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Directors Report of Siemens Ltd.

Sep 30, 2015

Dear Members,

The Directors have pleasure in presenting the 58th Annual Report of your Company and the Audited Financial Statements for the year ended 30th September, 2015.

1. Financial Performance

(Rs, in Millions)

Standalone

2014-15 2013-14

Turnover 105,124 106,783

Less: Expenses 97,519 103,131 Profit from operations before other income and finance costs 7,605 3,652

Add: Other income 1,604 1,039

Less: Finance cost 73 82

Profit before exceptional items and tax 9,136 4,609

Add: Exceptional items 7,828 3,827

Profit before Tax 16,964 8,436

Less: Tax 5,131 2,404

Profit for the year 11,833 6,032

Balance in the Statement of Profit and Loss brought forward 9,374 5,906

Amount available for appropriation 21,207 11,938

Appropriations:

Proposed Dividend 3,561 2,137

Dividend Distribution Tax 725 427 Balance in the Statement of Profit and Loss carried forward 16,921 9,374

2. Operations

The Turnover of the Company decreased by approximately 2% and stood at Rs, 105,124 million as compared to Rs, 106,783 million in the previous year. The Company's Profit from Operations for the year ended 30th September, 2015 was Rs, 7,605 million as compared to Rs, 3,652 million in the previous year.

The Profit after Tax for the year ended 30th September, 2015 was Rs, 11,833 million, compared to Rs, 6,032 million during FY 2013-14.

3. Dividend

The Board of Directors recommend a Dividend of Rs,6 per equity share and a Special Dividend of Rs,4 per equity share (in view of the large exceptional income during the FY 2014-15) having face value of Rs, 2 each. This Dividend is subject to the approval of the Members at the 58th Annual General Meeting of the Company. In the previous year, the Company paid a Dividend of Rs, 6 per equity share of Rs, 2 each.

4. Divestment

Sale and Transfer of Metals Technologies Business (MT Business) of the Company

Pursuant to the approval granted by the Members by way of Postal Ballot on 15th December, 2014, MT Business of the Company was sold and transferred as a going concern on a Slump Sale basis to VAI Metals Technologies Private Limited ("VAI"), the then subsidiary of Siemens VAI Metals Technologies GmbH, Germany, with effect from the close of business hours on 31st December, 2014, for a consideration ofRs, 10,233 million and recorded a gain of Rs, 7,120 million, which forms part of exceptional items.

5. Subsidiary company

Siemens Rail Automation Private Limited (SRAPL) became a wholly-owned subsidiary of the Company with effect from 1st October, 2014. SRAPL is a non-material and non-listed subsidiary of the Company pursuant to Clause 49 of the Listing Agreement. SRAPL is engaged in the business of manufacture, supply, design, installation and commissioning of Railway Signaling equipment consisting of trackside and on board equipment.

Your Company has obtained a certificate from the Statutory Auditors certifying that the Company is in compliance with the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000 with respect to the downstream investments made in SRAPL during the year.

A summary of performance of SRAPL is provided below.

The Turnover of SRAPL decreased by approximately 3% and stood at Rs, 577 million as compared to Rs, 591 million in the previous year and Loss from Operations for the year ended 30th September, 2015 was Rs, 1 5 million as compared to Profit from Operations of Rs, 43 million in the previous year.

SRAPL has reported Loss after Tax for the year ended 30th September, 2015 of Rs,19 million as compared to Profit after Tax of Rs, 15 million during FY 2013-14.

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 ("Act"), a statement containing salient features of financial statements of SRAPL in the prescribed Form AOC-1 is provided in Annexure I forming part of this Report. The Audited Financial Statements of SRAPL are available on the Company's website at www.siemens.co.in/en/index/investor/financials-of-our-subsidiaries.htm and the same are also available for inspection at the Registered Office of the Company as per the details mentioned in Notice of the 58th Annual General Meeting. 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 as required to be given under 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. Business Responsibility Report

Pursuant to Clause 55 of the Listing Agreement entered into with the Stock Exchanges (''Listing Agreement''), your Company is required to include as part of the Annual Report, Business Responsibility Report (BRR) which provides a suggested framework of a BRR, describing initiatives taken by the Company from an environmental, social and governance perspective.

As a Green Initiative, the complete BRR for the year FY 2014-15 has been hosted on the Company's website, which can be accessed at http://www.siemens.co.in/en/index/investor/annual_report.htm and http://www.siemens.co.in/en/about_us/ index/sustainability.htm

Any Member interested in obtaining a copy of BRR may write to the Company Secretary of the Company.

8. Corporate Governance

A detailed review of the operations, performance and future outlook of the Company and its business is given in the Management's Discussion and Analysis, which forms part of this Report as Annexure III.

As required by Clause 49 (X) of the Listing Agreement, 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.

9. Audit Committee

The Company has in place an Audit Committee in terms of the requirements of the Act read with the Rules framed there under and Clause 49 of the Listing Agreement. The details relating to the same are given in the Report on Corporate Governance forming part of this Report. The recommendations of the Audit Committee were duly approved and accepted by the Board of Directors.

10. Directors and Key Managerial Personnel

The Board of Directors offers its deep condolence for the sad demise of Mr. Narendra J. Jhaveri (DIN: 00198912), who passed away on 6th June, 2015, peacefully in his sleep. Mr. Jhaveri, 79, was a Member (Independent Director) of the Board of Directors of the Company since November 2000. Mr. Jhaveri's visionary foresight and business acumen had helped to steer the Company in the right direction. His legacy shall continue to guide the Company in the future as well.

At 58th Annual General Meeting, Mr. Johannes Apitzsch (DIN: 05259354) retires by rotation and being eligible, offers himself for re-appointment.

The resolution for the above re-appointment along with the brief profile forms part of the Notice of the 58th Annual General Meeting and the resolution for his re-appointment is recommended for your approval.

The Members at the 57th Annual General Meeting held on 30th January, 2015, appointed Independent Directors for the Company viz. Mr. Deepak S. Parekh (DIN: 00009078), Mr. Yezdi H. Malegam (DIN: 00092017), Mr. Darius C. Shroff (DIN: 00170680), Mr. Narendra J. Jhaveri (DIN: 00198912), Mr. Keki B. Dadiseth (DIN: 00052165) and Mr. Pradip V. Nayak (DIN: 00032403) as Independent Directors for a term of five years as per requirements of the Act.

The abovenamed Independent Directors except Late Mr. Narendra J. Jhaveri 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 Clause 49(II)(B) of the Listing Agreement.

Mr. Sunil Mathur, Managing Director and Chief Executive Officer (DIN: 02261944), Mr. Christian Rummel, Executive Director and Chief Financial Officer (DIN: 01992982) and Mr. Ketan Thaker, Company Secretary, are the Key Managerial Personnel of the Company as on the date of this Report.

11. Board Meetings

During the financial year ended 30th September, 2015, five meetings of the Board of Directors were held. The details of the attendance of Directors at the Board Meetings are mentioned in the Corporate Governance Report annexed hereto.

12. 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 Corporate Governance Report.

13. Corporate Social Responsibility

The Company has always endeavored to be an integral part of the society for more than 5 decades - as an employer, customer, investor, vendor and corporate citizen. The initiatives in the social sphere, generally known as Corporate Social Responsibility, are referred to as Corporate Citizenship in the Company. Corporate Citizenship is the Company's contribution to sustainable communities and are built on the Company's Values of being Responsible, Excellent and Innovative. 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.

Further, in accordance with the provisions of Section 135 of the Act and Rules framed there under, the Company has constituted a Corporate Social Responsibility ("CSR") Committee of Directors comprising of Mr. Deepak Parekh (Chairman), Ms. Mariel von Schumann, Mr. Sunil Mathur and Mr. Christian Rummel. The Committee on a regular basis reviews and monitors the CSR projects and expenditure undertaken by the Company.

The Company has implemented CSR projects directly and / or through implementing partners. The Company's initiatives towards sustainable communities have been addressed under the areas of enhancing living conditions, skill development, technical education, healthcare and sanitation and conservation of water. The details of such initiatives, CSR spend, CSR Policy, etc., have been provided as Annexure VI to this Report, as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014.

14. Remuneration Policy

The details of the Remuneration Policy are mentioned in the Corporate Governance Report.

A Statement of Disclosure of Remuneration pursuant to Section 197 of the Act read with Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided as Annexure VII forming part of this Report.

15. Extracts of Annual Return

The extracts of Annual Return in Form MGT-9 as required under Section 92(3) of the Act read with Rule 12 of the Companies (Management and Administration) Rules, 2014 forms part of this Report as Annexure VIII.

16. 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, is provided as Annexure IX forming part of this Report.

17. 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 X forming part of this Report.

18. Vigil Mechanism

As per the provisions of Section 177(9) of the Act, the Company is required to establish an effective 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 ("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 http://www.siemens.co.in/pool/investor_relations/whistleblower- policy---oct-2014--01.pdf

19. 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. During the financial year under review, the Company has set up a Risk Management Committee (RMC) in accordance with the requirements of the Listing Agreement, inter alia, to 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.

20. Directors' Responsibility Statement

Pursuant to the provisions of Section 134 (3)(c) and 134 (5) of the Act, the Directors confirm, to the best of their knowledge and belief:

a) that in the preparation of the annual Financial Statements for the year ended 30th September, 2015, 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, 2015 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.

21. Reporting of frauds

There have been no instances of fraud reported by the Statutory Auditors under Section 143(12) of the Act and Rules framed there under either to the Company or to the Central Government.

22. 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.

23. Amount, if any, proposed to be transferred to Reserves

The Company has made no transfers to Reserves during the financial year 2014-1 5.

24. Employees:

Your Directors place on record their deep appreciation for the contribution made by the employees of the Company at all levels.

The information on 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 at the Registered Office of the Company as per the details mentioned in the Notice of the 58th Annual General Meeting on any working day of the Company up to the date of the 58th Annual General Meeting. Any Member interested in obtaining a copy of the same may write to the Company Secretary of the Company.

25. Policy on Prevention of Sexual Harassment at Workplace

The Company has in place 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 there under 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.

26. Statutory Auditors

Pursuant to provisions of Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014, Messrs S R B C & CO LLP, Chartered Accountants (Firm Registration No. 324982E), were appointed as Statutory Auditors of the Company for a term of four years, to hold office from the conclusion of 57th Annual General Meeting held on 30th January, 2015, until the conclusion of 61st Annual General Meeting, subject to ratification of their appointment at every subsequent Annual General Meeting.

A certificate from them has been received to the effect that their appointment as Statutory Auditors of the Company, if ratified at ensuing Annual General Meeting, would be according to the terms and conditions prescribed under Section 139 of the Act and Rules framed there under.

A resolution seeking ratification of their appointment, forms part of the Notice convening the 58th Annual General Meeting and the same is recommended for your consideration and approval.

27. Cost Auditors

In terms of the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the Board of Directors, on the recommendation of the Audit Committee, have appointed Messrs R. Nanabhoy & Co., Cost Accountants (Firm Registration No. 7464), as Cost Auditors of the Company, for the financial year ending 30th September, 2016, at a remuneration as mentioned in the Notice convening the 58th Annual General Meeting for conducting the audit of the cost records maintained by the Company for the various products as mandated by the Central Government, pursuant to its order dated 30th June, 2014 and any amendments thereof, subject to the approval of the Members on the remuneration to be paid to the Cost Auditor.

A certificate from them has been received to the effect that their appointment as Cost Auditors of the Company, if made, would be in accordance with the limits specified under Section 141 of the Act and Rules framed there under.

A resolution seeking Member's ratification for the remuneration payable to Cost Auditors forms part of the Notice of the 58th Annual General Meeting of the Company and same is recommended for your consideration and approval.

The Company had filed the Cost Audit Report for FY 2013-14 on 9th March, 2015, which is within the time limit prescribed under the Companies (Cost Audit Report) Rules, 2011.

28. Secretarial Audit

Pursuant to provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messer Parikh Parekh & Associates, Practicing Company Secretaries (C.P.No.1228), for conducting the Secretarial Audit of the Company for the financial year ended 30th September, 2015. The Secretarial Audit Report is provided as Annexure XI to this Report.

29. Material changes and commitment, if any, affecting financial position of the Company from the end of financial year 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 of the Company to which the Financial Statements relate and the date of this Report.

30. 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.

31. Acknowledgements

The Board of Directors take this opportunity to thank Siemens AG - the Parent Company, customers, members, suppliers, bankers, business partners / associates and Central and State Governments for their consistent support and co-operation to the Company.

On behalf of the Board of Directors

For Siemens Limited

Deepak S. Parekh

Chairman

DIN : 00009078

Mumbai

Friday, 27th November, 2015


Sep 30, 2014

Dear Members,

The Directors have pleasure in presenting the 57th Annual Report of your Company and the Audited Financial Statements for the year ended 30th September, 2014.

The Ministry of Corporate Affairs vide Circular No. 08/2014 dated 4th April, 2014 clarified that the financial statements and the documents required to be attached thereto, the auditor''s and directors'' report in respect of the financial year under reference shall continue to be governed by the relevant provisions of the Companies Act, 1956, schedules and rules made there under.

The Company has accordingly prepared Balance Sheet, Statement of Profit and Loss, the schedules and notes thereto and the Directors'' Report in accordance with the relevant provisions of the Companies Act, 1956, schedules and rules made there under.

1. Financial Performance

Rs. in Million

2013-141 2012-13

Turnover 1,06,626 1,13,526

Less: Expenses 1,02,974 1,11,822

Profit from operations before other income and finance costs 3,652 1,705

Add: Other income 1039 345

Less: Finance costs 82 189

Profit before exceptional items and tax 4,609 1,861

Add: Exceptional items 3,827 325

Profit before tax 8,436 2,186

Less: Tax 2,404 246

Profit for the year 6,032 1,940

Balance in the Statement of Profit and Loss brought forward 5,906 6,110

Addition in the Statement of Profit and Loss due to the amalgamation of companies - 134

Amount available for appropriation 11,938 8,184

Appropriations:

Transfer to general reserve - 194

Proposed dividend 2,137 1,781

Tax on proposed dividend 427 303

Balance in the Statement of Profit and Loss carried forward 9,374 5,906

2. Operations

The Turnover of the Company decreased by approximately 6% and stood at Rs. 106,626 million as compared to Rs. 113,526 million in the previous year. The Company''s Profit from Operations for the year ended 30th September, 2014 was Rs. 3,652 million as compared to Rs. 1,705 million in the corresponding period of the previous year.

The Profit after Tax was Rs. 6,032 million, compared to Rs. 1,940 million during 2012-13.

In line with Siemens Global strategic re-alignment, the Company''s businesses have with effect from 1st October, 2014 been classified into eight new ''Divisions'' namely Power and Gas, Power Generation Services, Energy Management, Building Technologies, Mobility, Process Industries & Drives, Digital Factory and Healthcare.

3. Dividend

The Board of Directors recommends a dividend of Rs. 6 per Equity Share of Rs. 2 each. This dividend is subject to the approval of the Members at the forthcoming Annual General Meeting. In the previous year, the Company paid a dividend of Rs. 5 per Equity Share of Rs. 2 each.

4. Divestment

Sale and transfer of Metals Technologies business of the Company

The Company''s parent company, Siemens Aktiengesellschaft, Germany ("SAG") has: (a) entered into an agreement with Mitsubishi-Hitachi Metals Machinery, Inc. ("MHMM") and Mitsubishi Heavy Industries ("MHI") for setting up a Joint Venture ("JV Co.") to operate in the business of metallurgical industry as a complete provider of plant, products and services for the iron, steel and aluminum industry ("MT Business"); and (b) pursuant to the aforementioned agreement the parties to such Agreement have agreed to transfer their existing MT Businesses including the MT Business of the Siemens group worldwide (including the MT Business of Siemens Limited) to the JV Co. According to the agreement, MHMM will hold a 51% and SAG a 49% stake in the JV Co.

The Board of Directors of the Company at its meeting held on 3rd June, 2014 approved in principle the sale and transfer of the Metals Technologies business of the Company to a designated entity subject to such terms and conditions as may be decided later on.

The Company accordingly vide its notice dated 8th November, 2014 has proposed the sale and transfer of its Metals Technologies business to a subsidiary (which is being incorporated) of Siemens VAI Metals Technologies GmbH, Germany, with effect from the close of business hours on 31st December, 2014 for a consideration of Rs. 10,232.7 million. The voting upon the said resolution is currently underway and shall end on 12th December, 2014 and thereafter the results would be announced.

5. Subsidiary company

The Board of Directors at its meeting held on 30th January, 2014 approved, subject to the necessary approvals, the acquisition of 100% equity shares of Siemens Rail Automation Pvt. Ltd. (SRAPL) from Siemens International Holding BV, Netherlands (99.99%) and Siemens AG (0.01%) for a consideration of Rs. 550 million. SRAPL is engaged in the business of manufacture, supply, design, installation and commissioning of Railway Signaling equipments consisting of trackside and on board equipment.

Post acquisition, SRAPL became a wholly owned subsidiary of the Company with effect from 1st October, 2014.

6. Foreign Exchange Earnings and Expenditure

Details of foreign exchange earnings and expenditure have been given under the Notes to the Accounts.

7. Conservation of Energy and Technology Absorption

Information in terms of Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, is given as Annexure I to this Report.

8. Corporate Governance

A detailed review of the operations, performance and future outlook of the Company and its businesses is given in the Management''s Discussion and Analysis, which forms part of this Report as Annexure II.

Your Company observes high standards of corporate governance in all areas of its functioning with strong emphasis on transparency, integrity and accountability. As required by Clause 49 VI of the Listing Agreement, a detailed report on Corporate Governance alongwith the Auditor''s Certificate thereon forms part of this Report as Annexure III.

General Shareholder Information forms part of this Report as Annexure IV.

9. Business Responsibility Report

Pursuant to Clause 55 of the Listing agreement entered into with the Stock Exchanges, your Company is required to include as part of the Annual Report, Business Responsibility Report (BRR) which provides a suggested framework of a BRR, describing initiatives taken by the company from an environmental, social and governance perspective.

As a Green Initiative, the full BRR for the year 2014 has been hosted on the Company''s website, which can be accessed at http://www.siemens.co.in/en/index/investor/annual report.htm and http://www.siemens.co.in/en/about us/index/sustainability.htm Any Member interested in obtaining a copy of BRR may write to the Company Secretary of the Company.

10. Employees

Your Directors place on record their deep appreciation of the contribution made by the employees of the Company at all levels.

Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, as amended, forms part of this Report. However, as per the provisions of Section 219(1)(b)(iv) of the Companies Act, 1956, this Report and Financial Statement are being sent to all the Members of the Company, excluding the Statement of Particulars of Employees. Any Member interested in obtaining a copy of the said Statement may write to the Company Secretary of the Company.

11. Directors'' Responsibility Statement

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors confirm that, to the best of their knowledge and belief:

a. in the preparation of the annual accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

b. appropriate accounting policies have been selected and applied consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 30th September, 2014 and of the profit of the Company for the year ended on that date;

c. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d. the annual accounts have been prepared on a going concern basis.

12. Directors

Mr. Christian Rummel has been appointed as an Additional Director as well as Executive Director and Chief Financial Officer of the Company with effect from 1st February, 2014. The terms and conditions of his appointment, including his remuneration, are subject to the approval of Members and Central Government. As per provisions of Section 161 of the Companies Act, 2013 and Article 104(b) of the Articles of Association of the Company, Mr. Rummel holds office upto the date of the forthcoming 57th Annual General Meeting and is eligible for appointment. Notice under Section 160 of the Companies Act, 2013 has been received from a member signifying her intention to propose the appointment of Mr. Rummel as Director of the Company.

At the ensuing Annual General Meeting, Mr. Joe Kaeser, Mr. Yezdi Malegam and Mr. Darius Shroff retire by rotation and being eligible, offer themselves for re-appointment.

Pursuant to Companies Act, 2013 and Clause 49 of the Listing Agreement, Mr. Deepak S. Parekh, Mr. Yezdi Malegam, Mr. Darius Shroff, Mr. Narendra Jhaveri, Mr. Keki Dadiseth and Mr. Pradip Nayak are proposed to be appointed as Independent Directors for a period of 5 years from the date of the Annual General Meeting i.e. 30th January, 2015 and shall not be liable to retire by rotation.

The above appointments and re-appointments form part of the Notice of the 57th Annual General Meeting and the respective Resolutions are recommended for your approval.

Profiles of these Directors, as required under Clause 49 of the Listing Agreement, are given in the Notice of the 57th Annual General Meeting.

13. Auditors

The present Auditors of the Company, Messrs S.R. Batliboi & Associates LLP, Chartered Accountants, have expressed their unwillingness to be re-appointed as Auditors of the Company upon their retirement at the forthcoming Annual General Meeting. The Board of Directors, on recommendation of the Audit Committee, recommends the appointment of Messrs S R B C & Co. LLP, Chartered Accountants (Firm Registration No. 324982E), as the Statutory Auditors of the Company from the conclusion of 57th Annual General Meeting (subject to ratification by the Members every year in the Annual General Meeting) until the conclusion of 61st Annual General Meeting of the Company. A certificate from them has been received to the effect that their appointment as Statutory Auditors of the Company, if made, would be according to the terms and conditions prescribed under Sections 139 and 141 of the Companies Act, 2013 and rules framed thereunder. Messrs S R B C & Co. LLP and Messrs S. R. Batliboi & Associates LLP belong to the same network of audit firms.

14. 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.

15. Cost Auditors

The Board of Directors, on recommendation of the Audit Committee, has appointed Messrs R. Nanabhoy & Co., Cost Accountants, as Cost Auditors of the Company, for the Financial Year 2014-15, for conducting the audit of the cost records maintained by the Company for the various products as mandated by the Central Government, pursuant to its order dated 30th June, 2014 and any amendments thereof, subject to the approval of the Members on the remuneration to be paid to the Cost Auditor. A certificate from them has been received to the effect that their appointment as Cost Auditors of the Company, if made, would be in accordance with the limits specified under of Section 141 of the Companies Act, 2013 and rules framed thereunder. The Company had filed the Cost Audit Report for FY 2012-13 on 6th March, 2014, which is within the time limit prescribed under the Companies (Cost Audit Report) Rules, 2011.

16. Acknowledgements

The Board of Directors take this opportunity to thank Siemens AG - the parent company, customers, members, suppliers, bankers, business partners / associates and Central and State Governments for their consistent support and co-operation to the Company.

On behalf of the Board of Directors For Siemens Ltd.

Deepak S. Parekh Chairman

Mumbai Tuesday, 25th November, 2014


Sep 30, 2013

Dear Members,

The Directors have pleasure in presenting the 56th Annual Report of your Company and the Audited Accounts for the year ended 30th September, 2013.

1. Financial Performance

Rs.in Million

2012-13 2011-12

Turnover 113,526 129,199

Profit before exceptional items, prior period items and tax 1,861 7,208

Add: Exceptional Items 325 (1,200)

Add: Prior Period Items (799)

Profit before Tax 2,186 5,209

Less: Tax 246 1,777

Net Profit after Tax 1,940 3,432

Balance in the Statement of Profit and Loss brought forward 6,110 4,771

Addition in the Statement of Profit and Loss due to the amalgamation of companies 1.34 705

Amount available for appropriation 8,184 8,908

Appropriations:

General Reserve 194 343

Proposed Dividend 1,781 2,112

Dividend Distribution Tax 303 343

Balance in the Statement of Profit and Loss carried forward 5,906 6,110

2. Operations

The Turnover of the Company decreased by approximately 12% and stood at Rs. 113,526 million as compared to Rs. 129,199 million in the previous year. The Company''s Profit from Operations for the year ended 30th September, 2013 was Rs. 1, 705 million as compared to Rs. 6,903 million in the corresponding period of the previous year.

The Profit after Tax was Rs. 1,940 million, compared toRs. 3,432 million during 2011-12.

3. Dividend

The Board of Directors recommends a dividend of Rs.5 per Equity Share of Rs. 2 each. This dividend is subject to the approval of the Members at the forthcoming Annual General Meeting. In the previous year, the Company paid a dividend of Rs. 6 per Equity Share of Rs. 2 each.

4. Amalgamations and Divestment

a. Amalgamation of Siemens Power Engineering Pvt. Ltd. (SPEL) and Winergy Drive Systems India Pvt. Ltd. (Winergy) with the Company

Key details of the aforesaid amalgamations are summarised as follows:

Particulars SPEL Winergy

High Court Order date Bombay : 2nd November, 2012 Bombay : 22nd March, 2013

Punjab & Haryana : 23rd November, 2012 Madras: 18th February, 201

Appointed Date 1s''October, 2011 1st October, 2012

Effective Date 1s''January, 2013 31s''March, 2013

Share Exchange Ratio 6 Equity Shares of Rs. 2 each of the Company 1 Equity Share of Rs. 2 each of the Company for every 13 Equity Shares of Rs. 10 each of for every 72 Equity Shares of Rs. 10 each of

SPEL winergy

Equity Shares issued 3,461,538 to Siemens Aktiengesellschaft, 625,139 to Siemens Aktiengesellschaft, Germany

Date of Allotment of 5th February, 2013 24th May, 2013 new Equity shares

b. Sale and transfer of Postal and Parcel Logistics Technologies & Airport Logistics Technologies businesses (LAS business)

Pursuant to the approval granted by the Members by way of Postal Ballot on 18th September, 2013, the LAS business of the Company was sold and transferred as a going concern on a slump sale basis to Siemens Postal Parcel & Airport Logistics Pvt. Ltd., a new 100% subsidiary of Siemens Aktiengesellschaft, Germany with effect from the close of business hours of 30th September, 2013, for a consideration of Rs. 1,285 million and recorded profit of Rs. 1,146 million, which forms part of exceptional items.

5. Share capital

During the year under review, the paid-up share capital of the Company increased from 340,295,025 Equity shares of Rs. 2 each (FY 2011 -12) to 356,119,885 Equity shares of Rs. 2 each (FY 2012-13). The following are the details of the Equity shares issued and allotted during FY 2012-13:

Particulars No. of Equity Date of Allotment shares of the Face value of Rs. 2 each

Amalgamation of Siemens VAI Metals Technologies Pvt. Ltd. and Morgan 11,738,108 13.10.2012 Construction Company India Pvt. Ltd. with the Company Settlement of a Disputed case 75 01.02.2013 Amalgamation of Siemens Power Engineering Pvt. Ltd. with the Company 3,461,538 05.02.2013 Amalgamation of Winergy Drive Systems India Pvt. Ltd. with the Company 625,139 24.05.2013

Total 15,824,860

The aforesaid 15,824,860 new Equity shares of Rs. 2 each rank pari passu in all respects with the existing Equity shares of the Company and shall be entitled for full amount of Dividend for the year ended 30th September, 2013, if declared by the Members at the forthcoming 56th Annual General Meeting. The said Equity shares have been listed on BSE Ltd. and National Stock Exchange of India Ltd.

6. Subsidiary company:

The Company has no subsidiary during the year.

7. Foreign Exchange Earnings and Expenditure

Details of foreign exchange earnings and expenditure have been given under the Notes to the Accounts.

8. Conservation of Energy and Technology Absorption

Information in terms of Section 217(1)(e)of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, is given as Annexure I to this Report.

9. Corporate Governance

A detailed review of the operations, performance and future outlook of the Company and its businesses is given in the Management''s Discussion and Analysis, which forms part of this Report as Annexure II.

Your Company observes high standards of corporate governance in all areas of its functioning with strong emphasis on transparency, integrity and accountability. As required by Clause 49 VI of the Listing Agreement, a detailed report on Corporate Governance alongwith the Auditors'' Certificate thereon forms part of this Report as Annexure III.

General Shareholder Information forms part of this Report as Annexure IV.

10. Business Responsibility Report

SEBI, vide its circular CIR/CFD/DIL/8/2012 dated 13th August, 2012, mandated inclusion of Business Responsibility Report (BRR) as part of the Annual Report for top 100 listed entities based on their market capitalisation on BSE Limited and National Stock Exchange of India Limited, as on 31st March, 2012. Clause 55 of the Listing agreement with the Stock Exchanges introduced in this regard, provides a suggested framework of a BRR, describing initiatives taken by the company from an environmental, social and governance perspective.

As a Green Initiative, we have hosted our full BRR for the year 2013 on our website, which can be accessed at http://www.siemens.co.in/en/about us/index/sustainability.htmand http://www.siemens.co.in/en/index/investor/annual report.htm

Any Member interested in obtaining a copy of BRR may write to the Company Secretary of the Company.

11. Employees

Your Directors place on record their deep appreciation for the contribution made by the employees of the Company at all levels.

Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, as amended, forms part of this Report. However, as per the provisions of Section 219(1 )(b)(iv) of the Companies Act, 1956, this Report and Accounts are being sent to all the Members of the Company, excluding the Statement of Particulars of Employees. Any Member interested in obtaining a copy of the said Statement may write to the Company Secretary of the Company.

12. Directors'' Responsibility Statement

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors confirm that, to the best of their knowledge and belief:

a. in the preparation of the annual accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

b. appropriate accounting policies have been selected and applied consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 30th September, 2013 and of the profit of the Company for the year ended on that date;

c. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d. the annual accounts have been prepared on a going concern basis.

13. Directors

Mr. Johannes Apitzsch automatically ceased to be an Alternate Director for Dr. Roland Busch with effect from 30th January, 2013 since Dr. Busch had visited the State of Maharashtra, where the Board Meetings of the Company are ordinarily held. Mr. Apitzsch was re-appointed as an Alternate Director for Dr. Busch with effect from 31st January, 2013. Further, Mr. Apitzsch ceased to be an Alternate Director for Dr. Busch with effect from the close of business hours of 22nd November, 2013.

Ms. Mariel von Drathen and Mr. Johannes Apitzsch have been appointed as Additional Directors of the Company with effect from 2nd August, 2013 and 23rd November, 2013, respectively. As per provisions of Section 161 of the Companies Act, 2013 and Article 104(b) of the Articles of Association of the Company, Ms. von Drathen and Mr. Apitzsch, hold office upto the date of the forthcoming 56th Annual General Meeting and are eligible for appointment. Notices under Section 257 of the Companies Act, 1956 have been received from a member signifying her intention to propose the appointment of Ms. von Drathen and Mr. Apitzsch as Directors of the Company.

Dr. Armin Bruck, on completion of his term, will cease to be the Managing Director & Chief Executive Officer (MD & CEO) and Director of the Company with effect from the close of business hours of 31st December, 2013. The Board places on record its appreciation for the services rendered by Dr. Bruck during his tenure with the Company.

Mr. Sunil Mathur was re-appointed as an Executive Director & Chief Financial Officer (ED & CFO) for a term of five years with effect from 22nd July, 2013. The Board of Directors at its meeting held on 25th October, 2013 appointed Mr. Mathur as the MD & CEO for a term of five years with effect from 1st January, 2014. Consequent to his appointment as MD & CEO, Mr. Mathur''s tenure as ED & CFO was revised for a period from 22nd July, 2013 to 31st December, 2013. The terms and conditions of Mr. Mathur''s re-appointment as ED & CFO and appointment as MD & CEO, including his remuneration, are subject to approval of the Members.

At the Annual General Meeting, Mr. Deepak S. Parekh, Mr. Keki B. Dadiseth and Mr. Pradip V. Nayak retire by rotation and being eligible, offer themselves for re-appointment.

The above appointments and re-appointments forms part of the Notice of the 56th Annual General Meeting to be held on 30th January, 2014 and the respective Resolutions are recommended for your approval.

Profiles of these Directors, as required under Clause 49 of the Listing Agreement, are given in the Notice of the Annual General Meeting.

14. Auditors

Messrs S.R. Batliboi & Associates LLP, Chartered Accountants, retire as the Statutory Auditors of the Company at the ensuing Annual General Meeting and offer themselves for re-appointment. A certificate from them has been received to the effect that their re-appointment as Statutory Auditors of the Company, if made, would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956.

15. 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.

16. Cost Auditors

The Board of Directors have appointed Messrs R. Nanabhoy & Co., Cost Accountants, for the Financial Year 2013-14, for conducting the audit of the cost accounts maintained by the Company for the various products mandated by the Central Government, pursuant to its order No 52/26/CAB-2010 dated 6th November 2012, subject to the approval of the Central Government. The Company had filed the Cost Audit Report for FY 2011-12 on 21st March, 2013, which is within the time limit prescribed under the Companies (Cost Audit Report) Rules, 2011.

17. Acknowledgements

The Board of Directors take this opportunity to thank Siemens AG - the parent company, customers, members, suppliers, bankers, business partners / associates and Central and State Governments for their consistent support and co-operation to the Company.

On behalf of the Board of Directors

For Siemens Ltd.

Deepak S. Parekh

Chairman

Mumbai

Friday, 22nd November, 2013


Sep 30, 2010

The Directors have pleasure in presenting the 53rd Annual Report of your Company and the Audited Accounts for the year ended on 30th September, 2010.

1. Financial Performance

Rs. in Million

2009-10 2008-09 Growth %

Turnover 93,152.41 83,887.75 11.04

Profit before Tax and Exceptional Income 12,587.48 12,259.13 2.68

Add: Exceptional Income

Profit on sale of Investments in Subsidiaries - 2,059.46

Profit before Tax 12,587.48 14,318.59 (12.09)

Less: Tax 4,315.36 3,870.08

Net Profit afiter Tax 8,272.12 10,448.51 (20.83)

Balance of Profit and Loss account of Flender Ltd. 745.69 --

(amalgamated)

Amount available for appropriation 9,017.81 10,448.51 (13.69)

Appropriations:

General Reserve 7,052.01 8,476.21

Proposed Dividend 1,685.80 1,685.80

Dividend Distribution Tax 279.99 286.50

2. Operations

The Turnover of the Company increased by approximately 11% and stood at Rs.93,152 million as compared Rs.83,888 million in the previous year. The Companys Profit from Operations for the year ended 30th September, 2010 increased by 26% to Rs.11,917 million as compared to Rs.9,454 million in the corresponding period of the previous year. While all the businesses contributed to the growth, the key drivers were Power Transmission, Industry Solutions, Mobility and Drives Technologies business.

The PAT wasRs.8,272 million, compared toRs. 10,449 million during Financial Year 2008-09.

3. Dividend

The Board of Directors recommends a dividend of Rs.5 per Equity Share of Rs.2 each. This dividend is subject to the approval of the Members at the forthcoming 53rd Annual General Meeting to be held on 28th January, 2011.

In the previous year, the Company paid a dividend of Rs.5 per Equity Share of Rs.2 each.

4. Managements Discussion and Analysis

A detailed review of the operations, performance and future outlook of the Company and its businesses is given in the Managements Discussion and Analysis, which forms part of this Report as Annexure II.

5. Amalgamations and Acquisitions

a. Amalgamation of Siemens Healthcare Diagnostics Ltd., Baroda (SHDL)

The Petition for the amalgamation of SHDL with the Company has been admitted in the High Courts at Mumbai and Ahmedabad. Further, the approval for the amalgamation of SHDL with the Company is at different stages of the regulatory process. The "Appointed Date" fxed for the amalgamation is 1st October, 2009.

b. Amalgamation of Siemens Rolling Stock Pvt. Ltd., Mumbai (SRSPL)

The Board of Directors approved the proposal for the amalgamation of its wholly owned subsidiary, SRSPL with the Company and the petition has already been admitted in the Bombay High Court. The "Appointed Date" has been fxed as 1st October, 2009. The amalgamation is subject to all the necessary statutory / regulatory approvals and the Bombay High Court.

c. Amalgamation of Flender Ltd., Kolkata

The Honble High Court of Calcutta vide its Order dated 16th March, 2010 sanctioned the Scheme of Amalgamation of Flender Ltd., a wholly owned subsidiary of the Company, with the Company. The "Appointed Date" is 1st October, 2009. Thus, with effect from 1st October, 2009, Flender Ltd., stands amalgamated with the Company and its entire business and undertaking gets transferred to and vested in the Company. The fnal hearing for the dissolution of Flender Ltd., without winding up is pending in the Calcutta High Court.

d. (i) Acquisition of balance 13.85% stake in Siemens Building Technologies Pvt. Ltd., Chennai (SBTPL)

The Company on 8th January, 2010 acquired the balance 13.85% stake in 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.

(ii) Amalgamation of SBTPL and Vista Security Technics Pvt. Ltd., Chennai (Vista)

The Honble High Court of Judicature at Madras vide its Order dated 3rd September, 2010 read with Order dated 5th October, 2010 sanctioned the Scheme of Amalgamation of our wholly owned subsidiaries i.e. SBTPL and Vista (a wholly owned subsidiary of SBTPL), with the Company. With effect from 1st October, 2010 (Appointed Date), SBTPL and Vista stands amalgamated with the Company and the legal entity of SBTPL and Vista stands dissolved without winding up. Further, the entire business and undertaking of SBTPL and Vista gets transferred to and in the name of the Company.

6. Subsidiary companies

a. Siemens Rolling Stock Pvt. Ltd., Mumbai (SRSPL) - a 100% subsidiary SRSPL is engaged in the manufacture of Railway Rolling Stock. For the year ended on 30th September, 2010, SRSPL reported a Total Income of Rs. 108.55 million and a Net Loss of Rs.212.90 million.

b. Siemens Building Technologies Pvt. Ltd., Chennai (SBTPL) - a 100% subsidiary

SBTPL is engaged in the Building Technologies business providing a range of products and services comprising of building automation systems, fre safety solutions, security solutions, etc. SBTPL recorded a Total Income of Rs.3,108.66 million and a Net Profit of Rs.81.05 million for the year ended on 30th September, 2010.

During the period under review, the SBT Group consisting of SBTPL, Vista, iMetrex Technologies Pte Ltd., Singapore, and iMetrex Technologies Ltd., Ireland, posted a consolidated Turnover of Rs.3,437 million and a Net Profit of Rs.77.35 million. Avenues (HongKong) Ltd., HongKong, has been deregistered and dissolved with effect from 30th April, 2010. iMetrex Technologies Pte Ltd., Singapore has been liquidated with effect from 21st September, 2010.

All the above companies are non-material and non-listed subsidiaries as defined under Clause 49 of the Listing Agreement with the Stock Exchanges.

The Company has obtained exemption from the Ministry of Corporate Affairs, Government of India, New Delhi, under Section 212(8) of the Companies Act, 1956, from annexing to this report, the Annual Reports of the above subsidiary companies for the year ended on 30th September, 2010. However, if any Member of the Company or subsidiary companies so desires, the Company will make available copies of Annual Accounts and related information of the above subsidiary companies. The Annual Accounts of the said subsidiaries are also available for inspection by any investor at the Registered Offce of the Company and of the subsidiary companies concerned between 10.00 a.m. and 12 noon on any working day of the Company and of the respective subsidiary companies, upto the date of the 53rd Annual General Meeting.

Consolidated Accounts

The Audited Consolidated Accounts, Auditors Report thereon and Cash Flow Statement, comprising of Siemens Ltd. and its subsidiary companies, form a part of this Annual Report. The Consolidated Accounts have been prepared in accordance with the prescribed Accounting Standards.

7. Foreign Exchange Earnings and Expenditure

Details of foreign exchange earnings and expenditure have been given under the Notes to the Accounts.

8. Conservation of Energy and Technology Absorption

Information in terms of Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, is given as Annexure I to this Report.

9. Employees

Your Directors place on record their deep appreciation for the contribution made by the employees of the Company at all levels. Our industrial relations continue to be cordial.

Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, as amended, forms part of this Report. However, as per the provisions of Section 219(1)(b)(iv) of the Companies Act, 1956, this Report and Accounts are being sent to all the Members of the Company, excluding the Statement of Particulars of Employees. Any Member interested in obtaining a copy of the said Statement may write to the Company Secretary of the Company.

10. Corporate Governance

We adhere to the principles of Corporate Governance mandated by the Securities and Exchange Board of India and have implemented all the prescribed stipulations. As required by Clause 49 VI of the Listing Agreement, a detailed report on Corporate Governance forms part of this Report as Annexure III. The Auditors Certifcate on compliance with Corporate Governance requirements by the Company is attached to the Corporate Governance Report.

The Board of Directors have perused the Corporate Governance Voluntary Guidelines 2009 issued by the Ministry of Corporate Affairs. Though the Company has already adopted most of the recommendation of the guidelines but recognises the importance of continuous assessment of governance practices to create long term value for the stakeholders. The Board would consider adopting the relevant provisions of the said guidelines as and when deemed appropriate.

11. General Shareholder Information

General Shareholder Information forms part of this Report as Annexure IV.

12. Directors Responsibility Statement

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors confrm that, to the best of their knowledge and belief:

1. in the preparation of the annual accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

2. appropriate accounting policies have been selected and applied consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 30th September, 2010 and of the Profit of the Company for the year ended on that date;

3. proper and suffcient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

4. the annual accounts have been prepared on a going concern basis.

13. Directors

Mr. Vijay V. Paranjape has been re-appointed as a Whole-time Director of the Company for a further period of one year with effect from 1st October, 2010. The terms and conditions of his re-appointment, including his remuneration, are subject to approval of the Members.

At the 53rd Annual General Meeting, Mr. Keki Dadiseth, Mr. Pradip V. Nayak and Mr. Darius C. Shroff retire by rotation and being eligible, offer themselves for re-appointment.

The above re-appointments form part of the Notice of the forthcoming 53rd Annual General Meeting and the respective resolutions are recommended for your approval.

Profiles of these Directors, as required under Clause 49 of the Listing Agreement, are given in the Notice of the 53rd Annual General Meeting.

14. Auditors

Messrs S.R. Batliboi & Associates, Chartered Accountants, retire as the Statutory Auditors of the Company at the ensuing Annual General Meeting and offer themselves for re-appointment. A certifcate from them has been received to the effect that their re-appointment as Statutory Auditors of the Company, if made, would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956.

15. Cost Auditors

The Board of Directors in pursuance to the Order issued by the Central Government under Section 233B of the Companies Act, 1956, have appointed Messrs R. Nanabhoy & Co., Cost Accountants for conducting the audit of the cost accounting records maintained by the Company for the product Electric Motors.

16. Acknowledgements

The Board of Directors take this opportunity to thank Siemens AG - the parent company, customers, members, suppliers, bankers, business partners / associates and Central and State Governments for their consistent support and co-operation to the Company.

On behalf of the Board of Directors For Siemens Ltd.

Deepak S. Parekh Chairman

Mumbai

Wednesday, 24th November, 2010



 
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