench Germany GmbH
Weiss Spindeltechnologie GmbH
Winergy AG
74
Annual Report 2013
Country
Croatia
Croatia
Czech
Republic
Czech
Republic
Czech
Republic
Denmark
Denmark
Ecuador
Egypt
Finnland
France
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
Siemens Ltd.
Electrium Sales Ltd.
Annual Report 2013
Country
Great Britain
I DT Factory Congleton
Great Britain
Siemens Healthcare Diagnostics Manufacturing Ltd.
Great Britain
Siemens Healthcare Diagnostics Products Ltd.
Great Britain
Siemens Industrial Turbomachinery Ltd.
Great Britain
Siemens Magnet Technology
Great Britain
Siemens plc
Great Britain
Siemens plc, Industry Sector, Metals Technologies
Great Britain
Siemens Protection Devices Ltd.
Great Britain
Siemens Transmission & Distribution Ltd.
Great Britain
Siemens VAI Metals Technologies Ltd.
Great Britain
Eviop-Tempo A.E. Electrical Equipment Manufacturers
Greece
Siemens Healthcare Diagnostics Ltd.
Hongkong
Siemens Ltd.
Hongkong
Compact Automotive Lamp Pvt. Ltd.
India
eMeter India Pvt. Ltd.
India
OSRAM Automotive Lamps Pvt. Ltd. (merged with OSRAM India Pvt. Ltd.
w.e.f. 26 March 2013)
India
OSRAM India Pvt. Ltd. (upto 5 July 2013)
India
PETNET Radiopharmaceutical Solutions Pvt. Ltd.
India
Powerplant Performance Improvement Ltd.
India
Siemens Convergence Creators Pvt. Ltd.
India
Siemens Financial Services Pvt. Ltd.
India
Siemens Hearing Instruments Pvt. Ltd.
India
Siemens Industry Software (India) Pvt. Ltd.
India
Siemens Power Engineering Pvt. Ltd. (merged w.e.f 1 Oct 2011)
India
Siemens VAI Metals Technologies Pvt. Ltd. (merged w.e.f 1 Oct 2011)
India
Siemens Postal Parcel & Airport Logistics Pvt. Ltd.
India
Siemens Technology and Services Pvt. Ltd.
India
Winergy Drive System India Pvt. Ltd. (merged w.e.f 1 Oct 2012)
India
P.T. Siemens Indonesia
Indonesia
PT. Siemens Industrial Power
Indonesia
Europlex Technologies (Ireland) Ltd.
Ireland
Siemens Ltd.
Ireland
Siemens Medical Solutions Diagnostics Europe Ltd.
Ireland
Siemens Concentrated Solar Power Ltd.
Israel
Siemens Israel Ltd.
Israel
Siemens S. p.A Metals Technologies, Milano

(erstwhile Siemens VAI Metals Technologies S.r.l.)
Italy
Siemens Ltd.
75

76
Annual Report 2013
Country
Siemens S.p.A.
Italy
Trench Italia S.r.l.
Italy
Siemens Healthcare Diagnostics K.K.
Japan
Siemens Japan K.K.
Japan
Yaskawa Siemens Automation & Drives Corp.
Japan
Siemens TOO
Kazakhstan
Siemens Kenya Ltd.
Kenya
Siemens Ltd. Seoul
Korea
Siemens Electrical & Electronic Services K.S.C.C.
Kuwait
Siemens Malaysia Sdn. Bhd.
Malaysia
Siemens Innovaciones S.A. de C.V.
Mexico
Siemens Servicios S.A. de C.V.
Mexico
Siemens, S.A. de C.V.
Mexico
Siemens Plant Operations Tahaddart SARL
Morocco
Siemens S.A.
Morocco
Siemens Nederland N.V.
Netherland
Siemens Nederland N.V. - dependent ARE SIT
Netherland
Siemens (N.Z.) Ltd.
New Zealand
Siemens Ltd.
Nigeria
Siemens AS
Norway
Siemens L.L.C.
Oman
Siemens S.A.C.
Peru
Siemens Power Operations, Inc.
Philippines
Siemens, Inc.
Philippines
Siemens Sp. z o.o.
Poland
TurboCare Sp. z o.o.
Poland
Siemens S.A.
Portugal
Siemens W.L.L.
Qatar
Siemens S.R.L.
Romania
OOO Siemens
Russia
Arabia Electric Ltd. (Equipment)
Saudi-Arabia
ISCOSA Industries and Maintenance Ltd.
Saudi-Arabia
Siemens Ltd.
Saudi-Arabia
Siemens Electronics Assembly Systems Pte. Ltd.
Singapore
Siemens Healthcare Diagnostics Pte. Ltd.
Singapore
Siemens IT Solutions and Services Operations Pte. Ltd.
Singapore
Siemens Pte. Ltd.
Singapore
Siemens s.r.o.
Slovakia
Siemens d.o.o.
Slovenia
Siemens (Proprietary) Ltd.
South Africa
Siemens Ltd.
Country
Fbrica Electrotcnica Josa, S.A.
Spain
Siemens S.A.
Spain
Siemens AB
Sweden
Siemens Industrial Turbomachinery AB
Sweden
Siemens, Security Products
Sweden
Siemens Schweiz AG
Switzerland
Siemens Schweiz AG, Building Technologies Division,

International Headquarters
Switzerland
Siemens Ltd.
Taiwan
Siemens Tanzania Ltd.
Tanzania
Siemens IT Solutions and Services Ltd.
Thailand
Siemens Ltd.
Thailand
Siemens S.A.
Tunisia
Siemens Sanayi ve Ticaret A.S.
Turkey
Siemens Sanayi ve Ticaret A.S. Gebze R&D Center
Turkey
Siemens Ukraine (erstwhile DP Siemens Ukraine)
Ukraine
SD (Middle East) LLC
United Arab
Emirates
Siemens LLC
United Arab
Emirates
Morgan Construction Company
USA
Siemens Corporation
USA
Siemens Demag Delaval Turbomachinery, Inc.
USA
Siemens Energy, Inc.
USA
Siemens Energy, Inc. (US) - Fossil Products (OPP)
USA
Siemens Energy, Inc. (US) - Oil& Gas (PT2)
USA
Siemens Energy, Inc. (US) - Transmission (PPR)
USA
Siemens Healthcare Diagnostics Inc.
USA
Siemens Industry, Inc.
USA
Siemens Medical Solutions USA, Inc.
USA
S' Industry - WT
USA
Siemens Water Technologies LLC
USA
SMS Inc. - Customer Solutions Group
USA
Winergy Drive Systems Corporation
USA
Siemens S.A.
Venezuela
Siemens Automation Systems Ltd.
Vietnam
Siemens Ltd.
Vietnam
37.3 Key Managerial Personnel

Whole-time
Directors
Annual Report 2013
Dr. Armin Bruck

Mr. Sunil Mathur
Siemens Ltd.
77

37.4 Related party transactions
Description
2013
Holding
Company
2012
Fellow
Subsidiaries
Key
Managerial
Personnel
Holding
Company
Fellow
Subsidiaries
Key
Managerial
Personnel
Revenue (net of taxes)

- Siemens AG
5,458
3,090
- Siemens Technology and Services Pvt. Ltd.
64
31
- Siemens Industry, Inc.
157
546
- Siemens W.L.L.
1,996
466
- Others
3,390
2,471
Commission income
- Siemens AG
405
304
- Siemens Industrial Turbomachinery AB
10
- Siemens Concentrated Solar Power Ltd.
26
- Siemens Industrial Turbomachinery Ltd.
42
- TLT-Turbo GmbH
21
- S' Industry- WT
- Others
65
Recoveries from group companies

- Siemens AG
657
571
169
161
-Siemens Schweiz AG, Building Technologies Division,

454
357
157
45
- Siemens Wind Power A/S
118
- Siemens Wind Power Blades (Shanghai) Co., Ltd.
12
11
- Others
90
80
Reimbursement of expenses
- Siemens AG
2,699
2,572
201
53
- Siemens S. p.A Metals Technologies, Milano
411
30
- Siemens VAI Metals Technologies SAS
68
189
- Siemens Power Engineering Pvt. Ltd.

(merged w.e.f.1 October 2011)
-Siemens Schweiz AG, Building Technologies Division,

57
- Siemens Wind Power Blades (Shanghai) Co., Ltd.
91
- Others
183
153
Purchase of goods and services

- Siemens AG
78
25,870
30,221
837
430
347
Annual Report 2013
Siemens Ltd.
37.4 Related party transactions (Continued)

Description
2013
Holding
Company
2012
Fellow
Subsidiaries
Key
Managerial
Personnel
Holding
Company
Fellow
Subsidiaries
Key
Managerial
Personnel
Purchase of goods and services (Continued)

- Koncar Power Transformers Ltd.
12
115
- Siemens Electrical Apparatus Ltd.
776
851
- Siemens Medical Solutions USA, Inc.
590
498
- Winergy Drive Systems India Pvt. Ltd.

636
- Others
5,695
6,797
- Siemens AG
127
111
- Siemens Financial Services Pvt. Ltd.
36
31

255
- Others
20
Rent received
Interest income
- Osram India Pvt. Ltd.
80

105
- OSRAM Automotive Lamps Pvt. Ltd.
11
47
28
37
82
- Siemens Industry Software (India) Pvt. Ltd.
76
93
- Siemens AG
15
- Siemens Industry, Inc.
19
- Siemens VAI Metals Technologies Co., Ltd., Shanghai
11
Interest expenses
- Siemens AG
Bank guarantee charges

- Siemens AG
Dividend paid
- Siemens AG
1,875
1,518
- Siemens Diagnostics Holding II B.V.
13
- Siemens VAI Metals Technologies GmbH, Germany
70
Annual Report 2013
Siemens Ltd.
79

Description
2013
Holding
Company
2012
Fellow
Subsidiaries
Key
Managerial
Personnel
Holding
Company
Fellow
Subsidiaries
Key
Managerial
Personnel
Purchase of xed assets / Capital work in progress

- Siemens AG
137
356
- Beijing Siemens Cerberus Electronics Ltd.
- Siemens Wiring Accessories Shandong Ltd.
44
- Siemens Medical Solutions USA, Inc.
18
- Siemens Water Technologies Ltd.
39
- Siemens Transmission & Distribution SAS

- Others
10
16
47
1,285
- Siemens VAI Metals Technologies Pvt. Ltd.

23

(merged w.e.f.1 October 2011) (Refer note 2.1)

(merged w.e.f.1 October 2012) (Refer note 2.2)
- Dr.Armin Bruck
98
81
- Mr.Sunil Mathur
67
58
100

19,175
50
4,975
700
1,770

19,810
5,125
200
101
Sale of xed assets

- Siemens Water Technologies LLC
Sale of business (Refer note 43)
- Siemens Postal Parcel & Airport Logistics Pvt. Ltd.
Issue of share capital
(in accordance with scheme of amalgamation)
Managerial Remuneration
Inter Corporate Deposits given
Refund of Inter Corporate Deposits given
80
Annual Report 2013
Siemens Ltd.

Description
2013
Holding
Company
2012
Fellow
Subsidiaries
Key
Managerial
Personnel
Holding
Company
Fellow
Subsidiaries
Key
Managerial
Personnel
Inter Corporate Deposit taken

14,565
8,650
2,395
16,465
8,800
2,395
Inter Corporate Deposit repaid
Outstanding Balances
Receivables
- Siemens AG
384
352
- Siemens S. p.A Metals Technologies, Milano
145
- Siemens Bangladesh Ltd.
78
- Siemens Postal Parcel & Airport Logistics Pvt. Ltd.
58
- Siemens W.L.L.
- Siemens Schweiz AG, Building Technologies
27
39
74
- Others
297
102
Payables
- Siemens AG
5,479
7,519
12
71

51
- Koncar Power Transformers Ltd.
10
225
254
- TLT-Turbo GmbH
90
14
- Trench Germany Gmbh
169
17
-Siemens Healthcare Diagnostics Inc, USA
140
87
- Others
1,649
1,250

565
350
500

- Dr. Armin Bruck
49
27
- Mr. Sunil Mathur
36
18
Inter Corporate Deposits
Interest receivable on Inter Corporate Deposits
Managerial Remuneration Payable
Annual Report 2013
Siemens Ltd.
81

38
(i)
Information about business segments

Revenue
External revenue
Results
Inter segmental revenue
Total
2013
2012
2013
2012
2013
2012
2013
2012
Infrastructure and Cities (Refer

note below)
28,336
27,567
2,097
3,574
30,433
31,141
1,188
1,655
Energy (Refer note below)
39,559
52,284
356
245
39,915
52,529
560
2,157
Industry (Refer note below)
33,888
37,915
4,840
4,767
38,728
42,682
(5)
1,633
Healthcare (Refer note below)
11,297
10,815
11,297
10,815
316
61
(7,293)
(8,586)
(7,293)
(8,586)
113,080
128,581
113,080
128,581
2,059
5,506
(189)
(243)
201
575
115
170
Prot before prior period items

and tax
2,186
6,008
Prior period items (Refer note 44)
(799)
2,186
5,209
(1,051)
(2,958)
805
1,181
1,940
3,432
1,940
3,432
Eliminations
Total
Interest expenses
Interest income
Unallocable corporate items
446
618
446
618
Prot before tax

Income tax
Deferred tax
Prot after tax
Consolidated Total
113,526
129,199
113,526
129,199
Details of exceptional items, segment wise are as follows :

Infrastructure
and Cities
Industry
Healthcare
Unallocated
Total
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
2013
2012
1,146
1,146
55
111
138
20
28
352
Impairment loss
(327)
- (1,200)
(28)
(355) (1,200)
Employee costs
(234)
(451)
(26)
(73)
(818)
640
76 (1,200)
(341)
(6)
(45)
Prot on sale of Postal &

Parcel Logistics Technologies
and Airport Logistics
Technologies
CENVAT credit for earlier
years availed
Total
82
Energy
Annual Report 2013
(35)
325 (1,200)
Siemens Ltd.
38
(i)
Information about business segments (Continued)

Non cash expenditure
Assets
Depreciation &
amortisation /
Impairment
Others
2013
2012
2013
2012
2013
2012
2013
2012
2013
15,367
16,807
9,753
9,951
198
1,616
747
362
699
(33)
Energy (Refer Note 2.1)
35,285
39,137
22,788
28,266
668
1,316
776
1,671
152
(116)
Industry (Refer Note 2.2)
24,944
24,904
16,006
17,801
664
878
811
533
1,054
105
4,173
4,046
3,944
4,781
580
453
382
302
351
126
Total
79,769
84,894
52,491
60,799
2,110
4,263
2,716
2,868
2,256
82
Unallocable corporate items
18,671
21,553
5,645
6,022
94
144
141
174
142
29
Consolidated total
98,440
106,447
58,136
66,821
2,204
4,407
2,857
3,042
2,398
111
(ii)
Within India
Outside India
Total
(iii)
(iv)
2012
Secondary segment information

Revenue based on location of
customers
38
Capital Expenditure
Infrastructure and Cities
Healthcare
38
Liabilities
Carrying amount of segment assets

by location
Additions to tangible assets and

intangible assets
2013
2012
2013
2012
2013
2012
95,174
111,102
87,707
93,956
2,204
4,407
18,352
18,097
10,733
12,491
113,526
129,199
98,440
106,447
2,204
4,407
Other disclosures :
-
Inter-segment prices are normally negotiated amongst the segments with reference to the costs, market
price and business risks.
Prots / losses on inter segment transfers are eliminated at the Company level.
Segment information :
The primary and secondary reportable segments are business segments and geographical segments respectively.
Business Segments: The business of the Company is divided into four segments. These segments are the basis for
management control and hence, form the basis for reporting. The business of each segment comprises of:
-
Infrastructure and Cities:- Provides Electrical Installation Technologies, i.e. Products for Building, e.g.
Miniature Circuit Breakers, Distribution Boards, Residual Current Circuit Breakers etc. It also provides solutions
for rail automation, railway electrication, light and heavy rail, locomotives, trains, turnkey projects and
integrated services. Also provides solutions for the automation of power grids to products like mediumvoltage switchgear and components.
Industry:- Provides complete range of automation products & systems, industrial automation systems & lowvoltage switchgears, complete range of large and standard drives and motors, special purpose motors, process
and motion control systems. Also undertakes turnkey projects in the industrial and infrastructure sectors over
the entire life cycle including concept, engineering, procurement, supplies, installation, commissioning and
after sales services.
Energy:- Offers highly efcient products and solutions for power generation based on fossil fuels. It ranges
from individual gas and steam turbines and generators, to turnkey power plants. Also offers customers
products and solutions used for the extraction, conversion and transport of oil and gas. Also provides solutions
for power generation and distribution including products and solutions in the high-voltage eld such as
High Voltage Direct Current (HVDC) transmission systems, substations, switchgear and transformers.
Healthcare:- Provides diagnostic, therapeutic and life-saving products in computer tomography (CT), magnetic
resonance imaging (MRI), ultrasonography, nuclear medicine, digital angiography, patient monitoring
systems, digital radiography systems, radiology networking systems, lithotripsy and linear accelerators.
Geographical Segments: The business is organised in two geographical segments i.e. within India and outside
India.
Annual Report 2013
Siemens Ltd.
83

39
Disclosure pursuant to Accounting Standard - 15 Employee Benets :
(i)
Dened Contribution Plans

Amount of ` 240 (2012: ` 216) is recognised as an expense and included in employee benets expense (Refer note 23)
in the statement of prot and loss.
(ii)
Dened Benet Plans
a)
Amounts for the current period are as follows :

Gratuity
2013
2012
I
II
Change in dened benet

obligation
Liability at the beginning of the year
Interest cost
Current service cost
Past service cost
Transfer from other Company
Transfer to other Company
Benets paid
Actuarial (gain) / loss on obligations
Liability at the end of the year
1,013
95
109
32
(51)
7
1,205
173
14
(34)
22
175
182
13
(31)
9
173
268
23
11
11
(21)
(17)
275
252
21
10
(35)
20
268
1,129
1,008
Expected return on plan assets
101
87
196
87
73
24

Benets paid
(170)
(51)
(33)
(26)
1,296
1,129
101
(33)
68
87
(26)
61
Dened benet obligation at the end

of the year
1,260
1,205
175
173
275
268
Fair value of plan assets at the end of

the year
1,296
1,129
(36)
76
175
173
275
268
Actuarial gain / (loss) on plan assets

Fair value of plan assets at the end of
the year
Actual return on plan assets
Actuarial gain / (loss) on plan assets
Actual return on plan assets
Amount recognised in the balance
sheet

sheet
84
1,205
116
136
81
(5)
(170)
(103)
1,260
Contributions
IV
Medical
2013
2012
Fair value of plan assets

Fair value of plan assets at the
beginning of the year
III
Pension
2013
2012
Annual Report 2013
Siemens Ltd.
39
Disclosure pursuant to Accounting Standard - 15 Employee Benets (Continued) :

Gratuity
2012
2013
2012
2013
2012
Interest cost
116
95
14
13
23
21
Current service cost
136
109
11
10
(101)
(87)
11
(70)
33
22
(17)
20
81
150
36
22
28
51
Opening net liability
76
173
182
268
252
Expense as above
81
150
36
22
28
51
Expenses recognised in the

statement of prot and loss
Past service cost

Net actuarial (gain) / loss recognised
Expense recognised in employee
benets expense (Refer note 23)
Balance sheet reconciliation

(5)
Less Employers contribution
196
87
34
31
21
35

sheet
(36)
76
175
173
275
268
- Current
(36)
76
31
29
32
31
144
144
243
237
Discount Rate
9.00%
8.60%
9.00%
8.60%
9.00%
8.60%
Rate of Return on Plan Assets
9.00%
8.60%
15.00%
15.00%
15.00%
31-50 years
3.00%
3.00%
3.00%
above 50 years
2.00%
2.00%
2.00%
Salary Escalation / Medical cost

increase rate
7.00%
7.00%
7.00%
7.00%
Change in Liability for 1% increase in

discount rate
250
252
Change in Liability for 1% decrease in

discount rate
305
285
Change in Liability for 1% increase in

ination rate
260
285
- Non current
VII
Medical
2013
VI
Pension
Actuarial Assumptions
Attrition rate:
upto 30 years
VIII
Sensitivity
Annual Report 2013
Siemens Ltd.
85

39

Gratuity
VIII
IX
Pension
Medical
2012
2011
2012
2011
2012
2011
Change in Liability for 1% decrease in

ination rate
292
251
Change in Service Cost for 1% increase

in discount rate
Change in Service Cost for 1% decrease

in discount rate
10
10
Change in Interest Cost for 1% Increase

in discount rate
24
22
Change in interest Cost for 1% decrease

in discount rate
24
25
Sensitivity (Continued)
Amount for the Current and Previous periods as per AS15 Para 120(n) are as follows:
Gratuity
2013
2012
2011
2010
2009
Liability at the end of the year
1,260
1,205
1,013
819
605
Fair value of plan assets at the end of the year
1,296
1,129
1,008
850
648
Difference
(36)
76
(32)
(43)
Experience Adjustment on Plan Liabilities

(gain) / loss
(65)
17
99
(73)
10
Experience Adjustment on Plan Assets (loss) / gain
(33)
(25)
(27)
(14)
Pension

(gain) / loss
2013
2012
2011
2010
2009
25
36
Medical

(gain) / loss
86
Annual Report 2013
2013
2012
2011
2010
2009
(9)
21
55
Siemens Ltd.
39
b)
The fund formed by the Company manages the investments of the Gratuity Fund. 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, 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 Company
expects to contribute ` 150 (2012: ` 100) to gratuity fund in 2013-14.
c)
The estimates of future salary increases, considered in actuarial valuation, take in to account ination, seniority, promotion
and other relevant factors, such as supply and demand in the employment market.
d)
The Company has contributed ` 449 (2012: ` 396) towards provident fund during the year ended 30 September 2013. The
Guidance on Implementing AS 15, Employee Benets (Revised 2005) issued by Accounting Standard Board (ASB) states
that benets involving employer established provident funds, which require interest shortfalls to be recompensed are to
be considered as dened benet plans. The Actuary has accordingly provided a valuation and based on the assumptions
provided below there is no shortfall as at 30 September 2013 and 2012 respectively.
The details of the fund and plan asset position as at 30 September are as follows:
As at 30 September
2013
2012
Present value of benet obligation at year end
6,335
5,549
Fair value of plan assets at year end
6,340
5,654
Shortfall
Assumptions used in determining the present value obligation of the interest rate guarantee under the Deterministic
Approach:
As at 30 September
(iii)
2013
2012
Government of India securities (GOI) bond yield
9.00%
8.60%
Remaining term of maturity (in years)
14.20
10.23
Expected guaranteed interest rate
8.50%
8.60%
General descriptions of signicant dened plans

I
Gratuity Plan
Gratuity is payable to all eligible employees of the Company on superannuation, death and permanent disablement,
in terms of the provisions of the Payment of Gratuity Act, 1972 or as per the Companys Scheme whichever is more
benecial.
II
Medical
Post-Retirement Medical Benet is paid to eligible employees in case of survival upto the retirement age and after
death, benets are available to the employees spouse. The Company reimburses the employees for expenses
incurred over and above the claim accepted by the insurance company. 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.
Annual Report 2013
Siemens Ltd.
87

39
(iv)
Broad category of plan assets as a percentage of total plan assets of the Gratuity plans
Particulars
2013
2012
Government of India securities
17%
15%
State Government securities
30%
28%
Public sector unit bonds
33%
34%
Special Discount scheme
20%
23%
100%
100%
Total Plan Assets

40
Derivative Instruments
a)
Forward Contracts
The Company uses forward contracts to mitigate its risks associated with foreign currency uctuations having
underlying transaction and relating to rm commitments or highly probable forecast transactions. The Company
does not enter into any forward contract which is intended for trading or speculative purposes.
The details of forward contracts outstanding at the year end is as follows:Currency
Buy
Number of
contracts
Sell
Amount
Indian
rupees
equivalent
Number of
contracts
Amount
Indian
rupees
equivalent
US Dollar
2013
342
117
7,323
205
177
11,072
2012
251
141
7,438
151
198
10,447
2013
411
157
13,272
113
44
3,686
2012
281
245
16,810
64
37
2,500
2013
323
5,553
2012
11
454
6,595
2013
12
2012
2013
37
366
132
2012
13
205
97
2013
61
2012
107
Euro
Qatari Riyal
Japanese Yen
Pound Sterling
CHF

88
Annual Report 2013
Siemens Ltd.
40
Derivative Instruments (Continued)

a)
Forward Contracts (Continued)
Currency
Buy
Number of
contracts
Sell
Amount
Indian
rupees
equivalent
Number of
contracts
Amount
Indian
rupees
equivalent
SEK
2013
11
105
2012
12
100
2013
2012
72
2013
2012
2013
2012
63
SGD
AED
AUD
b)
The Company has the following unhedged exposures in various foreign currencies as at the year end:
Foreign currency
2013
2012
Payables:
BDT
DKK
JPY
KWD
LKR
NOK
ZAR
GHS
USD
EUR
GBP
CAD
CNY
SGD
AUD
Receivables:
SEK
LKR
BDT
GHS
SGD
Annual Report 2013
Indian rupees
2013
2012
14
*
*
117
*
*
*
*
*
*
11
*
15
*
83
*
*
*
1
*
*
-
12
2
1
56
1
12
3
2
8
6
7
1
10
1
34
1
*
23
72
1
3
-
68
*
*
-
*
*
32
*
12
-
*
*
Siemens Ltd.
89

40
Derivative Instruments (Continued)

The forward contracts have been converted in Indian rupees, at the spot rates, as at 30 September 2013 to facilitate
reading purposes only.
The Company has a policy of hedging its foreign currency exposure on a net basis. Accordingly, unhedged balances
of receivables and payables are disclosed on a net basis.
c)
Commodity Contracts
The Company uses Commodity Future Contracts to hedge against uctuation in commodity prices. The following
are outstanding future contracts entered into by the Company as on 30 September
Year
Commodity
Number of
Contracts
Contractual
Quantity
Buy /Sell
2013
Copper
4,159
4,159,000 Kgs
Buy
Silver
93
2,790 Kgs
Buy
Copper
3,353
3,353,000 Kgs
Buy
Silver
136
4,080 Kgs
Buy
2012
Note: Each contract of copper is of 1,000 kg and silver is of 30 kg.

41
Earnings per share:
Prot after tax (net prot attributable to Equity shareholders)
2013
2012
1,940
3,432
Shares :Weighted average number of equity shares outstanding during the year
Number of equity shares outstanding
356,119,885 340,295,025
Number of equity shares in share capital suspense account

Total number of shares
356,119,885 352,033,133
Earnings per share (Basic and diluted)

42
11,738,108
5.45
9.75
Micro and Small Enterprises Development Act, 2006 (MSMED)

The Company has amounts due to suppliers under MSMED as at 30 September. The disclosure pursuant to the said Act is
as under:
2013
2012
688
1,340
41
1,062
2,550
Interest due and payable towards suppliers under MSMED Act towards payments already
made
181
272
Interest accrued and remaining unpaid at the end of the accounting year
181
323
Principal amount due to suppliers under MSMED Act

Interest accrued and due to suppliers under Section 16 of MSMED Act, 2006 on the above
amount, unpaid
Payment made to suppliers (other than interest) beyond the appointed day during the year
Interest paid to suppliers under the MSMED Act
The information has been given in respect of such vendors to the extent they could be identied as micro and small
enterprises on the basis of information available with the Company.
90
Annual Report 2013
Siemens Ltd.
43
Exceptional items
2013
2012
1,146
352
Impairment loss [Note (b)]
(355)
(1,200)
Employee costs [Note (c)]
(818)
325
(1,200)
Prot on sale of Postal & Parcel Logistics Technologies and Airport Logistics Technologies
(LAS) business [Note (a)]
CENVAT credit on certain services for earlier years availed
Total
44
(a)
The Company has transferred its LAS business to Siemens Postal Parcel & Airport Logistics Pvt. Ltd., a 100% subsidiary
of Siemens AG, effective 30 September 2013, for a consideration of ` 1,285. The prot recorded on such sale is
` 1,146.
(b)
In accordance with periodic impairment assessment, the Company has re-assessed the usability of certain assets
and consequently recognized impairment loss of ` 355 (2012: impairment loss of ` 1,032 and other consequential
provisions of ` 168).
(c)
During the current year, the Company has incurred additional compensation cost pursuant to separation of certain
employees aggregating ` 818 on rationalisation of operations.
Prior period items

Prior period items for the year ended 30 September 2012 relates to certain updates in projects relating to an earlier year.
The impact of the same in the statement of prot and loss is ` 799 (Decrease in revenue from construction contracts
` 572 and Increase in other costs under the head project bought outs and other direct costs ` 227).
45
Prior year comparatives

Pursuant to the amalgamation of SPEL and Winergy (Refer note 2.1 and 2.2), the gures of the current year are not strictly
comparable to those of the previous year. Previous years gures have been regrouped / reclassied wherever necessary,
to conform to current years classication.

per Sudhir Soni

Partner
Deepak S. Parekh
Dr. Armin Bruck
Sunil Mathur
Yezdi H. Malegam
Ketan Thaker
Mumbai
Mumbai
Annual Report 2013
Chairman
Managing Director
Executive Director
Company Secretary
Siemens Ltd.
91
SIEMENS LIMITED
Registered Ofce: 130, Pandurang Budhkar Marg, Worli, Mumbai - 400 018
Dear Member(s),
Sub.: Green Initiative in Corporate Governance - Electronic Mode of service of documents
The Ministry of Corporate Affairs (MCA) has, vide its Circular No. 17/2011 dated 21.04.2011 and Circular No. 18/2011 dated
29.04.2011, allowed companies to serve all notices and correspondences to members including Annual Reports i.e., Audited
Financial Statements, Directors Report, Auditors Report, etc., through electronic mode (e-mail). The initiative taken by the MCA
is a welcome move for the society at large, as this will reduce paper consumption to a great extent, ensure prompt receipt of
communication and avoid loss of document in postal transit. Keeping in view of the theme underlying the Circulars issued by
MCA, we propose to henceforth send documents like notices, intimation under Section 302 of the Companies Act, 1956, Annual
Reports, Financial Results, etc., to our members through electronic mode.
We are sure that you will whole-heartedly support this initiative for a greener environment and co-operate with the Company
to make it a success. We therefore request you to ll up the Information Slip below for registering your e-mail ID and send it
to our Registrar & Share Transfer Agent (RTA), TSR Darashaw Pvt. Ltd. You can also send us an e-mail from your e-mail ID to
Corporate-Secretariat.in@siemens.com / csg-green@tsrdarashaw.com for receiving the aforesaid documents in electronic form
and mentioning therein your Folio No. / DP ID / Client ID as the case may be. On receipt of the Information Slip or an e-mail from
you for registering your e-mail ID, we shall send such documents in electronic form to the said e-mail ID in future.
Please note that the Information Slip should be signed by the rst / sole-holder as per the specimen signature recorded with
the RTA. If you do not register your e-mail ID, a physical copy of the Annual Report and other communication / documents
will be sent to you free of cost, as per the current practice. These documents will also be available on the Companys website
www.siemens.co.in for your ready reference under the Investors Relations Section.
Lets be part of this Green Initiative
Thanking You,
Yours faithfully,
For Siemens Ltd.
Ketan Thaker
Company Secretary
TSR Darashaw Pvt. Ltd.

Unit: Siemens Ltd
6-10, Haji Moosa Patrawala Industrial Estate,
20, Dr. E. Moses Road,
Mahalaxmi, Mumbai 400 011.
Folio No. / DP ID & Client ID
___________________________________________________________
Name of 1 Registered Holder
___________________________________________________________
Name of Joint Holder(s)
___________________________________________________________
E-mail ID address (to be registered)
___________________________________________________________
Phone number (alongwith STD Code) / Mobile No.

(in case the shares are held in physical form)
___________________________________________________________
Date:_____________________
Signature of 1st Holder:__________________________________________
st
Note: Shareholders are requested to keep DP / RTA / Company informed as and when there is any change in the e-mail address.
Unless the e-mail ID given above is changed by you by sending another communication in writing / e-mail, the Company will
continue to send the documents to you on the above mentioned e-mail ID.
Siemens Ltd.
Registered Ofce: 130, Pandurang Budhkar Marg, Worli, Mumbai 400 018
ATTENDANCE SLIP
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE AUDITORIUM
NAME AND ADDRESS OF THE REGISTERED SHAREHOLDER
DP. Id
Client Id/
Folio No.
No. of Shares
I hereby record my presence at the 56th Annual General Meeting of the Company to be held at Yashwantrao
Chavan Pratishthan Auditorium, Y. B. Chavan Centre, General Jagannathrao Bhonsle Marg, Nariman Point,
Mumbai 400 021 on Thursday, 30th January, 2014, at 3.00 p.m.
Full name of the Proxy, if attending the Meeting:
Signature of the Member / Joint Member / Proxy attending the Meeting :
Note:
Persons attending the Meeting are requested to bring this Attendance Slip and Annual Report with them. Duplicate
Attendance Slip and Annual Reports will not be issued at the Annual General Meeting.
Siemens Ltd.
Registered Ofce: 130, Pandurang Budhkar Marg, Worli, Mumbai 400 018
PROXY FORM
I / We, __________________________________________________________________________________________________
of ___________________________________________________________ being a Member / Members of Siemens Ltd.
hereby appoint ____________________________________________of ___________________________________________
or failing him / her _________________________________________ of ___________________________________________
as my / our Proxy to vote for me / us and on my / our behalf at the 56th Annual General Meeting of the Company to
be held at Yashwantrao Chavan Pratishthan Auditorium, Y. B. Chavan Centre, General Jagannathrao Bhonsle Marg,
Nariman Point, Mumbai 400 021 on Thursday, 30th January, 2014, at 3.00 p.m. and at any adjournment thereof.
Registered Folio / DP. ID. & Client ID.:

No. of Shares held:
Signed this ________ day of _____________________, 20__
Afx a
15 paise
Revenue
Stamp
Signature(s) of the Member(s)
Notes:
(a) Proxies, in order to be effective, must be received at the Registered Ofce of the Company not less than 48 hours
before the time of the Meeting.
(b) A Member entitled to attend and vote at this Meeting is entitled to appoint a proxy and the proxy need not be a
Member.

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Contents

Annual Report 2013

Annexure I - Conservation of Energy, etc.

Annexure II - Managements Discussion and Analysis

Annexure III - Corporate Governance Report

Annexure IV - General Shareholder Information

Business Responsibility Report - Overview

Mr. Darius C. Shroff

Mr. Yezdi H. Malegam

Mr. Narendra J. Jhaveri

Mr. Keki B. Dadiseth

Mr. Pradip V. Nayak

Mr. Joe Kaeser

Dr. Roland Busch

Special Director (Nominee of Siemens AG)

Ms. Mariel von Drathen

Director (with effect from 2nd August, 2013)

Mr. Johannes Apitzsch

Dr. Armin Bruck

Mr. Sunil Mathur

Dr. Armin Bruck

Dr. Armin Bruck

Dr. Roland Busch

Dr. Roland Busch

* With effect from 23rd November, 2013

Annual Report 2013

Financial Highlights - Siemens Limited

Prot Before Depreciation, Interest and Tax

Prot After Tax

Reserves & Surplus

Net Worth (Shareholders Fund)

Net Current Assets & Other Assets

Prot Before Tax

Dividend - ` Per Share

On Capital Employed (PBIT) - %

On Shareholders Fund (PAT) - %

Per Share (PAT) - `

Annual Report 2013

Annual Report 2013

To declare a dividend on Equity Shares.

Appointment of Ms. Mariel von Drathen as a Director of the Company

Appointment of Mr. Johannes Apitzsch as a Director of the Company

Annual Report 2013

By Order of the Board of Directors

Annual Report 2013

Unclaimed / Unpaid Dividend:

Tentative date for transfer Financial Year

Tentative date for transfer

6th March, 2017

23rd February, 2014

5th March, 2017

29th July, 2014

7th March, 2018

8th March, 2015

29th April, 2015

8th March, 2019

8th March, 2020

Annual Report 2013

Annual Report 2013