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« Sep 13
Auditor's Report (Siemens) Year End : Sep '14
We have audited the accompanying financial statements of Siemens
 Limited (the Company), which comprise the Balance Sheet as at 30
 September 2014, 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
 
 Management is responsible for 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 notified under the Companies Act, 1956 (the Act)
 read with General Circular 8/2014 dated 4 April 2014 issued by the
 Ministry of Corporate Affairs. This responsibility includes the design,
 implementation and maintenance of internal control 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 conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the 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 control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances but not for the
 purpose of expressing an opinion on the effectiveness of the entity''s
 internal control. An audit also includes evaluating the appropriateness
 of accounting policies used and the reasonableness of the accounting
 estimates made by management, as well as evaluating the overall
 presentation of the financial statements. We believe that the audit
 evidence we have obtained is sufficient and appropriate to provide a
 basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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:
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at 30 September 2014;
 
 (b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the 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, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a) we have obtained all the information and explanations, which to the
 best of our knowledge and belief were necessary for the purposes of our
 audit;
 
 b) in our opinion, proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books;
 
 c) the Balance Sheet, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement comply with the Accounting Standards notified under
 the Companies Act, 1956 read with General Circular 8/2014 dated 4 April
 2014 issued by the Ministry of Corporate Affairs;
 
 e) On the basis of written representations received from the directors
 as on 30 September 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 30 September 2014, from
 being appointed as a director in terms of clause (g) of sub-section (1)
 of section 274 of the Companies Act, 1956.
 
 Annexure referred to in paragraph 1 under the heading Report on other
 legal and regulatory requirements of our report of even date
 
 Re: Siemens Limited (''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.
 
 (c) There was no disposal of a substantial part of fixed assets during
 the year.
 
 (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 and no
 material discrepancies were noticed on physical verification.
 
 (iii) (a) 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 (determined in the manner stated in
 clause (v) below) covered in the register maintained under section 301
 of the Companies Act, 1956. Accordingly, the provisions of clause
 4(iii) (a) to (d) of the Order are not applicable to the Company and
 hence not commented upon.
 
 (b) According to information and explanations given to us, the Company
 has not taken any loans, secured or unsecured, from companies, firms or
 other parties (determined in the manner stated in clause (v) below)
 covered in the register maintained under Section 301 of the Companies
 Act, 1956. Accordingly, the provisions of clause 4(iii) (e) to (g) of
 the Order are not applicable to the Company and hence not commented
 upon.
 
 (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 comparative 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) In our opinion, there are no contracts or arrangements that need to
 be entered in the register maintained under Section 301 of the
 Companies Act, 1956. Accordingly, the provisions of clause 4(v)(b) of
 the Order is not applicable to the Company and hence not commented
 upon. In evaluating the parties to be covered under Section 301, only
 contracts or arrangements up to 31 March 2014 (being the last day up to
 which this section was applicable to the Company) have been considered.
 
 (vi) The Company has not accepted any deposits from the public.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size of the Company and nature of its business.
 
 (viii) We have broadly reviewed the books of account maintained by the
 Company pursuant to the rules made by the Central Government for the
 maintenance of cost records under section 209(1 )(d) of the Companies
 Act, 1956, for the period upto 31 March 2014 (the Companies Act, 1956
 and relevant section has been replaced by the Companies Act, 2013
 effective 1 April 2014), 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.
 
 (ix) (a) Undisputed statutory dues including provident fund, investor
 education and protection fund, employees'' state insurance, income-tax,
 sales- tax, wealth-tax, service tax, customs duty, excise duty, cess
 and other material statutory dues have generally been regularly
 deposited with the appropriate authorities though there have been
 slight delays in few cases.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, investor
 education and protection fund, employees'' state insurance, income-tax,
 wealth-tax, service tax, sales-tax, customs duty, excise duty cess and
 other material statutory dues were outstanding, at the year end, for a
 period of more than six months from the date they became payable.
 
 (c) According to the records of the Company, the dues outstanding of
 income-tax, sales-tax, wealth-tax, service tax, customs duty, excise
 duty and cess on account of any dispute, are as follows:
 
 Name of the statute        Nature of dues            Amount   
                                                 (Rs. in millions)
 
 Central Excise Act,        Duty and                    209
 1944 and Service Tax       Penalty                      
 
                                                        296
 
 State & Central            Tax, Interest &             692
 Sales Tax Acts             Penalty                        
                                                         
 
                                                       1,149 
 
                                                        831
 
                                                        540   
 
                                                         2
 
                                                        120
 Customs Act, 1962          Duty
                                                        197
 
 Name of the statute     Period to which the    Forum where the dispute 
                         amount relates               is pending
 
 Central Excise Act,     1980-81, 1987-1993,    Tribunal
 1944 and Service Tax    1993-02, 2003-10, 
                         2011-12, 2011-13
 
                         1993-99 and 2003-10    High Court
 
 State & Central         1962-69, 1970-74,      Assistant / Additional
 Sales Tax Acts          1975-81, 1982-90,      Commissioner
                         1991-96,  1997-03, 
                         2004-08 and 2009-13
 
                         1962-88, 1989-98,      Dy. Comm / Comm / Joint 
                         1999-07, 2008-09,      / Spl. Comm.
                         2009-11 and 2011-13 
 
                         1962-77, 1989-96,      Tribunal
                         1997-03, 2003-07, 
                         2007-08, 2008-12
                         and 2012-13
 
                         1962-85, 1996-04,      High Court 
                         2005-07, 2008-10, 
                         2011-12 and 2012-13
 
                         2003-04                Supreme Court
 
                         1998-99                High Court
 Customs Act, 1962   
                         2003-08                High Court                  
 
 (x) The Company has no accumulated losses at the end of the financial
 year and it has not incurred cash losses in the current and immediately
 preceding financial year.
 
 (xi) The Company has not accepted any loans from a financial
 institution; bank or debenture holders and therefore the provisions of
 clause 4(xi) of the Order are not applicable to the Company and hence
 not commented upon.
 
 (xii) According to the information and explanations given to us and
 based on the documents and records produced before us, the Company has
 not granted loans and advances on the basis of security by way of
 pledge of shares, debentures and other securities.
 
 (xiii) In our opinion, the Company is not a chit fund or a nidhi /
 mutual benefit fund / society. Therefore, the provisions of clause
 4(xiii) of the said Order are not applicable to the Company and hence
 not commented upon.
 
 (xiv) In our opinion, the Company is not dealing in or trading in
 shares, securities, debentures and other investments.  Accordingly, the
 provisions of clause 4(xiv) of the said Order are not applicable to the
 Company and hence not commented upon.
 
 (xv) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 (xvi) The Company did not have any term loans outstanding during the
 year.
 
 (xvii) According to the information and explanations given to us and on
 an overall examination of the balance sheet of the Company, we report
 that no funds raised on short-term basis have been used for long-term
 investment.
 
 (xviii) The Company has not made any preferential allotment of shares
 to parties or companies covered in the register maintained under
 section 301 of the Companies Act, 1956 for the period upto 31 March
 2014 (the Companies Act, 1956 and relevant section has been replaced by
 the Companies Act, 2013 effective 1 April 2014).
 
 (xix) The Company did not have any outstanding debentures during the
 year.
 
 (xx) The Company has not raised any money by way of public issue during
 the year.
 
 (xxi) 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. Batliboi & Associates LLP
 Chartered Accountants
 ICAI Firm Registration Number: 101049W
 
 per Vikram Mehta
 Partner
 
 Membership Number: 105938
 
 Place: Mumbai
 Date: 25 November 2014
Source : Dion Global Solutions Limited
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