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Siemens

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« Sep 14
Auditor's Report (Siemens) Year End : Sep '15
We have audited the accompanying financial statements of Siemens
 Limited (the Company), which comprise the Balance Sheet as at
 September 30, 2015, the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements The Company''s
 Board of Directors is responsible for the matters stated in Section
 134(5) of the Companies Act, 2013 (the Act) with respect to the
 preparation of these financial statements that give a true and fair
 view of the financial position, financial performance and cash flows of
 the Company in accordance with accounting principles generally accepted
 in India, including the Accounting Standards specified under Section
 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
 2014. This responsibility also includes maintenance of adequate
 accounting records in accordance with the provisions of the Act for
 safeguarding of the assets of the Company and for preventing and
 detecting frauds and other irregularities; selection and application of
 appropriate accounting policies; making judgments and estimates that
 are reasonable and prudent; and the design, implementation and
 maintenance of adequate internal financial control that were operating
 effectively for ensuring the accuracy and completeness of the
 accounting records, relevant to the preparation and presentation of the
 financial statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.  Auditor''s
 Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made there under. We conducted our
 audit in accordance with the Standards on Auditing, issued by the
 Institute of Chartered Accountants of India, as specified under Section
 143(10) of the Act. Those Standards require that we comply with ethical
 requirements and plan and perform the audit to obtain reasonable
 assurance about whether the financial statements are free from material
 misstatement.  An audit involves performing procedures to obtain audit
 evidence about the amounts and disclosures in the financial statements.
 The procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements. We
 believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the financial
 statements.  Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India of the state of affairs of the Company as at September 30, 2015,
 its profit, and its cash flows for the year ended on that date.  Report
 on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure 1,
 a statement on the matters specified in paragraphs 3 and 4 of the
 Order.
 
 2.  As required by Section 143 (3) of the Act, we report that:
 
 (a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purpose of our audit;
 
 (b) In our opinion proper books of account as required by law have been
 kept by the Company so far as it appears from our examination of those
 books;
 
 (c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 accounts;
 
 (d) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014;
 
 (e) On the basis of written representations received from the directors
 as on September 30, 2015, and taken on record by the Board of
 Directors, none of the directors are disqualified as on September 30,
 2015, from being appointed as a director in terms of Section 1 64 (2)
 of the Act;
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 24 (b) to
 the financial statements;
 
 ii. The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts including derivative contracts - Refer Note 32
 and 38 (a) to the financial statements;
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) All fixed assets have not been physically verified by the
 management during the year but there is a regular programme of
 verification which, in our opinion, is reasonable having regard to the
 size of the Company and the nature of its assets.  No material
 discrepancies were noticed on such verification.
 
 (ii) (a) The management has conducted physical verification of
 inventory at reasonable intervals during the year.
 
 (b) The procedures of physical verification of inventory followed by
 the management are reasonable and adequate in relation to the size of
 the Company and the nature of its business.
 
 (c) The Company is maintaining proper records of inventory.
 Discrepancies noted on physical verification of inventories were not
 material, and have been properly dealt with in the books of account.
 
 (iii) According to the information and explanations given to us, the
 Company has not granted any loans, secured or unsecured, to companies,
 firms or other parties covered in the register maintained under Section
 189 of the Companies Act, 2013. Accordingly, the provisions of clause
 3(iii) (a) and (b) of the Order are not applicable to the Company and
 hence not commented upon.
 
 (iv) In our opinion and according to the information and explanations
 given to us and having regard to the explanation that certain items
 purchased are of special nature for which suitable alternative sources
 do not exist for obtaining comparable quotations, there is an adequate
 internal control system commensurate with the size of the Company and
 the nature of its business, for the purchase of inventory and fixed
 assets and for the sale of goods and services. During the course of our
 audit, we have not observed any major weakness or continuing failure to
 correct any major weakness in the internal control system of the
 Company in respect of these areas.
 
 (v) The Company has not accepted any deposits from the public.
 
 (vi) We have broadly reviewed the books of account maintained by the
 Company pursuant to the rules made by the Central Government for the
 maintenance of cost records under section 148(1) of the Companies Act,
 2013, for the period upto September 30, 2015 and are of the opinion
 that prima facie, the prescribed accounts and records have been made
 and maintained.  We have not, however, made a detailed examination of
 the same.
 
 (vii) (a) Undisputed statutory dues including investor education and
 protection fund, income tax, sales- tax, wealth-tax, customs duty,
 excise duty, cess and other material statutory dues have generally been
 regularly deposited with the appropriate authorities though there has
 been a slight delay in a few cases with regard to employee state
 insurance, provident fund and service tax.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, investor
 education and protection fund, employees ''state insurance, income-tax,
 wealth-tax, service tax, sales-tax, customs duty, excise duty cess and
 other material statutory dues were outstanding, at the year end, for a
 period of more than six months from the date they became payable.
 
 (c) According to the records of the Company, the dues outstanding of
 income-tax, sales-tax, service tax, customs duty, excise duty and cess
 on account of any dispute, are as follows:
 
 Name of 
 the statute   Nature of    Amount     Period to which
                                       amount relates     Forum where
                                                          dispute is
               dues        (Rs, in 
                            millions)  pending
 
 Central 
 Excise Act,   Duty and       24       1993-99, 2000-07,
                                       2008-10 and         Asst.Comm 
                                                           / Dy. Comm /
                                                            Comm
 
 1944 and 
 Service Tax   Penalty                 2011-13             / Comm
                                                           (Appeals)
 
                             186       1987-1993,
                                       1993-02,2000-07,     Tribunal 
                                       2003-10 and 
                                       2011-12
 
                             281       1993-99, 2003-10
                                       and 2011-13          High Court
 
                              17       1993-99              Supreme 
                                                            Court
 
 
 State & 
 Central 
 Sales         Tax, 
               Interest      827       1962-69,1970-
                                       74,1975-81,          Assistant/
                                                            Additional
 
 Tax Acts      & Penalty               1982-90,1991-96,
                                       1997-03,             Commissioner
                                       2004-08 and
                                       2009-15
 
                            1,430      1962-88,1989-98,
                                       1999-07,             Dy. Comm / 
                                                            Comm / Joint
                                                            / Spl.
                                       2008-09, 2009-11 
                                       and 2011-14          Comm.
 
                            1,085      1962-77,1989-96,
                                       1997-03,             Tribunal
 
                                       2003-07, 2007-08,
                                       2008-1 2 and 
                                       2012-14
 
                            2,458      1962-85,1996-04,
                                       2005-07,             High Court
 
                                       2008-10, 2011-12
                                       and 2012-14
 
 Customs 
 Act, 1962     Duty           120      1998-99              High Court
 
                              197      2003-08              High Court
 
                                7      2003-08              Tribunal
 
 Income 
 Tax Act, 
 1961          Income Tax     393      2010-11              ITAT
 
 d) Accordingly to information and explanation given to us, the amount
 required to be transferred to Investor education and protection fund in
 accordance with the relevant provision of the Companies Act 1956 (1 of
 1956) and rules made there under has been transferred to such fund with
 in time.
 
 (viii) The Company has no accumulated losses at the end of the
 financial year and it has not incurred cash losses in the current and
 immediately preceding financial year.
 
 (ix) The Company has not accepted any loans from a financial
 institution, bank or debenture holders and therefore the provisions of
 clause 3(ix) of the Order are not applicable to the Company and hence
 not commented upon.
 
 (x) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 (xi) The Company did not have any term loans outstanding during the
 year.
 
 (xii) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given by the management, we report
 that no material fraud on or by the Company has been noticed or
 reported during the year.
 
 For S R B C & CO LLP
 
 Chartered Accountants
 
 ICAI Firm Registration Number: 324982E
 
 per Vikram Mehta
 
 Partner
 
 Membership Number: 105938
 
 Place: Mumbai
 
 Date : 27 November 2015
Source : Dion Global Solutions Limited
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