About
Siemens Ltd
Siemens Limited offers products, integrated solutions for industrial applications for manufacturing industries, drives for process industries, intelligent infrastructure and buildings, efficient and clean power generation from fossil fuels and oil & gas applications, transmission and distribution of electrical energy for passenger and freight transportation, including rail vehicles, rail automation and rail electrification systems. It focuses on the areas of electrification, automation and digitization. It is one of the leading producers of technologies for combined cycle turbines for power generation; power transmission and distribution solutions; infrastructure solutions for Smart Cities and transportation; automation and software solutions for industry, and also supplier of healthcare equipments. It has nearly 21 factories located across India and a nation-wide sales and service network.
Siemens Ltd was incorporated in the year 1957 as Siemens Engineering and Manufacturing Company of India Pvt Ltd. In March 1957, the company entered into a collaboration agreement with two foreign companies, viz., Siemens & Halske AG and Siemens Schuckertwerke AG of West Germany.
In the year 1966, the name of the Siemens & Halske AG was changed to Siemens AG and at the same time, it took over the manufacturing and business activities of Siemens-Schuckertwerke AG and Siemens-Reiniger-Werke AG. The name of the company was changed in the year 1967 from Siemens Engineering & Manufacturing Company of India Ltd to Siemens India Ltd. In the year 1970, Siemens-Reiniger-Werke AG and Siemens-Schuckertwerke AG were merged with Siemens AG. In the year 1985, the company incorporated a subsidiary company, namely Siemens Communication Systems Pvt Ltd to undertake the manufacture of certain items of Telecommunication equipment for export purposes.
In the year 1987, the company established a software centre at the head office in Mumbai to cater to the software package requirements of the control and automation systems and also to tap the export market. In the year 1990, the company undertook a project to set up a plant at Waluj in Aurangabad district of Maharashtra for the manufacture of switchgears and miniature circuit breakers. In the year 1991, the Medical engineering division launched a mobile C-arm image intensifier system, saving valuable foreign exchange. Also, the motors, drives and automation division launched the microprocessor based modular drives for AC and DC applications, microprocessor based digital uninterrupted power supply and micro PLC Simatic 90U. The name of Siemens Communication Systems Pvt Ltd was changed to Siemens Information Systems Ltd
In the year 1993, the company introduced State-of-the-art advanced process control system at Nashik in order to meet stringent control requirements of chemical and petro-chemical industries. In the year 1994, the company signed an MoU with Asia Chip Card, Singapore and Semiconductor Corp Ltd to enter into the smart card business. In the year 1996, the company suffered by loss due to discontinuous of the operations of the Telecommunications division. In the year 1998, Siemens Public Communications, a 70:30 joint venture company between Siemens Germany and Siemens Ltd India were formed. Siemens Telecom Ltd, a joint venture between Siemens and Bharti Telecom formally launched their Euroset and Emerald series of phones at Bangalore.
In the year 1999, the company set up Unisphere Solutions Inc to target leadership in the converged voice and data and Internet networking solutions. In the year 2000, they launched total hotel solutions' for the hospitality industry to cater to the growing needs of the corporate travelers. They launched their new line of information and communication solutions - Hicom 150 E Office and ESL8i - targeted at small and medium enterprises. In the year 2001, Siemens Information Systems Ltd, a wholly owned subsidiary company signed a partnership contract with Avraham Goldratt Institute of USA (AGI). The company introduced different models of mobile phones, which cover various features in each.
In the year 2004, the company made a strategic alliance with Aethra Telecomunicazioni, Italy to offer a range of video and audio conferencing solutions in India. In the year 2006, the company made an alliance with Huawei-3Com to offer high performance networks to Indian enterprises.
In the year 2007, the company acquired a 77% of stake in iMetrex Technologies Ltd, which is a leading provider of products and solutions in the areas of electronic security, safety and building automation systems. In September 2007, the company acquired the balance 26% stake in Siemens Industrial Turbomachinery Services Pvt. Ltd. (SITS) from Pimac Engineers Pvt. Ltd. In November 2007, the company bagged an order worth of Rs 870 million (Rs 87 crore) from McNally Bharat Engineers Pvt Ltd for supplying electricals for Rashtriya Ispat Nigam Ltd's new Sinter Plant at Vizag.
In January 2008, the company and the Government of Maharashtra signed a Letter of Understanding to support company's expansion plans in the State. In April 2008, the company took over Morgan Construction Co., the rolling mill specialist based in Worcester, Massachusetts, USA. In May 2008, the company's Medical Solutions installed Asia's first high definition positron emission tomography (HD PET). This high-end equipment is installed at Piramal Diagnostics (formerly Wellspring), Mumbai.
During the year 2009-10, as per the scheme of amalgamation, Flender Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from October 1, 2009. In January 8, 2010, the company acquired the balance 13.85% stake Siemens Building Technologies Pvt Ltd, Chennai (SBTPL) comprising of 517,209 Equity Shares of Rs 10 each, from the promoters of SBTPL for a consideration of Rs 702.51 million. With this acquisition, SBTPL became a wholly owned subsidiary of the company.
During the year 2010-11, the company created a new Sector 'Infrastructure & Cities' in line with Siemens global strategy and in order to achieve better portfolio synergy. The new sector will offer solutions to the cities for mobility, environmental protection and energy savings. This sector will be having five divisions (Mobility, Rail System, Low & Medium Voltage, Smart Grid and Building Technologies) and these divisions will work closer to their target markets and develop additional business opportunities in the growing market of cities.
During the year, as per the scheme of amalgamation, Siemens Building Technologies Pvt Ltd and Vista (a wholly owned subsidiary of SBTPL) were amalgamated with the company with effect from October 1, 2010. Consequent to the amalgamation of SBTPL, the three subsidiaries of SBTPL i.e. iMetrex Technologies Ltd., Ireland (ITL), Europlex Technologies (UK) Ltd., UK (ET UK) and Europlex Technologies (Ireland) Ltd., Ireland (ET IL) became subsidiaries of the company. During the year, ITL, ET UK & ET IL were sold to Siemens Schweiz AG, Switzerland (a subsidiary of Siemens AG) for a total consideration of Euro 2.95 million
During the year, as per the scheme of amalgamation Siemens Healthcare Diagnostics Ltd was amalgamated with the company with effect from March 14, 2011. In April 2011, Siemens Rolling Stock Pvt Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from October 1, 2009. In September 2011, the company received an order from Siemens AG valued at Rs 294.50 crore for a transmission project of Power Grid of Corporation of Bangladesh. The completion period is 24 months.
The company has approved the amalgamation of Siemens VAI Metals Technologies Pvt Ltd, Kolkata (SVAI), a 100% Siemens AG Company and Morgan Construction Company India Pvt Ltd, Mumbai (Morgan) a wholly owned subsidiary of SVAI with the company. The appointed date was fixed as October 1, 2011.
In 2012, The Company won contract to modernize electricity distribution system for Maharashtra State Electricity Distribution Company. The company inked contract with PGCIL to construct 765 kV test lab in Bina, MP. The Company started operations in two greenfield factor in Goa. In 2013 Siemens launches SIMATIC S7-1500 with TIA Portal. Siemens installs Asia's first SOMATOM Definition Edge CT scanner at PSG Hospitals, Coimbatore. Siemens Limited wins contract to build first private sector-funded GIS substation in Bangladesh. Siemens wins order to modernize Korba Stage-II plant of NTPC. Siemens wins repeat order for Gurgaon Metro South Extension project. Siemens Corporate Citizenship Film Runner-up at Global Sustainability Awards. Siemens-powered Rapid Metro Rail Gurgaon begins operations. Siemens inaugurates State-of-the-Art Test Center for Motors. Siemens installs SOMATOM Perspective 128 slice CT scanner at SRL Diagnostics-Speedscans, Surat. Siemens introduces cutting-edge patient care technology with two new solutions - Biograph mCT Flow & Symbia Intevo.
In 2014, the company launches best-fit controller for mid-sized DCS market.- AS 410 SMART. The company also launches optimized servo drive system for motion control applications. The company installs world's longest lab automation track at Thyrocare. The company Installs India's First Ultrasound System with Wireless Transducers at K.G. Hospital, Coimbatore. The company bags orders from Reliance Industries for supply of steam turbines. The company successfully delivers 1200kV CVT to National Test Station, Power Grid. The company wins international recognition for its motors manufactured in India. The company wins order worth Rs 317 crores from Bihar Grid Company Ltd. The company surpasses 100,000 milestone for energy-efficient industrial motors.
In 2015, the company has bagged orders worth Rs 450 crore from Varanasi-based Diesel Locomotive Works. The company wins Rs. 55 crore order for High Voltage Circuit Breakers from Algeria. The company wins order worth Rs. 123 crore from Power Grid Company of Bangladesh. The Company has received an order worth Rs 67 crore for supply of high voltage gas insulated switchgear from Larsen and Toubro. The company has powers cities across three states Punjab, Uttarakhand and Haryana with Smart Grid solutions. The company wins order worth Rs. 81 crore from Diesel Locomotive Works. The company has received an order of Rs 79 crore from Pune based wind turbine supplier, Suzlon Energy Limited. IL&FS & GIFTCL sign MoU with the company to develop Smart Mobility Solutions for GIFT. The company has opened up a global skill centre for occupational safety in Mumbai in collaboration with TUV Rheinland India.
On 13 October 2015, Siemens announced that, together with its parent company Siemens AG, Germany, it has won an order totalling approximately Rs 183 crore from NTPC. The component of Siemens Ltd. in the order is approximately Rs 97 crore. The scope of the works includes modernization as well as maintenance of Controls and Instrumentation at NTPC's Dadri Power Gas Station.
On 7 December 2015, Siemens announced that it has won a crucial order approximately worth Rs 377 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The scope of work for the project involves supply of 1890 Traction Motors for 4500 HP Diesel Electric Locomotives. The Traction Motors will be produced at Kalwa Factory of Siemens Limited. On 10 December 2015, Siemens Ltd. announced that it has won an order worth approximately Rs 102 crore to supply a 400 kV Gas Insulated Switchgear (GIS) Substation to West Bengal State Electricity Transmission Company Limited (WBSETCL). The scope of the order includes engineering, supply, installation and commissioning of the GIS Substation.
On 22 January 2016, Siemens Ltd., announced that it has won a crucial order approximately worth Rs 112 crore from Rajasthan Rajya Vidyut Prasaran Nigam Limited, a State Power Transmission Utility owned by Government of Rajasthan and headquartered in Jaipur. The scope of work for the project involves engineering, supply, installation, testing and commissioning of 400 kv /220kV Air Insulated Substations.
On 22 January 2016, Siemens Ltd., together with Siemens Malaysia, announced that it has won a crucial order approximately worth Rs 155 crore from Malaysia-based PSI International, one of the largest petrochemical companies of the world and a subsidiary of Petronas. The scope of work for the project involves supply of 420kV Gas Insulated Switchgear for PSI International's new petrochemical (RAPID) Greenfield project.
The Board of Directors of Siemens at its meeting held on 4 March 2016 approved the sale and transfer of its Healthcare undertaking, as a going concern on a slump sale basis, for a sale consideration of Rs 3050 crore to Siemens Healthcare Private Limited, a subsidiary of Siemens AG. This transaction follows Siemens AG's global strategy of managing its Healthcare business under a separately-managed company. Over 85% of Siemens Ltd's Healthcare revenues are currently derived from products imported from parent Siemens AG. Significant management focus, including investments will be needed in finding appropriate products and solutions to meet the growing demands of the Indian market. As there are limited synergies between the Healthcare and other businesses of Siemens Ltd, this transaction will enable Siemens Ltd to increase its focus on, and capital allocation to Power Generation, Transmission and Distribution, Mobility, Industrial Automation and Smart Cities segments while enabling Siemens AG to further strengthen its focus on the Healthcare segment in India, by aligning it with its global strategy and management framework.
On 6 April 2016, Siemens announced that it has started dispatch of the largest-ever Made in India' single-phase Generator Step-Up (GSU) Transformer of rating 315 MVA, 23.5kV/420kV for installation at NTPC's Kudgi Thermal Power Station in Bijapur, Karnataka. This transformer is an essential component of the Power Station, which once operational will boost the high-capacity power generation for the southern states of Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. NTPC has ordered 10 units of these GSU transformers on Siemens.
On 23 May 2016, Siemens announced that it has strengthened its partnership with Sri Lanka by signing a Memorandum of Understanding (MoU) with the Ministry of Megapolis and Western Development, Sri Lanka to offer expertise and best practices from its globally-proven, state-of-the-art, Sustainable, Smart City solutions portfolio. The prime objective of the Ministry of Megapolis and Western Development is to bring systematic changes and development processes into the urban community in Sri Lanka, which will ensure that the inhabitants of urban areas become a part of socio-economic development of the country while maintaining high levels in quality of life. This will pave the way for making Sri Lanka a commercial, naval and aviation hub of Asia.
On 8 June 2016, Siemens Ltd. announced that, together with Siemens Bangladesh Ltd., it has won an order worth approximately Rs 113 crore from Power Grid Company of Bangladesh Limited (PGCB) to design, procure, supply, install, test and commission 230/132kV Gas Insulated Switchgear Substation along with 225/300 MVA, 132/33 KV and 50/75 MVA Transformers at Keraniganj within Dhaka.
On 13 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 78 crore from Power Grid Corporation of India Limited (PGCIL) to design, supply, install and commission 7 X 500MVA, 765/400/33kV, Phase Autotransformers at Bhuj.
On 22 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 83 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The order is to design, supply and install 40 Alternating Current (AC) Traction Systems for dual-cab high horsepower diesel engine locomotives. On 27 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 570 crore to supply Static Synchronous Compensator (STATCOM) solutions to Power Grid Corporation of India Ltd. (PGCIL). The scope of the order includes design, engineering, supply, civil, installation, testing and commissioning of STATCOMs at four substation locations ofPGCIL: Ranchi, Rourkela, Kishenganj and Jeypore across the states of Bihar, Jharkhand and Odisha. Cutting-edge technology from Siemens will result in the installation of one of the world's largest STATCOM projects at 400 kV level with a dynamic swing range of 2000MVAr and 1250MVAr mechanically switched components.
On 3 August 2016, Siemens Ltd. announced that it has received a crucial order worth approximately Rs 217 crore for Power Grid Company of Bangladesh Limited (PGCB) project from Siemens AG, Germany to supply 400kV / 230 kV Switch Yard Equipments, Reactors, Power Transformers, Fire Fighting Systems, Air-conditioning Systems, Auxiliary Power System, Building Management Systems, Illumination Systems, AC Control and Protections, Engineering for Civil and Plant for 500 MW High Voltage Direct Current (HVDC) Station.
The Board of Directors of Siemens at its meeting held on 5 December 2016 approved the sale and transfer of the company's business of engineering, design and development services for global wind power business (hereinafter referred to as SLWP Business') to a subsidiary (to be incorporated) of Siemens Wind HoldCo Sociedad Limitada (SA), Spain, which in turn is a subsidiary of Siemens AG, Germany (SAG), as going concern on a slump sale basis with effect from 1 January 2017 for a cash consideration of Rs 7.5 crore. The SLWP Business consists providing engineering services exclusively for the component design of Towers, Nacelle, Hub and Generator to the Siemens Wind Power A/S (Wind Power Division) in terms of an annual contract on a cost plus mark up basis.
On 13 January 2017, Siemens Ltd. announced that, it has won an order worth approximately Rs 98 crore from Diesel Locomotive Works (DLW) to design, supply and install 48 Alternating Current (AC) Traction systems for Dual Cab High Horsepower Diesel Engine locomotive for Indian Railways. The AC Traction systems will be produced at Nashik Factory of Siemens Limited. The systems have been developed based on the state of art Insulated Gate Bipolar Transistors (IGBTs) technologies. The principle benefit of IGBTs over Gate Turnoffthyristors (GTOs) is that it reduces the current required and therefore the heat generated, giving smaller and lighter units.
On 18 January 2017, Siemens Ltd announced the launch of its new range of energy efficient motor SIMOTICS 1LE7. The new SIMOTICS 1LE7 range of motors is the newest entrant in the existing range of motors offered by Siemens in India. These motors offer efficiency values higher than the IE3 standards - which is currently the highest efficiency class as recognized by Indian Standards.
On 24 January 2017, Siemens Ltd. announced that it has won an order worth approximately Rs 366 crore from Oil and Natural Gas Corporation Limited (ONGC). The order includes supply of material for overhauling of 18 Power Turbines through Zero Hour Overhaul and Time Continued Overhaul. The Zero Hour Overhauling will be first of its kind in India and involves the overhaul of Power Turbines to zero hour status. Under the new concept of Zero Hour Overhaul, the Power Turbine will perform almost as new - capable of a safe run of another 100,000 hours before the next overhaul. This will help in reducing down-time and increase in productivity because of elimination of at-least one intermediate overhaul.
On 10 February 2017, Siemens Ltd. announced that it has won an order worth approximately Rs 101 crore from Delhi Transco Ltd. (DTL). The order includes installing 220/66/33kV Gas Insulated Switchgear (GIS) substation at R.K. Puram, New Delhi. DTL is the State Transmission Utility of New Delhi.
On 16 February 2017, Siemens announced that it has received an order worth approximately Rs 119 crore from Sterlite Power Grid Ventures Ltd. for design, engineering, procurement, manufacture, supply and commissioning of equipment for 765/400kV Air Insulated Switchgear (AIS) Substation at Khandwa (Madhya Pradesh) and 765kV AIS Bay Extension Equipment at Dhule (Maharashtra) for Khargone Transmission Ltd.
On 20 February 2017, Siemens announced that the company along with Siemens Rail Automation Ltd. S.A.U Spain has jointly won an order worth Rs 287 crore to supply state-of-the-art signaling technology for the first two metro lines of the Nagpur Metro i.e. the North-South and the East-West Corridors. Siemens Limited's share of the contract is Rs 146 crore (all inclusive).The project comprises the deployment and installation of the Siemens communications-based train control (CBTC) solution Trainguard MT for 38.2 kilometers of double track with 36 stations and two depots, as well as onboard equipment for 23 three-cars trains.
On 23 March 2017, Siemens announced that it has won an order worth approximately Rs 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka. The project includes construction of new 33/11 kV Air Insulated Switchgear substations in Dhaka, Chittagong and Sylhet. BREB is an electricity distribution provider under the Government of Bangladesh responsible for providing electricity to the rural parts of Bangladesh. The project is part of BREB's efforts to upgrade the country's rural electricity distribution system and will contribute to accomplishing the Government of Bangladesh's Vision of 'Electricity for All by 2021'.
On 29 March 2017, Siemens announced that that a consortium of the company and Sumitomo Electric Industries Ltd. has been awarded an order from Power Grid Corporation of India, the central transmission utility of India, to supply a high-voltage direct current (HVDC) transmission system. The total size of the order won by the consortium is US $520 million, of which the share of Siemens is approximately Rs 1682 crore. The about 200-kilometer-long HVDC connection will be India's first direct current link using voltage sourced converter (VSC) technology.
On 11 May 2017, Siemens informed the stock exchanges that an internal investigation by the company has revealed that as a result of a collusion between certain employees through the use of fake purchase orders and related documentation and the failure of some other employees to adequately discharge their responsibilities under the internal financial control procedures laid down by the company, a fraud spread over several years prior to 31 March 2011 has been perpetrated on the company, the estimated impact of which is Rs 19 crore. Appropriate disciplinary action has been taken against the concerned employees and such further action in the matter as may be considered necessary is under consideration of the company's Board of Directors.
On 25 September 2017, Siemens announced that it has transferred and assigned its leasehold interest in the property located at Plot No. 130 Pandurang Budhkar Marg, Worli, Mumbai to Whispering Heights Real Estate Private Limited, a joint venture entity of Reco Solis Pte. Ltd. (an affiliate of GIC, Singapore) and the K. Raheja Corp Group, for a total consideration of Rs 610 crore. Earlier, on 30 December 2016, Siemens and Whispering Heights Real Estate Private Limited executed a Memorandum of Understanding for the transfer and assignment of Siemens' leasehold interest in the Property located at Plot No. 130, Pandurang Budhkar Marg, Worli, Mumbai for a total consideration of Rs 610 crore in favour of the proposed assignee.
The Board of Directors of Siemens at its meeting held on 21 February 2018 agreed in-principle to sell its Mobility Division and Rail Traction Drives business (included in Process Industries and Drives Division which provides products and services to Mobility Division) as also its wholly owned subsidiary Siemens Rail Automation Private Limited, to the parent company Siemens AG, Germany (SAG) or its subsidiary. The Mobility Division accounts for 10.46% of the turnover and 2.82% of the capital employed of the company for the year ended 30 September 2017. The Board also agreed in-principle to sell its Mechanical Drives business (included in Process Industries and Drives Division) to SAG or its subsidiary.
The Board of Directors of the Company at its Meeting held on 26 August 2020 approved the sale and transfer of the Company's Mechanical Drives (MD') Business, to Flender Drives Private Limited, a subsidiary of Flender GmbH, which in turn is a subsidiary of Siemens AG, as a going concern on a slump sale basis, with effect from 01 January, 2021.
On 01 January 2021, the Company divested its Mechanical Drives (MD) business as a going concern on a slump sale basis to Flender Drives Private Limited for a final consideration of Rs. 3,759 million.
On 01 March 2021, the Company acquired 99.22% equity share capital of C&S Electric Limited and became a subsidiary of the Company.
In FY 2021, the Company commissioned India's first high-voltage direct current link featuring voltage-sourced converter (VSC) technology for Power Grid Corporation of India Limited (POWERGRID). It partnered with POWERGRID to commission Static Synchronous Compensator (STATCOM) solutions at POWERGRID's substations at Bikaner, Fatehgarh and Bhadla. It signed a Memorandum of Understanding (MoU) with Switch Mobility Automotive Limited to execute e-mobility projects. It announced deployment of over 2 lakh Smart Meters in North Delhi, together with Tata Power Delhi Distribution Limited. In mobility space, it provided automated train technology systems at improving capacity, punctuality, reliability, and provide enhanced safety for passengers of Bengaluru Metro. It strengthened manufacturing footprint with opening of a medium voltage switchgear factory in Goa. It executed a Power Purchase Agreement and entered into an Agreement on 22nd October 2021 for subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited.
On 1st July 2022, the Company sold and transferred its Large Drives Applications business as a going concern on a slump sale basis to Siemens Large Drives India Private Limited for a cash consideration of Rs 440 Crores.
During FY 2021-22, by virtue of subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited (SRPL), Mumbai, India, Sunsole Renewables was made an Associate of the Company with effect from 28th February 2022.
During the year 2023, the Company launched a Digital Twin Solution for streamlining paint processes at MG Motor, an automotive OEM. It launched Siemens Xcelerator, an open digital business platform consisting of three main elements - portfolio, ecosystem and marketplace.
Siemens Ltd
Chairman Speech
Dear Shareholders,
The financial year 2021-22 was a volatile period for the global
economy. While it started with optimism, with the economy opening up, consumption rising
and production back to normal levels, developments on the geo-political and macro-economic
fronts led to uncertainty. Speculation of a looming recession and slowing growth emerged
as a result of inflation, material shortages, supply chain issues and most central banks
around the world raising interest rates.
In such a scenario, the Indian economy remained resilient and continued
growing. Business sentiment too was strong, as seen in increased domestic demand and
consumption, aided by both public and private capital expenditure. The Central Government
has been consistent in its policies and measures to maintain higher capital expenditure
while also supporting the State Governments to follow suit. It is imperative that the core
sectors and the small and medium enterprises (SMEs) continue to get capital investments to
drive steady, all-round economic growth.
The resilience of all the businesses, which did remarkably well, is
evidence of the Company's strong performance in Revenues, New Orders as well as Net
Profits. With its wide-ranging portfolio, market-oriented organization structure,
technology leadership and strong local competence, the Company is in a good position to
partner with the country in its sustainable growth.
Financial Performance - Highlights
For the financial year 2022, the Company received New Orders valued at
Rs 194,221 million, a 43.1 percent increase over Rs 135,709 million in the financial year
2021. The Order Backlog as of 30th September 2022 stood at Rs 171,830 million.
Sales (excluding other operating revenues) were up by 18.3 percent to Rs 145,881 million,
compared to Rs 123,280 million in the previous financial year.
Profits from Operations stood at Rs 13,974 million compared to Rs
12,061 million in the previous financial year. The Company's Profit before Tax stood at Rs
16,802 million compared to Rs 14,055 million in the previous financial year, an increase
of 19.5 percent. The Profit after Tax for the financial year was Rs 12,497 million, an
increase by 19.7 percent compared to Rs 10,440 million in the previous financial year. The
Board of Directors of the Company has recommended a dividend of Rs 10/- per equity share
of the face value of Rs 2/- each for the financial year ended 30th September
2022. The above financial performance is for continuing operations.
Business Performance - Highlights
Among the key highlights during the financial year 2022, the Company
(as part of a consortium) booked a large order to the extent of approximately Rs 9 billion
to develop the Metro Corridor for Pune Metro under the public-private partnership route.
It won another order from Rail Vikas Nigam Limited, a listed Mini Ratna of Ministry of
Railways, for signaling and telecommunication of two corridors of the Kolkata Metro Line 3
and 6.
The Company is contributing to the decarbonization initiatives at one
of the largest aluminium companies in India - an overhaul of its ageing turbines promises
CO2 reduction of around 100,000 tonnes per year. It received orders for electrification of
a data center, cloud-based meter data management system for a state electricity
distribution company and a turnkey 33kV switchyard at a deep all-weather port. It also
implemented a digital twin solution for streamlining paint processes at an automotive
original equipment manufacturer. The Company was also involved in automating the first
indigenous greenfield COVID-19 vaccine production as well as providing automation for
cranes at a steel plant.
Digital transformation
One of the highlights of the financial year 2022 was the launch in
India of Siemens Xcelerator, an open and evolving digital business ecosystem. It comprises
a comprehensive, curated portfolio that includes digital and Internet of Things
(IoT)-enabled offerings (software, hardware and digital services) from Siemens and
certified third parties.
The launch has happened at an opportune moment as the Company has
experienced heightened interest in digital solutions from a wide range of customers. Many
customers have expressed the need for solutions that address challenges specific to their
verticals, and I am confident that many would see immense value in a platform that is sure
to make their digital transformation easier, faster and at scale. This platform is
especially beneficial to the thousands of SMEs, in which the Company has a strong
footprint, as it can help them scale up, upgrade and adopt new designs and components much
faster to stay competitive. The digital platform offers value creation for customers of
all sizes in industry, buildings, grids and mobility. The curated portfolio of software,
IoT-enabled hardware and digital services follows key design principles of
interoperability, flexibility, openness and as-a-service.
The penetration of digital technologies across various verticals has
increased considerably. Many of the Company's large customers have already implemented or
shown high levels of interest in technologies such as Industry 4.0, digital twin,
cybersecurity and artificial intelligence to achieve efficiency, productivity,
flexibility, transparency, availability, scalability, speed, resilience and a host of
other benefits.
Sustainability
Sustainability is firmly embedded in the Company's business strategy
and is defined under the DEGREE framework (Decarbonization, Ethics, Governance, Resource
Efficiency, Equity, Employability). Together with implementing sustainability measures
within the organization, the Company has been supporting its customers to meet their own
sustainability goals.
The Company has contributed to the setting up of e-charging
infrastructure in Bengaluru and Chandigarh, and helped large cement and aluminium
producers reduce their carbon footprint. The Company has regular awareness sessions (such
as Integrity Dialogue and Collective Action) for employees, business partners and
customers on Business Conduct Guidelines. It has a Supplier Code of Conduct as well as
environmental and social due diligence (Governance). It has set up distributed energy
systems in the Kalwa and Aurangabad factory premises and also at Indian Institute of
Technology, Kanpur. While offsite solar energy powers the factories, IIT Kanpur benefits
from integrating microgrid, solar, biomass, e-charging and smart metering technologies.
During the financial year 2022, the Company has laid emphasis on
strengthening diversity and inclusivity through various Diversity, Equity & Inclusion
initiatives. Lastly, the Company has contributed to improving employability having
implemented the Dual Vocational Education Training (Dual VET) approach in around 300
Industrial Training Institutes (ITI) across 14 States (benefitting over 45,000 students
annually).
The Company's intelligent and sustainable solutions support customer
initiatives to increase competitiveness and address climate change challenges. A few of
these technologies are eco-design transformers, grid control centers, high-efficiency
motors and drives, electric locomotives and hotel load converters, power plant
modernization solutions, building management systems, energy management and automation.
Business Responsibility
The Company considers it as its economic, environmental and social
responsibility to foster sustainable local development and add value to the local economy
in which it operates. The Company's CSR projects are long-term in nature designed to
create sustainable value to society.
During the financial year 2022, Siemens Scholarship Program completed
10 years since it was launched. This is one of the Company's flagship projects that
enables access to quality education to economically disadvantaged communities. So far, it
has enabled 1,135 bright students from government engineering colleges from all over India
and many of these scholars are now role models for more students to emulate.
Through the Company's CSR initiatives, over 23,000 students have been
exposed to STEM (Science, Technology, Engineering and Mathematics) and over 32,145 ITI
trainees have received training under Dual VET; seven self-sustaining livelihood centers
running on solar energy have been set up; water storage facilities with a capacity of 292
million liters have been created; over 11,000 saplings have been planted; over 145 acres
of land have been made arable; and humanitarian assistance provided to over 6,600 people
affected by floods in Assam.
These are a few highlights - you will find more details in the CSR
Report later in the Annual Report. The Company has also published a detailed Business
Responsibility and Sustainability Report for the first time this financial year.
People Excellence
During the financial year 2022, the Company scaled up efforts to
empower its people, develop a growth mindset and encourage continuous learning to help
address the fast-paced market changes. The Company is known as a leading
technology-focused company and its people have the opportunity to create a better tomorrow
for society through technology solutions.
Along with retention of talent, the Company's focus has also been in
upskilling employees, particularly in building competence in local engineering and niche
skills, in high-growth vertical segments.
The Company continued to focus on employee wellbeing through
initiatives such as 24/7 healthcare consultation services and diagnostic tests at
discounted rates to employees and their family members. The wellbeing program has been
tailored to meet the requirements of employees. Awareness sessions are conducted regularly
to make employees aware of health aspects such as managing hypertension, nutrition,
lifestyle ailments, amongst others.
Outlook
The global macroenvironment is expected to continue to remain
challenging in the next financial year, with growth likely to further lose momentum.
Central banks in various countries are facing the dilemma of prioritizing price stability
over economic growth.
However, India is in a bright spot with an expected GDP growth rate of
nearly 7 percent, and while the growth rate may be lower next year, it will still be among
the fastest growing economies in the world. India has maintained good diplomatic relations
with most countries and our heft is growing in the international arena. Political
stability, diplomacy, favourable demographics, digital infrastructure and a distinct
pathway to energy transition are factors that will transform India in the next decade.
Our long-term growth prospects depend on attracting consistent
investments. While private investments are strong, continued public capital expenditure
will be crucial. Capital expenditure channeled through the production-linked incentive
scheme is on the rise, though large-scale investments are restricted to select sectors.
The latest capacity utilization level of 72 percent should improve next year.
Our country's growth story remains intact - revenue collections are
robust, though rising commodity prices coupled with interest rates have impacted
profitability. The Government's commitment to maintain growth by empowering the States to
accelerate capital expenditure along with programs such as 'Atmanirbhar Bharat', Power for
All, Digital India, National Logistics Policy, National Rail Plan and Green Hydrogen
Policy, to name a few, are encouraging for the nation's economy. India is rightly
positioning itself to be a high-end manufacturing hub, and incremental capital expenditure
is expected to be concentrated on areas where India needs to reduce external dependency on
global supply chains.
India's GDP is expected to continue on its growth path. The pace of
tendering for capital expenditure by both public and private sectors will continue, with
increasing interest in digital and sustainability solutions. As public sector capital
expenditure picks up pace, private sector capital expenditure would follow. The
investments would be in key areas such as sustainable infrastructure, decarbonization,
electrification, automation and digitalization. The Company is well positioned with its
technology solutions, especially in digitalization and sustainability. The Company's
profitable growth would continue to be driven by market momentum combined with strong
execution, along with selective participation in large projects.
In conclusion, I would like to wish good health and safety and
sincerely thank our customers, the board, the management, unions and most importantly, the
dedicated employees for their consistent support and commitment to Siemens Limited during
another challenging year.
| Deepak S. Parekh |
| Chairman |
  Â
Siemens Ltd
Company History
Siemens Limited offers products, integrated solutions for industrial applications for manufacturing industries, drives for process industries, intelligent infrastructure and buildings, efficient and clean power generation from fossil fuels and oil & gas applications, transmission and distribution of electrical energy for passenger and freight transportation, including rail vehicles, rail automation and rail electrification systems. It focuses on the areas of electrification, automation and digitization. It is one of the leading producers of technologies for combined cycle turbines for power generation; power transmission and distribution solutions; infrastructure solutions for Smart Cities and transportation; automation and software solutions for industry, and also supplier of healthcare equipments. It has nearly 21 factories located across India and a nation-wide sales and service network.
Siemens Ltd was incorporated in the year 1957 as Siemens Engineering and Manufacturing Company of India Pvt Ltd. In March 1957, the company entered into a collaboration agreement with two foreign companies, viz., Siemens & Halske AG and Siemens Schuckertwerke AG of West Germany.
In the year 1966, the name of the Siemens & Halske AG was changed to Siemens AG and at the same time, it took over the manufacturing and business activities of Siemens-Schuckertwerke AG and Siemens-Reiniger-Werke AG. The name of the company was changed in the year 1967 from Siemens Engineering & Manufacturing Company of India Ltd to Siemens India Ltd. In the year 1970, Siemens-Reiniger-Werke AG and Siemens-Schuckertwerke AG were merged with Siemens AG. In the year 1985, the company incorporated a subsidiary company, namely Siemens Communication Systems Pvt Ltd to undertake the manufacture of certain items of Telecommunication equipment for export purposes.
In the year 1987, the company established a software centre at the head office in Mumbai to cater to the software package requirements of the control and automation systems and also to tap the export market. In the year 1990, the company undertook a project to set up a plant at Waluj in Aurangabad district of Maharashtra for the manufacture of switchgears and miniature circuit breakers. In the year 1991, the Medical engineering division launched a mobile C-arm image intensifier system, saving valuable foreign exchange. Also, the motors, drives and automation division launched the microprocessor based modular drives for AC and DC applications, microprocessor based digital uninterrupted power supply and micro PLC Simatic 90U. The name of Siemens Communication Systems Pvt Ltd was changed to Siemens Information Systems Ltd
In the year 1993, the company introduced State-of-the-art advanced process control system at Nashik in order to meet stringent control requirements of chemical and petro-chemical industries. In the year 1994, the company signed an MoU with Asia Chip Card, Singapore and Semiconductor Corp Ltd to enter into the smart card business. In the year 1996, the company suffered by loss due to discontinuous of the operations of the Telecommunications division. In the year 1998, Siemens Public Communications, a 70:30 joint venture company between Siemens Germany and Siemens Ltd India were formed. Siemens Telecom Ltd, a joint venture between Siemens and Bharti Telecom formally launched their Euroset and Emerald series of phones at Bangalore.
In the year 1999, the company set up Unisphere Solutions Inc to target leadership in the converged voice and data and Internet networking solutions. In the year 2000, they launched total hotel solutions' for the hospitality industry to cater to the growing needs of the corporate travelers. They launched their new line of information and communication solutions - Hicom 150 E Office and ESL8i - targeted at small and medium enterprises. In the year 2001, Siemens Information Systems Ltd, a wholly owned subsidiary company signed a partnership contract with Avraham Goldratt Institute of USA (AGI). The company introduced different models of mobile phones, which cover various features in each.
In the year 2004, the company made a strategic alliance with Aethra Telecomunicazioni, Italy to offer a range of video and audio conferencing solutions in India. In the year 2006, the company made an alliance with Huawei-3Com to offer high performance networks to Indian enterprises.
In the year 2007, the company acquired a 77% of stake in iMetrex Technologies Ltd, which is a leading provider of products and solutions in the areas of electronic security, safety and building automation systems. In September 2007, the company acquired the balance 26% stake in Siemens Industrial Turbomachinery Services Pvt. Ltd. (SITS) from Pimac Engineers Pvt. Ltd. In November 2007, the company bagged an order worth of Rs 870 million (Rs 87 crore) from McNally Bharat Engineers Pvt Ltd for supplying electricals for Rashtriya Ispat Nigam Ltd's new Sinter Plant at Vizag.
In January 2008, the company and the Government of Maharashtra signed a Letter of Understanding to support company's expansion plans in the State. In April 2008, the company took over Morgan Construction Co., the rolling mill specialist based in Worcester, Massachusetts, USA. In May 2008, the company's Medical Solutions installed Asia's first high definition positron emission tomography (HD PET). This high-end equipment is installed at Piramal Diagnostics (formerly Wellspring), Mumbai.
During the year 2009-10, as per the scheme of amalgamation, Flender Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from October 1, 2009. In January 8, 2010, the company acquired the balance 13.85% stake Siemens Building Technologies Pvt Ltd, Chennai (SBTPL) comprising of 517,209 Equity Shares of Rs 10 each, from the promoters of SBTPL for a consideration of Rs 702.51 million. With this acquisition, SBTPL became a wholly owned subsidiary of the company.
During the year 2010-11, the company created a new Sector 'Infrastructure & Cities' in line with Siemens global strategy and in order to achieve better portfolio synergy. The new sector will offer solutions to the cities for mobility, environmental protection and energy savings. This sector will be having five divisions (Mobility, Rail System, Low & Medium Voltage, Smart Grid and Building Technologies) and these divisions will work closer to their target markets and develop additional business opportunities in the growing market of cities.
During the year, as per the scheme of amalgamation, Siemens Building Technologies Pvt Ltd and Vista (a wholly owned subsidiary of SBTPL) were amalgamated with the company with effect from October 1, 2010. Consequent to the amalgamation of SBTPL, the three subsidiaries of SBTPL i.e. iMetrex Technologies Ltd., Ireland (ITL), Europlex Technologies (UK) Ltd., UK (ET UK) and Europlex Technologies (Ireland) Ltd., Ireland (ET IL) became subsidiaries of the company. During the year, ITL, ET UK & ET IL were sold to Siemens Schweiz AG, Switzerland (a subsidiary of Siemens AG) for a total consideration of Euro 2.95 million
During the year, as per the scheme of amalgamation Siemens Healthcare Diagnostics Ltd was amalgamated with the company with effect from March 14, 2011. In April 2011, Siemens Rolling Stock Pvt Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from October 1, 2009. In September 2011, the company received an order from Siemens AG valued at Rs 294.50 crore for a transmission project of Power Grid of Corporation of Bangladesh. The completion period is 24 months.
The company has approved the amalgamation of Siemens VAI Metals Technologies Pvt Ltd, Kolkata (SVAI), a 100% Siemens AG Company and Morgan Construction Company India Pvt Ltd, Mumbai (Morgan) a wholly owned subsidiary of SVAI with the company. The appointed date was fixed as October 1, 2011.
In 2012, The Company won contract to modernize electricity distribution system for Maharashtra State Electricity Distribution Company. The company inked contract with PGCIL to construct 765 kV test lab in Bina, MP. The Company started operations in two greenfield factor in Goa. In 2013 Siemens launches SIMATIC S7-1500 with TIA Portal. Siemens installs Asia's first SOMATOM Definition Edge CT scanner at PSG Hospitals, Coimbatore. Siemens Limited wins contract to build first private sector-funded GIS substation in Bangladesh. Siemens wins order to modernize Korba Stage-II plant of NTPC. Siemens wins repeat order for Gurgaon Metro South Extension project. Siemens Corporate Citizenship Film Runner-up at Global Sustainability Awards. Siemens-powered Rapid Metro Rail Gurgaon begins operations. Siemens inaugurates State-of-the-Art Test Center for Motors. Siemens installs SOMATOM Perspective 128 slice CT scanner at SRL Diagnostics-Speedscans, Surat. Siemens introduces cutting-edge patient care technology with two new solutions - Biograph mCT Flow & Symbia Intevo.
In 2014, the company launches best-fit controller for mid-sized DCS market.- AS 410 SMART. The company also launches optimized servo drive system for motion control applications. The company installs world's longest lab automation track at Thyrocare. The company Installs India's First Ultrasound System with Wireless Transducers at K.G. Hospital, Coimbatore. The company bags orders from Reliance Industries for supply of steam turbines. The company successfully delivers 1200kV CVT to National Test Station, Power Grid. The company wins international recognition for its motors manufactured in India. The company wins order worth Rs 317 crores from Bihar Grid Company Ltd. The company surpasses 100,000 milestone for energy-efficient industrial motors.
In 2015, the company has bagged orders worth Rs 450 crore from Varanasi-based Diesel Locomotive Works. The company wins Rs. 55 crore order for High Voltage Circuit Breakers from Algeria. The company wins order worth Rs. 123 crore from Power Grid Company of Bangladesh. The Company has received an order worth Rs 67 crore for supply of high voltage gas insulated switchgear from Larsen and Toubro. The company has powers cities across three states Punjab, Uttarakhand and Haryana with Smart Grid solutions. The company wins order worth Rs. 81 crore from Diesel Locomotive Works. The company has received an order of Rs 79 crore from Pune based wind turbine supplier, Suzlon Energy Limited. IL&FS & GIFTCL sign MoU with the company to develop Smart Mobility Solutions for GIFT. The company has opened up a global skill centre for occupational safety in Mumbai in collaboration with TUV Rheinland India.
On 13 October 2015, Siemens announced that, together with its parent company Siemens AG, Germany, it has won an order totalling approximately Rs 183 crore from NTPC. The component of Siemens Ltd. in the order is approximately Rs 97 crore. The scope of the works includes modernization as well as maintenance of Controls and Instrumentation at NTPC's Dadri Power Gas Station.
On 7 December 2015, Siemens announced that it has won a crucial order approximately worth Rs 377 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The scope of work for the project involves supply of 1890 Traction Motors for 4500 HP Diesel Electric Locomotives. The Traction Motors will be produced at Kalwa Factory of Siemens Limited. On 10 December 2015, Siemens Ltd. announced that it has won an order worth approximately Rs 102 crore to supply a 400 kV Gas Insulated Switchgear (GIS) Substation to West Bengal State Electricity Transmission Company Limited (WBSETCL). The scope of the order includes engineering, supply, installation and commissioning of the GIS Substation.
On 22 January 2016, Siemens Ltd., announced that it has won a crucial order approximately worth Rs 112 crore from Rajasthan Rajya Vidyut Prasaran Nigam Limited, a State Power Transmission Utility owned by Government of Rajasthan and headquartered in Jaipur. The scope of work for the project involves engineering, supply, installation, testing and commissioning of 400 kv /220kV Air Insulated Substations.
On 22 January 2016, Siemens Ltd., together with Siemens Malaysia, announced that it has won a crucial order approximately worth Rs 155 crore from Malaysia-based PSI International, one of the largest petrochemical companies of the world and a subsidiary of Petronas. The scope of work for the project involves supply of 420kV Gas Insulated Switchgear for PSI International's new petrochemical (RAPID) Greenfield project.
The Board of Directors of Siemens at its meeting held on 4 March 2016 approved the sale and transfer of its Healthcare undertaking, as a going concern on a slump sale basis, for a sale consideration of Rs 3050 crore to Siemens Healthcare Private Limited, a subsidiary of Siemens AG. This transaction follows Siemens AG's global strategy of managing its Healthcare business under a separately-managed company. Over 85% of Siemens Ltd's Healthcare revenues are currently derived from products imported from parent Siemens AG. Significant management focus, including investments will be needed in finding appropriate products and solutions to meet the growing demands of the Indian market. As there are limited synergies between the Healthcare and other businesses of Siemens Ltd, this transaction will enable Siemens Ltd to increase its focus on, and capital allocation to Power Generation, Transmission and Distribution, Mobility, Industrial Automation and Smart Cities segments while enabling Siemens AG to further strengthen its focus on the Healthcare segment in India, by aligning it with its global strategy and management framework.
On 6 April 2016, Siemens announced that it has started dispatch of the largest-ever Made in India' single-phase Generator Step-Up (GSU) Transformer of rating 315 MVA, 23.5kV/420kV for installation at NTPC's Kudgi Thermal Power Station in Bijapur, Karnataka. This transformer is an essential component of the Power Station, which once operational will boost the high-capacity power generation for the southern states of Karnataka, Andhra Pradesh, Tamil Nadu and Kerala. NTPC has ordered 10 units of these GSU transformers on Siemens.
On 23 May 2016, Siemens announced that it has strengthened its partnership with Sri Lanka by signing a Memorandum of Understanding (MoU) with the Ministry of Megapolis and Western Development, Sri Lanka to offer expertise and best practices from its globally-proven, state-of-the-art, Sustainable, Smart City solutions portfolio. The prime objective of the Ministry of Megapolis and Western Development is to bring systematic changes and development processes into the urban community in Sri Lanka, which will ensure that the inhabitants of urban areas become a part of socio-economic development of the country while maintaining high levels in quality of life. This will pave the way for making Sri Lanka a commercial, naval and aviation hub of Asia.
On 8 June 2016, Siemens Ltd. announced that, together with Siemens Bangladesh Ltd., it has won an order worth approximately Rs 113 crore from Power Grid Company of Bangladesh Limited (PGCB) to design, procure, supply, install, test and commission 230/132kV Gas Insulated Switchgear Substation along with 225/300 MVA, 132/33 KV and 50/75 MVA Transformers at Keraniganj within Dhaka.
On 13 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 78 crore from Power Grid Corporation of India Limited (PGCIL) to design, supply, install and commission 7 X 500MVA, 765/400/33kV, Phase Autotransformers at Bhuj.
On 22 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 83 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The order is to design, supply and install 40 Alternating Current (AC) Traction Systems for dual-cab high horsepower diesel engine locomotives. On 27 June 2016, Siemens Ltd. announced that it has won an order worth approximately Rs 570 crore to supply Static Synchronous Compensator (STATCOM) solutions to Power Grid Corporation of India Ltd. (PGCIL). The scope of the order includes design, engineering, supply, civil, installation, testing and commissioning of STATCOMs at four substation locations ofPGCIL: Ranchi, Rourkela, Kishenganj and Jeypore across the states of Bihar, Jharkhand and Odisha. Cutting-edge technology from Siemens will result in the installation of one of the world's largest STATCOM projects at 400 kV level with a dynamic swing range of 2000MVAr and 1250MVAr mechanically switched components.
On 3 August 2016, Siemens Ltd. announced that it has received a crucial order worth approximately Rs 217 crore for Power Grid Company of Bangladesh Limited (PGCB) project from Siemens AG, Germany to supply 400kV / 230 kV Switch Yard Equipments, Reactors, Power Transformers, Fire Fighting Systems, Air-conditioning Systems, Auxiliary Power System, Building Management Systems, Illumination Systems, AC Control and Protections, Engineering for Civil and Plant for 500 MW High Voltage Direct Current (HVDC) Station.
The Board of Directors of Siemens at its meeting held on 5 December 2016 approved the sale and transfer of the company's business of engineering, design and development services for global wind power business (hereinafter referred to as SLWP Business') to a subsidiary (to be incorporated) of Siemens Wind HoldCo Sociedad Limitada (SA), Spain, which in turn is a subsidiary of Siemens AG, Germany (SAG), as going concern on a slump sale basis with effect from 1 January 2017 for a cash consideration of Rs 7.5 crore. The SLWP Business consists providing engineering services exclusively for the component design of Towers, Nacelle, Hub and Generator to the Siemens Wind Power A/S (Wind Power Division) in terms of an annual contract on a cost plus mark up basis.
On 13 January 2017, Siemens Ltd. announced that, it has won an order worth approximately Rs 98 crore from Diesel Locomotive Works (DLW) to design, supply and install 48 Alternating Current (AC) Traction systems for Dual Cab High Horsepower Diesel Engine locomotive for Indian Railways. The AC Traction systems will be produced at Nashik Factory of Siemens Limited. The systems have been developed based on the state of art Insulated Gate Bipolar Transistors (IGBTs) technologies. The principle benefit of IGBTs over Gate Turnoffthyristors (GTOs) is that it reduces the current required and therefore the heat generated, giving smaller and lighter units.
On 18 January 2017, Siemens Ltd announced the launch of its new range of energy efficient motor SIMOTICS 1LE7. The new SIMOTICS 1LE7 range of motors is the newest entrant in the existing range of motors offered by Siemens in India. These motors offer efficiency values higher than the IE3 standards - which is currently the highest efficiency class as recognized by Indian Standards.
On 24 January 2017, Siemens Ltd. announced that it has won an order worth approximately Rs 366 crore from Oil and Natural Gas Corporation Limited (ONGC). The order includes supply of material for overhauling of 18 Power Turbines through Zero Hour Overhaul and Time Continued Overhaul. The Zero Hour Overhauling will be first of its kind in India and involves the overhaul of Power Turbines to zero hour status. Under the new concept of Zero Hour Overhaul, the Power Turbine will perform almost as new - capable of a safe run of another 100,000 hours before the next overhaul. This will help in reducing down-time and increase in productivity because of elimination of at-least one intermediate overhaul.
On 10 February 2017, Siemens Ltd. announced that it has won an order worth approximately Rs 101 crore from Delhi Transco Ltd. (DTL). The order includes installing 220/66/33kV Gas Insulated Switchgear (GIS) substation at R.K. Puram, New Delhi. DTL is the State Transmission Utility of New Delhi.
On 16 February 2017, Siemens announced that it has received an order worth approximately Rs 119 crore from Sterlite Power Grid Ventures Ltd. for design, engineering, procurement, manufacture, supply and commissioning of equipment for 765/400kV Air Insulated Switchgear (AIS) Substation at Khandwa (Madhya Pradesh) and 765kV AIS Bay Extension Equipment at Dhule (Maharashtra) for Khargone Transmission Ltd.
On 20 February 2017, Siemens announced that the company along with Siemens Rail Automation Ltd. S.A.U Spain has jointly won an order worth Rs 287 crore to supply state-of-the-art signaling technology for the first two metro lines of the Nagpur Metro i.e. the North-South and the East-West Corridors. Siemens Limited's share of the contract is Rs 146 crore (all inclusive).The project comprises the deployment and installation of the Siemens communications-based train control (CBTC) solution Trainguard MT for 38.2 kilometers of double track with 36 stations and two depots, as well as onboard equipment for 23 three-cars trains.
On 23 March 2017, Siemens announced that it has won an order worth approximately Rs 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka. The project includes construction of new 33/11 kV Air Insulated Switchgear substations in Dhaka, Chittagong and Sylhet. BREB is an electricity distribution provider under the Government of Bangladesh responsible for providing electricity to the rural parts of Bangladesh. The project is part of BREB's efforts to upgrade the country's rural electricity distribution system and will contribute to accomplishing the Government of Bangladesh's Vision of 'Electricity for All by 2021'.
On 29 March 2017, Siemens announced that that a consortium of the company and Sumitomo Electric Industries Ltd. has been awarded an order from Power Grid Corporation of India, the central transmission utility of India, to supply a high-voltage direct current (HVDC) transmission system. The total size of the order won by the consortium is US $520 million, of which the share of Siemens is approximately Rs 1682 crore. The about 200-kilometer-long HVDC connection will be India's first direct current link using voltage sourced converter (VSC) technology.
On 11 May 2017, Siemens informed the stock exchanges that an internal investigation by the company has revealed that as a result of a collusion between certain employees through the use of fake purchase orders and related documentation and the failure of some other employees to adequately discharge their responsibilities under the internal financial control procedures laid down by the company, a fraud spread over several years prior to 31 March 2011 has been perpetrated on the company, the estimated impact of which is Rs 19 crore. Appropriate disciplinary action has been taken against the concerned employees and such further action in the matter as may be considered necessary is under consideration of the company's Board of Directors.
On 25 September 2017, Siemens announced that it has transferred and assigned its leasehold interest in the property located at Plot No. 130 Pandurang Budhkar Marg, Worli, Mumbai to Whispering Heights Real Estate Private Limited, a joint venture entity of Reco Solis Pte. Ltd. (an affiliate of GIC, Singapore) and the K. Raheja Corp Group, for a total consideration of Rs 610 crore. Earlier, on 30 December 2016, Siemens and Whispering Heights Real Estate Private Limited executed a Memorandum of Understanding for the transfer and assignment of Siemens' leasehold interest in the Property located at Plot No. 130, Pandurang Budhkar Marg, Worli, Mumbai for a total consideration of Rs 610 crore in favour of the proposed assignee.
The Board of Directors of Siemens at its meeting held on 21 February 2018 agreed in-principle to sell its Mobility Division and Rail Traction Drives business (included in Process Industries and Drives Division which provides products and services to Mobility Division) as also its wholly owned subsidiary Siemens Rail Automation Private Limited, to the parent company Siemens AG, Germany (SAG) or its subsidiary. The Mobility Division accounts for 10.46% of the turnover and 2.82% of the capital employed of the company for the year ended 30 September 2017. The Board also agreed in-principle to sell its Mechanical Drives business (included in Process Industries and Drives Division) to SAG or its subsidiary.
The Board of Directors of the Company at its Meeting held on 26 August 2020 approved the sale and transfer of the Company's Mechanical Drives (MD') Business, to Flender Drives Private Limited, a subsidiary of Flender GmbH, which in turn is a subsidiary of Siemens AG, as a going concern on a slump sale basis, with effect from 01 January, 2021.
On 01 January 2021, the Company divested its Mechanical Drives (MD) business as a going concern on a slump sale basis to Flender Drives Private Limited for a final consideration of Rs. 3,759 million.
On 01 March 2021, the Company acquired 99.22% equity share capital of C&S Electric Limited and became a subsidiary of the Company.
In FY 2021, the Company commissioned India's first high-voltage direct current link featuring voltage-sourced converter (VSC) technology for Power Grid Corporation of India Limited (POWERGRID). It partnered with POWERGRID to commission Static Synchronous Compensator (STATCOM) solutions at POWERGRID's substations at Bikaner, Fatehgarh and Bhadla. It signed a Memorandum of Understanding (MoU) with Switch Mobility Automotive Limited to execute e-mobility projects. It announced deployment of over 2 lakh Smart Meters in North Delhi, together with Tata Power Delhi Distribution Limited. In mobility space, it provided automated train technology systems at improving capacity, punctuality, reliability, and provide enhanced safety for passengers of Bengaluru Metro. It strengthened manufacturing footprint with opening of a medium voltage switchgear factory in Goa. It executed a Power Purchase Agreement and entered into an Agreement on 22nd October 2021 for subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited.
On 1st July 2022, the Company sold and transferred its Large Drives Applications business as a going concern on a slump sale basis to Siemens Large Drives India Private Limited for a cash consideration of Rs 440 Crores.
During FY 2021-22, by virtue of subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private Limited (SRPL), Mumbai, India, Sunsole Renewables was made an Associate of the Company with effect from 28th February 2022.
During the year 2023, the Company launched a Digital Twin Solution for streamlining paint processes at MG Motor, an automotive OEM. It launched Siemens Xcelerator, an open digital business platform consisting of three main elements - portfolio, ecosystem and marketplace.
Siemens Ltd
Directors Reports
Dear Members,
The Directors have pleasure in presenting the 64th Annual Report of your Company and
the Audited Financial Statements for the year ended 30th September, 2021.
1. Financial Performance
(Rs in million)
|
Standalone |
|
2020-21 |
2019-20 |
| Turnover |
131,045 |
105,407 |
| Less: Expenses |
118,361 |
98,020 |
| Profit from operations before other income and finance costs |
12,684 |
7,387 |
| Add: Other Income |
2,190 |
3,102 |
| Less: Finance costs |
196 |
296 |
| Add: Gain from sale of discontinued operations |
487 |
- |
| Profit before tax |
15,165 |
10,913 |
| Less: Tax |
4,135 |
2,628 |
| Profit for the year |
11,030 |
7,565 |
| Other Comprehensive income |
275 |
(278) |
| Impact of Ind AS 116 on opening reserves |
- |
(72) |
| Balance in the Statement of Profit and Loss brought forward |
60,240 |
56,030 |
| Amount available for appropriation |
71,545 |
63,245 |
| Appropriations: |
|
|
| Proposed Dividend |
2,493 |
2,493 |
| Dividend Distribution Tax |
- |
512 |
| Balance in the Statement of Profit and Loss carried forward |
69,052 |
60,240 |
2. State of the Company's affairs
i. Operations
The Turnover of the Company was Rs 131,045 million for the year ended 30th September,
2021 as compared to Rs 105,407 million in the previous year. The Company's Profit from
Operations for the year ended 30th September, 2021 was Rs 12,684 million as compared to Rs
7,387 million in the previous year.
The Profit after Tax for the year ended 30th September, 2021 was Rs 11,030 million as
compared to Rs 7,565 million during 30th September, 2020.
ii. Acquisitions and carve out
a. Acquisition of C&S Electric Limited
On 1st March 2021, Company acquired 99.22% (approximately) equity shares of C&S
Electric Limited from its promoters, for an aggregate consideration of Rs 21,000 million
on a cash free / debt free basis on terms and conditions that are mutually agreed between
the parties to the transaction.
b. Sale and transfer of Mechanical Drives business
On 1st January 2021, the Company sold and transferred its Mechanical Drives business as
a going concern on a slump sale basis to Flender Drives Private Limited for a
consideration of Rs 3,759 million (after adjusting the consideration of Rs 4,400 million
for changes in net current assets and capital expenditure as per the terms and conditions
agreed between the parties).
c. Subscription to Equity share capital of Sunsole Renewables Private Limited
The Company in its continuing efforts to reduce its carbon footprint and the impact on
climate change, has decided to procure solar power for its manufacturing facility located
at Kalwa, Maharashtra.
In this regard, the Company has executed a Power Purchase Agreement and has entered
into a Share Subscription and Shareholders Agreement on 22nd October 2021 for the
subscription of 26% of the paid-up equity share capital of Sunsole Renewables Private
Limited, Mumbai, India, for an amount not exceeding Rs 16 million subject to fulfilment of
conditions precedent as agreed between the parties.
iii. Update on second wave of COVID-19
The second surge of the pandemic had impacted human lives in an unprecedented manner. A
cross-functional Siemens India Task Force Team has been working since March 2020 to
coordinate the implementation of concrete measures to support employees. In addition, the
Company has provided testing kits, oxygen concentrators, oxygen generators etc. to
hospitals around the country.
3. Dividend
The Board of Directors has recommended a dividend of Rs 8 per equity share having face
value of Rs 2 each, subject to the approval of the Members at the 64th Annual General
Meeting. In the previous year, the Company paid a Dividend of Rs 7 per equity share of Rs
2 each.
Pursuant to the requirements of Regulation 43A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("LODR"),
the Dividend Distribution Policy of the Company is available on the Company's website at
https://new.siemens.com/in/en/company/investor-relations.html
4. Share Capital
During the year under review, there was no change in share capital of the Company.
5. Subsidiary companies
Siemens Rail Automation Private Limited (''SRAPL'') is engaged in the business
of manufacture, supply, design, installation and commissioning of Railway Signaling
equipment consisting of trackside and on board equipment.
The Company has not made any equity investment in SRAPL during the year.
During the year under review, by virtue of acquisition of 99.22% (approximately) equity
shares of C&S Electric Limited ("C&S") by the Company, C&S
has become a subsidiary of the Company.
C&S is engaged in the business of manufacturing and distribution of low-voltage
products and systems business (such as switchboards, power distribution products, control
products, protection relays), measurement devices, busduct and busbar trunking.
SRAPL and C&S are non-material and unlisted subsidiaries of the Company pursuant to
LODR.
The Company has obtained a certificate from the Statutory Auditor certifying that the
Company is in compliance with the Foreign Exchange Management Act, 1999 with respect to
downstream investment.
A summary of performance of subsidiaries is provided below.
The turnover of SRAPL for FY 2020-21 stood at '1,130 million (0.8%) of consolidated
turnover of the Company as compared to Rs 913 million in the previous year and its Profit
from Operations for the year ended 30th September, 2021 was Rs 303 million as compared to
Rs 117 million in the previous year.
SRAPL has reported Profit after Tax for the year ended 30th September, 2021 of Rs 265
million as compared to Rs 121 million during FY 2019-20.
The turnover of C&S for the period from 1st March 2021 to 30th September 2021 stood
at Rs 5932 million (4.3%) of consolidated turnover of the Company and its Profit from
Operations for the period from 1st March 2021 to 30th September 2021 was Rs 163 million.
C&S has reported Profit after Tax for the period 1st March 2021 to 30th September
2021 of Rs 77 million.
The Company does not have any joint venture or associate companies during the year.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 ("the
Act"), a statement containing salient features of Financial Statements of SRAPL
and C&S in the prescribed Form AOC-1 is provided in Annexure I forming part of
this Report. The Financial Statements of subsidiaries are available on the Company's
website at https://new.siemens.com/
in/en/company/investor-relations/financials-of-our-subsidiaries.html and the same are also
available for inspection as per the details mentioned in notice of the 64th AGM. Your
Company will also make available these documents upon request by any Member of the Company
interested in obtaining the same.
Consolidated Financial Statements
The Annual Audited Consolidated Financial Statements together with the Report of
Auditors' thereon forms part of this Annual Report.
6. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information pursuant to Section 134(3)(m) of the Act read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 is provided in Annexure II forming part of this
Report.
7. Corporate Governance
A detailed review of the operations, performance and future outlook of the Company and
its businesses is given in the Management Discussion and Analysis, which forms part of
this Report as Annexure III.
Pursuant to the requirements of LODR, a detailed report on Corporate Governance along
with the Auditor's Certificate thereon forms part of this Report as Annexure IV.
General Shareholder Information forms part of this Report as Annexure V.
8. Directors and Key Managerial Personnel
During FY 2020-21, Mr. Cedrik Neike (DIN:07810035), resigned as Special Director
(Nominee of Siemens AG) with effect from close of business hours of 30th November 2020.
Mr. Matthias Rebellius (DIN: 08975071) appointed as Special Director (Nominee of
Siemens AG) with effect from 1st December 2020.
Mr. Yezdi Malegam (DIN: 00092017) ceased to be Independent Director of the Company with
effect from 30th January 2021 upon completion of his tenure.
Ms. Mariel von Schumann (DIN:06625674) ceased to be Director of the Company with effect
from 12th February 2021 as she did not seek re-appointment.
Mr. Josef Kaeser (DIN: 00867264) resigned as a Director of the Company with effect from
1st March 2021.
During FY 2020-21, based on recommendation of the Nomination and Remuneration Committee
("NRC) of the Company, the Board of Directors has appointed Mr. Willem Rudolf
Basson (DIN: 009081871) as Director in the casual vacancy caused by the resignation of Mr.
Kaeser with effect from 1st March 2021 to hold office up-to 64th Annual General Meeting of
the Company pursuant to provisions of the Act.
The Board of Directors, on the recommendation of NRC has approved the appointment of
Mr. Willem Rudolf Basson as Director (Non-Executive Non-Independent Director) with effect
from the 64th Annual General Meeting subject to approval of the Members. Resolution for
appointment of Mr. Basson as Director of the Company forms part of notice of 64th Annual
General Meeting of the Company.
The Board places on record the appreciation for the valuable services, support and
guidance rendered by Mr. Neike, Mr. Malegam, Ms. von Schumann and Mr. Kaeser during their
tenure as Director of the Company.
The Independent Directors of the Company viz. Mr. Deepak S. Parekh (DIN: 00009078), Mr.
Mehernosh. B. Kapadia (DIN: 00046612) and Ms. Anjali Bansal (DIN: 00207746) have furnished
declarations to the Company under Section 149(7) of the Act, confirming that they meet the
criteria prescribed for Independent Directors under Section 149(6) of the Act as well as
under LODR and that their names have been included in the data bank of Independent
Directors as prescribed under the Act.
The Board of Directors is of the opinion that Independent Directors possess necessary
expertise, integrity and experience.
Dr. Daniel Spindler (DIN: 08533833) is liable to retire by rotation at the ensuing
Annual General Meeting and being eligible offers himself for re-appointment.
Mr. Sunil Mathur, Managing Director and Chief Executive Officer (DIN:02261944), Dr.
Daniel Spindler, Executive Director and Chief Financial Officer (DIN: 08533833) and Mr.
Ketan Thaker, Company Secretary (ACS No.: 16250) are the Key Managerial Personnel of the
Company as on the date of this Report.
9. Board Meetings
During FY 2020-21, four meetings of the Board of Directors were held. The details of
the attendance of Directors at the Board Meetings are mentioned in the report on Corporate
Governance annexed hereto.
10. Annual evaluation of Board, its Committees and individual Directors
The details of the Annual evaluation of Board, its Committees and individual Directors
are mentioned in the report on the Corporate Governance.
11. Audit Committee
The Company has an Audit Committee pursuant to the requirements of the Act read with
the rules framed thereunder and LODR. The details relating to the same are given in the
report on Corporate Governance forming part of this Report. During FY 2020-21, the
recommendations of Audit Committee were duly accepted by the Board.
12. Corporate Social Responsibility
At Siemens, we have an unrelenting drive and promise to sustainably improve living
conditions for as many people as possible. We deliver on this promise by combining our
innovation with our know-how - in the areas of electrification and automation, enhanced by
digitalization and by acting as a reliable and responsible partner. Our company-wide
Corporate Citizenship framework forms a part of the Sustainability & Citizenship
priority area. The Company considers it as its economic, environmental and social
responsibility to foster sustainable local development as well as add value to the local
economy in which it operates.
In accordance with the provisions of Section 135 of the Act and Rules framed there
under, the Company has a Corporate Social Responsibility ("CSR")
Committee of Directors comprising of Mr. Deepak S. Parekh (Chairman) (DIN: 00009078), Mr.
Johannes Apitzsch, with effect from 13th February 2021 (DIN: 05259354), Mr. Sunil Mathur
(DIN: 02261944) and Dr. Daniel Spindler (DIN: 08533833). Ms. Schumann was Member of CSR
Committee until 12th February 2021. The Committee reviews and monitors the CSR projects
and expenditure undertaken by the Company on a regular basis.
The Company implements the CSR projects directly as well as through implementing
partners. The details of such initiatives, CSR spend etc., have been provided as Annexure
VI to this Report, as required under the Companies (Corporate Social Responsibility
Policy) Rules, 2014.
13. Remuneration Policy
On recommendation of NRC, the Company has formulated, amongst others, a policy on
Directors' appointment as well as Remuneration Policy for Directors, Key Managerial
Personnel, Senior Management and other employees. The details of the Remuneration policy
are mentioned in the report on the Corporate Governance and the same is also placed on the
Company's website at https://new.siemens.com/in/en/company/investor-relations.html
A Statement of Disclosure of Remuneration pursuant to Section 197 of the Act read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, is provided as Annexure VII forming part of this Report.
14. Vigil Mechanism
As per the provisions of Section 177(9) of the Act and Regulation 22 of LODR, the
Company is required to establish a Vigil Mechanism for Directors and employees to report
genuine concerns. The Company has a Policy for Prevention, Detection and Investigation of
Frauds and Protection of Whistleblowers ("the Whistleblower Policy") in place
and the details of the Whistleblower Policy are provided in the Report on Corporate
Governance forming part of this Report. The Company has disclosed information about the
establishment of the Whistleblower Policy on its website https://new.siemens.com/in/en/
company/investor-relations/business-ethics.html
15. Risk Management Policy
Siemens Enterprise Risk Management (ERM) is a company-wide framework of methods and
processes used to identify, assess, monitor and mitigate risks and seize opportunities
related to achievement of Siemens business objectives. The Siemens ERM approach is based
on the globally accepted "The Committee of Sponsoring Organizations of the Treadway
Commission" ("COSO") framework i.e. "ERM - Integrated Framework".
The COSO framework provides a generic concept which has been customized to reflect
Company's requirements.
Major risks identified by the Business Divisions and Corporate Departments are
systematically addressed through mitigating actions on a continuing basis. The Company has
a Risk Management Committee in accordance with the requirements of LODR to, inter alia,
monitor the risks and their mitigating actions. The Board of Directors of the Company also
reviews the Risk Assessment and Mitigation Report annually.
Details in respect of adequacy of internal financial controls with reference to the
Financial Statements are given in the Management's Discussion and Analysis, which forms
part of this Report.
16. Directors' Responsibility Statement
Pursuant to the provisions of Section 134(3)(c) read with Section 134(5) of the Act,
the Directors confirm that, to the best of their knowledge and belief:
a) that in the preparation of the Annual Financial Statements for the year ended 30th
September 2021, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any;
b) that such accounting policies have been selected and applied consistently and
judgment 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 2021 and of the
profit of the Company for the year ended on that date;
c) that proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
d) that the annual Financial Statements have been prepared on a going concern basis;
e) that proper internal financial controls are in place and that such internal
financial controls were adequate and were operating effectively;
f) that proper systems have been devised to ensure compliance with the provisions of
all applicable laws and are adequate and operating effectively.
17. Annual Return
In accordance with the provisions of Section 92(3) of the Act, Annual Return of the
Company is hosted on website of the Company at
https://new.siemens.com/in/en/company/investor-relations/annual-reports.html
18. Particulars of contracts or arrangements with Related Parties
The particulars of contracts or arrangements with Related Parties referred to in
Section 188(1) of the Act, in the prescribed Form AOC - 2, forms part of this report as Annexure
VIII.
19. Particulars of Loans, Guarantees or Investments
A statement providing particulars of loans, guarantees or investments under Section 186
of the Act is provided as Annexure IX forming part of this Report.
20. Business Responsibility Report
In compliance with Regulation 34(2)(f) of LODR, Business Responsibility Report forms
part of the Annual Report, describing initiatives taken by the Company from an
environmental, social and governance perspective.
As a Green Initiative, the BRR for FY 2020-21 has been hosted on the Company's website,
which can be accessed at
https://new.siemens.com/in/en/company/investor-relations/annnual-report.html
Any Member interested in obtaining a copy of BRR may write to the Company Secretary.
21. Fixed Deposits
Your Company has not accepted any fixed deposits and, as such, no amount of principal
or interest was outstanding as of the Balance Sheet date.
22. Amount, if any, proposed to transfer to reserves
The Company has not made transfer to reserves during FY 2020-21.
23. Employees
Your Directors place on record their deep appreciation for the contribution made by the
employees of the Company at all levels.
The information about employees particulars as required under Section 197(12) of the
Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is provided in the Annexure forming part of the Report.
In terms of Section 136 of the Act, the Report and Financial Statements are being sent to
the Members and others entitled thereto, excluding aforesaid Annexure. The said
information is available for inspection by the Members as per the details mentioned in
notice of the 64th AGM. Any Member interested in obtaining a copy of the same may write to
the Company Secretary.
24. Policy on Prevention of Sexual Harassment at Workplace
The Company has a Policy on Prevention of Sexual Harassment at Workplace in line with
the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 and Rules framed thereunder and Internal Complaints Committee has
also been set up to redress complaints received regarding sexual harassment. During the
year, no complaint with allegations of sexual harassment was received by the Company.
25. Auditors
i. The Report issued by Messrs. B S R & Co. LLP, Chartered Accountants (Firm
Registration No.101248W/W-100022), Statutory Auditor for FY 2020-21 does not contain any
qualification, reservation, adverse remark or disclaimer.
ii. The Board of Directors, on recommendation of the Audit Committee, has re-appointed
Messrs. R. Nanabhoy & Co., Cost Accountants (Firm Registration No. 000010), as Cost
Auditor of the Company, for the Financial Year ending 30th September 2022, at a
remuneration as mentioned in the Notice convening the 64th AGM and same is recommended for
your consideration and ratification.
The Company had filed the Cost Audit Report for FY 2019-20 on 3rd March 2021, which is
within the time limit prescribed under the Companies (Cost Records and Audit) Rules, 2014.
As per requirements of Section 148 of the Act read with the Companies (Cost Records and
Audit) Rules, 2014, the Company is required to maintain cost records and accordingly, such
accounts and records has been maintained in respect of the applicable products for the
year ended 30th September 2021.
iii. Pursuant to provisions of Section 204 of the Act read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and pursuant to
requirement of LODR, the Secretarial Audit Report for FY 202021 issued by Secretarial
Auditor i.e. Messrs. Parikh Parekh & Associates, Practicing Company Secretaries
(Unique Code No. P1978MH01000) is provided as Annexure X to this Report. The
Secretarial Audit Report for FY 2020-21 does not contain any qualification, reservation,
adverse remark or disclaimer.
iv. There have been no instances of fraud reported by abovementioned Auditors under
Section 143(12) of the Act and Rules framed thereunder either to the Company or to the
Central Government during FY 2020-21.
26. Compliance with Secretarial Standards
During FY 2020-21, the Company has complied with all applicable Secretarial Standards
issued by The Institute of Company Secretaries of India and adopted under the Act.
27. Material changes and commitment, if any, affecting financial position of the
Company from financial year end and till the date of this report
There have been no material changes and commitments, if any, affecting the financial
position of the Company which have occurred between the end of the Financial Year to which
the Financial Statements relate and the date of this Report.
28. Significant and Material Orders passed by the Regulators or Courts
There are no significant and material orders passed by the regulators or courts or
tribunals impacting the going concern status and operations of the Company in future.
29. Acknowledgements
The Board of Directors takes this opportunity to thank Siemens AG - 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 Limited |
| Deepak S. Parekh |
| Chairman |
| DIN:00009078 |
| Mumbai |
| Wednesday, 24th November 2021 |
  Â
Siemens Ltd
Company Background
| Incorporation Year | 1957 |
| Registered Office | Birla Aurora Level 21,Plot No 1080 Dr Annie Besant R
Mumbai,Maharashtra-400018 |
| Telephone | 91-22-39677000,Managing Director |
| Fax | 91-22-39677500 |
Sunil Mathur| Company Secretary | Ketan Thaker |
| Auditor | B S R & Co LLP |
| Face Value | 2 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | TSR Consultants P Ltd
C-101 1st Floor,247 Park Vikhroli W,Lal Bahadur Marg,Mumbai - 400 083 |
Siemens Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Sunil Mathur | Managing Director & CEO | 2022 |
| Ketan Thaker | Company Sec. & Compli. Officer | 2022 |
| Mehernosh B Kapadia | Independent Director | 2022 |
| Daniel Spindler | Executive Director & CFO | 2022 |
| Tim Holt | Director | 2022 |
| Matthias Rebellius | Director | 2022 |
| Sindhu Gangadharan | Independent Director | 2022 |
| SHYAMAK RAMYAR TATA | Independent Director | 2022 |
| Juergen Wagner | Addtnl Non-Executive Director | 2022 |
Siemens Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_CG |
| BSE_100 |
| BSE_200 |
| BSEDOLLEX |
| NIFTYJR |
| CNX500 |
| CNX100 |
| CNXINFRAST |
| BSEPOWER |
| CNX_MNC |
| CNX200 |
| BSEGREENEX |
| BSECARBONE |
| NFT100EQWT |
| BSEALLCAP |
| BSELARGECA |
| INDUSTRIAL |
| SENSNEXT50 |
| LMI250 |
| BSEDSI |
| BSEMOI |
| BSE100LTMC |
| NFTYLM250 |
| NFTY100ESG |
| NFTYALV30 |
| NFTY200M30 |
| NF500M5025 |
Siemens Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Sale of Products | NA | 0 | 0 | 0 | 7528.4 |
| Revenue from turnkey Projects | NA | 0 | 0 | 0 | 4209.3 |
| Sale of Services | NA | 0 | 0 | 0 | 1566.5 |
| Other Operating revenue | NA | 0 | 0 | 0 | 360.7 |
| Commission Income | NA | 0 | 0 | 0 | 18.9 |
| Real Estate | NA | 0 | 0 | 0 | 0 |
| Rent Recovery | NA | 0 | 0 | 0 | 0 |
| Chemical and Immunochemical | No | 0 | 0 | 0 | 0 |
| Accessories & Others | No | 0 | 0 | 0 | 0 |
| Industrial Turbines | No | 0 | 0 | 0 | 0 |
| Single/stage/multistage Turbin | MW | 0 | 0 | 0 | 0 |
| Engineering Products | NA | 0 | 0 | 0 | 0 |
| Converters - Static | No | 0 | 0 | 0 | 0 |
| Traction Converter for diesel | No | 0 | 0 | 0 | 0 |
| Data Acq.Logging Sys./Control | No | 0 | 0 | 0 | 0 |
| UPS Systems | No | 0 | 0 | 0 | 0 |
| Geared Motors | No | 0 | 0 | 0 | 0 |
| Gears | No | 0 | 0 | 0 | 0 |
| AC/DC Drive Sys-Variable Speed | No | 0 | 0 | 0 | 0 |
| Wiring Harness Assembly | No | 0 | 0 | 0 | 0 |
| Electric Motors & Generators | No | 0 | 0 | 0 | 0 |
| Convertors Traction for EMU | No | 0 | 0 | 0 | 0 |
| Transformers | No | 0 | 0 | 0 | 0 |
| Transformers-Power | MVA | 0 | 0 | 0 | 0 |
| Auxillary Convertors for EMU | No | 0 | 0 | 0 | 0 |
| Electronic Measurand Convertor | No | 0 | 0 | 0 | 0 |
| High Frequency Power Supply | No | 0 | 0 | 0 | 0 |
| Inverters(Auxillary)- AR Loco | No | 0 | 0 | 0 | 0 |
| Rectifier Cubicles | MW | 0 | 0 | 0 | 0 |
| Audio Frequency Track Circuits | No | 0 | 0 | 0 | 0 |
| Digtl.E'tron.Switch. Sys.-Line | Lin | 0 | 0 | 0 | 0 |
| EPABX/EPBX/Inter/Tele.Sy(Line) | No | 0 | 0 | 0 | 0 |
| Transmission Equipments | No | 0 | 0 | 0 | 0 |
| Railway Signalling Equipments | No | 0 | 0 | 0 | 0 |
| Circuit breakers > 1000 Volts | No | 0 | 0 | 0 | 0 |
| Switchgear Items | No | 0 | 0 | 0 | 0 |
| Relays | No | 0 | 0 | 0 | 0 |
| Switchboards/Control Boards | No | 0 | 0 | 0 | 0 |
| Measuring/Control Equipment | No | 0 | 0 | 0 | 0 |
| Electro Medical Equipments | No | 0 | 0 | 0 | 0 |
| Medical Electronic Diag.Equip. | No | 0 | 0 | 0 | 0 |
| X-Ray Equipments | No | 0 | 0 | 0 | 0 |
| Controllers | No | 0 | 0 | 0 | 0 |
| Automotive -Manufactured goods | NA | 0 | 0 | 0 | 0 |
| Automotive-Traded goods | NA | 0 | 0 | 0 | 0 |
| Process Control Equipments | No | 0 | 0 | 0 | 0 |
| Others | NA | 0 | 0 | 0 | 0 |
| Installations/Services | NA | 0 | 0 | 0 | 0 |
| Maintenance repairs and other | NA | 0 | 0 | 0 | 0 |
| Accessories | No | 0 | 0 | 0 | 0 |
| Miscellaneous Accessories | No | 0 | 0 | 0 | 0 |
| Electrical Control Cabinet | No | 0 | 0 | 0 | 0 |
| Integrated Building management | NA | 0 | 0 | 0 | 0 |
| Protection System | No | 0 | 0 | 0 | 0 |
| Maintence repairs and other | NA | 0 | 0 | 0 | 0 |
| Auxiliary Inverter for AR Loco | No | 0 | 0 | 0 | 0 |
| BMS Pansal | No | 0 | 0 | 0 | 0 |
| Bogie Frames and Parts | No | 0 | 0 | 0 | 0 |
| Building auotmated systems | NA | 0 | 0 | 0 | 0 |
| Compact Sub Station | No | 0 | 0 | 0 | 0 |
| Digital Axcel Drive | No | 0 | 0 | 0 | 0 |
| Fire Detector | No | 0 | 0 | 0 | 0 |
| Gas Insulated Switchgear | No | 0 | 0 | 0 | 0 |
| Medium Voltage Drive | No | 0 | 0 | 0 | 0 |
| Photovaltaic-S PV Products&sys | NA | 0 | 0 | 0 | 0 |
| Power Supplys | No | 0 | 0 | 0 | 0 |
| Reagents and Chemicals | NA | 0 | 0 | 0 | 0 |
| Ring Main Unit | No | 0 | 0 | 0 | 0 |
| Signet Keypads and Accessories | No | 0 | 0 | 0 | 0 |
| Static Converter for railways | No | 0 | 0 | 0 | 0 |
| Excise Duty | NA | 0 | 0 | 0 | 0 |