Siemensltd 2018

Financial Highlights - Siemens Limited
(` in Million)
2017-18 2016-17 2015-16 2014-15 2013-14

Orders received 127,404 135,030 121,199 101,322 103,238
Income, Profit and Dividend
Revenue from operations * 127,251 113,483 112,295 105,124 106,783
Profit Before depreciation, interest, exceptional
items and tax (PBDIET) 15,961 13,059 11,848 11,365 6,982
Depreciation 1,967 1,966 2,264 2,156 2,291
Interest 82 77 91 73 82
Profit before exceptional items and tax (PBET) 13,912 11,016 9,493 9,136 4,609
Exceptional Items - 5,675 29,923 7,828 3,827
Profit Before Tax (PBT) 13,912 16,691 39,416 16,964 8,436
Tax 4,973 5,355 10,245 5,131 2,404
Profit After Tax (PAT) 8,939 11,336 29,171 11,833 6,032
Interim dividend - % - - 1375% - -
Interim dividend - ` Per Share - - 27.50 - -
Dividend - % 350% 350% 300% 500% 300%
Dividend - ` Per Share 7 7 6 10 6
Share Capital, Assets and Book Value
Equity share capital 712 712 712 712 712
Other Equity 82,342 76,335 67,496 50,554 43,044
Net Worth (Equity) 83,054 77,047 68,208 51,266 43,756
Loans - - - - -
Total Capital Employed 83,054 77,047 68,208 51,266 43,756
Capital Represented by:
Property, plant and equipment, Capital work-in-
progress and other intangible assets 13,097 13,695 12,746 13,854 13,965
Investments 550 550 550 550 -
Net Current Assets & Other Assets 69,407 62,802 54,912 36,862 29,791
Net Assets 83,054 77,047 68,208 51,266 43,756
Book Value - ` 233.22 216.35 191.53 143.96 122.87
Returns
On Revenue from operations (PBET) - % 10.93 9.71 8.45 8.69 4.32
On Capital Employed (PBT) - % 16.75 21.66 57.79 33.23 19.47
On Shareholders Fund (PAT) - % 10.76 14.71 42.77 23.08 13.79
Per Share (PAT) - ` 25.10 31.83 81.91 33.23 16.94
* Revenue from operations for:
- 2017-18 and for the period 1 July 2017 to 30 September 2017 is net of Goods and Service Tax (GST).
- The period 1 October 2016 to 30 June 2017 and 2015-16 is inclusive of excise duty.
- 2014-15 and 2013-14 is net of excise duty.
Contents
About Siemens Ltd i-vi
Board of Directors vii
Chairman’s Statement 3
Notice 5
Directors’ Report 22
Annexure I - Form AOC – 1 27
Annexure II - Conservation of Energy, etc. 28
Annexure III - Management’s Discussion & Analysis 31
Annexure IV - Corporate Governance Report 35
Annexure V - General Shareholder Information 50
Annexure VI - Corporate Social Responsibility Report 59
Annexure VII - Statement of Disclosure of Remuneration 65
Annexure VIII - Extract of Annual Return 66
Annexure IX - Form AOC - 2 78
Annexure X - Particulars of Loans, Guarantees or Investments 79
Annexure XI - Secretarial Audit Report 80
Business Responsibility Report - Abstract 82
Independent Auditor‘s Report - Standalone Financial Statements 85
Standalone Financial Statements 90
Independent Auditor‘s Report - Consolidated Financial Statements 151
Consolidated Financial Statements 154
Attendance Slip and Proxy Form 219

Annual Report I Timeline
Enduring partnership since 1867

Siemens has partnered India – from setting up the Indo-European telegraph
line in 1867
2014 2015 2017 2018

Twin smart First Indian Lead Industry Siemens MindSphere
grid factories CEO assumes Partner of strengthens Application
set up in Goa office consortium digitalization Centers
2010 to develop Smart portfolio launched in
Steam turbine cities in India India
and compressor (MoU with CII)
factory expanded
in Vadodara
50 years of 50th year of Corporate Technology Low-voltage

incorporation manufacturing Center set up in switchgear factory
in India in India Bangalore set up at Aurangabad
Healthcare equipment Manufacture of motors Lists on the Modern industrial

manufacturing commences commences at Kalwa stock exchanges electronics production
at Worli, Mumbai commences at Nashik
Switchboard production
commences at Kolkata
Siemens Engineering Siemens (India) Ltd. Construction of the Indo-European

and Manufacturing founded in Kolkata telegraph line between
Company of India Private London and Calcutta begins
Limited incorporated
Partnering India:
Integrated solutions for a
sustainable future through
Electrification, Automation and
Digitalization
i
Who we are I Annual Report
Energy
Management
Our Power
Building
Technologies
customer- and Gas
oriented Process
Customers
Division Industries
and Drives
Mobility
setup Digital
Factory
Corporate Core and Corporate Services
Executive Management
Digital Factory Division Process Industries and Building Technologies

offers software products and Drives Division
automation technologies for offers a comprehensive portfolio provides solutions for safe,
industrial applications covering for industrial application and secure and energy-efficient
the entire life cycle, from product solutions in the field of infrastructure and buildings
design and production to automation and drives for
after-sales service for discrete process industries such as Our products and solutions
manufacturing industries such as cement and steel ; Building automation systems
automotive, F&B ; HVAC products
Our products and solutions ; Building control
Our products and solutions ; Process automation ; Security systems
; Automation systems ; ,QWHJUDWHG'ULYH6\VWHPV,'6 ; Fire safety systems
; Industrial control ; Sensor systems ; Energy efficiency systems
; Industrial communication ; Plant engineering software ; Total Building Solutions
; LV and MV Drives ; /9PRWRUVXSWRIUDPHVL]H ; Integrated systems and
; Geared motors ; 09PRWRUVXSWRIUDPHVL]H solutions for specific markets
; Motion control ; Traction motors and industries such as data
; CNC solutions ; Mechanical drives centers, utilities, airports,
; Low voltage switchgear for ; :LQGPLOOJHQHUDWRUV hospitals and hotels
switching, protection and control 0:
; PLM software and services ; Gear boxes
Power and Gas Division Energy Management Mobility Division

offers products and solutions for Division supplies solutions for passenger
reliable, efficient and clean power is a supplier of products, solutions and freight transportation,
generation from fossil fuels and for and services for the transmission including rail vehicles, rail
oil & gas applications and distribution of electrical energy automation and rail
electrification systems
Our products and solutions Our products and solutions
Our products and solutions
; *DVWXUELQHV0: ; 3RZHUWUDQVIRUPHUV09$
; 6WHDPWXUELQHV0: ; 6KXQWUHDFWRUV09$U ; Propulsion systems
; *HQHUDWRUV09$ ; Protection relays and devices ; Inverters
; Condensers ; AIS upto 800 kV ; Rail Signaling
; Turbo compressors ; GIS upto 800 kV ; Rail electrification
; Instrumentation and control ; &LUFXLWEUHDNHUVN9 ; Rail automation
; Electrical balance of plant ; 'LVFRQQHFWRUVN9 ; Intelligent Traffic Management
; Integrated power plant ; Instrument transformers ; Light Rail
solutions ; Control and relay panel ; Metro Rail
; Energy solutions : Power block, N9 ; Passenger coaches
Power island, complete ; /909VZLWFKERDUGVN9
lumpsum turnkey power plants
on EPC basis
ii
Annual Report I Who we are
Noida
Nepal
Kolkata
Ahmedabad
Valsura Vadodara
Rourkela
Pune
Salem
Implementing electrification and digitalized system for control Innovation milestone with first 3D-printed oil sealing rings
centre for Ahmedabad Metro LQVWDOOHGRQ667VWHDPWXUELQHRI-6:6WHHO/WG·VDW6DOHP
/DXQFKHG 6LQDFRQ 39 D QHZ JHQHUDWLRQ RI SKRWRYROWDLF 39 Upgrading Supervisory Control and Data Acquisition / Energy Manage-
central inverters with an output up to 5,000 kVA PHQW6\VWHP6&$'$(06IRU1HSDO(OHFWULFLW\$XWKRULW\1($
6HWXSD0HGLXP9ROWDJH09/DEDW,169DOVXUDDVSDUWRIWKH Four Mindsphere Application Centers for Digital Innovations

modernization plans of the Indian Navy for ship propulsion ODXQFKHGLQ3XQH1RLGDDQG*XUJDRQWZR
Completed the supply, installation and commissioning of an 8.5 Commissioned the world’s largest Static Synchronous Compensa-
0:VWHDPWXUELQHJHDUER[DQGUHODWHGFRQWUROSDQHOV6KDNDPE- WRU67$7&20VROXWLRQIRU3RZHU*ULG&RUSRUDWLRQRI,QGLD/WG
hari Ispat & Power Limited 3*&,/DW3*&,/·V5RXUNHODVXEVWDWLRQ
iii
Board of Directors I Annual Report
Board of Directors
Deepak S Parekh Darius C. Shroff Yezdi H. Malegam Keki B. Dadiseth

Chairman Independent Director Independent Director Independent Director
Mehernosh B. Josef Kaeser Cedrik Neike Mariel von Schumann

Kapadia Director Special Director (Nominee of Director
Director Siemens Aktiengesellschaft,
Germany)
Johannes Apitzsch Sunil Mathur Christian Rummel

Director Managing Director and Executive Director and
Chief Executive Officer Chief Financial Officer
Management
Gerd Deusser Harald Griem Devidas Kulkarni Tilak Raj Seth

Head, Power & Gas Head, Energy Management Head, Building Technologies Head, Mobility
Ashish Bhat Bhaskar Mandal

Head, Digital Factory Head, Process Industries
and Drives
vii
Committees of Directors
Audit Committee Risk Management Committee
Mr. Yezdi H. Malegam - Chairman Mr. Yezdi H. Malegam - Chairman
Mr. Deepak S. Parekh Mr. Deepak S. Parekh
Mr. Keki B. Dadiseth Mr. Keki B. Dadiseth
Mr. Johannes Apitzsch Mr. Johannes Apitzsch
Mr. Mehernosh B. Kapadia Mr. Mehernosh B. Kapadia
Nomination and Remuneration Committee Corporate Governance Committee
Mr. Yezdi H. Malegam - Chairman Mr. Keki B. Dadiseth - Chairman
Mr. Darius C. Shroff Mr. Deepak S. Parekh
Mr. Deepak S. Parekh Mr. Yezdi H. Malegam
Mr. Josef Kaeser Mr. Darius C. Shroff
Ms. Mariel von Schumann Mr. Josef Kaeser
Mr. Cedrik Neike
Stakeholders Relationship Committee Mr. Johannes Apitzsch
Mr. Darius C. Shroff - Chairman Mr. Sunil Mathur
Mr. Sunil Mathur Mr. Mehernosh B. Kapadia
Corporate Social Responsibility Committee Share Transfer Committee
Mr. Deepak S. Parekh - Chairman Mr. Sunil Mathur - Chairman
Mr. Sunil Mathur Mr. Christian Rummel
Mr. Christian Rummel
Ms. Mariel von Schumann
Annual Report 2018 Siemens Limited 1

Company Secretary
Mr. Ketan Thaker
5HJLVWHUHGDQG&RUSRUDWH2IƊFH 5HJLVWUDUDQG6KDUH7UDQVIHU$JHQW
Siemens Limited TSR Darashaw Limited

Birla Aurora, Level 21, Plot No. 1080, 6-10, Haji Moosa Patrawala Industrial Estate,
Dr. Annie Besant Road, Worli, Mumbai 400 030 20, Dr. E. Moses Road, Nr. Famous Studio,
Phone: +91 22 3967 7000 Fax: +91 22 2436 2403 Mahalaxmi, Mumbai - 400 011
CIN: L28920MH1957PLC010839 Time: 10.00 a.m. to 3.30 p.m. (Monday to Friday)
Website: www.siemens.co.in Phone: +91 22 6656 8484 Extn: 411 / 412 / 413
Fax: +91 22 6656 8494
Email: csg-unit@tsrdarashaw.com
Website: www.tsrdarashaw.com
,QYHVWRU5HODWLRQV7HDP
Contact Person: Mr. Vinayak Deshpande
E-mail: Corporate-Secretariat.in@siemens.com Phone: +91 22 3967 7000 Fax: +91 22 2436 2403
Details of 61st Annual General Meeting

'D\DQG'DWH Wednesday, 6th February 2019
7LPH 3.00 p.m.
9HQXH Yashwantrao Chavan Pratishthan Auditorium, Y. B. Chavan Centre, General Jagannathrao Bhonsle Marg,
Nariman Point, Mumbai - 400 021
2 Annual Report 2018 Siemens Limited

Chairman’s Statement
Dear Shareholders,
Financial Year 2017-18 was a challenging year and Siemens Limited operated in a
mixed macro-economic environment. The pick-up in GDP growth is encouraging,
with improvement evident in government investments and industrial production.
The Company is well-positioned to exploit the opportunities that arise in a growing
economy, utilizing its strengths in vertical domain expertise, digital solutions and
services.
Driving business performance through digitalization
,Q)LQDQFLDO<HDUWKH&RPSDQ\DFKLHYHGVLJQLƉFDQWKHDGZD\LQGLJLWDOL]DWLRQ
Customers across industries have evinced strong interest for digitalization solutions
IRU HQKDQFLQJ HQHUJ\ HIƉFLHQF\ SURGXFWLYLW\ VSHHG TXDOLW\ DQG ƋH[LELOLW\ LQ WKHLU
operations. The Company engaged with these customers with its co-creation approach,
ZKHUH6LHPHQVH[SHUWVZRUNWRJHWKHUZLWKWKHFXVWRPHUVWRƉQGVROXWLRQVIRUEXVLQHVV
challenges.
Siemens Limited has created a clear differentiation in the market through new digital
services, development of applications and business models in Power Generation, Transmission and Distribution, Smart
Cities and numerous industry verticals such as Food & Beverage, Cement, Automotive and Pharmaceuticals. The Company is
currently executing over 100 digital projects working together with 150 customers to deliver business value. The launch of the
MindSphere Application Centers further boosts the Company’s capabilities in this space.
$PRQJ WKH LQVWDQFHV ZKHUH FXVWRPHUV H[SHULHQFHG EXVLQHVV EHQHƉWV DUH $ SRZHU VXEVWDWLRQ FRQQHFWHG WR WKH &ORXG
EHQHƉWHGIURPUHGXFHGIRRWSULQWORZHUPDLQWHQDQFHFRVWDQGƋH[LELOLW\RIH[SDQVLRQ,QDGGLWLRQWRLPSURYLQJWKHOLIHRI
its turbine, a power plant can now increase its power output to balance the power grid, allowing ramp-up in 20 seconds.
An automotive manufacturer reduced product development time by 50 percent, a pharmaceutical company improved batch
TXDOLW\ZKLOHUHGXFLQJEDWFKF\FOHWLPHE\SHUFHQWDQGDFHPHQWSODQWUHGXFHGSRZHUFRQVXPSWLRQE\SHUFHQWZKLOVW
increasing mill feed by 20 tonnes per hour! These successes in helping customers improve business performance can be
replicated across industries.
Driven by this continued thrust on digitalization and creating Smart Infrastructure, the Company is committed to continue its
FRPPLWPHQWWRSURƉWDEOHJURZWK
Strong performance across businesses
7KH&RPSDQ\KDVSDUWQHUHGWKHLQGXVWU\DQGWKHJRYHUQPHQWWKURXJKWHFKQRORJ\VROXWLRQVLQHOHFWULƉFDWLRQDXWRPDWLRQDQG
digitalization. In Financial Year 2017-18, Siemens Limited remained at the forefront of implementing world-class technologies.
The Company set an industry milestone in the area of Additive Manufacturing in the power generation industry with the
&RPSDQ\·VƉUVWUHSODFHPHQWSDUWV'SULQWHGIURPPHWDOIRUDQLQGXVWULDOVWHDPWXUELQH7KHVHSDUWVDUHLQVWDOOHGDW-6:6WHHO
Ltd.’s plant in Salem, Tamil Nadu. It also set a new milestone in the modernization plans of the Indian Navy by setting up the
Medium Voltage Lab at INS Valsura, the Indian Navy’s oldest training establishment. It commissioned the world’s largest static
synchronous compensator (STATCOM) solution, manufactured in the Company’s Goa factory for Power Grid Corporation of
India Limited. The technology is used for grid stabilization.
:LWK DQ DLP WR ERRVW WHFKQRORJ\ DGRSWLRQ E\ VPDOO DQG PHGLXP HQWHUSULVHV LQ PDQXIDFWXULQJ WKH &RPSDQ\ ƋDJJHG RII
‘Ingenuity Tour’ during the Financial Year. The Ingenuity Tour demonstrates a comprehensive array of innovative products,
VROXWLRQVDQGVHUYLFHVFRYHULQJHOHFWULƉFDWLRQDXWRPDWLRQDQGGLJLWDOL]DWLRQIRUWKHPDQXIDFWXULQJVHJPHQW7KHLQLWLDWLYH
will cover over 23 states and 120 cities across India over a period of two years.
2SHUDWLRQDOO\WKH&RPSDQ\SHUIRUPHGZHOODFURVVEXVLQHVVHVDQGPRVWƉQDQFLDOSDUDPHWHUV)RUWKH)LQDQFLDO<HDUHQGHG
30th September 2018, Sales (excluding Other Operating Revenues) increased by 11.1 percent to ` 122,927 million, compared
with ` 110,602 million in the previous year. The Company received New Orders valued at ` 127,404 million, compared to
` 135,030 million in the Financial Year ended 30th September 2017.
The Order Backlog as of 30th September, 2018 stood at ` 123,528 million compared with ` 122,627 million in the previous
\HDU3URƉWVIURP2SHUDWLRQVVWRRGDW` 11,194 million compared to ` 8,546 million in the previous year.
For the Financial Year ended 30th6HSWHPEHUWKH&RPSDQ\·V3URƉWEHIRUH7D[VWRRGDW` 13,912 million compared to
` 11,016 million in the previous year (excluding Exceptional Income of `PLOOLRQ7KH3URƉWDIWHU7D[IRUWKH\HDUZDV
` 8,939 million, compared to ` 7,051 million in the previous year (excluding Exceptional Income of ` 4,285 million).
The Board of Directors has recommended a dividend of `SHUHTXLW\VKDUHRIIDFHYDOXHRI`HDFKIRUWKHƉQDQFLDO
year ended 30th September 2018. In the previous year, the Company had declared a dividend of `SHUHTXLW\VKDUH
Business Responsibility – making real what matters
During the Financial Year 2017-18, Siemens Limited continued to ramp up its Corporate Social Responsibility (CSR) activities.
The Company has made considerable progress in its contribution towards education (Science and Technology), social
GHYHORSPHQWHQKDQFLQJOLYLQJFRQGLWLRQDQGHQYLURQPHQWDOFRQVHUYDWLRQUHVRXUFHHIƉFLHQF\$VDUHVSRQVLEOHFRUSRUDWH
FLWL]HQ ZLWK D SXUSRVH WR VHUYH VRFLHW\ WKH &RPSDQ\ KDV HQGHDYRUHG WR GHOLYHU ODVWLQJ EHQHƉWV DQG FUHDWH VXVWDLQDEOH
communities using the Company’s core competencies.
Through the various interventions such as widening water channels and recharging ground water levels, over 110 million
litres of water was made available to farmers. Other initiatives focused on the environment have led to around 1,760 tonnes
of carbon dioxide reduction and approximately 805 kilowatt-hour of clean energy being produced daily. These resource
HIƉFLHQFLHVKDYHEHHQDFKLHYHGE\LPSOHPHQWLQJWKH&RPSDQ\·VWHFKQRORJLHVDQGVROXWLRQV2YHUWZRODNKZRPHQQRZKDYH
DFFHVVWRTXDOLW\KHDOWKFDUH0RUHWKDQDFUHVRIDJULFXOWXUDOODQGKDVEHHQPDGHDYDLODEOHIRUIDUPLQJOHDGLQJWRKLJKHU
income levels and lower migration.
The Company’s Scholarship Program expanded to 49 colleges and 22 States, and now provides holistic development to 435
Scholars. These Scholars hail from the marginalized sections of society. Siemens Scholars who have graduated from this program
have been placed in Siemens as well as leading companies in various sectors, turning into role models in the community. The
Siemens Scholarship Program is for engineering students and is based on the German dual education pedagogy.
These projects are ongoing and will continue to contribute to the sustainable development of society, education and
conservation of the environment using sustainable and inclusive technology that is scalable and replicable. The Company spent
WKHWZRSHUFHQWRIWKHDYHUDJHQHWSURƉWVFRPSXWHGDVSHUWKHUHTXLUHPHQWVRIWKH&RPSDQLHV$FWRQVXVWDLQDEOH
projects and programs creating long term impact.
People Excellence – towards making Siemens a great place to work
During the Financial Year, the Company continued to focus on nurturing its employees. Many initiatives have been undertaken
by the Company to make Siemens a great place to work and the most preferred engineering company in India. These initiatives
will continue to focus on learning and development, health management, environmental protection and safety. Considering
the increased demand for digital transformation among customers, the Company invested efforts in enhancing the competence
of its employees on digital technologies.
,WLVDPDWWHURISULGHWKDWWKH&RPSDQ\KDVEHHQFHUWLƉHGE\WKH*UHDW3ODFHWR:RUN,QVWLWXWHIRUWKHSHULRG6HSWHPEHU
to August 2019. This is an outcome of the numerous initiatives undertaken within the Company and I commend the efforts of
all employees in achieving this success.
Outlook
In the face of global economic volatility and risks driven by socio-political factors, India’s macro-fundamentals are robust.
While being one of the highest-growth economies in the world driven by domestic consumption, India still has high growth
potential offering numerous investment opportunities.
7KH &RPSDQ\ ZLOO FRQWLQXH WR IRFXV RQ VXVWDLQLQJ SURƉWDEOH JURZWK LQ QHZ RUGHUV DQG PDLQWDLQ RSHUDWLRQDO H[FHOOHQFH
Together with digitalization, the Company will continue to focus on co-creating solutions together with customers to stabilize
WKHJULGVPDUWLQIUDVWUXFWXUHWUDQVPLVVLRQDQGGLVWULEXWLRQV\VWHPVDQGGHOLYHULQJEXVLQHVVEHQHƉWVDFURVVLQGXVWU\YHUWLFDOV
in the manufacturing segment.
:LWK WKH &RPSDQ\·V VWUHQJWKV DQG FRPSHWHQFH LQ HOHFWULƉFDWLRQ DXWRPDWLRQ DQG GLJLWDOL]DWLRQ , DP FRQƉGHQW WKDW LW FDQ
support the government’s initiatives such as Make in India, 24/7 Power for All, Digital India and Smart Cities Mission and
contribute to achieving various targets which is imperative for the nation’s overall economic and social growth. With its
expertise in Smart Infrastructure, the Company is committed to contribute to the development India’s infrastructure to meet
global standards.
In conclusion, I would like to sincerely thank our customers, the board, management, unions and most importantly, the
dedicated employees for their constant support and commitment to Siemens Limited.
Deepak Parekh
Chairman

Notice
NOTICE is hereby given that the 61st Annual General Meeting of the Members of Siemens Limited will be held at Yashwantrao
Chavan Pratishthan Auditorium, Y. B. Chavan Centre, General Jagannathrao Bhonsle Marg, Nariman Point, Mumbai - 400 021,
on Wednesday, 6th February 2019, at 3.00 p.m. to transact the following business:
25',1$5<%86,1(66
1. To receive, consider and adopt:
(a) the Audited Financial Statements of the Company for the Financial Year ended 30th September 2018, together with
the Reports of the Directors and the Auditors thereon; and
(b) the Audited Consolidated Financial Statements of the Company for the Financial Year ended 30th September 2018
and the Report of the Auditors thereon.
7RGHFODUHDGLYLGHQGRQ(TXLW\6KDUHVIRUWKH)LQDQFLDO<HDU
3. To appoint a Director in place of Mr. Josef Kaeser (DIN: 00867264), who retires by rotation and being eligible, offers
himself for re-appointment.
7RFRQVLGHUDQGLIWKRXJKWƉWWRSDVVWKHIROORZLQJ5HVROXWLRQDVDQ2UGLQDU\5HVROXWLRQ
“RESOLVED THAT pursuant to the provisions of Section 139, Section 142 and other applicable provisions, if any, of the
&RPSDQLHV$FWUHDGZLWKWKH&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLƉFDWLRQV
or amendment(s) or re-enactment(s) thereof for the time being in force), Messrs B S R & Co. LLP, Chartered Accountants
(Firm Registration No. 101248W/W-100022) be and are hereby appointed as Statutory Auditors of the Company, in place
of retiring auditors Messrs S R B C & CO LLP, Chartered Accountants (Firm Registration No. 324982E/E300003), for a
SHULRGRIƉYHFRQVHFXWLYH\HDUVWRKROGRIƉFHDVVXFKIURPWKHFRQFOXVLRQRIWKLV0HHWLQJXQWLOWKHFRQFOXVLRQRIWKH
66th Annual General Meeting of the Company, on such remuneration as may be decided by the Board of Directors of the
Company.”
63(&,$/%86,1(66
7RFRQVLGHUDQGLIWKRXJKWƉWWRSDVVWKHIROORZLQJ5HVROXWLRQV
$SSRLQWPHQWRI0U0HKHUQRVK%.DSDGLD',1DVDQ,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\
$VDQ2UGLQDU\5HVROXWLRQ
“RESOLVED THAT Mr. Mehernosh B. Kapadia (DIN: 00046612), who was appointed by the Board of Directors as an
Additional Director of the Company with effect from 2nd0D\DQGZKRKROGVRIƉFHXSWRWKHGDWHRIWKLV$QQXDO
General Meeting of the Company in terms of Section 161(1) of the Companies Act, 2013 (“Act”) and Article 104(b) of the
Articles of Association of the Company and who is eligible for appointment and in respect of whom the Company has
UHFHLYHGDQRWLFHLQZULWLQJIURPD0HPEHUXQGHU6HFWLRQRIWKH$FWSURSRVLQJKLVFDQGLGDWXUHIRUWKHRIƉFHRI
Director of the Company, be and is hereby appointed as Director of the Company.
RESOLVED FURTHER THAT pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of
WKH $FW DQG WKH &RPSDQLHV $SSRLQWPHQW DQG 4XDOLƉFDWLRQV RI 'LUHFWRUV 5XOHV UHDG ZLWK 6FKHGXOH ,9 WR WKH
$FWLQFOXGLQJDQ\VWDWXWRU\PRGLƉFDWLRQVRUDPHQGPHQWVRUUHHQDFWPHQWVWKHUHRIIRUWKHWLPHEHLQJLQIRUFH
the appointment of Mr. Mehernosh B. Kapadia (DIN: 00046612) as an Independent Director, who meets the criteria
for independence as provided in Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI (Listing Obligations and
'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQVLQFOXGLQJDQ\VWDWXWRU\PRGLƉFDWLRQVRUDPHQGPHQWVRUUHHQDFWPHQWV
thereof, for the time being in force) and who has submitted a declaration to that effect and who is eligible for appointment
DV DQ ,QGHSHQGHQW 'LUHFWRU RI WKH &RPSDQ\ QRW OLDEOH WR UHWLUH E\ URWDWLRQ IRU D WHUP RI ƉYH FRQVHFXWLYH \HDUV
commencing from 2nd May 2018 to 1st May 2023, be and is hereby approved.”
5HDSSRLQWPHQW RI 0U 6XQLO 0DWKXU ',1 DV 0DQDJLQJ 'LUHFWRU DQG &KLHI ([HFXWLYH 2IƊFHU RI WKH
Company and payment of remuneration to him
“RESOLVED THAT pursuant to the provisions of Sections 196, 197, 203 and other applicable provisions, if any, of the
Companies Act, 2013 (“the Act”) read with Schedule V to the Act and the Companies (Appointment and Remuneration
RI0DQDJHULDO3HUVRQQHO5XOHVDQGDQ\RWKHU5XOHVIUDPHGWKHUHXQGHULQFOXGLQJDQ\VWDWXWRU\PRGLƉFDWLRQVRU
amendment(s) or re-enactment(s) thereof, for the time being in force), the relevant provisions of the Articles of Association
of the Company and subject to such other approvals / permissions, as may be necessary, approval of the Members be and
is hereby granted to the re-appointment of Mr. Sunil Mathur (DIN: 02261944), as Managing Director and Chief Executive
2IƉFHURIWKH&RPSDQ\IRUDWHUPRIƉYH\HDUVZLWKHIIHFWIURPst January 2019 to 31st December 2023, who shall
not be liable to retire by rotation, on the terms and conditions including those relating to remuneration as set out under
the statement setting out the material facts annexed to this Notice dated 18th November 2018 for Item No. 6.
Notice
RESOLVED FURTHER THAT the Board of Directors (“Board”) / Nomination and Remuneration Committee of Directors
(“NRC”) of the Company be and is hereby authorised to alter and vary the terms and conditions of the said re-appointment
including authority from time to time to determine the amount of salary, Performance Linked Incentive and commission
DVDOVRWKHW\SHDQGDPRXQWRISHUTXLVLWHVRWKHUEHQHƉWVDQGDOORZDQFHVSD\DEOHWR0U6XQLO0DWKXULQVXFKPDQQHUDV
may be agreed to between the Board / NRC and Mr. Sunil Mathur, subject to the limits prescribed under Section 197 and
6FKHGXOH9WRWKH$FWLQFOXGLQJDQ\DPHQGPHQWPRGLƉFDWLRQYDULDWLRQRUUHHQDFWPHQWWKHUHRIDQGWRGRDOOVXFKDFWV
GHHGVPDWWHUVDQGWKLQJVDQGH[HFXWHDOOVXFKDJUHHPHQWVGRFXPHQWVLQVWUXPHQWVDQGZULWLQJVDVPD\EHUHTXLUHGLQ
UHJDUGWRWKHVDLGUHDSSRLQWPHQWDVLWPD\LQLWVVROHDQGDEVROXWHGLVFUHWLRQGHHPƉWWRJLYHHIIHFWWRWKLVUHVROXWLRQµ
5HDSSRLQWPHQWRI0U&KULVWLDQ5XPPHO',1DV([HFXWLYH'LUHFWRUDQG&KLHI)LQDQFLDO2IƊFHURIWKH
Company and payment of remuneration to him
“RESOLVED THAT pursuant to the provisions of Sections 196, 197, 203 and other applicable provisions, if any, of the
Companies Act, 2013 (“the Act”) read with Schedule V to the Act and the Companies (Appointment and Remuneration
RI0DQDJHULDO3HUVRQQHO5XOHVDQGDQ\RWKHU5XOHVIUDPHGWKHUHXQGHULQFOXGLQJDQ\VWDWXWRU\PRGLƉFDWLRQVRU
amendment(s) or re-enactment(s) thereof, for the time being in force), the relevant provisions of the Articles of Association
of the Company and subject to such other approvals / permissions, as may be necessary, approval of the Members
be and is hereby granted to the re-appointment of Mr. Christian Rummel (DIN: 01992982), as Executive Director and
&KLHI)LQDQFLDO2IƉFHURIWKH&RPSDQ\ZLWKHIIHFWIURPst February 2019 to 31st January 2020, who shall be liable to
retire by rotation, on the terms and conditions including those relating to remuneration as set out under the statement
setting out the material facts annexed to this Notice dated 18th November 2018 for Item No. 7.
RESOLVED FURTHER THAT the Board of Directors (“Board”) / Nomination and Remuneration Committee of Directors
(“NRC”) of the Company be and is hereby authorised to alter and vary the terms and conditions of the said re-appointment
including authority from time to time to determine the amount of salary, Performance Linked Incentive and commission
DV DOVR WKH W\SH DQG DPRXQW RI SHUTXLVLWHV RWKHU EHQHƉWV DQG DOORZDQFHV SD\DEOH WR 0U &KULVWLDQ 5XPPHO LQ VXFK
manner as may be agreed to between the Board / NRC and Mr. Christian Rummel, subject to the limits prescribed under
6HFWLRQDQG6FKHGXOH9WRWKH$FWLQFOXGLQJDQ\DPHQGPHQWPRGLƉFDWLRQYDULDWLRQRUUHHQDFWPHQWWKHUHRIDQG
to do all such acts, deeds, matters and things and execute all such agreements, documents, instruments and writings as
PD\EHUHTXLUHGLQUHJDUGWRWKHVDLGUHDSSRLQWPHQWDVLWPD\LQLWVVROHDQGDEVROXWHGLVFUHWLRQGHHPƉWWRJLYHHIIHFW
to this resolution.”
&RQWLQXDWLRQRI'LUHFWRUVKLSRI0U'HHSDN63DUHNK',1
$VD6SHFLDO5HVROXWLRQ
“RESOLVED THAT pursuant to the provisions of the Securities and Exchange Board of India (Listing Obligations and
thereof, for the time being in force), approval of the Members of the Company be and is hereby accorded for continuation
of the Directorship of Mr. Deepak S. Parekh (DIN: 00009078) during his tenure as an Independent Director of the Company
(i.e. upto 29th-DQXDU\RQDWWDLQLQJWKHDJHRIVHYHQW\ƉYH\HDUVRQth October 2019, on the existing terms and
conditions.”
&RQWLQXDWLRQRI'LUHFWRUVKLSRI0U<H]GL+0DOHJDP',1
RIWKH'LUHFWRUVKLSRI0U<H]GL+0DOHJDP',1LQWKH&RPSDQ\ZKRKDVDWWDLQHGWKHDJHRIVHYHQW\ƉYH
years, up to the expiry of his present term as an Independent Director i.e. 29th January 2020, on the existing terms and
conditions.”
&RQWLQXDWLRQRI'LUHFWRUVKLSRI0U'DULXV&6KURII',1
of the Directorship of Mr. Darius C. Shroff (DIN: 00170680) during his tenure as an Independent Director of the Company
(i.e. upto 29th-DQXDU\RQDWWDLQLQJWKHDJHRIVHYHQW\ƉYH\HDUVRQth August 2019, on the existing terms and
conditions.”

11. Alteration of the Object Clause of the Memorandum of Association of the Company
As a Special Resolution
“RESOLVED THAT pursuant to Section 13 and all other applicable provisions of the Companies Act, 2013 read with
&RPSDQLHV ,QFRUSRUDWLRQ 5XOHV DQG DQ\ RWKHU UXOHV IUDPHG WKHUHXQGHU LQFOXGLQJ DQ\ VWDWXWRU\ PRGLƉFDWLRQV
or amendment(s) or re-enactment(s) thereof, for the time being in force), Clause III of Memorandum of Association of the
Company be and is hereby altered by replacing sub clause 1 to 9 thereof with the following new sub clauses and that the
remaining sub clauses of Clause III be renumbered accordingly:
1. To buy, invent, develop, manufacture, convert, sell, supply, operate, distribute, repair, let on hire and deal / trade in all
the products, systems, facilities, solutions as electrical, electronics, electro-technical, civil, marine, motor, mechanical,
computer engineer/technical consultant / contractor and precision mechanics and to render services, administer
or control projects and works as well as undertake research and development in the areas of industry, energy and
infrastructure development including all types of railways / metro trains / urban transport / roadways / airports as
ZHOODVDGMDFHQWƉHOGVRIDFWLYLW\7KH&RPSDQ\FDQRSHUDWHLQWKHVHDQGRWKHUDUHDVLQLQIRUPDWLRQWHFKQRORJ\ƉHOGV
(including electronic data processing and transfer, software platforms, data analytics, self-learning systems and
internet of things hardware and software) and render related services.
2. To buy, manufacture, invent, upgrade, sell, deal, export/import, integrate, repair, maintain, digitalise and / or render
consulting, marketing, designing, engineering, installing, commissioning and other related services in the areas of
GLJLWDOL]DWLRQHOHFWULƉFDWLRQDQGDXWRPDWLRQLQFRQQHFWLRQZLWKEXWQRWUHVWULFWHGWRVRIWZDUHFRQWUROV\VWHPVYHUWLFDO
VRIWZDUHJULGVSHFLƉFLQIRUPDWLRQWHFKQRORJ\EXLOGLQJVRIWZDUHEXLOGLQJHIƉFLHQF\YHUWLFDOPRELOLW\LQIRUPDWLRQ
technology, control products, grid control solutions, grid automation, distribution control system, control products,
SRZHUGLVWULEXWLRQDQGVZLWFKLQJEXLOGLQJDXWRPDWLRQHOHFWURQLFVHFXULW\ƉUHVDIHW\VHFXULW\ORJLVWLFVDXWRPDWLRQ
UDLO DXWRPDWLRQ WUDIƉF PDQDJHPHQW FDUERQ FDSWXUH F\EHU VHFXULW\ VROXWLRQV HQHUJ\ VDYLQJ VROXWLRQV SRZHU
JHQHUDWLRQ SRZHU SODQWV UHƉQHULHV GHFRPPLVVLRQLQJ RI QXFOHDU SODQW HQJLQHV IXHO SUHWUHDWPHQW JHQHUDWRUV
ODUJH JDV WXUELQHV ODUJH VWHDP WXUELQH RLO DQG JDV SRZHU JHQHUDWLRQ HTXLSPHQW VPDOO JDV WXUELQH PHGLXP JDV
turbine including aeroderivative, small / medium steam turbine, heat exchanger, waste heat recovery, hydro, wind
on shore and offshore, transmission solution related services, power distribution / transmission, high voltage direct
current, high voltage products, power electronics, solution business, substations, transformers, inverters, low and
medium voltage systems, storage, wiring, accessory and cable system, components, e-mobility and rail infrastructure,
WXUQNH\VROXWLRQVYHKLFOHVFRPSUHVVRURLODQGJDVSURFHVVHTXLSPHQWRLODQGJDVLQWHJUDWHGVROXWLRQJHDUER[HV
for generation of wind energy or otherwise, turbo gear boxes, gear motors, drive application gearboxes, process
instruments, automation, engineering software and drive cabinets.
3. To carry on business as manufacturers, importers and repairers of and dealers in machinery for the manufacture of
automotive, food and beverage, aerospace and defense, printing, packaging, textiles, plastic goods, glass, soap, paper,
cement, engineering and workshop tools, machine tools, internal combustion engines, diesel and other locomotives,
broadcasting apparatus, transmitters, excavators, chemical, pharmaceutical, food and beverages, cement, mining,
PDULQHRLODQGJDVSDSHUƉEHURSWLFDODQGVFLHQWLƉFPDFKLQHU\DQGDSSDUDWXVRIDOONLQGVDQGZRRGZRUNLQJPHWDO
ZRUNLQJƉOWHULQJEXLOGLQJPLQHUDOZDWHUSURGXFLQJZHWDQGGU\LFHPDNLQJHDUWKZRUNLQJDQGSULQWLQJPDFKLQHU\
RIDOONLQGVFUDQHVSXPSVFRPSUHVVRUVRLOH[SHOOHUVULFHDQGƋRXUPLOOVKXOOHUVWXUELQHVPHWHUVIRUZDWHUJDV
electricity etc., and generally machinery of all kinds whether expressed in this memorandum or not.
RESOLVED FURTHER THAT the Board of Directors and the Company Secretary of the Company be and are hereby severally
authorised to do all acts, deeds, matters and things and take steps and perform such actions as may be deemed necessary,
SURSHUDQGH[SHGLHQWLQWKHLUDEVROXWHGLVFUHWLRQWRJLYHHIIHFWWRWKLVUHVROXWLRQDQGWRVHWWOHDQ\TXHVWLRQGLIƉFXOW\RU
GRXEW WKDW PD\ DULVH LQ WKLV UHJDUG DQG WR GHOHJDWH DOO RU DQ\ RI WKHLU SRZHUV KHUHLQ FRQIHUUHG WR DQ\ RIƉFHUV RI WKH
Company.”
$GRSWLRQRIQHZ$UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\
As a Special Resolution
“RESOLVED THAT pursuant to the provisions of Section 14 and all other applicable provisions of the Companies Act, 2013 read
ZLWK&RPSDQLHV,QFRUSRUDWLRQ5XOHVDQGDQ\RWKHUUXOHVIUDPHGWKHUHXQGHULQFOXGLQJDQ\VWDWXWRU\PRGLƉFDWLRQV
or re-enactment(s) thereof, for the time being in force), the draft Articles of Association of the Company submitted to this
meeting, be and is hereby approved and adopted as the Articles of Association of the Company in substitution and to the
entire exclusion of the existing Articles of Association of the Company.
RESOLVED FURTHER THAT the Board of Directors and the Company Secretary of the Company be and are hereby severally
authorised to do all acts, deeds, matters and things and take steps and perform such actions as may be deemed necessary,
SURSHUDQGH[SHGLHQWLQWKHLUDEVROXWHGLVFUHWLRQWRJLYHHIIHFWWRWKLVUHVROXWLRQDQGWRVHWWOHDQ\TXHVWLRQGLIƉFXOW\RU
GRXEW WKDW PD\ DULVH LQ WKLV UHJDUG DQG WR GHOHJDWH DOO RU DQ\ RI WKHLU SRZHUV KHUHLQ FRQIHUUHG WR DQ\ RIƉFHUV RI WKH
Company.”
Notice
1 3D\PHQW RI UHPXQHUDWLRQ WR 0HVVUV 5 1DQDEKR\ &R &RVW $FFRXQWDQWV )LUP 5HJLVWUDWLRQ 1R WKH
&RVW$XGLWRUVRIWKH&RPSDQ\IRU)<
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act,
UHDGZLWKWKH&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVLQFOXGLQJDQ\VWDWXWRU\PRGLƉFDWLRQVRUDPHQGPHQWV
or re-enactment(s) thereof for the time being in force), Messrs R. Nanabhoy & Co., Cost Accountants (Firm Registration
No. 000010), appointed as Cost Auditors by the Board of Directors of the Company to conduct the audit of the cost
UHFRUGV RI WKH &RPSDQ\ IRU WKH ƉQDQFLDO \HDU HQGLQJ th September 2019, be paid a remuneration of `18,00,000/-
(Rupees Eighteen Lakh only) per annum plus applicable tax and out of pocket expenses that may be incurred during the
course of audit.
RESOLVED FURTHER THAT the Board of Directors of the Company (including its Committee thereof), be and is hereby
authorized to do all acts and take all such steps as may be necessary, proper or expedient to give effect to this resolution.”
By Order of the Board of Directors

For Siemens Limited
Ketan Thaker
Company Secretary
ACS No.: 16250
5HJLVWHUHG2IƊFH Birla Aurora, Level 21, Plot No. 1080,
Dr. Annie Besant Road, Worli, Mumbai – 400030
Corporate Identity Number: L28920MH1957PLC010839
Tel.: +91 22 3967 7000; Fax: +91 22 2436 2403
E-mail / Contact: Corporate-Secretariat.in@siemens.com / www.siemens.co.in/contact
Website: www.siemens.co.in
Goa
Sunday, 18th November 2018
1RWHV
D $0(0%(5(17,7/('72$77(1'$1'927($77+($118$/*(1(5$/0((7,1*´$*0µ25´0((7,1*µ,6(17,7/('
TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER OF THE
COMPANY.
3UR[LHVLQRUGHUWREHHIIHFWLYHPXVWEHUHFHLYHGE\WKH&RPSDQ\GXO\ƉOOHGVWDPSHGDQGVLJQHGDWLWV5HJLVWHUHG2IƉFH
not less than FORTY-EIGHT HOURS before the Meeting.
Proxies submitted on behalf of limited companies, societies, etc., must be supported by appropriate resolutions / authority,
as applicable, issued on behalf of the nominating organisation.
$SHUVRQFDQDFWDVSUR[\RQEHKDOIRI0HPEHUVQRWH[FHHGLQJƉIW\DQGKROGLQJLQWKHDJJUHJDWHQRWPRUHWKDQ
of the total share capital of the Company carrying voting rights. In case a proxy is proposed to be appointed by a Member
holding more than 10% of the total share capital of the Company carrying voting rights, then such proxy shall not act as
a proxy for any other person or Member.
b) The statement setting out the material facts pursuant to Section 102 of the Companies Act, 2013, (“the Act”) concerning
the Special Business in the Notice is annexed hereto and forms part of this Notice. The relevant details of the persons
seeking appointment / re-appointment as Director, are also annexed to this Notice.
c) Institutional Members / Corporate Members (i.e. other than Individuals, HUF, NRI, etc.) intending to send their authorised
UHSUHVHQWDWLYHVWRDWWHQGWKH$*0DUHUHTXHVWHGWRVXEPLWEHIRUHWKHFRPPHQFHPHQWRIWKH$*0DGXO\FHUWLƉHGFRS\
of their Board Resolution / Authority Letter.
d) In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names will be entitled
to vote.
H 0HPEHUV3UR[LHV$XWKRULVHG5HSUHVHQWDWLYHVVKRXOGEULQJWKHHQFORVHG$WWHQGDQFH6OLSGXO\ƉOOHGLQIRUDWWHQGLQJWKH
Meeting. Copies of the Annual Report or Attendance Slips will not be distributed at the Meeting.
f) The Register of Members and Share Transfer Books of the Company will remain closed from :HGQHVGD\th January
to Wednesday, 6th)HEUXDU\ (both days inclusive).

g) The dividend, as recommended by the Board of Directors, if declared at the 61st AGM, will be paid from Monday,
11th)HEUXDU\, to those Members who hold shares in physical form and whose name appears on the Company’s
5HJLVWHU RI 0HPEHUV DV KROGHUV RI (TXLW\ 6KDUHV RQ Wednesday, 6th )HEUXDU\ and in respect of shares held in
HOHFWURQLFIRUPWRWKH%HQHƉFLDO2ZQHUVRIWKHVKDUHVDVDWWKHFORVHRIEXVLQHVVKRXUVRQ7XHVGD\th-DQXDU\
as per details to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited.
K 8QFODLPHG8QSDLG'LYLGHQG
Pursuant to the provisions of Section 124 of the Act the dividend which remains unclaimed / unpaid for a period of seven
\HDUVIURPWKHGDWHRIWUDQVIHUWRWKHXQSDLGGLYLGHQGDFFRXQWRIWKH&RPSDQ\LVUHTXLUHGWREHWUDQVIHUUHGWRWKH,QYHVWRU
(GXFDWLRQDQG3URWHFWLRQ)XQG,(3)RIWKH&HQWUDO*RYHUQPHQW'XULQJWKHƉQDQFLDO\HDUWKHXQFODLPHGGLYLGHQGRIWKH
Company as also that of the erstwhile Siemens Healthcare Diagnostics Ltd. (since amalgamated with the Company) for
)LQDQFLDO<HDUZDVWUDQVIHUUHGWR,(3)7KHXQFODLPHGGLYLGHQGIRUWKH)LQDQFLDO<HDUDQGDOOVXEVHTXHQW
years must be claimed as early as possible failing which it would be transferred to IEPF as per the (tentative) dates
mentioned herein below.
Financial Year Tentative date for Financial Year Tentative date for
transfer to IEPF transfer to IEPF

Dividend 8th March 2019 Dividend 7th March 2023

Dividend 8th March 2020 Interim Dividend 11th September 2023
Final Dividend 14th March 2024
Dividend 8th March 2021
Dividend 7th March 2025
th
Dividend 8 March 2022
0HPEHUVDUHUHTXHVWHGWRFRQWDFW765'DUDVKDZ/LPLWHG765'/WKH5HJLVWUDUDQG6KDUH7UDQVIHU$JHQWRIWKH&RPSDQ\
for claiming the dividend for the aforesaid years.
The details of the unclaimed dividends are available on the Company’s website at www.siemens.co.in and Ministry of
Corporate Affairs at www.mca.gov.in
i) The Annual Report of FY 2018 of the Company containing the Notice convening this AGM circulated to the Members of
the Company, will be made available on the Company’s website at www.siemens.co.in.
M 0HPEHUVGHVLURXVRIJHWWLQJDQ\LQIRUPDWLRQDERXWWKH$FFRXQWVRIWKH&RPSDQ\DUHUHTXHVWHGWRZULWHWRWKH&RPSDQ\
atleast seven days in advance of the Meeting, so that the information can be kept ready at the Meeting.
k) All documents referred to in the accompanying Notice and statement setting out material facts are open for inspection
DW WKH 5HJLVWHUHG 2IƉFH RIWKH &RPSDQ\RQ DOO ZRUNLQJGD\VEHWZHHQ DP DQG QRRQ XS WRWKHGDWHRIWKH
61st AGM.
l) Route Map showing directions to reach to the venue of the 61st AGM is given at the end of this Annual Report.
m) Green Initiative
The Members can receive various notices and documents through electronic mode by registering their e-mail
addresses with the Company. Members who have not registered their e-mail address with the Company can
UHJLVWHUWKHVDPHE\VXEPLWWLQJGXO\ƊOOHGLQ¶(&RPPXQLFDWLRQ5HJLVWUDWLRQ)RUP·HQFORVHGDWWKHHQGRIWKLV
report (also available on our website www.siemens.co.inZLWK765'/,QYHVWRUV·UHODWLRQVWHDPRIWKH&RPSDQ\
The Members holding shares in electronic form are requested to register their e-mail addresses with their DP only.
Even after registering for E-communication, the Members are entitled to receive such communication in physical
form, upon request.
In accordance with the provisions of Section 101 of the Act read with Rule 18 of the Companies (Management and
Administration) Rules, 2014 as amended, the copy of Annual Report of the Company for the Financial Year 2017-18 and
this Notice inter-alia indicating the process and manner of remote e-voting along with Attendance Slip and proxy form
Notice
DUHEHLQJVHQWE\HPDLOXQOHVVDQ\PHPEHUKDVUHTXHVWHGIRUDSK\VLFDOFRS\RIWKHVDPHWRWKRVH0HPEHUVZKRKDYH
registered their e-mail address with the Company (in respect of shares held in physical form) or with their DP (in respect
of shares held in electronic form) and made available to the Company by the Depositories.
,QFDVH\RXZLVKWRJHWDSK\VLFDOFRS\RIWKH$QQXDO5HSRUW\RXPD\VHQG\RXUUHTXHVWWRCorporate-Secretariat.in@
siemens.com mentioning your Folio No. / DP ID and Client ID or write to us.
Q 9RWLQJ2SWLRQV
5HPRWH (YRWLQJ In compliance with the provisions of Section 108 of the Act and Rule 20 of the Companies
(Management and Administration) Rules, 2014 as amended and the provisions of Regulation 44 of the SEBI (Listing
2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQVWKH0HPEHUVDUHSURYLGHGZLWKWKHIDFLOLW\WRFDVW
their vote electronically, through the remote e-voting services provided by National Securities Depository Limited
(NSDL), on all resolutions set forth in this Notice.
The details of the process and manner for remote e-voting are explained herein below:
6WHSLog-in to NSDL e-Voting system at https://www.evoting.nsdl.com/
6WHS Cast your vote electronically on NSDL e-Voting system.
'HWDLOVRQ6WHSDUHPHQWLRQHGEHORZ
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com
/ either on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under
‘Shareholders’ section.
$QHZVFUHHQZLOORSHQ<RXZLOOKDYHWRHQWHU\RXU8VHU,'\RXU3DVVZRUGDQGD9HULƉFDWLRQ&RGHDVVKRZQ
on the screen.
Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com /
with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on
e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.
4. Your User ID details are given below:
Manner of holding shares i.e. Demat <RXU8VHU,'LV

16'/RU&'6/RU3K\VLFDO
a) For Members who hold shares in 8 Character DP ID followed by 8 Digit Client ID
demat account with NSDL. For example if your DP ID is IN300*** and Client ID is
12****** then your user ID is IN300***12******.
b) For Members who hold shares in 'LJLW%HQHƉFLDU\,'
demat account with CDSL. )RUH[DPSOHLI\RXU%HQHƉFLDU\,'LV
then your user ID is 12**************
c) For Members holding shares in EVEN Number followed by Folio Number registered with
Physical Form. the Company
For example if folio number is 001*** and EVEN is
101456 then user ID is 101456001***
5. Your password details are given below:
a) If you are already registered for e-Voting, then you can use your existing password to login and cast
your vote.
E ,I\RXDUHXVLQJ16'/H9RWLQJV\VWHPIRUWKHƉUVWWLPH\RXZLOOQHHGWRUHWULHYHWKH¶LQLWLDOSDVVZRUG·
which was communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial
password’ and the system will force you to change your password.
c) How to retrieve your ‘initial password’?
(i) If your email ID is registered in your demat account or with the company, your ‘initial password’ is
communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox.

2SHQWKHHPDLODQGRSHQWKHDWWDFKPHQWLHDSGIƉOH2SHQWKHSGIƉOH7KHSDVVZRUGWRRSHQ
WKHSGIƉOHLV\RXUGLJLWFOLHQW,'IRU16'/DFFRXQWODVWGLJLWVRIFOLHQW,'IRU&'6/DFFRXQWRU
IROLRQXPEHUIRUVKDUHVKHOGLQSK\VLFDOIRUP7KHSGIƉOHFRQWDLQV\RXU¶8VHU,'·DQG\RXU¶LQLWLDO
password’.
(ii) If your email ID is not registered, your ‘initial password’ is communicated to you on your postal
address.
6. If you are unable to retrieve or have not received the “Initial password” or have forgotten your password:
a) Click on “Forgot User Details/Password?”(If you are holding shares in your demat account with NSDL or
CDSL) option available on www.evoting.nsdl.com.
b) Click on "Physical User Reset Password?” (If you are holding shares in physical mode) option available on
www.evoting.nsdl.com.
F ,I \RX DUH VWLOO XQDEOH WR JHW WKH SDVVZRUG E\ DIRUHVDLG WZR RSWLRQV \RX FDQ VHQG D UHTXHVW DW
evoting@nsdl.co.in mentioning your demat account number / folio number, your PAN, your name and
your registered address.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-Voting will open.
'HWDLOVRQ6WHSDUHJLYHQEHORZ
How to cast your vote electronically on NSDL e-Voting system?
1. After successful login at Step 1, you will be able to see the Home page of e-Voting. Click on e-Voting. Then,
click on Active Voting Cycles.
2. After click on Active Voting Cycles, you will be able to see all the companies “EVEN” in which you are holding
shares and whose voting cycle is in active status.
3. Select “EVEN” of company for which you wish to cast your vote.
4. Now you are ready for e-Voting as the Voting page opens.
5. Cast your vote by selecting appropriate options i.e. assent or dissent, verify / modify the number of shares for
ZKLFK\RXZLVKWRFDVW\RXUYRWHDQGFOLFNRQ´6XEPLWµDQGDOVR´&RQƉUPµZKHQSURPSWHG
8SRQFRQƉUPDWLRQWKHPHVVDJH´9RWHFDVWVXFFHVVIXOO\µZLOOEHGLVSOD\HG
<RXFDQDOVRWDNHWKHSULQWRXWRIWKHYRWHVFDVWE\\RXE\FOLFNLQJRQWKHSULQWRSWLRQRQWKHFRQƉUPDWLRQ
page.
2QFH\RXFRQƉUP\RXUYRWHRQWKHUHVROXWLRQ\RXZLOOQRWEHDOORZHGWRPRGLI\\RXUYRWH
General Guidelines for Members
,QVWLWXWLRQDO0HPEHUVLHRWKHUWKDQLQGLYLGXDOV+8)15,HWFDUHUHTXLUHGWRVHQGVFDQQHGFRS\3')-3*
Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly
authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to siemens.scrutinizer@
gmail.com with a copy marked to evoting@nsdl.co.in
2. It is strongly recommended not to share your password with any other person and take utmost care to keep
\RXUSDVVZRUGFRQƉGHQWLDO/RJLQWRWKHHYRWLQJZHEVLWHZLOOEHGLVDEOHGXSRQƉYHXQVXFFHVVIXODWWHPSWVWR
key in the correct password. In such an event, you will need to go through the “Forgot User Details/Password?”
or “Physical User Reset Password?” option available on www.evoting.nsdl.com to reset the password.
,QFDVHRIDQ\TXHULHV\RXPD\UHIHUWKH)UHTXHQWO\$VNHG4XHVWLRQV)$4VIRU0HPEHUVDQGUHPRWHHYRWLQJ
user manual for Members available at the download section of www.evoting.nsdl.com or call on toll free no.:
1800-222-990 or contact Ms. Pallavi Mhatre, Assistant Manager, National Securities Depository Ltd., Trade
World, ‘A’ Wing, 4th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, at
the designated email address: pallavid@nsdl.co.in / evoting@nsdl.co.in or at telephone no. +91 22 24994545
who will also address the grievances connected with the voting by electronic means.
Notice
9RWLQJDW$*0 Members who are present at the AGM but have not cast their vote by availing the remote e-voting
facility may vote at the AGM.
2WKHU,QVWUXFWLRQV
(i) The remote e-voting period commences on Friday, 1st)HEUXDU\DP,67 and ends on Tuesday,
5th )HEUXDU\ SP ,67 (both days inclusive). During this period, Members of the Company,
holding shares either in physical form or in dematerialized form, as on :HGQHVGD\th-DQXDU\(being
the cut-off date reckoned for the purpose), may cast their vote electronically. Once the vote on a resolution is
FDVWE\WKH0HPEHUKHVKHLWVKDOOQRWEHDOORZHGWRFKDQJHLWVXEVHTXHQWO\
(ii) Members may vote either by remote e-voting or at the AGM. If the members vote by both the modes, i.e.
remote e-voting as well as at the AGM, the vote cast by remote e-voting shall prevail and votes cast at the AGM
shall be ignored. The Members who have cast their vote by remote e-voting prior to the AGM may also attend
the AGM but shall not be entitled to cast their vote again.
LLL 7KHYRWLQJULJKWVRI0HPEHUVVKDOOEHLQSURSRUWLRQWRWKHLUVKDUHVRIWKHSDLGXSHTXLW\VKDUHFDSLWDORIWKH
Company as on the cut-off date of :HGQHVGD\th-DQXDU\.
LY $Q\SHUVRQZKRDFTXLUHVVKDUHVRIWKH&RPSDQ\DQGEHFRPH0HPEHURIWKH&RPSDQ\DIWHUGLVSDWFKRIWKH
notice and holding shares as of the cut-off date i.e. :HGQHVGD\th-DQXDU\, may obtain the login ID
DQGSDVVZRUGE\VHQGLQJDUHTXHVWDWevoting@nsdl.co.in.
Y $SHUVRQZKRVHQDPHLVUHFRUGHGLQWKHUHJLVWHURIPHPEHUVRULQWKHUHJLVWHURIEHQHƉFLDORZQHUVPDLQWDLQHG
by the depositories as on the cut-off date only shall be entitled to avail the facility of remote e-voting, as well
as voting at the AGM.
(vi) Mr. P. N. Parikh (FCS 327 CP 1228) or failing him Mr. Mitesh Dhabliwala (FCS 8331 CP 9511) of Messrs Parikh
Parekh & Associates, Practising Company Secretaries, has been appointed as the Scrutinizer to scrutinize the
voting at the AGM and remote e-voting process in a fair and transparent manner.
(vii) The letter of appointment of representative(s) of the President of India or the Governor of a State; or the
authorisation in respect of representative(s) of the Corporations shall be received by the Scrutinizer / Company
on or before close of remote e-voting.
(viii) The results declared along with the Scrutinizer’s Report shall be placed on the Company’s website
www.siemens.co.in and on the website of NSDL www.evoting.nsdl.com. The Company shall simultaneously
forward the results to BSE Limited and National Stock Exchange of India Limited, where the shares of the
&RPSDQ\DUHOLVWHG7KHUHVXOWVVKDOODOVREHGLVSOD\HGRQWKHQRWLFHERDUGDWWKH5HJLVWHUHG2IƉFHRIWKH
Company.
67$7(0(176(77,1*2870$7(5,$/)$&7681'(56(&7,212)7+(&203$1,(6$&7WKH$FW
Explanation to business mentioned under Item No. 4 has been provided on a voluntary basis.
,WHP1R
Pursuant to provisions of Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014 and on
completion of the term of the existing Statutory Auditors namely, Messrs S R B C & CO LLP, Chartered Accountants
(Firm Registration No. 324982E/E300003), the Audit Committee and the Board of Directors of the Company has
recommended appointment of Messrs B S R & Co. LLP, Chartered Accountants (Firm Registration No.101248W/W-100022)
DVWKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUDWHUPRIƉYHFRQVHFXWLYH\HDUVWRKROGRIƉFHIURPWKHFRQFOXVLRQRIWKLV
61st Annual General Meeting until the conclusion of the 66th Annual General Meeting of the Company at a remuneration as may
be agreed upon by the Board of Directors and the Auditors.
0HVVUV % 6 5 &R //3 &KDUWHUHG $FFRXQWDQWV KDYH FRQVHQWHG WR DFW DV 6WDWXWRU\ $XGLWRUV DQG KDYH FRQƉUPHG WKDW WKHLU
DSSRLQWPHQWLIPDGHZRXOGEHZLWKLQWKHOLPLWVVSHFLƉHGXQGHU6HFWLRQJRIWKH$FW7KH\KDYHDOVRFRQƉUPHGWKDW
WKH\DUHQRWGLVTXDOLƉHGWREHDSSRLQWHGDV$XGLWRUVLQWHUPVRIWKHSURYLVLRQVRIWKHSURYLVRWR6HFWLRQ6HFWLRQ
and Section 141(3) of the Act and the provisions of the Companies (Audit and Auditors) Rules, 2014 and that they hold a valid
FHUWLƉFDWHLVVXHGE\WKH3HHU5HYLHZ%RDUGRI7KH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD,&$,
%ULHI3URƉOHRI0HVVUV%65 &R//3&KDUWHUHG$FFRXQWDQWV
% 6 5 &R ¶WKH ƉUP· ZDV FRQVWLWXWHG RQ 0DUFK KDYLQJ ƉUP UHJLVWUDWLRQ QR DV : ,W ZDV FRQYHUWHG LQWR
OLPLWHG OLDELOLW\ SDUWQHUVKLS LH 0HVVUV % 6 5 &R //3 RQ 2FWREHU WKHUHE\ KDYLQJ D QHZ ƉUP UHJLVWUDWLRQ QR
::7KHUHJLVWHUHGRIƉFHRIWKHƉUPLVDWth Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg,
Mahalaxmi, Mumbai, Maharashtra - 400 011.

0HVVUV%65 &R//3LVDPHPEHUHQWLW\RI%65 $IƉOLDWHVDQHWZRUNUHJLVWHUHGZLWKWKH,&$,7KHRWKHUHQWLWLHVZKLFKDUH
SDUWRIWKH%65 $IƉOLDWHVLQFOXGH0HVVUV%65 $VVRFLDWHV//30HVVUV%65 &RPSDQ\0HVVUV%65DQG&R0HVVUV%65
and Associates, Messrs B S R and Company, Messrs B S S R & Co and Messrs B B S R & Co.
Messrs B S R & Co. LLP is registered in Mumbai, Gurgaon, Bangalore, Kolkata, Hyderabad, Pune, Chennai, Chandigarh,
Ahmedabad, Vadodara, Noida, Jaipur and Kochi.
The Board of Directors recommends the Resolution as set out at Item No. 4 of the Notice for approval of the Members as an
Ordinary Resolution.
1RQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORUWKHLUUHODWLYHVRUWKHLUUHODWLYHVDUHLQWHUHVWHGƉQDQFLDOO\RURWKHUZLVHLQ
the Resolution set out at Item No. 4 of this Notice.
Item No. 5
The Board of Directors, on the recommendation of the Nomination and Remuneration Committee, appointed
0U0HKHUQRVK%.DSDGLDDVDQ$GGLWLRQDO'LUHFWRUDQGDOVRDQ,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\IRUDWHUPRIƉYH
consecutive years i.e. from 2nd May 2018 to 1st May 2023, subject to approval of the Members.
Pursuant to the provisions of Section 161(1) of the Act and Article 104(b) of the Articles of Association of the Company,
0U.DSDGLDVKDOOKROGRIƉFHXSWRWKHGDWHRIWKLV$*0DQGLVHOLJLEOHWREHDSSRLQWHGDVD'LUHFWRU7KH&RPSDQ\KDVLQWHUPV
RI6HFWLRQRIWKH$FWUHFHLYHGDQRWLFHLQZULWLQJIURPD0HPEHUSURSRVLQJKLVFDQGLGDWXUHIRUWKHRIƉFHRI'LUHFWRU
The Company has received a declaration from Mr. Kapadia to the effect that he meets the criteria of independence as provided
LQWKH$FWDQGWKH6(%,/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV´6(%,/LVWLQJ5HJXODWLRQVµ
,QWKHRSLQLRQRIWKH%RDUG0U.DSDGLDIXOƉOVWKHFRQGLWLRQVVSHFLƉHGLQWKH$FWDQG6(%,/LVWLQJ5HJXODWLRQVIRUDSSRLQWPHQW
as Independent Director and is independent of the management of the Company. The terms and conditions of his appointment
VKDOOEHRSHQIRULQVSHFWLRQE\WKH0HPEHUVDWWKH5HJLVWHUHG2IƉFHRIWKHLVDYDLODEOHIRULQVSHFWLRQE\WKH0HPEHUVRIWKH
&RPSDQ\DWWKH5HJLVWHUHG2IƉFHGXULQJEXVLQHVVKRXUVRQDQ\ZRUNLQJGD\H[FHSW6DWXUGD\V6XQGD\VDQG+ROLGD\VRIWKH
Company, upto the date of the AGM and will also be available for inspection at the venue of the AGM.
7KHSURƉOHRI0U.DSDGLDLVSURYLGHGLQWKH$QQH[XUHWRWKLV1RWLFH
The Board of Directors, considering the experience and expertise of Mr. Kapadia, recommends the Resolution as set out in Item
No. 5 of the Notice for the approval of the Members, as an Ordinary Resolution.
None of the Directors, Key Managerial Personnel or their relatives except Mr. Mehernosh B. Kapadia and his relatives, are
LQWHUHVWHGƉQDQFLDOO\RURWKHUZLVHLQWKH5HVROXWLRQVHWRXWDW,WHP1RRIWKLV1RWLFH
Item Nos. 6 and 7
7KHFXUUHQWWHUPRI0U6XQLO0DWKXUDVWKH0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IƉFHU´0'DQG&(2µRIWKH&RPSDQ\LV
upto 31st'HFHPEHUDQGWKDWRI0U&KULVWLDQ5XPPHODVWKH([HFXWLYH'LUHFWRUDQG&KLHI)LQDQFLDO2IƉFHU´('DQG&)2µ
of the Company is upto 31st January 2019.
The Board of Directors of the Company at its meeting held on 17th and 18th November 2018, based on the recommendations
of the Nomination and Remuneration Committee (NRC) and the Audit Committee, as applicable and considering their rich
DQGYDULHGH[SHULHQFHZKLFKZLOOEHQHƉWWKH&RPSDQ\DSSURYHGWKHUHDSSRLQWPHQWRI0U6XQLO0DWKXUDVWKH0'DQG
&(2IRUDIXUWKHUSHULRGRIƉYH\HDUVZLWKHIIHFWIURPst January 2019 and the re-appointment of Mr. Christian Rummel
as the ED and CFO for a further period of 1 (one) year with effect from 1st February 2019, including the terms of their
re-appointment, subject to the approval of the Members and such other approvals as may be necessary.
The salary package of Mr. Mathur shall be in the range of ` 3,500,000 (Rupees Thirty Five Lakh only) per month to ` 6,000,000
(Rupees Sixty Lakh only) per month and that of Mr. Rummel shall be in the range of ` 2,000,000 (Rupees Twenty Lakh only) per
month to ` 4,000,000 (Rupees Forty Lakh only) per month. Salary package includes Basic salary and other Allowances.
,Q DGGLWLRQ WR WKH DERYHPHQWLRQHG VDODU\ SDFNDJHV WKH\ VKDOO DOVR EH HQWLWOHG WR 3HUTXLVLWHV DQG $OORZDQFHV OLNH 5HQWIUHH
semi-furnished accommodation / House Rent Allowance / Stay in a hotel; Domiciliary Medical Reimbursement, Hospitalisation
Expenses, Leave; Leave Travel Concession; Home Leave; Club Fees; Long Service Award; Company maintained two cars with
a single driver; Communication facility (Personal long distance calls will be borne by them), as per the Rules of the Company
DQGVXFKRWKHUSHUTXLVLWHVDQGDOORZDQFHVDVPD\EHDSSURYHGE\WKH%RDUGRI'LUHFWRUVRU15&IURPWLPHWRWLPH5HWLUHPHQW
EHQHƉWVDVSHUWKHODZVDSSOLFDEOHIURPWLPHWRWLPH
7KHSHUTXLVLWHVDQGDOORZDQFHVVKDOOEHYDOXHGDVSHUWKH,QFRPH7D[5XOHVZKHUHYHUDSSOLFDEOH,QWKHDEVHQFHRIDQ\VXFK
Rules, they shall be evaluated at actual cost.
2WKHUEHQHƉWVWRHDFKRIWKHPLQFOXGH&KLOGUHQ·V(GXFDWLRQ([SHQVHV+ROLGD\SDVVDJHIRUFKLOGUHQVWXG\LQJRXWVLGH,QGLD
family staying abroad, Reimbursement of expenses incurred on returning to home country after completion of tenure, Group
Notice
/LIH ,QVXUDQFH 3ROLF\ SDUWLFLSDWLRQ LQ WKH HTXLW\ EDVHG FRPSHQVDWLRQ SURJUDPV RI 6LHPHQV $NWLHQJHVHOOVFKDIW *HUPDQ\
Siemens Limited, as applicable from time to time, Siemens Global guidelines on currency loss protection (if applicable), as per
WKH5XOHVRIWKH&RPSDQ\DQGVXFKRWKHUEHQHƉWVDVPD\EHDSSURYHGE\WKH%RDUGRI'LUHFWRUVDQGRU15&IURPWLPHWRWLPH.
7KH\VKDOODOVREHHQWLWOHGWRUHPXQHUDWLRQE\ZD\RI3HUIRUPDQFH/LQNHG,QFHQWLYHEDVHGRQWKHVSHFLƉFJRDOVPXWXDOO\VHWDQG
approved by the Board of Directors / NRC, from time to time.
They shall also be entitled to remuneration by way of Commission, as may be decided by the Board of Directors / NRC from time
WRWLPH7KHQHWSURƉWVVKDOOEHFRPSXWHGLQWKHPDQQHUDVVHWRXWXQGHU6HFWLRQRIWKH$FWDQGWKH5XOHVIUDPHGWKHUH
under.
Severance fees shall be payable to each of them as per the Rules of the Company.
1RWZLWKVWDQGLQJDQ\WKLQJKHUHLQDERYHZKHUHLQDQ\ƉQDQFLDO\HDUGXULQJWKHFXUUHQF\RIWKHLUWHQXUHDV0'DQG&(2DQG
('DQG&)2DVDSSOLFDEOHWKH&RPSDQ\KDVQRSURƉWVRULWVSURƉWVDUHLQDGHTXDWHWKH&RPSDQ\ZLOOSD\WKHVDODU\SDFNDJHDV
WKHQDSSOLFDEOH3HUTXLVLWHVDQG$OORZDQFHV%HQHƉWVDQG6HYHUDQFHIHHVDV0LQLPXP5HPXQHUDWLRQWRWKHP
No Sitting Fee shall be paid to them for attending the Meetings of the Board of Directors or any Committee thereof.
Pursuant to the applicable provisions of the Act read with Schedule V to the Act and the Rules made there under, the approval
of Members is sought on the resolutions set out at Item Nos. 6 and 7 of this Notice.
,QDFFRUGDQFHZLWKWKHVDLGUHVROXWLRQVZLWKLQWKHDIRUHVDLGOLPLWVWKHDPRXQWRIVDODU\SDFNDJHSHUTXLVLWHVDQGDOORZDQFHV
EHQHƉWV SHUIRUPDQFH OLQNHG LQFHQWLYH DQG FRPPLVVLRQ SD\DEOH WR WKHP LQFOXGLQJ WKH W\SHV DQG DPRXQW RI HDFK W\SH RI
SHUTXLVLWHVEHQHƉWVDQGRWKHUDOORZDQFHVZLOOEHGHFLGHGE\WKH%RDUGRI'LUHFWRUVRU15&DWVXFKWLPHRUWLPHVDVLWPD\
GHHPƉWLQLWVVROHDQGDEVROXWHGLVFUHWLRQ
The Board recommends the Resolutions as set out at Item Nos. 6 and 7 of the Notice for approval of the Members as Ordinary
Resolutions.
7KHSURƉOHVRI0U0DWKXUDQG0U5XPPHODUHSURYLGHGLQWKH$QQH[XUHWRWKLV1RWLFH
None of the Directors, Key Managerial Personnel or their relatives except Mr. Sunil Mathur and Mr. Christian Rummel and their
UHODWLYHVDUHLQWHUHVWHGƉQDQFLDOO\RURWKHUZLVHLQWKHUHVSHFWLYH5HVROXWLRQVVHWRXWDW,WHP1RVDQGRIWKLV1RWLFH
,WHP1RVWR
The Members of the Company at the 57th Annual General Meeting (AGM) held on 30th January 2015 inter alia appointed
Mr. Deepak S. Parekh, Mr. Yezdi H. Malegam and Mr. Darius C. Shroff as Independent Directors of the Company for a period of
ƉYHFRQVHFXWLYH\HDUVZLWKHIIHFWIURPth January 2015.
$V SHU QHZ SURYLVLRQV RI WKH 6(%, /LVWLQJ 2EOLJDWLRQV DQG 'LVFORVXUH 5HTXLUHPHQWV 5HJXODWLRQV ZKLFK DUH HIIHFWLYH
from 1st$SULODSHUVRQZKRKDVDWWDLQHGWKHDJHRIVHYHQW\ƉYH\HDUVFDQFRQWLQXHDVQRQH[HFXWLYHGLUHFWRULQDOLVWHG
company, provided approval of its Members by way of a special resolution is obtained.
0U0DOHJDPKDVDWWDLQHGVHYHQW\ƉYH\HDUVRIDJHDQG0U3DUHNKDQG0U6KURIIZRXOGDWWDLQWKHDJHRIVHYHQW\ƉYH\HDUV
during their current term as Independent Directors in the Company which is upto 29th January 2020.
7KHSURƉOHVRI0U3DUHNK0U0DOHJDPDQG0U6KURIIDUHSURYLGHGLQWKH$QQH[XUHWRWKLV1RWLFH
In the opinion of the Board of Directors of the Company, Mr. Parekh, Mr. Malegam and Mr. Shroff are persons of high repute,
integrity and have rich and varied experience and hence recomments Special Resolutions as set out at Item Nos. 8 to 10 of this
Notice, for consideration and approval of the Members.
None of the Directors or Key Managerial Personnel of the Company or their relatives other than those mentioned in the respective
UHVROXWLRQVDQGWKHLUUHODWLYHVDUHLQDQ\ZD\FRQFHUQHGRULQWHUHVWHGƉQDQFLDOO\RURWKHUZLVHLQWKHUHVROXWLRQVDVVHWRXWDW
Item Nos. 8 to 10 of this Notice.
Item No. 11
The Memorandum of Association (“MoA”) of the Company was framed when the Company was incorporated under the
Companies Act, 1956 and amendments were carried out from time to time.
It is now proposed to consolidate the objects covering business operations of the Company that it undertakes / may undertake.
Accordingly, sub-clauses 1 to 9 under Clause III of existing MoA is proposed to be replaced by 3 (three) new sub-clauses as
provided in Item No.11 of this Notice and remaining sub-clauses of the MoA to be correspondingly renumbered.
As per Section 13 of the Act, read with Companies (Incorporation) Rules, 2014, any alterations proposed to be made in the MoA
RIWKH&RPSDQ\UHTXLUHVWKHDSSURYDORIWKH0HPEHUVE\ZD\RID6SHFLDO5HVROXWLRQ

A copy of the proposed altered MoA of the Company is available for inspection by the Members of the Company at the Registered
2IƉFHGXULQJEXVLQHVVKRXUVRQDQ\ZRUNLQJGD\H[FHSW6DWXUGD\V6XQGD\VDQG+ROLGD\VRIWKH&RPSDQ\XSWRWKHGDWHRI
the Annual General Meeting and will also be available for inspection at the venue of the AGM. The proposed draft MoA is also
available on the Company’s website www.siemens.co.in for perusal by the Members.
The Board of Directors recommends the Resolution as set out at Item No. 11 of the Notice for approval of the Members as a
Special Resolution.
1RQH RI WKH 'LUHFWRUV .H\ 0DQDJHULDO 3HUVRQQHO RU WKHLU UHODWLYHV DUH LQ DQ\ ZD\ FRQFHUQHG RU LQWHUHVWHG ƉQDQFLDOO\ RU
otherwise in the Resolution as set out at Item No. 11 of this Notice.
,WHP1R
The Articles of Association (”AoA”) of the Company are based on the Companies Act, 1956. The Companies Act, 2013 was
QRWLƉHGLQWUDQFKHVDQGKDVVLQFHWKHQDOVREHHQDPHQGHGIURPWLPHWRWLPH,QYLHZRIWKHDIRUHVDLGDQGLQRUGHUWREULQJWKH
H[LVWLQJ$R$RIWKH&RPSDQ\LQOLQHZLWKWKHSURYLVLRQVRIWKH&RPSDQLHV$FWYL]TXRUXPRIJHQHUDOPHHWLQJVFRQFHSW
of Independent Directors, Key Managerial Personnel, etc), it is recommended to adopt new set of AoA.
Considering that the changes to be made in the existing AoA are large in number, it is proposed to adopt a comprehensive new
set of AoA in substitution of and to the entire exclusion of the existing AoA.
As per Section 14 of the Act, read with Companies (Incorporation) Rules, 2014, any alterations proposed to be made in the MoA
RIWKH&RPSDQ\UHTXLUHVWKHDSSURYDORIWKH0HPEHUVE\ZD\RID6SHFLDO5HVROXWLRQ
A copy of the proposed set of new AoA of the Company is available for inspection by the Members of the Company at the
5HJLVWHUHG2IƉFHGXULQJEXVLQHVVKRXUVRQDQ\ZRUNLQJGD\H[FHSW6DWXUGD\V6XQGD\VDQG+ROLGD\VRIWKH&RPSDQ\XSWR
the date of the Annual General Meeting and will also be available for inspection at the venue of the AGM. The proposed draft
AoA is also available on the Company’s website www.siemens.co.in for perusal by the Members.
The Board recommends the Resolution as set out at Item No. 12 of the Notice for approval of the Members as a Special Resolution.
1RQH RI WKH 'LUHFWRUV RU .H\ 0DQDJHULDO 3HUVRQQHO RU WKHLU UHODWLYHV DUH LQ DQ\ ZD\ FRQFHUQHG RU LQWHUHVWHG ƉQDQFLDOO\ RU
otherwise, in the Resolution at Item No. 12 of this Notice.
Item No. 13
The Board of Directors of the Company, on the recommendation of the Audit Committee, has approved the appointment of
Messrs R. Nanabhoy & Co., Cost Accountants (Firm Registration No. 000010), as the Cost Auditors to conduct the audit of the
FRVWUHFRUGVRIWKH&RPSDQ\IRUWKHƉQDQFLDO\HDUHQGLQJth September 2019.
In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors)
5XOHVWKHUHPXQHUDWLRQSD\DEOHWRWKH&RVW$XGLWRUVKDVWREHUDWLƉHGE\WKH0HPEHUVRIWKH&RPSDQ\$FFRUGLQJO\
FRQVHQWRIWKH0HPEHUVLVVRXJKWE\ZD\RIDQ2UGLQDU\5HVROXWLRQDVVHWRXWDW,WHP1RRIWKH1RWLFHIRUUDWLƉFDWLRQRIWKH
remuneration amounting to ` 18,00,000/- (Rupees Eighteen Lakh only) plus applicable tax and out of pocket expenses that may
EHLQFXUUHGE\WKH&RVW$XGLWRUVIRUWKHƉQDQFLDO\HDUHQGLQJth September 2019.
The Board accordingly recommends the resolution at Item No. 13 of this Notice for the approval of the Members.
1RQH RI WKH 'LUHFWRUV RU .H\ 0DQDJHULDO 3HUVRQQHO RU WKHLU UHODWLYHV DUH LQ DQ\ ZD\ FRQFHUQHG RU LQWHUHVWHG ƉQDQFLDOO\ RU
otherwise, in the Resolution as set out at Item No. 13 of this Notice.
By Order of the Board of Directors

For Siemens Limited
Ketan Thaker
Company Secretary
ACS No.: 16250
5HJLVWHUHG2IƊFH Birla Aurora, Level 21, Plot No. 1080,
Corporate Identity Number: L28920MH1957PLC010839
Tel.: +91 22 3967 7000; Fax: +91 22 2436 2403
E-mail / Contact: Corporate-Secretariat.in@siemens.com / www.siemens.co.in/contact
Website: www.siemens.co.in
Goa
Notice
3URƊOHRI'LUHFWRUVEHLQJDSSRLQWHGUHDSSRLQWHG
DVUHTXLUHGXQGHU5HJXODWLRQRIWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV
Regulations, 2015 and Clause 1.2.5 of Secretarial Standard - 2 on General Meetings)
Name of the Director Mr. Josef Kaeser Mr. Mehernosh Kapadia

Director 00867264 00046612
,GHQWLƊFDWLRQ
Number
Date of Birth 23rd June 1957 24th September 1954
Date of Appointment 1st October 2006 2nd May 2018
4XDOLƊFDWLRQ Studied Business Administration Master’s degree in Commerce (Honours)
Dipl. - Betriebswirt and Member of The Institute of
Chartered Accountants of India and
The Institute of Company Secretaries of India
([SHUWLVHLQVSHFLƊF Corporate Finance and Business Management Finance, Company Secretarial and Business
functional areas Management
Experience Mr. Kaeser is President and Chief Executive Mr. Kapadia has over 34 years of experience.
2IƉFHU RI 6LHPHQV $* +H KDV RYHU \HDUV He has served as the Senior Executive Director,
of experience at Siemens, where he has held Finance Director and Company Secretary of
a variety of leading management positions GlaxoSmithKline Pharmaceuticals Limited
LQ ƉQDQFH DQG VWUDWHJ\ ERWK LQ DQG RXWVLGH (GSK). During his tenure of over 27 years with
Germany. He began his career at Siemens in 1980 GSK, in addition to his Finance and Accounting
LQWKHƉHOGRIFRPSRQHQWVDQGVHPLFRQGXFWRUV responsibilities, he has also held Management
where he also worked in Malaysia and the U.S. In responsibility for other functions including
KH ZDV DSSRLQWHG &KLHI )LQDQFLDO 2IƉFHU Company Secretarial matters, Legal, Compliance,
of the Information and Communication Mobile Corporate Communications, Administration and
Group. From 2004 to 2006, he served as Siemens’ Information Technology.
&KLHI 6WUDWHJ\ 2IƉFHU ,PPHGLDWHO\ SULRU WR KLV
appointment as CEO in August 2013, Mr. Kaeser
KDGVHUYHGDV6LHPHQV·&KLHI)LQDQFLDO2IƉFHUIRU
seven years.
Directorships held in Nil HDFC ERGO General Insurance Company Limited
other companies in Tata Capital Limited
India
Tata Capital Housing Finance Limited

Name of the Director Mr. Josef Kaeser Mr. Mehernosh Kapadia
&KDLUPDQVKLS Not Applicable
Name Name of the Position
Membership of of the Committee 0HPEHU
Committees held in Company &KDLUPDQ
other companies in HDFC $XGLWDQG Chairman
India Ergo Compliance
General Committee
Insurance 1RPLQDWLRQDQG
Company Remuneration
Limited Committee
5LVN0DQDJHPHQW Member
Committee
&RUSRUDWH6RFLDO
Responsibility
Committee
$OORWPHQW
Committee
Tata $XGLW&RPPLWWHH Member
Capital 1RPLQDWLRQDQG
Limited Remuneration
Committee
&RUSRUDWH6RFLDO
Responsibility
Committee
6WDNHKROGHUV
Relationship
Committee
,QIRUPDWLRQ
Technology
Strategy Committee
Tata $XGLW&RPPLWWHH Chairman
Capital 1RPLQDWLRQDQG
Housing Remuneration
Finance Committee
Limited
5LVN0DQDJHPHQW
Committee
$VVHW/LDELOLW\
Committee
,QIRUPDWLRQ
Technology
Strategy Committee
/HQGLQJ&RPPLWWHH Member
:RUNLQJ&RPPLWWHH
Terms and Non-executive Director, liable to retire by rotation ,QGHSHQGHQW 'LUHFWRU IRU ƉYH FRQVHFXWLYH
conditions of years (i.e. from 2nd May 2018 to 1st May 2023)
appointment
Details of Nil Sitting fees and commission
Remuneration
sought to be paid

Notice
Name of the Director Mr. Sunil Mathur Mr. Christian Rummel

Director 02261944 01992982
,GHQWLƊFDWLRQ
Number
Date of Birth 6th January 1963 17th April 1969
st
Date of Appointment 1 January 2014 1st February 2014
4XDOLƊFDWLRQ %6F4XDOLƉHG&KDUWHUHG$FFRXQWDQW Graduate in Business Management
([SHUWLVHLQVSHFLƊF )LQDQFH 0HUJHUV $FTXLVLWLRQV %XVLQHVV Corporate Finance & Business Administration
functional areas Strategy and Business Management.
Experience Mr. Mathur is the Managing Director and Chief Mr. Rummel is the Executive Director
([HFXWLYH 2IƉFHU 6LHPHQV /LPLWHG VLQFH DQG &KLHI )LQDQFLDO 2IƉFHU 6LHPHQV
January 2014. He has been with Siemens Limited, since February 2014.
for over 31 years, holding several senior Mr. Rummel has been with Siemens
management positions with Siemens AG for over 29 years during which he has
in Germany and the UK. He is a Member of held various management positions.
the Global Leadership Team of Siemens AG. Mr. Rummel began his career in Siemens
Mr. Mathur was Executive Director and Chief AG as a Commercial Apprentice in 1989
)LQDQFLDO 2IƉFHU RI 6LHPHQV /LPLWHG IURP and soon thereafter took over the role of
December 2008 till December 2013. He is on the Finance Manager Sales (Power Transmission &
National Councils of the Confederation of Indian Distribution), Mannheim, Germany. In 2004,
Industry (CII) and Federation of Indian Chambers he was appointed as Vice President - Finance
of Commerce and Industry and is the Chairman & Business Administration, Energy Sector,
of the CII Smart Manufacturing Council. He is an Germany and in 2006 as Managing Director
Executive Council Member of Bennett University. &KLHI )LQDQFLDO 2IƉFHU $XGLRORJ\ 6ROXWLRQV
Business Unit, Healthcare Sector, Germany.
Prior to his current role at Siemens Limited,
Mr. Rummel was the Senior Vice President &
&KLHI )LQDQFLDO 2IƉFHU 0ROHFXODU ,PDJLQJ
Healthcare Sector based in USA.
Directorships held in Bombay Chamber of Commerce and Industry Nil
other companies in The Indo German Chamber of Commerce
India
Siemens Gamesa Renewable Power Private
Limited
&KDLUPDQVKLS N.A. N.A.
Membership of
Committees held in
other companies in
India
Terms and 0
DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IƉFHU (
[HFXWLYH'LUHFWRUDQG&KLHI)LQDQFLDO2IƉFHU
conditions of IRUDSHULRGRIƉYH\HDUVZHIst January for a period of 1 (one) year w.e.f. 1st February
appointment 2019, not liable to retire by rotation; 2019, liable to retire by rotation;
- Key Managerial Personnel of the Company. - Key Managerial Personnel of the Company.
Details of Details provided under Item No. 6 in the statement Details provided under Item No. 7 in the statement
Remuneration setting out material facts under Section 102 of setting out material facts under Section 102 of
sought to be paid the Companies Act, 2013, forming part of this the Companies Act, 2013, forming part of this
AGM Notice. AGM Notice.

Name of the Mr. Deepak Parekh Mr. Y. H. Malegam Mr. D. C. Shroff
Director
Director 00009078 00092017 00170680
,GHQWLƊFDWLRQ
Number
Date of Birth 18th October 1944 24th September 1933 8th August 1944
Date of 30th January 2015 30th January 2015 30th January 2015
Appointment
4XDOLƊFDWLRQ B.Com. Fellow Member of The B.Com. Fellow Member of The B.A (Hons), LL.B, Solicitor
Institute of Chartered Accountants Institute of Chartered Accountants (Member of The Incorporated
of India as well as of England and of India as well as of England and Law Society, Mumbai) &
Wales Wales Advocate (High Court Bombay)
Expertise Strategic Business Management, Accounting, Finance and Corporate Corporate and Commercial Laws;
LQVSHFLƊF Finance & Banking and Mergers & & Securities Laws Labour and Industrial Laws
functional $FTXLVLWLRQ
areas
Experience Mr. Parekh is the Chairman and Mr. Malegam is an Independent Mr. Shroff is an Independent
Independent Director of the Director of the Company. He Director of the Company. He is
Company. He joined Housing serves as Chairman Emeritus of a Senior Partner of Crawford
Development Finance Corporation M/s. S.B. Billimoria & Co., Chartered %D\OH\ &R D OHDGLQJ ƉUP RI
Limited, in a senior management Accountants. He was the President Solicitors & Advocates and has
position in 1978. He has been of The Institute of Chartered ULFK H[SHULHQFH LQ WKH ƉHOG RI
a Director on the boards of Accountants of India and the law & corporate affairs with
prominent companies in India. He Chairman of National Advisory special focus on Industrial and
has also been on the international Committee on Accounting Employment Law. He has been
advisory boards of various Standards. He was a member of on the Board of several leading
international organisations. He the Financial Sector Legislation companies.
played a key role as Special Director Reforms Commission. He was a
on the Satyam Board in 2009 to board member of Reserve Bank of
revive the company and a crucial India. He was conferred the Padma
role during the restructuring of Shri in 2012.
UTI in the late 90’s, which helped
UHJDLQ LQYHVWRUV· FRQƉGHQFH
He has been a member of
various high-powered economic
groups, advisory committees
and task forces which include
LQIUDVWUXFWXUH KRXVLQJ ƉQDQFLDO
services and capital markets. He
was conferred the Padma Bhushan
in 2006. Government and
Industry impressed by Mr. Parekh’s
performance and sobriety have
honored him with several awards
across the globe.

Notice
Name of the Mr. Deepak Parekh Mr. Y. H. Malegam Mr. D. C. Shroff

Director
Directorships Housing Development Finance Firstsource Solutions Limited Ingersoll-Rand (India) Limited
held in other Corporation Limited Western India Plywoods Limited Kulkarni Power Tools Limited
companies in GlaxoSmithKline Pharmaceuticals NSE Investments Limited CMP Private Limited
India Limited (formerly known as NSE Strategic Avi-Oil India Private Limited
The Indian Hotels Company Investment Corporation Limited) Warner Bros Pictures (India)
Limited Bharatiya Reserve Bank Note Private Limited
HDFC Standard Life Insurance Mudran Private Limited
Company Limited The Indo German Chamber of
Network 18 Media & Investments Commerce
Limited
HDFC Asset Management
Company Limited
HDFC ERGO General Insurance
Company Limited
BAE Systems India (Services)
Private Limited
Breach Candy Hospital Trust
H T Parekh Foundation
Indian Institute for Human
Settlements
Chairmanship Audit Committee Audit Committee Audit Committee
0HPEHUVKLS Indian Hotels Company Limited – Firstsource Solutions Limited – Ingersoll-Rand (India) Limited –
of Committees Chairman Chairman Member
held in other GlaxoSmithKline Pharmaceuticals Bhartiya Reserve Bank Note Nomination and Remuneration
companies in Limited – Member Mudran Private Limited- Chairman Committee
India
Stakeholders Relationship NSE Investments Limited Ingersoll-Rand (India) Limited –
Committee (formerly known as NSE Strategic Member
GlaxoSmithKline Pharmaceuticals Investment Corporation Limited) – Stakeholders Relationship
Limited – Chairman Chairman Committee
HDFC Asset Management Western India Plywoods Limited - Ingersoll-Rand (India) Limited –
Company Limited – Member Member Chairman
Nomination and Remuneration Risk Management Committee
Committee Ingersoll-Rand (India) Limited –
Firstsource Solutions Limited – Member
Chairman
NSE Investments Limited
(formerly known as NSE Strategic
Investment Corporation Limited) –
Chairman
Western India Plywoods Limited -
Member
Terms and Independent Director i.e. upto Independent Director i.e. upto Independent Director i.e. upto
conditions of 29th January 2020, on existing 29th January 2020, on existing 29th January 2020, on existing
appointment terms. terms. terms.
Details of Sitting fees and commission Sitting fees and commission Sitting fees and commission
Remuneration
sought to be
paid
1RWH
)RU RWKHU GHWDLOV VXFK DV QXPEHU RI PHHWLQJV RI WKH %RDUG DWWHQGHG GXULQJ WKH \HDU QXPEHU RI HTXLW\ VKDUHV KHOG LQ WKH
Company and remuneration drawn in respect of the above Directors, please refer the Report on Corporate Governance and Form
No. MGT - 9, which forms an integral part of Annual Report of FY 2018. None of the Directors and Key Managerial Personnel are
related to each other.

Directors' Report
Dear Members,
The Directors have pleasure in presenting the 61st Annual Report of your Company and the Audited Financial Statements for the
year ended 30th September 2018.
1. Financial Performance
(` in million)
Standalone

Turnover 127,251 113,483
Less: Expenses 116,057 104,937
3URƉWIURPRSHUDWLRQVEHIRUHRWKHULQFRPHDQGƉQDQFHFRVWV 11,194 8,546
Add: Other Income 2,800 2,547
Less: Finance costs 82 77
3URƉWEHIRUHH[FHSWLRQDOLWHPVDQGWD[ 13,912 11,016
Add: Exceptional items - 5,675
3URƉWEHIRUHWD[ 13,912 16,691
Less: Tax 4,973 5,355
3URƉWIRUWKH\HDU 8,939 11,336
Other Comprehensive income 61 70
%DODQFHLQWKH6WDWHPHQWRI3URƉWDQG/RVVEURXJKWIRUZDUG 42,665 33,831
Amount available for appropriation 51,665 45,237
Appropriations:
Proposed Dividend 2,493 2,137
Dividend Distribution Tax 507 435
%DODQFHLQWKH6WDWHPHQWRI3URƊWDQG/RVVFDUULHGIRUZDUG 48,665 42,665
2SHUDWLRQV
The Turnover of the Company was ` 127,251 million for the year ended 30th September 2018 as compared to
`PLOOLRQLQWKHSUHYLRXV\HDU7KH&RPSDQ\·V3URƉWIURP2SHUDWLRQVIRUWKH\HDUHQGHGth September 2018 was
` 11,194 million as compared to ` 8,546 million in the previous year.
7KH3URƉWDIWHU7D[IRUWKH\HDUHQGHGth September 2018 was ` 8,939 million as compared to ` 11,336 million during
FY 2016-17.
3. Dividend
The Board of Directors has recommended a dividend of `SHUHTXLW\VKDUHKDYLQJIDFHYDOXHRI` 2 each, subject to the
approval of the Members at the 61st Annual General Meeting (“AGM”), In the previous year, the Company paid a Dividend
of `SHUHTXLW\VKDUHRI` 2 each.
3XUVXDQWWRWKHUHTXLUHPHQWVRI5HJXODWLRQ$RIWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG
'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV´/2'5µWKH'LYLGHQG'LVWULEXWLRQ3ROLF\RIWKH&RPSDQ\LVDYDLODEOHRQWKH
Company’s website at http://www.siemens.co.in/en/index/investor.htm.
3URSRVHGGLYHVWPHQW
The Board of directors of the Company, at its meeting held on 21st February 2018, inter-alia, took the following decisions:
(i) In light of the Memorandum of Understanding signed by and between Siemens AG, Germany (Parent Company
of Siemens Limited) (“SAG”) and Alstom SA, France (“Alstom”), to combine Siemens’ mobility business including
rail traction drives business with Alstom, the Board of Directors of the Company has agreed in-principle, subject to
terms and conditions to be determined, to sell its Mobility Division and Rail Traction Drives business (included in
Directors' Report
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 SAG or its subsidiary.
(ii) Following a global announcement made by SAG to set up a standalone company for the Mechanical Drives business,
the Board of Directors of the Company has agreed in-principle, subject to terms and conditions to be determined, to
sell its Mechanical Drives business (included in Process Industries and Drives Division) to SAG or its subsidiary.
In this regard, the Board of Directors has constituted a Committee of Directors to determine the consideration, terms and
conditions and such other matters as may be considered expedient with respect to the aforesaid proposed transactions
and make recommendations thereon to the Board of Directors for its consideration.
5. Subsidiary company
Siemens Rail Automation Private Limited (SRAPL) is a non-material and unlisted subsidiary of the Company pursuant
to LODR. SRAPL is engaged in the business of manufacture, supply, design, installation and commissioning of
5DLOZD\6LJQDOLQJHTXLSPHQWFRQVLVWLQJRIWUDFNVLGHDQGRQERDUGHTXLSPHQW
7KH&RPSDQ\KDVQRWPDGHDQ\HTXLW\LQYHVWPHQWLQ65$3/GXULQJWKH\HDU<RXU&RPSDQ\KDVREWDLQHGDFHUWLƉFDWHIURP
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, 2017 with respect to the downstream investments.
A summary of performance of SRAPL is provided below.
The Turnover of SRAPL for FY 2017-18 stood at ` 806 million (0.6% of consolidated turnover of the Company) as
compared to `PLOOLRQLQWKHSUHYLRXV\HDUDQGLWV3URƉWIURP2SHUDWLRQVIRUWKH\HDUHQGHGth September 2018 was
` 102 million as compared to ` 15 million in the previous year.
65$3/KDVUHSRUWHG3URƉWDIWHU7D[IRUWKH\HDUHQGHGth September 2018 of ` 73 million as compared to ` 30 million
during FY 2016-17.
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 in the prescribed Form AOC-1 is provided in Annexure I forming part
of this Report. The audited Financial Statements of SRAPL for FY 2017-18 are available on the Company’s website at
http://www.siemens.co.in/en/index/investor.htmDQGWKHVDPHDUHDOVRDYDLODEOHIRULQVSHFWLRQDWWKH5HJLVWHUHG2IƉFH
of the Company as per the details mentioned in notice of the 61st AGM. Your Company will also make available these
GRFXPHQWVXSRQUHTXHVWE\DQ\0HPEHURIWKH&RPSDQ\LQWHUHVWHGLQREWDLQLQJWKHVDPH
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
(as amended) is provided in Annexure II forming part of this Report.
7. Business Responsibility Report
In compliance with Regulation 34(2)(f) of LODR, your Company has included Business Responsibility Report, as 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 2017-18 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.
&RUSRUDWH*RYHUQDQFH
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 III.
3XUVXDQWWRWKHUHTXLUHPHQWVRI/2'5DGHWDLOHGUHSRUWRQ&RUSRUDWH*RYHUQDQFHDORQJZLWKWKH$XGLWRU·V&HUWLƉFDWH
FRQƉUPLQJWKHUHRQIRUPVSDUWRIWKLV5HSRUWDV Annexure IV.
General Shareholder Information forms part of this Report as Annexure V.

. Directors and Key Managerial Personnel
During FY 2017-18, on recommendation of the Nomination and Remuneration Committee (NRC) of the Company and
in accordance with the provisions of the Act and LODR, the Board of Directors have appointed Mr. Mehernosh B. Kapadia
',1DVDQ$GGLWLRQDO'LUHFWRUDQG,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\IRUDWHUPRIƉYH\HDUVZLWKHIIHFW
from 2nd May 2018, subject to approval of Members. As per provisions of Section 161 of the Act and Article 104 (b)
RIWKH$UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\0U.DSDGLDVKDOOKROGRIƉFHDV$GGLWLRQDO'LUHFWRUXSWRWKHGDWHRIWKH
forthcoming 61st AGM and is eligible for appointment as a Director. Notice under Section 160 of the Act has been received
IURPD0HPEHUSURSRVLQJKLVFDQGLGDWXUHIRUWKHRIƉFHRI'LUHFWRURIWKH&RPSDQ\
3XUVXDQWWR/2'5DSHUVRQZKRKDVDWWDLQHGWKHDJHRIVHYHQW\ƉYH\HDUVFDQFRQWLQXHGLUHFWRUVKLSLQDOLVWHGFRPSDQ\
as a non-executive director only if approval of its Members is obtained by way of a special resolution. The said provision
will come into effect from 1st April 2019. In light of the same, Special Resolutions for continuation of directorship of
Mr. Yezdi Malegam (DIN: 00092017), Mr. Deepak Parekh (DIN: 00009078) and Mr. Darius Shroff (DIN: 00170680) who
KDVZRXOGDWWDLQWKHDJHRIVHYHQW\ƉYH\HDUVIRUPSDUWRIWKH1RWLFHRIWKHst AGM and respective resolutions are
recommended for your approval.
The Independent Directors of the Company viz. Mr. Deepak Parekh, Mr. Yezdi Malegam, Mr. Darius Shroff, Mr. Keki Dadiseth
(DIN: 00052165) and Mr. Mehernosh Kapadia have furnished declarations to the Company under Section 149(7) of the
$FWFRQƉUPLQJWKDWWKH\PHHWWKHFULWHULDSUHVFULEHGIRU,QGHSHQGHQW'LUHFWRUVXQGHU6HFWLRQRIWKH$FWDVZHOO
as under LODR.
On recommendation of NRC and the Audit Committee, as applicable, the Board of Directors has re-appointed -
0U6XQLO0DWKXU',1DV0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IƉFHURIWKH&RPSDQ\IRUIXUWKHU
SHULRGRIƉYH\HDUVZLWKHIIHFWIURPst January 2019 to 31st December 2023.
0U&KULVWLDQ5XPPHO',1DV([HFXWLYH'LUHFWRUDQG&KLHI)LQDQFLDO2IƉFHURIWKH&RPSDQ\IRUIXUWKHU
period of one year with effect from 1st February 2019 to 31st January 2020.
The terms and conditions of the aforementioned re-appointments including remuneration are subject to the approval of
the Members and concerned authorities, if any.
At the forthcoming 61st AGM, Mr. Josef Kaeser retires by rotation and being eligible, offers himself for re-appointment.
7KHUHVROXWLRQVIRUDIRUHPHQWLRQHGDSSRLQWPHQWDQGUHDSSRLQWPHQWVDORQJZLWKWKHEULHISURƉOHVRIWKHDSSRLQWHHV·
form part of the Notice of the 61st AGM and respective resolutions are recommended for your approval.
0U 6XQLO 0DWKXU 0DQDJLQJ 'LUHFWRU DQG &KLHI ([HFXWLYH 2IƉFHU 0U &KULVWLDQ 5XPPHO ([HFXWLYH 'LUHFWRU DQG &KLHI
)LQDQFLDO2IƉFHUDQG0U.HWDQ7KDNHU&RPSDQ\6HFUHWDU\$&61RDUHWKH.H\0DQDJHULDO3HUVRQQHORIWKH
Company as on the date of this Report.
%RDUG0HHWLQJV
During FY 2017-18, six 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.
11. 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.
$XGLW&RPPLWWHH
7KH&RPSDQ\KDVDQ$XGLW&RPPLWWHHSXUVXDQWWRWKHUHTXLUHPHQWVRIWKH$FWUHDGZLWKWKHUXOHVIUDPHGWKHUHXQGHU
and LODR. The details relating to the same are given in the report on Corporate Governance forming part of this Report.
During FY 2017-18, the recommendations of Audit Committee were duly approved and accepted by the Board.
13. Corporate Social Responsibility
At Siemens, we have an unrelenting drive and promise to sustainably improve living conditions for as many people
as possible, worldwide. We deliver on this promise by combining our innovation with our know-how – in the areas
RI HOHFWULƉFDWLRQ DQG DXWRPDWLRQ HQKDQFHG E\ GLJLWDOL]DWLRQ DQG E\ DFWLQJ DV D UHOLDEOH DQG UHVSRQVLEOH SDUWQHU 2XU
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.
Directors' Report
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 Parekh (Chairman),
Ms. Mariel von Schumann, Mr. Sunil Mathur and Mr. Christian Rummel. 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, CSR Policy, etc., have been provided as Annexure VIWRWKLV5HSRUWDVUHTXLUHGXQGHUWKH&RPSDQLHV
(Corporate Social Responsibility Policy) Rules, 2014 (as amended).
5HPXQHUDWLRQ3ROLF\
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 http://www.siemens.co.in/en/index/investor.htm.
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 (as amended), is provided as Annexure VII
forming part of this Report.
15. Vigil Mechanism
$VSHUWKHSURYLVLRQVRI6HFWLRQRIWKH$FWDQG5HJXODWLRQRI/2'5WKH&RPSDQ\LVUHTXLUHGWRHVWDEOLVKD9LJLO
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 http://www.siemens.co.in/en/index/investor/business-ethics.htm.
16. 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
ZKLFKKDVEHHQFXVWRPL]HGWRUHƋHFW&RPSDQ\·VUHTXLUHPHQWV
0DMRUULVNVLGHQWLƉHGE\WKH%XVLQHVV'LYLVLRQVDQG&RUSRUDWH'HSDUWPHQWVDUHV\VWHPDWLFDOO\DGGUHVVHGWKURXJKPLWLJDWLQJ
DFWLRQVRQDFRQWLQXLQJEDVLV7KH&RPSDQ\KDVD5LVN0DQDJHPHQW&RPPLWWHHLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRI
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.
'HWDLOVLQUHVSHFWRIDGHTXDF\RILQWHUQDOƉQDQFLDOFRQWUROVZLWKUHIHUHQFHWRWKH)LQDQFLDO6WDWHPHQWVDUHJLYHQLQWKH
Management’s Discussion and Analysis, which forms part of this Report.
'LUHFWRUV·5HVSRQVLELOLW\6WDWHPHQW
3XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQFUHDGZLWK6HFWLRQRIWKH$FWWKH'LUHFWRUVFRQƉUPWRWKHEHVWRI
their knowledge and belief:
a) that in the preparation of the Annual Financial Statements for the year ended 30th September 2018, 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
30th6HSWHPEHUDQGRIWKHSURƉWRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
F WKDWSURSHUDQGVXIƉFLHQWFDUHKDVEHHQWDNHQIRUWKHPDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFH
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;
H WKDWSURSHULQWHUQDOƉQDQFLDOFRQWUROVDUHLQSODFHDQGWKDWVXFKLQWHUQDOƉQDQFLDOFRQWUROVZHUHDGHTXDWHDQGZHUH
operating effectively;
f) that proper systems have been devised to ensure compliance with the provisions of all applicable laws and are
DGHTXDWHDQGRSHUDWLQJHIIHFWLYHO\

([WUDFWVRI$QQXDO5HWXUQ
7KH([WUDFWVRI$QQXDO5HWXUQLQ)RUP0*7DVUHTXLUHGXQGHU6HFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV
(Management and Administration) Rules, 2014 (as amended) forms part of this Report as Annexure VIII.
3DUWLFXODUVRIFRQWUDFWVRUDUUDQJHPHQWVZLWK5HODWHG3DUWLHV
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 IX.
3DUWLFXODUVRI/RDQV*XDUDQWHHVRU,QYHVWPHQWV
A statement providing particulars of loans, guarantees or investments under Section 186 of the Act form part of this
Report as Annexure X.
)L[HG'HSRVLWV
<RXU&RPSDQ\KDVQRWDFFHSWHGDQ\Ɖ[HGGHSRVLWVDQGDVVXFKQRDPRXQWRISULQFLSDORULQWHUHVWZDVRXWVWDQGLQJDVRI
the Balance Sheet date.
$PRXQWLIDQ\SURSRVHGWRWUDQVIHUWRUHVHUYHV
The Company has made no transfer to reserves during FY 2017-18.
(PSOR\HHV
Your Directors place on record their deep appreciation for the contribution made by the employees of the Company at all
levels.
7KH LQIRUPDWLRQ RQ HPSOR\HHV SDUWLFXODUV DV UHTXLUHG XQGHU 6HFWLRQ RI WKH $FW UHDG ZLWK 5XOH DQG
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (as amended), 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
IRULQVSHFWLRQE\WKH0HPEHUVDWWKH5HJLVWHUHG2IƉFHRIWKH&RPSDQ\DVSHUWKHGHWDLOVPHQWLRQHGLQQRWLFHRIWKH
61st AGM on any working day of the Company up to the date of the 61st AGM. Any Member interested in obtaining a copy
of the same may write to the Company Secretary.
3ROLF\RQ3UHYHQWLRQRI6H[XDO+DUDVVPHQWDW:RUNSODFH
7KH&RPSDQ\KDV3ROLF\RQ3UHYHQWLRQRI6H[XDO+DUDVVPHQWDW:RUNSODFHLQOLQHZLWKWKHUHTXLUHPHQWVRIWKH6H[XDO
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, one complaint with allegations of sexual harassment was received by the Company and the same was
investigated and resolved.
$XGLWRUV
i) Pursuant to provisions of Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014 (as
amended), Messrs S R B C & CO LLP, Chartered Accountants (Firm Registration No. 324982E/E300003) (“SRBC”)
ZHUHDSSRLQWHGDV6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUDWHUPRIIRXU\HDUVWRKROGRIƉFHIURPWKHFRQFOXVLRQRI
57th AGM held on 30th January 2015, until the conclusion of forthcoming 61st$*0VXEMHFWWRUDWLƉFDWLRQRIWKHLU
DSSRLQWPHQWDWHYHU\VXEVHTXHQW$*0
Accordingly, SRBC ceases to be the Statutory Auditors of the Company on the conclusion of forthcoming 61st AGM
of the Company to be held on 6th February 2019.
In accordance with the provisions of the Section 139 of the Act and Rules framed thereunder and in view of
mandatory rotation of the Statutory Auditors, based on the recommendations of the Audit Committee, the Board
of Directors has recommended the appointment of Messrs B S R & Co. LLP, Chartered Accountants (Firm Registration
No. 101248W/W-100022) (“BSR”) as the Statutory Auditors of the Company for a period of 5 years from the conclusion
of 61st AGM until the conclusion of 66th AGM of the Company at a remuneration as may be agreed upon by the
Board of Directors and the Auditors subject to the approval of the Members.
A resolution seeking their appointment forms part of the Notice convening the 61st AGM and the same is
recommended for your approval.
The Auditors’ Report dated 18th1RYHPEHULVVXHGE\65%&IRU)<GRHVQRWFRQWDLQDQ\TXDOLƉFDWLRQ
reservation, adverse remark or disclaimer.
Directors' Report
ii) The Board of Directors, on recommendation of the Audit Committee, has re-appointed Messrs R. Nanabhoy &
Co., Cost Accountants (Firm Registration No. 000010), as Cost Auditors of the Company, for the Financial Year
ending 30th September 2019, at a remuneration as mentioned in the Notice convening the 61st AGM and same is
UHFRPPHQGHGIRU\RXUFRQVLGHUDWLRQDQGUDWLƉFDWLRQ
7KH&RPSDQ\KDGƉOHGWKH&RVW$XGLW5HSRUWIRU)<RQth February 2018, which is within the time limit
prescribed under the Companies (Cost Records and Audit) Rules, 2014 (as amended).
$VSHUWKHUHTXLUHPHQWVRIWKH6HFWLRQRIWKH$FWUHDGZLWKWKH&RPSDQLHV&RVW5HFRUGVDQG$XGLW5XOHV
WKH&RPSDQ\LVUHTXLUHGWRPDLQWDLQFRVWUHFRUGVDQGDFFRUGLQJO\VXFKDFFRXQWVDUHPDGHDQGUHFRUGVKDV
been maintained in respect of the applicable products for the year ended 30th September 2018.
iii) Pursuant to provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 (as amended), the Secretarial Audit Report for FY 2017-18 issued by Secretarial
$XGLWRUVLH0HVVUV3DULNK3DUHNK $VVRFLDWHV3UDFWLFLQJ&RPSDQ\6HFUHWDULHV8QLTXH&RGH1R30+
is provided as Annexure XI WRWKLV5HSRUW7KH6HFUHWDULDO$XGLW5HSRUW)<GRHVQRWFRQWDLQDQ\TXDOLƉFDWLRQ
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 2017-18.
&RPSOLDQFHZLWK6HFUHWDULDO6WDQGDUGV
During FY 2017-18, the Company has complied with applicable Secretarial Standards issued by the Institute of the
Company Secretaries of India.
0DWHULDOFKDQJHVDQGFRPPLWPHQWLIDQ\DIIHFWLQJƊQDQFLDOSRVLWLRQRIWKH&RPSDQ\IURPƊQDQFLDO\HDUHQGDQG
till the date of this report
7KHUHKDYHEHHQQRPDWHULDOFKDQJHVDQGFRPPLWPHQWVLIDQ\DIIHFWLQJWKHƉQDQFLDOSRVLWLRQRIWKH&RPSDQ\ZKLFK
have occurred between the end of the Financial Year of the Company to which the Financial Statements relate and the
date of this Report.
6LJQLƊFDQWDQG0DWHULDO2UGHUVSDVVHGE\WKH5HJXODWRUVRU&RXUWV
7KHUHDUHQRVLJQLƉFDQWDQGPDWHULDORUGHUVSDVVHGE\WKHUHJXODWRUVRUFRXUWVRUWULEXQDOVLPSDFWLQJWKHJRLQJFRQFHUQ
status and operations of the Company in future.
$FNQRZOHGJHPHQWV
The Board of Directors takes 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
Goa

Annexure I to Directors’ Report
Form No. AOC-1
3XUVXDQWWRƉUVWSURYLVRWRVXEVHFWLRQRI6HFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHVDVDPHQGHG
6WDWHPHQWFRQWDLQLQJVDOLHQWIHDWXUHVRIWKHƊQDQFLDOVWDWHPHQWRIVXEVLGLDULHVDVVRFLDWHFRPSDQLHVMRLQWYHQWXUHV
3DUW´$µ6XEVLGLDULHV
(Amount in `
Name of the subsidiary Siemens Rail Automation Private Limited

7KHGDWHVLQFHZKHQVXEVLGLDU\ZDVDFTXLUHG 1st October 2014
Reporting period for the subsidiary concerned, if different from 1st October 2017 to 30th September 2018
the holding company’s reporting period (same as that of Holding Company)
Reporting currency and Exchange rate as on the last date of the INR
UHOHYDQWƉQDQFLDO\HDULQWKHFDVHRIIRUHLJQVXEVLGLDULHV
Share capital 648,980
Reserves and Surplus 202,273,611
Total assets 1,154,885,763
Total Liabilities 951,963,172
Investments Nil
Turnover 806,182,060
3URƉW/RVVEHIRUHWD[DWLRQ 102,653,424
Provision for taxation (29,436,975)
3URƉW/RVVDIWHUWD[DWLRQ 73,216,449
Proposed Dividend Nil
% of shareholding 100
3DUW´%µ$VVRFLDWHVDQG-RLQW9HQWXUHVNot Applicable
For and on behalf of the Board of Directors

For Siemens Limited
Deepak S. Parekh Sunil Mathur Christian Rummel

Chairman Managing Director Executive Director
DIN: 00009078 DQG&KLHI([HFXWLYH2IƉFHU DQG&KLHI)LQDQFLDO2IƉFHU
DIN: 02261944 DIN: 01992982
Yezdi H. Malegam Ketan Thaker

Director and Chairman of Company Secretary
Audit Committee ACS No.: 16250
DIN: 00092017
Goa

Annexure II to the Directors’ Report
Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings and Outgo
(Pursuant to provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts)
Rules, 2014)
A. Conservation of Energy
, 6WHSVWDNHQRULPSDFWRQFRQVHUYDWLRQRIHQHUJ\
L 5HSODFHPHQWRIFRQYHQWLRQDORIƉFHOLJKWLQJDQGVKRSƋRRUOLJKWLQJLQWR/('OLJKWLQJDFURVVORFDWLRQVUHVXOWLQJ
in annual savings of 354 Mega Watt hour (Mwh).
ii. Elimination of idle running of spindle blower motor in Computerised Numerik Control turning machines in
Kharagpur factory resulted in savings of 2 Mwh.
iii. Savings of electrical consumption of 48.5 Mwh by replacement of industrial fans with 1x High Volume Low
Speed Fan at Kalwa Motors Factory.
iv. Diesel forklift replaced by Battery operated forklift for material movement as well as loading and unloading
of material in incoming and dispatch area of Energy Management factory at Goa resulted in savings of 45
GigaJoules.
Y ,QVWDOODWLRQRI9DULDEOH)UHTXHQF\'ULYHVIRU$LU+DQGOLQJ8QLWVWKHUHE\UHGXFLQJEORZHUPRWRUFRQVXPSWLRQ
and speed at Switchgear factory in Kalwa resulted in savings of 123.3 Mwh.
vi. Motion sensor detecting man movement have been installed for wall mounted fans at Energy Management
factory at Goa resulted in savings of 6 Mwh.
YLL 6HSDUDWHOLJKWVZLWFKIRUJDQJZD\WRDYRLGUXQQLQJRI/('OLJKWRIDOOVKRSƋRRULQ6ZLWFKERDUGIDFWRU\DW
Kalwa resulted in saving of 70 Mwh.
viii. Installation of Air Conditioners timers in Outdoor Vacuum Circuit Breakers clean room in Switchboard factory
at Kalwa resulted in savings of 15 Mwh.
ix. Installation of Variable Refrigeratnt Flow Air Conditioners by replacing of Split Air Conditioners in Kolkata
RIƉFHUHVXOWHGLQVDYLQJVRI0ZK
x. Installation of capacitor Bank for Switchgear factory resulted in savings of 24 Mwh.
[L 5HSODFHPHQWRIROGDLUFRPSUHVVRUVZLWKQHZHQHUJ\HIƉFLHQWFRPSUHVVRUVLQ7UDQVIRUPHUIDFWRU\LQ.DOZD
resulted in savings of 25 Mwh.
xii. Minimising consumption of electricity from the operation of Semi portal crane in Chennai factory resulted in
savings of 12 Mwh.
,, 6WHSVWDNHQE\WKH&RPSDQ\IRUXWLOL]LQJDOWHUQDWHVRXUFHVRIHQHUJ\
i. Utlization of natural daylight through daylight harvesting products.
ii. Use of solar energy against conventional energy at Kalwa factories resulted in savings of 1,730 Mwh.
,,, &DSLWDOLQYHVWPHQWRQHQHUJ\FRQVHUYDWLRQHTXLSPHQWV
The Company made capital investment amounting to ` 171.7 million during the Financial Year 2017-18 on the
HQHUJ\FRQVHUYDWLRQHTXLSPHQWV
B. Technology Absorption
, (IIRUWVPDGHWRZDUGVWHFKQRORJ\DEVRUSWLRQ
i. New Installation of 6.3 MW Wind test bench.
ii. New 8 spindle high speed coil winding machine with motorized front attachment with encoder and state of
art motorized high speed tensioners.

LLL 'RSWLFDOPHDVXUHPHQWRISDUWVXVLQJGLJLWDOL]DWLRQIRUPHDVXULQJGLPHQVLRQVZLWKSUHGHƉQHGSURJUDP
iv. Bluetooth enabled measurement of parts using digital instruments for direct data entry into system.
Y 3/&EDVHGODEHOSULQWLQJZLWKPLVWDNHSURRƉQJIRUƉQLVKHGSURGXFWVSDFNLQJ
YL &RPPLVVLRQHGOHVVQRLVHDQGHQHUJ\HIƉFLHQWKLJKYROXPHORZVSHHGIDQVRQIDFWRU\VKRSƋRRU
vii. Inline tapping of progressive punched parts.
viii. Doubly Fed Induction Generator (power out from rotor and stator) for tapping the vagaries in input wind
power driving the generator.
ix. Focus on development or improvement of Industrial Steam turbines in the range 0.1 MW – 200MW.
x. Dimensional restoration of turbine Rotors by Laser cladding process and repair of critical rotor.
xi. Localization of large steam turbine parts in India along with other product lines.
xii. 3D scanning and Faro inspection for reverse engineering.
xiii. Repair of compressor rotor with the developed Plasma tungsten inert gas welding process.
xiv. Photovoltaic Inverter production and localization in India.
xv. Manufacturing and localization of Cast Resin Transformers.
xvi. Manufacturing of online drying systems for transformers in India.
[YLL 5HOHDVHRI,(HIƉFLHQF\PRWRUVIRU)6WR)6ZKLFKLVKLJKHVWIUDPHVL]HPRWRUVLQORZYROWDJHPRWRU
range.
xviii. Established methodology of Single Stage Turbine rotors repair.
xix. Harmonization of best-in-class technology.
,, %HQHƊWVGHULYHGDVDUHVXOWRIWKHDERYHHIIRUWV
i. Cost optimization, reduced lead time of repair and competitiveness.
ii. Restoration to original dimension of turbine rotor and ensuring interchangeability.
iii. Low cost solution to customer.
iv. Customized solution.
v. Product improvement and cost reduction.

Annexure II to the Directors’ Report
Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings and Outgo
,,, ,PSRUWHG7HFKQRORJ\
Details of Technology Imported Year of Import Whether the If not fully absorbed, areas
technology where this has not taken
been fully place, reasons there for
absorbed
Mechanical based Test bench 2018 Yes Not applicable
Enhanced Platform technology steam 2017 Yes Not applicable
turbines (SST600-EP)
Core and winding of Cast Resin 2018 No Low volumes of total product
Transformers
Drawings and process note of online 2018 Yes Not applicable
drying systems for transformers
5SV Residual current circuit breaker 2018 No Low volumes of total product
SL5 DC curve Miniature circuit breaker 2018 Yes Not applicable
5SL7C/D curve Miniature circuit breaker 2018 Yes Not applicable
,9 ([SHQGLWXUHLQFXUUHGRQ5HVHDUFKDQG'HYHORSPHQW`PLOOLRQ
C. Foreign exchange earnings and outgo

Foreign Exchange Earnings and Outgo during the Financial Year 2017-18:
(` in million)
)RUHLJQ([FKDQJHHDUQHGLQWHUPVRIDFWXDOLQƋRZV 20,159.25
)RUHLJQ([FKDQJHRXWJRLQWHUPVRIDFWXDORXWƋRZV 46,177.07

For Siemens Limited
Deepak S. Parekh
Chairman
DIN: 00009078
Goa

Annexure III to the Directors’ Report
Management's Discussion & Analysis
General Performance Review &RPSDQ\

VƉUVWUHSODFHPHQWSDUWV'SULQWHGIURPPHWDOIRU
7KH ƉQDQFLDO \HDU ZDV D \HDU ZKHUH 6LHPHQV /WG an industrial steam turbine.
continued to face headwinds resulting from a mixed macro- )RU ƉQDQFLDO \HDU WKH 1HZ 2UGHUV ZHUH GRZQ E\
economic environment. While crude oil prices demonstrated 7.1 percent to ` 17,135 million, Sales up by 4.1 percent to
an upward trend, the depreciation of the Indian Rupee ` PLOOLRQ ZKLOH 3URƉW IURP 2SHUDWLRQV ZDV ` 2,460
impacted margins. Opportunities in Power Generation were million compared to ` 2,015 million in the previous year.
restricted to Renewables though the demand for power from Outlook
captive power plants across industries such as Fertilizer and
Sugar grew. While large-scale Central Transmission projects The Power and Gas Division expects energy demand to grow
were muted, the demand for improved distribution at the in line with the projected GDP growth. Several policies and
State level increased. Capital expenditure from the private initiatives under implementation by the Government of India
sector continued to remain low but is growing in segments such as Power for All 24x7, reduction in emissions through
such as Automotive, Pharmaceuticals, Food and Beverages JUHHQHQHUJ\ƋH[LELOLW\LQWKHUPDOSRZHUJHQHUDWLRQVPDUW
and Cement. cities and promotion of electric vehicles are expected to revive
the power generation sector. Progress in implementation
The Index of Industrial Production for manufacturing and
of policies such as Hydrocarbon Exploration and Licensing
LQIUDVWUXFWXUHUHERXQGHGGXULQJWKHƉQDQFLDO\HDU&DSDFLW\
Policy (HELP), for instance, the Open Acreage Licensing Policy
utilization, an indicator of manufacturing growth, improved
UHDFKLQJ FORVH WR LWV ORQJWHUP DYHUDJH 5HWDLO LQƋDWLRQ ZDV 2$/3DUHH[SHFWHGWREHQHƉWWKHRLODQGJDVVHFWRULQWKH
ORZHULQƉQDQFLDO\HDUFRPSDUHGWRWKHSUHYLRXV\HDU future. The Division continues to develop solutions to build on
“Make in India” and “Power for All 24x7” programs. It will use
'XULQJ ƉQDQFLDO \HDU 1HZ 2UGHUV ZHUH GRZQ E\ local capabilities to provide engineering for global projects
percent at ` 127,404 million, compared with ` 135,030 million and manufacture steam turbines for India and export.
LQ ƉQDQFLDO \HDU 6DOHV H[FOXGLQJ 2WKHU 2SHUDWLQJ
Revenues) were up by 11.1 percent to ` 122,927 million, ENERGY MANAGEMENT
compared with ` PLOOLRQ LQ ƉQDQFLDO \HDU Energy Management Division provides solutions for the
ZKLOH3URƉWDIWHU7D[3$7ZDVDW` 8,939 million compared development of intelligent, digitally-managed power
with `PLOOLRQLQƉQDQFLDO\HDU'XULQJƉQDQFLDO transmission and distribution infrastructure. Energy
year 2018 there were no exceptional items, compared with Management Division is a supplier of products, systems,
`PLOOLRQLQƉQDQFLDO\HDU solutions and services for transmission and distribution,
Operational Performance PDQDJHPHQWDQGFRQWURORIHOHFWULFDOHQHUJ\,WVHOHFWULƉFDWLRQ
portfolio ranges from low voltage products for domestic
POWER AND GAS
HOHFWULƉFDWLRQ WKURXJK SURGXFWV V\VWHPV DQG VROXWLRQV
Power and Gas Division offers a broad spectrum of products IRU HOHFWULƉFDWLRQ RI PHGLXP YROWDJH GLVWULEXWLRQ DQG XOWUD
DQG VROXWLRQV IRU UHOLDEOH HIƉFLHQW DQG FOHDQ SRZHU IRU high-voltage transmission grids. Its portfolio also covers
generation of electricity from fossil fuels and for the automation and digitalization products and solutions for all
reliable generation of power for oil and gas as well as for elements of power value chain. Its customers are central and
industrial applications. The Division’s customers are utilities, state utilities, private transmission and distribution system
independent power producers and engineering, procurement operators.
and construction (EPC) companies as well as businesses in
industries such as oil and gas, sugar and cement. 'XULQJ WKH ƉQDQFLDO \HDU WKH PDUNHW IRU (QHUJ\
Management solutions remained highly competitive with
The Power and Gas Division continued to operate in reduced investment from utilities. Industry investment
challenging domestic market conditions. Order growth was LQFUHDVHG GXH WR SURMHFWV VKLIWLQJ DV D FRQVHTXHQFH RI
mainly driven by industrial (small) steam turbines in domestic demonetization and GST impact.
and export markets.
$PRQJ WKH NH\ KLJKOLJKWV LQ ƉQDQFLDO \HDU WKH
7KH,QGLDQSRZHUVHFWRUZLWQHVVHGVXUSOXVSRZHUHTXLSPHQW 'LYLVLRQ ZRQ RUGHUV VXFK DV WKH ƉUVW VPDUW FLW\ RUGHU IURP
manufacturing capacities, with thermal power plants still
Delhi Mumbai Industrial Corridor Project for 33/11kV power
operating at low plant load factors. The thermal-based power
distribution air insulated switchgear (AIS) substations;
generation market (large gas and steam turbine) continued
renewable energy management order for western region
to face challenges due to various factors such as subdued
from Power Grid Corporation of India Limited and meter data
GHPDQG ORZHU LQGXVWULDO JURZWK LQDGHTXDWH DYDLODELOLW\
management system order from Tata Power Delhi Distribution
of gas and measures to increase renewable energy. It was
Limited. The Division also won orders for AIS from Kerala State
also impacted by a shift toward smaller-scale projects and
Electricity Board and Ceylon Electricity Board, and an order
localization. The variable nature of renewables is forcing
conventional energy producers to continue at base load and for gas insulated switchgear substations from Odisha Power
WREHFRPHPRUHƋH[LEOHLQWKHLURSHUDWLRQV Transmission Corporation Limited.
Among the highlights, the Division won several orders from )RUƉQDQFLDO\HDUWKH1HZ2UGHUVZHUHGRZQE\
industrial customers across chemicals, cement and metals percent to ` 45,096 million, Sales up by 18.7 percent to
segment. During the year, it achieved a milestone in Additive ` PLOOLRQ ZKLOH 3URƉW IURP 2SHUDWLRQV ZDV` 4,203
Manufacturing in the power generation industry with the million compared to ` 3,234 million in the previous year.

Outlook 7KH 'LYLVLRQ EHQHƉWHG IURP H[SDQVLRQ RI WKH 0HWUR UDLO
The Division expects the Government’s focus on “Power market as well as government initiatives to enhance capacity
for All”, continued thrust on Renewables (targeting DQG LPSURYH UDLO VDIHW\ ZKLFK OHG WR DFTXLVLWLRQ RI YDULRXV
227GW generation capacity by 2022), “Make in India,” and projects in both mainline and metro rail segments. The
infrastructure upgrade programs including smart cities, to 0RELOLW\ 'LYLVLRQ ZRQ DQ RUGHU IRU WKH HOHFWULƉFDWLRQ RI WKH
result in investment in improving state-level transmission new double-track metro line and also provided a supervisory
networks. This will also drive modernization and upgradation FRQWURODQGGDWDDFTXLVLWLRQ6&$'$V\VWHPIRUPRQLWRULQJ
of distribution grids. These drivers will propel the market and controlling the traction power for Metro Link Express
IRU HOHFWULƉFDWLRQ VROXWLRQV DV ZHOO DV 6PDUW *ULG VROXWLRQV for Gandhinagar and Ahmedabad (MEGA) Company. It also
to pare aggregate technical and commercial power losses. received orders for electronic interlocking of railway stations.
'LJLWDOL]DWLRQ VROXWLRQV DUH H[SHFWHG WR LPSURYH HIƉFLHQF\ )RU ƉQDQFLDO \HDU WKH 1HZ 2UGHUV ZHUH XS E\
and performance of electrical assets of utility and industrial percent to ` 14,809 million, Sales down by 17.6 percent to
operators. The Division also expects growing demand from ` PLOOLRQ ZKLOH 3URƉW IURP 2SHUDWLRQV ZDV ` 985
WKHJRYHUQPHQW·VYLVLRQRIVLJQLƉFDQWHOHFWULFYHKLFOHVDOHVLQ million compared to ` 903 million in the previous year.
2030. Outlook
BUILDING TECHNOLOGIES The outlook for the Mobility Division is intrinsically linked to
the policies, initiatives and timelines of the Indian Railways as
Building Technologies Division provides solutions for safe,
also the various local authorities responsible for implementing
VHFXUH HQHUJ\HIƉFLHQW DQG HFRIULHQGO\ EXLOGLQJV DQG Metro initiatives in the States. The Government has
LQIUDVWUXFWXUHV ,W KDV VROXWLRQV IRU DSSOLFDWLRQV VXFK DV ƉUH announced initiatives in safety, infrastructure development,
safety, security, building automation, heating, ventilation, air HOHFWULƉFDWLRQDQGHQHUJ\HIƉFLHQF\7KHRUGHUSRVLWLRQRIWKH
conditioning and energy management. Company is therefore largely dependent on the timing when
The growth in demand for solutions from Building Technologies these opportunities are tendered.
GXULQJ ƉQDQFLDO \HDU ZDV GXH WR LQYHVWPHQWV E\ DIGITAL FACTORY
the government and corporates in technologies aimed at Digital Factory Division offers a portfolio of industrial
LPSURYLQJ VDIHW\ ƉUH DQG VXUYHLOODQFH FRPIRUW EXLOGLQJ software and automation technologies for optimizing
PDQDJHPHQWV\VWHPDQG+9$&DQGHQHUJ\HIƉFLHQF\0DMRU the manufacturing value chain, covering product design,
contributors to new orders continued to be commercial production planning, engineering and execution, and after-
spaces, life sciences, data centers, IT/ITES and hospitality sales services. The Division’s ‘Digital Enterprise Suite’ offers
VHFWRUV$PRQJWKHKLJKOLJKWVRIWKHƉQDQFLDO\HDU%XLOGLQJ ƋH[LELOLW\DQGHIƉFLHQF\WRYDULRXVGLVFUHWHLQGXVWULHVJHQHUDO
7HFKQRORJLHV 'LYLVLRQ LPSOHPHQWHG LWV HQHUJ\ HIƉFLHQF\ HQJLQHHULQJVHJPHQWVDQGRULJLQDOHTXLSPHQWPDQXIDFWXUHUV
solution Demand Flow for many hospitality customers. This (OEMs) engaged in machine tools, printing, packaging and
solution helped the customers reduce power consumption electrical panel manufacturing.
leading to lower energy cost and higher savings.
'XULQJ WKH ƉQDQFLDO \HDU 'LJLWDO )DFWRU\ 'LYLVLRQ
)RU ƉQDQFLDO \HDU WKH 1HZ 2UGHUV ZHUH XS E\ witnessed order pick-up in the automotive, tyre, food &
percent to ` 5,942 million, Sales up by 15.7 percent to beverage and various infrastructure-related segments. The
` PLOOLRQ ZKLOH 3URƉW IURP 2SHUDWLRQV ZDV ` 444 Division maintained steady growth amid continued lower
million compared to ` 289 million in the previous year. capital expenditure by customers mainly in the private
Outlook sector. Among key highlights, during the year the Division
connected over 300 assets to MindSphere, Siemens’ open IoT
The demand for Building Technologies solutions is expected
cloud platform. It also launched the Ingenuity Tour, a multi-
to pick up, driven by increase in private investment and
city tour across India covering 120 cities over a period of two
government-led infrastructure projects continued growth
years. The tour demonstrates the Division’s offerings for the
in commercial spaces, data centers and IT/ITES. Also growth
manufacturing industry. On display are products, solutions
DUHDV DUH VHHQ LQ GLJLWDOL]DWLRQ DQG HQHUJ\ HIƉFLHQF\
DQG GLJLWDOO\HQDEOHG VHUYLFHV FRYHULQJ HOHFWULƉFDWLRQ
opportunities in hotels, airports and industries. automation and digitalization.
MOBILITY )RU ƉQDQFLDO \HDU the New Orders were up by 16.8
Mobility Division provides solutions for Mainline and Metro percent to ` 23,042 million, Sales up by 18.4 percent to
Railways covering the entire gamut of Rail infrastructure ` PLOOLRQ ZKLOH 3URƉW IURP 2SHUDWLRQV ZDV ` 1,962
FRPSULVLQJ RI VLJQDOLQJ DQG HOHFWULƉFDWLRQ DQG 5ROOLQJ million compared to ` 1,230 million in the previous year.
stock components and systems. This is complimented by Outlook
comprehensive customer services across all technologies as Manufacturing-led growth and greater adoption of
well as Turnkey Solutions. digitalization and Industry 4.0 are expected to boost demand
7KH ƉQDQFLDO \HDU ZLWQHVVHG PDMRU GLVUXSWLRQV LQ WKH for factory automation, software and data analytics. The
UDLO PDUNHW VXFK DV HOHFWULƉFDWLRQ SROLF\ RI ,QGLDQ Division expects a growth in demand for applications based
Railways leading to phasing out of diesel electric locomotives on MindSphere open IoT cloud platform to be driven by these
and adopting European Train Control System Level 2 for rail segments. Private sector capital expenditure is expected
signaling and safety instead of the planned Level 1. Both to gradually gain momentum as they near their capacity
these developments impacted the Division’s business. utilization thresholds. It foresees demand to pick up, driven by

the increasing focus among customers on cost productivity, As of September 30 2018, Siemens Limited had 9,452
HQHUJ\ VDYLQJV DQG UHJXODWRU\ FRPSOLDQFH WKURXJK UHWURƉW employees compared to 9,551 as on September 30 2017.
DQGPRGHUQL]DWLRQRIHTXLSPHQW
COMPLIANCE
PROCESS INDUSTRIES & DRIVES
For Siemens, promoting integrity means acting in accordance
Process Industries and Drives Division offers a comprehensive
SRUWIROLR IRU LQGXVWULDO DSSOLFDWLRQ DQG VROXWLRQV LQ WKH ƉHOG with our values – responsible, excellent and innovative. The
of automation and drives for process industries such as integrity of Siemens employees’ decisions and actions is an
chemical, pharmaceuticals, food and beverages, water and essential part of it. A key element of integrity is compliance:
waste water, cement, mining, oil & gas, paper and marine. adherence to the law and to our internal regulations.
The business environment in which the Division operates is The Company’s rules are contained in the Business Conduct
primarily driven by core sector industries. Major investments Guidelines (“BCG”) which include the obligation to comply
by the Government in roads, highways, railways and irrigation
with applicable laws and the prohibition of corruption and
projects helped improve capacity utilization.
other violations of the principles and rules of fair competition.
Key highlights of the Division include winning an order from
They include the areas of anti-corruption, antitrust, anti-
,QGLDQ1DY\IRUVHWWLQJXSWKHƉUVWHYHUWHFKQRORJ\LQGXFWLRQ
project with the Medium Voltage (MV) Lab. The Lab is money laundering, data privacy and export control as well as
HTXLSSHGZLWKLQIUDVWUXFWXUHIRUWUDLQLQJFUHZERWKKDQGVRQ overall human rights aspects. This dictates the way Siemens
and simulation, on MV electric propulsion. It also won an order conducts business.
from BHEL for the Government of Telangana’s Kaleshwaram The Company has a 24/7 whistleblower hotline, “Tell Us”
Lift Irrigation Project. The order includes the communication through which any compliance violations including potential
and instrumentation package for three pumping stations and FDVHV FDQ EH QRWLƉHG 7KLV LV DYDLODEOH IRU HPSOR\HHV
6,1$0,&6 */ VWDWLF IUHTXHQF\ FRQYHUWHU WR VWDUW XS WKH
Directors, as well as external stakeholders. It is operated by a
some of the world’s largest pumps. The Division saw a success
in digitalization – for online monitoring of gearboxes. provider that is independent of Siemens to enable receipt of
anonymous as well as protected information to be passed on
The Board of Directors of the Company, at its meeting on
February 21 2018, agreed in-principle to sell the Mechanical without any bias.
Drives business to Siemens AG or its subsidiary. The Company continues to exhibit “zero tolerance” towards
)RU ƉQDQFLDO \HDU WKH 1HZ 2UGHUV ZHUH XS E\ any non-compliant behavior and violations have attracted
percent to ` 21,379 million, Sales up by 8.6 percent to GLVFLSOLQDU\ FRQVHTXHQFHV 'HWDLOV RQ FRPSOLDQFH DFWLYLWLHV
` PLOOLRQ ZKLOH 3URƉW IURP 2SHUDWLRQV ZDV ` 769 are included in the Business Responsibility Report available on
million compared to ` 545 million in the previous year. www.siemens.co.in).
Outlook The Company continues its drive to create awareness about
An increasing number of customers in the process industries a corruption-free environment by addressing the topic of
are seeking means to develop their company into a “Digital corporate corruption in various public forums as well as
Enterprise“. This will be a lever for growth for Siemens’
invites by other like-minded corporates and demonstrating by
digitalization initiatives. The Division also expects orders
to come in from the defence segment, specially for diesel- example the feasibility of combating corruption, a task that
electric propulsion of large ships, metals and mining, paper, the corporate world has acknowledged. The Company aims at
food & beverage, pharmaceuticals and cement segments. WKHFUHDWLRQRIDOHYHOSOD\LQJƉHOGIRUFRUSRUDWHVWRRSHUDWH
The Division expects demand from these segments for its in a corruption free environment.
portfolio of digitalization solutions that offer ‘integrated RISK & INTERNAL CONTROL
engineering to integrated operations’ approach.
The Management of Siemens Limited is responsible for
HUMAN RESOURCES
HVWDEOLVKLQJ DQG PDLQWDLQLQJ DGHTXDWH LQWHUQDO FRQWURO
The Company enhanced its emphasis on the ‘Customer First,
RYHU ƉQDQFLDO UHSRUWLQJ 7KH LQWHUQDO FRQWURO RYHU ƉQDQFLDO
People Always’ motto, implementing several initiatives to
nurture, care and sustain its dynamic workforce. reporting is designed to provide reasonable assurance
UHJDUGLQJ WKH UHOLDELOLW\ RI ƉQDQFLDO UHSRUWLQJ DQG WKH
In line with the business growth and constantly changing SUHSDUDWLRQ RI ƉQDQFLDO VWDWHPHQWV IRU H[WHUQDO SXUSRVHV
PDUNHW GHPDQGV WKH &RPSDQ\ LQYHVWHG VLJQLƉFDQWO\ LQ
in accordance with applicable accounting principles and
YDULRXV WUDLQLQJ DQG GHYHORSPHQW DFWLYLWLHV WR EHWWHU HTXLS
employees by enhancing their competencies. Twenty six includes those policies and procedures that:
employees were selected for its CORE two-year talent 3HUWDLQWRWKHPDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOH
development program aimed at developing young talent. GHWDLODFFXUDWHO\DQGIDLUO\UHƋHFWWKHWUDQVDFWLRQVDQG
It also initiated a multi-city program to amplify its employer dispositions of the assets of the Company;
EUDQG DFURVV RYHU RIƉFHV DQG IDFWRULHV DFURVV ,QGLD ,Q
addition, to make the Company an ‘employer of choice’ and 3URYLGH UHDVRQDEOH DVVXUDQFH WKDW WUDQVDFWLRQV
improve the Company’s Ownership Culture, the Company are recorded as necessary to permit preparation of
undertook a program to train 750 people managers. ƉQDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK JHQHUDOO\
The Company continues to have a cordial relationship with accepted accounting principles, and that receipts and
its Unions. expenditures of the Company are being made only in
accordance with authorizations of management and .KDUJKDU RIƉFH JRW WKH $662&+$0 $VVRFLDWHG &KDPEHUV
directors of the Company; and of Commerce) Green & Ecofriendly Movement (GEM) 4
3URYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ SUHYHQWLRQ RU rating award. The Company also received the award for
WLPHO\ GHWHFWLRQ RI XQDXWKRUL]HG DFTXLVLWLRQ XVH RU Best performance in the "Construction Safety in Substation"
disposition of the Company’s assets that could have a category from Power Grid Corporation of India Limited (PGCIL)
PDWHULDOHIIHFWRQWKHƉQDQFLDOVWDWHPHQWV and an award for “Best Approach towards HSE implementation
of the Project” by GlaxoSmithKline Pharmaceuticals Limited.
Siemens Limited’s Management assessed the effectiveness
RI WKH &RPSDQ\·V LQWHUQDO FRQWURO RYHU ƉQDQFLDO UHSRUWLQJ OUTLOOK
as of September 30 2018. As a result of the evaluation, the
The Company’s focus continues on digitalization initiatives.
Management has concluded that the Company’s internal
FRQWURORYHUƉQDQFLDOUHSRUWLQJZDVHIIHFWLYHDVRI6HSWHPEHU The Company has already witnessed a pickup in digitalization-
ZLWKQRVLJQLƉFDQWGHƉFLHQF\ related projects based on the Siemens Internet of Things
platform MindSphere. This momentum is expected to
During the year, Siemens Limited actively participated in continue as more customers in a wider range of industries
industry forums of Enterprise Risk Managers. Siemens H[SHULHQFH SURGXFWLYLW\ DQG HIƉFLHQF\UHODWHG EHQHƉWV 7KH
Enterprise Risk Register captures key points related to the risks
Company will remain focused on this area in the year ahead.
WKDWFRXOGLPSDFWWKHEXVLQHVVHVDQGHQVXUHVWKDWDGHTXDWH
mitigation measures are put in place and monitored. The Company’s Management expects to maintain growth
SAFETY AND ENVIRONMENT LQ OLQH ZLWK WKH PDUNHW LQ ƉQDQFLDO \HDU $ KLJKHU
growth rate is dependent on increased investments by the
The Company’s EHS performance is monitored regularly government of India, public sector undertakings and state
by the Board of Directors as well as the Heads of Business governments in infrastructure, industry and utility services.
Divisions who actively propagate EHS through constant 6XVWDLQHGJRYHUQPHQWLQYHVWPHQWLQLQIUDVWUXFWXUHLVUHTXLUHG
communications and business review meetings. During the
to encourage capex investment and revival of private sector.
ƉQDQFLDO\HDU6LHPHQV/LPLWHGLQFUHDVHGLWVHIIRUWVLQ
the direction of acting responsibly, collaborating and excelling 7KH IRFXV RI 6LHPHQV /LPLWHG FRQWLQXHV WR EH RQ SURƉWDEOH
towards the journey of Zero Harm Culture maturity level 4. growth and operational excellence. The Company is
The Company undertook various measures to promote Zero strengthening its go-to-market considering the emergence of
Harm Culture, mainly focused on enhancement of competency digitalization and its impact on the industry.
levels, implementation of various EHS digitalization projects, Note: This report contains forward-looking statements based
workshops for vendors and contractors, best practice and on beliefs of Siemens’ management. The words “anticipate,”
knowledge exchange sessions among the factory and project “believe,” “estimate,” “forecast,” “expect,” “intend,” “plan,”
teams. During the year, 50,074 hours of training were
“should,” and “project” are used to identify forward-looking
conducted. The Company also continuously engaged one-
VWDWHPHQWV 6XFK VWDWHPHQWV UHƋHFW WKH &RPSDQ\·V FXUUHQW
on-one with the top management of customers to ensure an
overall improvement in the EHS performance. views with respect to future events and are subject to risks and
uncertainties. Many factors could cause the actual result to be
In order to improve access to healthcare facilities for project materially different, including, among other things, changes
HPSOR\HHV ORFDWHG DW UHPRWH VLWHV RXU PHGLFDO RIƉFHUV in general economic and business conditions, changes in
regularly travel to these sites to conduct health awareness currency exchange rates and interest rates, introduction of
VHVVLRQV ƉUVW DLG WUDLQLQJV KHDOWK FKHFNXSV DQG KHDOWK ULVN
competing products, lack of acceptance of new products or
assessments. In order to promote the EHS message among
services, and changes in business strategy. Actual results may
the various stakeholders, the Company presented papers
on best practices at the National Conclave on ‘Prevention of vary materially from those projected here. Siemens does not
Accidents on Distribution and Power Transformers’ organized intend to assume any obligation to update these forward
by Central Board of Irrigation and Power and International looking statements.
Council on Large Electric Systems.
Among the key highlights, the Company's EHS initiatives On behalf of the Board of Directors
were recognized by Europe’s industry association VDMA For Siemens Limited
(Verband Deutscher Maschinen und Anlagenbau - Mechanical
Engineering Industry Association). The Company’s Nashik
factory achieved a milestone of 2,000 accident-free days. Deepak S. Parekh
A solar PV plant capable of generating around 2.9 million Chairman
kilowatt hour of power has been setup in the Kalwa factory DIN - 00009078
complex using a variety of the Company’s products such as
low-voltage panels, combiner boxes and SCADA. Our Siemens Goa, 18th November 2018

Annexure IV to the Directors’ Report
Corporate Governance Report
>$VSHU6FKHGXOH9WRWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV´/2'5µ@
, &RPSDQ\·V3KLORVRSK\RQ&RUSRUDWH*RYHUQDQFH
A clearly structured and fully implemented corporate governance system is the Company’s highest priority. Good corporate
governance is the basis for decision-making and control processes and comprises responsible, value-based management
and monitoring focused on long-term success, goal-orientation and respect for the interests of our stakeholders.
II. Board of Directors
a. Composition
7KH %RDUG RI 'LUHFWRUV %RDUG FXUUHQWO\ FRPSULVHV RI H[SHUWV GUDZQ IURP GLYHUVH ƉHOGV SURIHVVLRQV
The Board has an optimum combination of Executive and Non-executive Directors, which is in conformity with
WKHUHTXLUHPHQWRI/2'5LQWKLVUHJDUG7KH&KDLUPDQRIWKH%RDUGLVD1RQH[HFXWLYHDQG,QGHSHQGHQW'LUHFWRU
All Directors, except the Independent Directors, Managing Director and Special Director [Nominee Director of
Siemens Aktiengesellschaft, (“Siemens AG”)] are liable to retire by rotation.
There is no relationship between the Directors inter-se.
The Composition of the Board, Directorship / Committee positions in other companies as on 30th September 2018,
number of meetings held and attended during the Financial Year (FY) are as follows:
Name Category Board Meetings Attendance Other Committee positions

during at last Annual Director- in India
)< General Meeting ships in
$*0KHOGRQ India
Held Attended Member Chairman

1 Mr. Deepak S. Parekh NED (I) 6 6 Yes 8 2 2
(Chairman)
2 Mr. Darius C. Shroff NED (I) 6 6 Yes 2 1 1
3 Mr. Yezdi H. Malegam NED (I) 6 6 Yes 3 1 2
4 Mr. Keki B. Dadiseth NED (I) 6 4 Yes 5 3 1
5 Mr. Mehernosh B. Kapadia (6) NED (I) 3 3 N.A. 3 2 2
(From 2nd May 2018)
6 Mr. Cedrik Neike (4)(5) NED 6 6 Yes Nil N.A. N.A.
(Nominee of Parent
Company, Siemens AG)
7 Mr. Josef Kaeser(4) NED 6 2 No Nil N.A. N.A.
(4)
8 Mr. Johannes Apitzsch NED 6 6 Yes Nil N.A. N.A.
9 Ms. Mariel von Schumann (4) NED 6 3 Yes Nil N.A. N.A.
10 Mr. Sunil Mathur WTD 6 6 Yes Nil N.A. N.A.
11 Mr. Christian Rummel WTD 6 5 Yes Nil N.A. N.A.
Notes:
(1) Category: WTD – Whole-time Director, NED – Non-executive Director, NED (I) – Non-executive Director and
Independent.
(2) Includes directorships in public limited companies. None of the Directors of the Company hold Independent
Directorships in more than 7 listed companies.
(3) Includes only Audit Committee and Stakeholders Relationship Committee of public limited companies other
than Siemens Limited. None of the Directors on the Board is a Member of more than 10 Committees and
Chairman of more than 5 Committees across all companies in which they are Directors.
(4) In the whole-time employment of parent company, Siemens AG.

>$VSHU6FKHGXOH9RI6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV´/2'5µ@
(5) Special Director as per Article 110 of the Articles of Association of the Company and as such is not bound to
retire by rotation.
(6) Mr. Mehernosh B. Kapadia was appointed as an Additional and Independent Director of the Company for a
WHUPRIƉYH\HDUVZLWKHIIHFWIURPnd May 2018, subject to approval of Members of the Company. Details
provided for the period for which Mr. Kapadia held directorship of the Company during the Financial Year
2017 - 18.
Board Meetings
During the Financial Year 2017-18, 6 Meetings were held on 23rd November 2017, 6th February 2018, 21st February 2018,
2nd May 2018, 8th August 2018 and 18th September 2018.
The gap between any two Meetings did not exceed 120 days. Further, the Company has adopted and adhered to the
Secretarial Standards prescribed by The Institute of Company Secretaries of India (ICSI) and approved by the Central
Government.
Agenda papers containing all necessary information / documents are made available to the Board / Committees in
advance to enable the Board / Committees to discharge its responsibilities effectively and take informed decisions.
Where it is not practicable to attach or send the relevant information as a part of agenda papers, the same are tabled
at the meeting or / and the presentations are made by the concerned managers to the Board, subject to compliance
ZLWKOHJDOUHTXLUHPHQWV&RQVLGHUDEOHWLPHLVVSHQWE\WKH'LUHFWRUVRQGLVFXVVLRQVDQGGHOLEHUDWLRQVDWWKH%RDUG
Committee Meetings.
7KHLQIRUPDWLRQDVVSHFLƉHGLQ6FKHGXOH,,WRWKH/2'5LVUHJXODUO\PDGHDYDLODEOHWRWKH%RDUGZKHQHYHUDSSOLFDEOH
for discussion and consideration.
III. Committees of Directors
A. Mandatory Committees
i. Audit Committee
Composition & Meetings
7KH$XGLW&RPPLWWHHFRPSULVHVRIH[SHUWVVSHFLDOLVLQJLQDFFRXQWLQJƉQDQFLDOPDQDJHPHQW7KH$XGLW&RPPLWWHH
comprises of 5 members, all being Non-executive Directors with majority being Independent Directors and the
Chairman of the Audit Committee is a Non-executive and Independent Director.
During the Financial Year 2017-18, 4 Meetings were held on 23rd November 2017, 6th February 2018, 2nd May 2018
and 8th August 2018. Details of the composition and attendance at the aforementioned Meetings are as follows:
Name From No. of meetings during

)<
Held Attended
Mr. Yezdi H. Malegam, Chairman 15.12.2000 4 4
Mr. Deepak S. Parekh 22.11.2004 4 4
Mr. Keki B. Dadiseth 01.02.2006 4 3
Mr. Johannes Apitzsch 23.11.2013 4 4
(1)
Mr. Mehernosh B. Kapadia 02.05.2018 1 1
Note:-
(1) Details provided for the period for which Mr. Mehernosh B. Kapadia held membership of the Committee
during the Financial Year 2017-18.
The Company Secretary is the Secretary to the Committee.
7KH &KLHI ([HFXWLYH 2IƉFHU &KLHI )LQDQFLDO 2IƉFHU +HDG RI $FFRXQWV ,QWHUQDO $XGLWRUV DQG WKH 6WDWXWRU\
Auditors are permanent invitees to the Meetings.

Terms of reference
7KHWHUPVRIUHIHUHQFHDUHEULHƋ\GHVFULEHGEHORZ
2YHUVLJKW RI WKH &RPSDQ\·V ƉQDQFLDO UHSRUWLQJ SURFHVV DQG WKH GLVFORVXUH RI LWV ƉQDQFLDO LQIRUPDWLRQ WR
HQVXUHWKDWWKHƉQDQFLDOVWDWHPHQWLVFRUUHFWVXIƉFLHQWDQGFUHGLEOH
5HFRPPHQGLQJWRWKH%RDUGWKHDSSRLQWPHQWUHDSSRLQWPHQWDQGLIUHTXLUHGWKHUHSODFHPHQWRUUHPRYDO
RIWKHVWDWXWRU\DXGLWRUDQGWKHƉ[DWLRQRIDXGLWIHHV
3) Reviewing and monitoring the auditor’s independence and performance and effectiveness of audit process.
4) Recommending to the Board, the appointment and remuneration of Cost Auditor.
5) Approval of payment to statutory auditors for any other services rendered by the statutory auditors.
5HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH DQQXDO ƉQDQFLDO VWDWHPHQWV EHIRUH VXEPLVVLRQ WR WKH %RDUG IRU
approval, with particular reference to:
D 0DWWHUVUHTXLUHGWREHLQFOXGHGLQWKH'LUHFWRU·V5HVSRQVLELOLW\6WDWHPHQWWREHLQFOXGHGLQWKH%RDUG·V
report in terms of the Companies Act, 2013;
b. Changes, if any, in accounting policies and practices and reasons for the same;
c. Major accounting entries involving estimates based on the exercise of judgment by management;
G 6LJQLƉFDQWDGMXVWPHQWVPDGHLQWKHƉQDQFLDOVWDWHPHQWVDULVLQJRXWRIDXGLWƉQGLQJV
H &RPSOLDQFHZLWKOLVWLQJDQGRWKHUOHJDOUHTXLUHPHQWVUHODWLQJWRƉQDQFLDOVWDWHPHQWV
f. Disclosure of any related party transactions; and
J 4XDOLƉFDWLRQVLQWKHGUDIWDXGLWUHSRUW
5HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH TXDUWHUO\ ƉQDQFLDO VWDWHPHQWV EHIRUH VXEPLVVLRQ WR WKH %RDUG IRU
approval.
5HYLHZLQJZLWKWKHPDQDJHPHQWSHUIRUPDQFHRILQWHUQDODXGLWRUVDGHTXDF\RIWKHLQWHUQDOFRQWUROV\VWHPV
5HYLHZLQJ WKH DGHTXDF\ RI LQWHUQDO DXGLW IXQFWLRQ LI DQ\ LQFOXGLQJ WKH VWUXFWXUH RI WKH LQWHUQDO DXGLW
GHSDUWPHQWVWDIƉQJDQGVHQLRULW\RIWKHRIƉFLDOKHDGLQJWKHGHSDUWPHQWUHSRUWLQJVWUXFWXUHFRYHUDJHDQG
IUHTXHQF\RILQWHUQDODXGLW
'LVFXVVLQJZLWKLQWHUQDODXGLWRUVDQ\VLJQLƉFDQWƉQGLQJVDQGIROORZXSWKHUHRQ
5HYLHZLQJ WKH ƉQGLQJV RI DQ\ LQWHUQDO LQYHVWLJDWLRQV E\ WKH LQWHUQDO DXGLWRUV LQWR PDWWHUV ZKHUH WKHUH LV
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the
matter to the Board.
12) Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well
as post-audit discussion to ascertain any area of concern.
13) To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors.
14) To review the functioning of the Whistle Blower mechanism.
15) To scrutinize inter-corporate loans and investments.
16) To review guidelines for investing surplus funds of the Company.
17) To review investment proposals before submission to the Board.
7RUHYLHZSURSRVDOIRUPHUJHUVGHPHUJHUVDFTXLVLWLRQVFDUYHRXWVVDOHWUDQVIHURIEXVLQHVVUHDOHVWDWH
and its valuation report and fairness opinion, if any, thereof.
$SSURYDORUDQ\VXEVHTXHQWPRGLƉFDWLRQRIWUDQVDFWLRQVRIWKH&RPSDQ\ZLWKUHODWHGSDUWLHV
20) To approve the valuation of undertakings or assets of the Company, wherever it is necessary.
21) To appoint valuers for the valuation of any property, stocks, shares, debentures, securities or goodwill or any
other assets or net worth of Company or liability of the Company under the provision of the Companies Act,
2013.

22) To ensure proper system of storage, retrieval, display, or printout of the electronic records.
7RHYDOXDWHLQWHUQDOƉQDQFLDOFRQWUROVDQGULVNPDQDJHPHQWVV\VWHPV
2 $Q\RWKHUUHTXLUHPHQWLQDFFRUGDQFHZLWKWKHDSSOLFDEOHSURYLVLRQVRIWKH/2'5DQGRUWKH&RPSDQLHV$FW
RUDQ\UHHQDFWPHQWDPHQGPHQWRUPRGLƉFDWLRQWKHUHWRIURPWLPHWRWLPH
25) Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the
ƉQDQFHIXQFWLRQRUGLVFKDUJLQJWKDWIXQFWLRQDIWHUDVVHVVLQJWKHTXDOLƉFDWLRQVH[SHULHQFHDQGEDFNJURXQG
etc. of the candidate.
26) Carrying out such other function as may be delegated by the Board from time to time.
27) Review the following information:-
D 0DQDJHPHQWGLVFXVVLRQDQGDQDO\VLVRIƉQDQFLDOFRQGLWLRQDQGUHVXOWVRIRSHUDWLRQV
E 6WDWHPHQWRIVLJQLƉFDQWUHODWHGSDUW\WUDQVDFWLRQVDVGHƉQHGE\WKH$XGLW&RPPLWWHHVXEPLWWHGE\
management;
c. Management letters / letters of internal control weaknesses issued by the statutory auditors;
d. Internal audit reports relating to internal control weaknesses;
e. The appointment, removal and terms of remuneration of the chief internal auditor and
I 7KHƉQDQFLDOVWDWHPHQWVLQSDUWLFXODUWKHLQYHVWPHQWVPDGHE\XQOLVWHGVXEVLGLDU\FRPSDQLHV
7KH$XGLW&RPPLWWHHLVYHVWHGZLWKWKHQHFHVVDU\SRZHUVDVGHƉQHGLQLWV&KDUWHUWRDFKLHYHLWVREMHFWLYHV
The Chairman of the Audit Committee was present at the 60th Annual General Meeting of the Company held
on 6th February 2018.
ii. Stakeholders Relationship Committee
The Stakeholders Relationship Committee (SRC) comprises of 2 members. The Chairman of the Committee is a
Non-executive and Independent Director.
During the Financial Year 2017-18, the Committee met twice on 24th November 2017 and 1st June 2018. The details
of composition and attendance at the aforementioned Meetings are as follows:

)<
Held Attended
Mr. Darius C. Shroff, Chairman 15.12.2000 2 2
Mr. Sunil Mathur 01.01.2014 2 2
7KH &RPSDQ\ 6HFUHWDU\ LV WKH 6HFUHWDU\ WR WKH &RPPLWWHH DQG LV WKH ´&RPSOLDQFH 2IƉFHUµ SXUVXDQW WR WKH
UHTXLUHPHQWVRI/2'5
The SRC primarily considers and resolves grievances of the security holders of the Company and looks into the
mechanism for addressing the same. It also suggests improvements to investor relations initiatives undertaken at
the Company.
'HWDLOVRI,QYHVWRUV·&RPSODLQWV
The Company and TSR Darashaw Ltd., Registrar & Share Transfer Agent (TSRDL), attend to all grievances of the
investors received directly or through SEBI, Stock Exchanges, Ministry of Corporate Affairs, Registrar of Companies,
etc.
Barring certain cases pending in Courts, relating to disputes over the title to shares, in which either the Company has
been made a party or necessary intimation thereof has been received by the Company, all the investor grievances
/ correspondences have been promptly attended to from the date of their receipt. Continuous efforts are made to
ensure that grievances are more expeditiously redressed to the complete satisfaction of the investors.

The details of complaints received, cleared / pending during the Financial Year 2017-18 are given below:
Nature of Complaints Received Cleared Pending

1RQUHFHLSWRI6KDUH&HUWLƉFDWHVGXO\WUDQVIHUUHG - - -
Non-receipt of dividend warrants - - -
Letters from SEBI / SCORES Site 9 9 -
Letters from Stock Exchanges 3 3 -
Letters from Depositories - - -
Letters from Ministry of Corporate Affairs 1 1 -
Total 13 13 -
iii. Nomination and Remuneration Committee
The Nomination and Remuneration Committee (NRC) comprises of 5 members, all being Non–executive Directors
and majority being Independent Directors. The Chairman of the Committee is a Non-executive and Independent
Director.
During the Financial Year 2017-18, the Committee met twice on 23rd November 2017 and 2nd May 2018. The details
of composition and attendance at the aforementioned Meetings are as follows:

)<
Held Attended
Mr. Darius C. Shroff 15.12.2000 2 2
Mr. Josef Kaeser 01.02.2013 2 1
Ms. Mariel von Schumann 23.11.2013 2 2
Terms of Reference
Brief Terms of Reference of the NRC are as under:
D ,GHQWLI\LQJSHUVRQVZKRDUHTXDOLƉHGWREHFRPHWKH'LUHFWRUVKROGRWKHUVHQLRUPDQDJHPHQWSRVLWLRQDQG
IRUPXODWLQJFULWHULDIRUGHWHUPLQLQJTXDOLWLHVSRVLWLYHDWWULEXWHVRI,QGHSHQGHQW'LUHFWRUV
b. Recommending to the Board and periodically reviewing Remuneration Policy.
c. Formulation of criteria for evaluation of Independent Directors and the Board and devising Board diversity
policy.
G 'HWHUPLQH WKH &RPSDQ\·V SROLF\ RQ VSHFLƉF UHPXQHUDWLRQ SDFNDJHV IRU :KROHWLPH 'LUHFWRUV ([HFXWLYH
Directors.
e. Performance evaluation of Whole-time Directors and determining the amount of incentive including
performance linked incentives payable.
The Chairman of the NRC was present at the 60th Annual General Meeting of the Company held on 6th February 2018.
Remuneration Policy
The Remuneration Policy of the Company is performance driven and is structured to motivate employees, recognize
their merits & achievements and promote excellence in their performance. The Board of Directors of the Company
has, on the recommendation of the NRC, approved the policy for remuneration of whole-time Directors, Senior
Management / Key Managerial Personnel and employees of the Company.
1. For Whole-time Directors

The Board of Directors / the NRC of Directors is authorised to decide the remuneration of the Whole-time
'LUHFWRUVVXEMHFWWRWKHDSSURYDORIWKH0HPEHUVDQG&HQWUDO*RYHUQPHQWLIUHTXLUHG7KHUHPXQHUDWLRQ
VWUXFWXUHFRPSULVHVRI6DODU\$OORZDQFHV3HUTXLVLWHV5HWLUHPHQWEHQHƉWVDVSHUWKHODZUXOHV3HUIRUPDQFH
/LQNHG,QFHQWLYH3/,&RPPLVVLRQDQGHQWLWOHPHQWWRSDUWLFLSDWHLQWKH(TXLW\EDVHGFRPSHQVDWLRQSURJUDPV
of Siemens AG, Germany / Siemens Ltd., as applicable from time to time. Annual increments are decided by
the NRC within the salary package approved by the Members.
In addition to the above remuneration, Expatriate Directors are paid Overseas Allowance / Special Allowance
DQG FHUWDLQ RWKHU 3HUTXLVLWHV DV SHU WKH 5XOHV RI WKH &RPSDQ\ 3/, EHQHƉW XQGHU WKH (TXLW\EDVHG
compensation programs of Siemens AG / Siemens Ltd. and Commission constitute the variable component
RIUHPXQHUDWLRQ3/,LVFRPSXWHGRQWKHEDVLVRIVSHFLƉFWDUJHWVVHWIRUHDFK:KROHWLPH'LUHFWRUHYHU\\HDU
The targets are also linked to the Company’s targets. PLI is paid to the Whole-time Directors on achievement
RIWKHVDLGWDUJHWV&RPPLVVLRQLVGHWHUPLQHGRQWKHEDVLVRIWKH1HW3URƉWVRIWKH&RPSDQ\LQDSDUWLFXODU
Financial Year, subject to the overall ceiling as stipulated in Section 197 of the Companies Act, 2013 ("Act").
Remuneration paid / payable to the Whole-time Directors for the Financial Year 2017-18 is as under:
(Amount in ` Million)
Salary 18.91 11.37
Allowances(1) 21.86 13.47
3HUTXLVLWHV 17.83 10.29
Performance Linked Incentive 64.19 24.03
Contribution to Provident Fund and NPS* 4.16 ---
Compensation under Stock Option Plan(s) of Siemens 14.44 12.39
AG
Commission --- ---
Total 71.55
Tenure**
From 22.07.2008 01.02.2014
To 31.12.2023 31.01.2020
Shares of ` 2 each held as on 30.09.2018 Nil Nil
* National Pension System
** subject to Members' approval
1RWHV
(1) Allowances include Overseas Allowance in case of Mr. Christian Rummel; and Special Allowance in case of
Mr. Sunil Mathur.
(2) The whole-time Directors are covered under the Company’s gratuity, leave, medical and silver/golden
jubilee schemes as applicable, along with the other employees of the Company. These liabilities are
GHWHUPLQHG IRU DOO HPSOR\HHV E\ DQ LQGHSHQGHQW DFWXDULDO YDOXDWLRQ 7KH VSHFLƉF DPRXQW IRU VXFK
EHQHƉWVFDQ·WEHDVFHUWDLQHGVHSDUDWHO\DQGDFFRUGLQJO\WKHVDPHKDVQRWEHHQLQFOXGHGDERYH
The Severance fees are payable to the Directors on termination of employment and notice period as per the
rules of the Company.
)RU1RQH[HFXWLYH'LUHFWRUV
The Non-executive Directors are paid remuneration by way of Sitting Fees and Commission.
Sitting Fees
The Non-executive Directors are entitled to sitting fees of ` 50,000/- per meeting for attending all Board and
Committee Meetings. The Board of Directors based on recommendation of NRC also approved the commission
payable to Non-executive Directors.

Commission
The Members of the Company at the 57th Annual General Meeting held on 30th January 2015 approved
SD\PHQWRI&RPPLVVLRQQRWH[FHHGLQJSHUDQQXPRIWKH1HW3URƉWVRIWKH&RPSDQ\FRPSXWHGLQWKH
manner provided in Section 198 of the Companies Act, 2013 (“Act”) or as may be prescribed by the Act or
Rules framed there under from time to time) to the Non-executive Directors of the Company.
The actual amount of Commission payable to each Non-executive Director is decided by the Board, based on
recommendation of NRC on the following criteria:
1XPEHURI%RDUG&RPPLWWHH0HHWLQJVDWWHQGHG
5ROHDQGUHVSRQVLELOLW\DV&KDLUPDQ0HPEHURIWKH%RDUG&RPPLWWHH
2YHUDOOFRQWULEXWLRQ
Remuneration paid / payable to the Independent Directors / Non-executive Directors(1) for the Financial Year
2017-18 is as under:
(Amount in ` Million)
Name Sitting Fees* for Commission* Total Number of Equity
%RDUG&RPPLWWHH Shares of `HDFK
Meetings attended KHOGRQ
Mr. Deepak S. Parekh (3) 0.90 5.45 6.35 9,000
Mr. Yezdi H. Malegam (3) 0.85 4.24 5.09 8,000
Mr. Darius C. Shroff 0.60 2.78 3.38 9,000
Mr. Keki B. Dadiseth 0.45 2.78 3.23 -
Mr. Mehernosh B. Kapadia (3) 0.25 1.00 1.25 -
* Exclusive of Goods & Service Tax (as applicable).
1RWHV
(1) Mr. Josef Kaeser, Mr. Cedrik Neike, Mr. Johannes Apitzsch and Ms. Mariel von Schumann,
Non-executive Directors, opted not to accept any Sitting Fees and Commission. They do not hold any
(TXLW\VKDUHVRIWKH&RPSDQ\DVRQth September 2018.
(2) Subject to the approval of Annual Financial Statements for the Financial Year 2017-18 by the Members
at the 61st Annual General Meeting to be held on 6th February 2019.
(3) Includes payment of sitting fees for attending the meetings of the adhoc committee of the Board of
Directors / Committee that was constituted during the Financial Year 2017-18.
None of the Non-executive Directors have any other pecuniary interest in the Company, as disclosed to the
Company.
iv. Risk Management Committee
Pursuant to LODR the Company has constituted a Risk Management Committee (RMC).
The RMC comprises of 5 members, all being Non-executive Directors and majority being Independent Directors. The
Chairman of the Committee is a Non-executive and Independent Director.
During the Financial Year 2017-18, the Committee met once on 8th August 2018. The details of composition and
attendance at the aforementioned Meeting are as follows:
)<ƕ
Held Attended
Mr. Keki B. Dadiseth 01.10.2014 1 1
Mr. Mehernosh B. Kapadia (1) 08.08.2018 N.A. N.A.
(1) Details provided for the period during which Mr. Mehernosh B. Kapadia held membership of the Committee
during the Financial Year 2017 - 18.
7KH 5LVN 0DQDJHPHQW &RPPLWWHH LV LQWHUDOLD UHVSRQVLEOH IRU ULVN LGHQWLƉFDWLRQ HYDOXDWLRQ DQG PLWLJDWLRQ DQG
control process for such risks, oversight of the Enterprise Risk Management System and internal control process;
monitoring and reviewing risk management plan of the Company and reviewing the foreseeable trends that could
VLJQLƉFDQWO\LPSDFWWKH&RPSDQ\·VRYHUDOOEXVLQHVVREMHFWLYHVDQGPLWLJDQWVWKHUHRI
B. Non-Mandatory Committees
I. Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee (CSR) comprises of 4 members and the Chairman of the Committee
is a Non-executive and Independent Director.
During the Financial Year 2017-18, the Committee met twice on 23rd November 2017 and 2nd May 2018. The details
of composition and attendance at the aforementioned Meetings are as follows:-

)<
Held Attended
Mr. Deepak S. Parekh, Chairman 25.04.2014 2 2
Mr. Christian Rummel 25.04.2014 2 2
Ms. Mariel von Schumann 25.04.2014 2 2
The Committee is primarily responsible for formulating and recommending to the Board a Corporate Social
Responsibility (CSR) policy and reviews and monitors the CSR projects and expenditure undertaken by the Company
on a regular basis.
(*)
– Constitution of CSR Committee is mandatory as per the Act.
II. Corporate Governance Committee
The Corporate Governance Committee (CGC) comprises of 9 members. The Chairman of the Committee is a Non-
executive and Independent Director.
During the Financial Year 2017-18, the Committee met once on 2nd May 2018. The details of composition and
attendance at the aforementioned Meetings are as follows:

)<
Held Attended
Mr. Keki B. Dadiseth, Chairman 01.06.2007 1 1
Mr. Yezdi H. Malegam 01.06.2007 1 1
Mr. Darius C. Shroff 23.07.2007 1 1
Mr. Josef Kaeser 01.06.2007 1 NIL
Mr. Cedrik Neike 11.05.2017 1 1
(1)
Mr. Mehernosh B. Kapadia 02.05.2018 N.A. N.A.
(1) Details provided for the period during which Mr. Mehernosh B. Kapadia held membership of the Committee
during the Financial Year 2017 - 18.
The Committee has been constituted, inter-alia, to consider, review and decide the matters relating to Corporate
Governance as per the LODR and applicable Laws & Regulations and recommending best practices in the areas of
Board Governance, Corporate Governance and disclosure policies.
III. 6KDUH7UDQVIHU&RPPLWWHH67&
The details of the composition of STC are as follows:
Name From
Mr. Sunil Mathur, Chairman 01.10.2008
Mr. Christian Rummel 01.02.2014
The STC approves cases of transfer and transmission, issue of shares in exchange for sub-divided, consolidated,
GHIDFHG VKDUHV HWF DV DSSURYHG E\ WKH DXWKRULVHG SHUVRQV DQG LVVXH RI GXSOLFDWH VKDUH FHUWLƉFDWHV ,W DOVR
notes and takes on record the transfer / transmission / transposition of shares and consolidation / splitting
RI IROLRV LVVXH RI VKDUH FHUWLƉFDWH 7KH 67& DOVR QRWHV WKH GHDOLQJV LQ &RPSDQ\·V 6KDUHV E\ WKH GHVLJQDWHG
employees under the Company’s Code of Conduct for Prohibition of Insider Trading. During the Financial Year
2017-18, the Committee met thirteen times.
& &RPPLWWHHVRI0DQDJHPHQW&RQVWLWXWHGE\WKH%RDUGRI'LUHFWRUV
i. )LQDQFH&RPPLWWHH)&
The details of the composition of FC are as follows:
Name From
Mr. Christian Rummel, Chairman 01.02.2014
Mr. Sunil Mathur 01.01.2008
Mr. Ketan Thaker, Member & Secretary 02.08.2013
The FC authorises opening / closing of bank accounts, availing of credit facilities, giving of loans, intercorporate
deposits, guarantees, investment in mutual funds, commodity hedging etc. The FC Meetings are held as and
ZKHQUHTXLUHG'XULQJWKH)LQDQFLDO<HDUWKH&RPPLWWHHPHWWKUHHWLPHV
ii. 'HOHJDWLRQRI3RZHUV&RPPLWWHH'3&
The details of the composition of DPC are as follows:
Name From
Mr. Sunil Mathur, Chairman 27.07.2008
Mr. Christian Rummel 01.02.2014
Mr. Ketan Thaker, Member & Secretary 02.08.2013
The DPC issues/revokes Power of Attorneys, grants authorization for various purposes within the Company
HWF7KH'3&0HHWLQJVDUHKHOGDVDQGZKHQUHTXLUHG'XULQJWKH)LQDQFLDO<HDUWKH&RPPLWWHHPHW
thirty two times.
,9 6HSDUDWH,QGHSHQGHQW'LUHFWRUV·0HHWLQJV
3XUVXDQWWRUHTXLUHPHQWVRIWKH$FWDQG/2'5WKH&RPSDQ\·V,QGHSHQGHQW'LUHFWRUVPHWRQFHGXULQJWKH)LQDQFLDO
Year without the presence of Non-executive Directors, Executive Directors or Management to discuss the matters
as laid out therein for such meetings. Further, interactions outside the Board meeting take place between the
Chairman and Independent Directors on a regular basis.
V. Subsidiary company
Siemens Rail Automation Private Limited (SRAPL) is a wholly owned subsidiary of the Company. SRAPL is a non-material,
non-listed subsidiary of the Company pursuant to LODR. The Company has in place the Policy on Material Subsidiary and
the same is available on the website of the Company at http://www.siemens.co.in/en/index/investor.htm.
V, &KLHI([HFXWLYH2IƊFHU&(2DQG&KLHI)LQDQFLDO2IƊFHU&)2FHUWLƊFDWLRQ

$V UHTXLUHG E\ /2'5 WKH &(2 DQG &)2 FHUWLƉFDWLRQ RQ WKH )LQDQFLDO 6WDWHPHQWV WKH &DVK )ORZ 6WDWHPHQW
DQG WKH ,QWHUQDO &RQWURO 6\VWHPV IRU ƉQDQFLDO UHSRUWLQJ IRU )LQDQFLDO <HDU KDV EHHQ REWDLQHG IURP
0U6XQLO0DWKXU0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYHRIƉFHUDQG0U&KULVWLDQ5XPPHO([HFXWLYH'LUHFWRUDQG
&KLHI)LQDQFLDO2IƉFHUWKHVDPHLVHQFORVHGWRWKLV5HSRUW
9,, %XVLQHVV&RQGXFW*XLGHOLQHV%&*V
The Company has adopted BCGs (including an addendum for Independent Directors incorporating the
duties of the Independent Directors of the Company) as the Code of Conduct for Directors and Senior
0DQDJHPHQW RI WKH &RPSDQ\ DV SHU WKH UHTXLUHPHQW RI /2'5 7KH &RPSDQ\ KDV UHFHLYHG FRQƉUPDWLRQV IURP
all Directors and Senior Management of the Company regarding compliance with the BCGs for the year ended
30th 6HSWHPEHU DV DSSOLFDEOH WR WKHP $ FHUWLƉFDWH IURP 0U 6XQLO 0DWKXU 0DQDJLQJ 'LUHFWRU DQG &KLHI
([HFXWLYH2IƉFHUWRWKLVHIIHFWLVHQFORVHGWRWKLV5HSRUW7KH%&*VFDQEHYLHZHGRQWKHZHEVLWHRIWKH&RPSDQ\
http://www.siemens.co.in/en/index/investor.htm.
VIII. Policy for Prevention, Detection and Investigation of Frauds and Protection of Whistleblowers (the
:KLVWOHEORZHU3ROLF\
The Company is committed to provide an open, honest and transparent working environment and seeks to
eliminate fraudulent activities in its operations. To maintain high level of legal, ethical and moral standards and
to provide a gateway for employees, Directors as well as third parties to report unethical behaviour and actual
or suspected frauds, the Company has adopted the Whistleblower Policy in line with LODR and also as per Act.
No personnel have been denied access to the Chairman of the Audit Committee and Chairman of the Board of
Directors in exceptional circumstances.
The Whistleblower Policy broadly covers a detailed process for reporting, handling and investigation of fraudulent
activities and providing necessary protection to the employees, Directors as well as third parties who report such
fraudulent activities / unethical behaviour.
IX. Familiarisation programme for Independent Directors
7KH&RPSDQ\IDPLOLDULVHVLWV,QGHSHQGHQW'LUHFWRUVSXUVXDQWWRWKHUHTXLUHPHQWVRI/2'5ZLWKWKHLUUROHVULJKWV
responsibility in the Company, nature of the industry in which the Company operates and business model of the
Company etc. The details of the familiarisation programme imparted to the Independent Directors of the Company
during Financial Year 2017-18 are available on the website of the Company at http://www.siemens.co.in/en/index/
investor.htm
X. Annual evaluation of Board, Committees and individual Directors
Considering the Performance Evaluation Guidelines which were formulated by the Nomination and Remuneration
Committee (NRC), the Board and NRC approved the framework for evaluating the performance, on an annual basis,
of the Board, its Committees and each Director including the Chairman of the Board of Directors.
Pursuant to the provisions of the Act, LODR and the Performance Evaluation Guidelines of the Company, the Board
of Directors / Independent Directors has undertaken an evaluation of its own performance, the performance of its
Committees and of all the individual Directors including Independent Directors and the Chairman of the Board of
Directors based on various parameters relating to attendance, roles, responsibilities and obligations of the Board,
effectiveness of its functioning, contribution of Directors at meetings and the functioning of its Committees. The
results of such evaluation are presented to the Board of Directors.
XI. Policy on dealing with Related Party Transactions
,Q OLQH ZLWK WKH UHTXLUHPHQWV RI WKH /2'5 WKH &RPSDQ\ KDV IRUPXODWHG D 3ROLF\ RQ 5HODWHG 3DUW\ 7UDQVDFWLRQV
(“Policy”) which is also available on Company’s website at http://www.siemens.co.in/en/index/investor.htm. The
objective of the Policy is to ensure proper approval, disclosure and reporting of transactions as applicable, between
the Company and any of its related parties. The Audit Committee of the Company has granted omnibus approval
for the Related Party Transactions which are of repetitive nature and / or entered in the Ordinary Course of Business
DQGDUHDW$UP·V/HQJWK7KH$XGLW&RPPLWWHHDOVRUHYLHZVDOO5HODWHG3DUW\7UDQVDFWLRQVRQTXDUWHUO\EDVLVLQOLQH
with the omnibus approval granted by them.

XII. Code of Conduct for Prohibition of Insider Trading
In accordance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015,
the Company has, inter-alia, adopted a Code of Conduct for Prohibition of Insider Trading (Code) duly approved by
WKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\7KH&RPSDQ\6HFUHWDU\LVWKH&RPSOLDQFH2IƉFHUIRUWKHSXUSRVHRIWKLV
Code.
;,,, 6H[XDO+DUDVVPHQWRI:RPHQDW:RUNSODFH3UHYHQWLRQ3URKLELWLRQDQG5HGUHVVDO$FW
The details of complaints received, disposed off and pending during the Financial Year 2017-18 are mentioned in
the Directors' Report.
XIV. a. General Body Meetings
Financial Meeting and Venue Day, Date and Time Special Resolutions
Year passed
2016 – 17 60th / 59th / 58th Tuesday, 6th February 2018;
Annual General Meeting 3.00 p.m.
Yashwantrao Chavan
2015 – 16 Wednesday, 8th February 2017; No special resolution
Pratishthan Auditorium,
3.00 p.m. was passed.
Y. B. Chavan Centre, General
2014 – 15 Jagannathrao Bhonsle Marg, Friday, 29th January 2016;
Nariman Point, 3.00 p.m.
Mumbai - 400 021
E 'XULQJWKH)LQDQFLDO<HDUWKHUHZHUHQR6SHFLDOUHVROXWLRQVSDVVHGWKURXJK3RVWDO%DOORW
5HVROXWLRQV LI UHTXLUHG VKDOO EH SDVVHG E\ 3RVWDO %DOORW GXULQJ WKH )LQDQFLDO <HDU DV SHU WKH
prescribed procedure.
XV. Disclosures
D 7UDQVDFWLRQVZLWKUHODWHGSDUWLHVDVSHUUHTXLUHPHQWVRI,1'$6DUHGLVFORVHGLQQRWHVDQQH[HGWRDXGLWHG
Annual Financial Statements annexed to the Financial Statements and in Form AOC – 2 (as applicable)
forming part of the Directors' Report.
b. The Company has not entered into any transaction of a material nature with the Promoters, Directors or
0DQDJHPHQWWKHLUVXEVLGLDULHVRUUHODWLYHVHWFWKDWPD\KDYHDSRWHQWLDOFRQƋLFWZLWKWKHLQWHUHVWVRIWKH
Company at large.
c. With regard to matters related to capital markets, no penalties were imposed or strictures passed against the
Company by the Stock Exchanges, SEBI or any other statutory authority during the last three years in this
regard.
G 7KH&RPSDQ\KDVSXWLQSODFHWKH:KLVWOH%ORZHU3ROLF\DVSHU/2'5DQGDIƉUPVWKDWQRSHUVRQKDVEHHQ
denied access to the Chairman of the Audit Committee and also the Chairman of the Board of Directors in
exceptional circumstances.
H 7KH &RPSDQ\ KDV FRPSOLHG DQG GLVFORVHG DOO WKH PDQGDWRU\ FRUSRUDWH JRYHUQDQFH UHTXLUHPHQWV XQGHU
Regulation 17 to 27 and sub-regulation (2) of Regulation 46 under LODR, and details of compliance with the
GLVFUHWLRQDU\UHTXLUHPHQWVDUHJLYHQXQGHUSRLQW;9,,PHQWLRQHGEHORZ
I 'LVFORVXUHVKDYHDOVREHHQUHFHLYHGIURPWKHVHQLRUPDQDJHPHQWUHODWLQJWRWKHƉQDQFLDODQGFRPPHUFLDO
transactions in which they or their relatives may have a personal interest. However, there were no such
WUDQVDFWLRQVGXULQJWKH)LQDQFLDO<HDUKDYLQJSRWHQWLDOFRQƋLFWZLWKWKHLQWHUHVWVRIWKH&RPSDQ\DW
large.
g. The Company manages commodity and foreign exchange risk as per its adopted policies. The Company uses
forward contracts and options to manage foreign exchange risk and futures to manage commodity risk. The
Company does not undertake any derivative transaction for pure trading in foreign exchange markets or for
speculative purposes.
7KH&RPSDQ\XVHV&RPPRGLW\)XWXUH&RQWUDFWWRKHGJHDJDLQVWƋXFWXDWLRQLQFRPPRGLW\SULFHV$VSHUWKH
SROLF\RIWKH&RPSDQ\WKHQHWFRPPRGLW\H[SRVXUHIRUWKHFXUUHQWDQGVXEVHTXHQWTXDUWHUPXVWEHKHGJHG
in the range of 75%-100% for Product business and 95%-100% for Project business.
The exposure of the Company in a particular commodity and percentage of such exposure hedged through
commodity derivatives as at September 30, 2018 is as under:
Commodity Exposure in INR Exposure in quantity % of such exposure hedged through
Name towards the particular terms towards the commodity derivatives*
FRPPRGLW\IRUƊUVW particular commodity Domestic International Total
quarter of IRUƊUVWTXDUWHURI Market Market
)< )< OTC Exchange OTC Exchange
(amount in ` 0LOOLRQ TXDQWLW\LQWRQQHV
Copper 765 1,689 - 90% - - 90%
Aluminium 141 967 - 75% - - 75%
Silver 62 2 - 78% - - 78%
Total
WKH&RPSDQ\DOVRKDVRXWVWDQGLQJIXWXUHFRQWUDFWVIRUH[SRVXUHVEH\RQGWKHƉUVWTXDUWHURI)LQDQFLDO<HDU
2018-2019, the hedging ratios for which are different from those mentioned above. The Company shall
KHGJHWKHH[SRVXUHEH\RQGWKHƉUVWTXDUWHURI)LQDQFLDO<HDULQDFFRUGDQFHZLWKWKHSROLF\RIWKH
Company. Quantity is rounded off to the nearest whole number.
XVI. Means of Communication
$OO LPSRUWDQW LQIRUPDWLRQ UHODWLQJ WR WKH &RPSDQ\ LWV ƉQDQFLDO SHUIRUPDQFH VKDUHKROGLQJ SDWWHUQ EXVLQHVV
LQIRUPDWLRQTXDUWHUO\UHVXOWVSUHVVUHOHDVHVSROLFLHVLQYHVWRUUHODWHGLQIRUPDWLRQRWKHULQIRUPDWLRQDVSHU/2'5
$FWSUHVHQWDWLRQWRWKHSUHVVDQDO\VWPHHWDUHUHJXODUO\SRVWHGRQ&RPSDQ\·VZHEVLWH7KHTXDUWHUO\KDOI\HDUO\
DQGDQQXDOƉQDQFLDOUHVXOWVRIWKH&RPSDQ\DUHSXEOLVKHGLQQHZVSDSHUVVXFKDV%XVLQHVV6WDQGDUGDQG1DYVKDNWL
These results are also available on the websites of the Company, BSE Limited and National Stock Exchange of India
Ltd. The Company also holds press conference/analysts meet from time to time.
XVII. General Shareholder Information
‘General Shareholder Information’ forms part as Annexure V of the Directors’ Report.
;9,,,&RPSOLDQFHZLWK'LVFUHWLRQDU\UHTXLUHPHQWV
D 7KH %RDUG 7KH &RPSDQ\ GRHV QRW PDLQWDLQ D VHSDUDWH RIƉFH IRU WKH 1RQƔH[HFXWLYH &KDLUPDQ 7KH
LQGHSHQGHQWGLUHFWRUVKDYHUHTXLVLWHTXDOLƉFDWLRQDQGH[SHULHQFHWRDFWDVD'LUHFWRURQWKH%RDUG
E 6KDUHKROGHUV·5LJKWV7KHTXDUWHUO\ƉQDQFLDOUHVXOWVDUHSXEOLVKHGLQWKHQHZVSDSHUVRIZLGHFLUFXODWLRQDQG
not sent to individual shareholders on a half-yearly basis. Financial Results are also available on the website
RIWKH&RPSDQ\DQGRI6WRFN([FKDQJHVZKHUHWKH(TXLW\VKDUHVRIWKH&RPSDQ\DUHOLVWHG
F $XGLWTXDOLƉFDWLRQ7KH$XGLWRUVKDYHH[SUHVVHGDQXQPRGLƉHGRSLQLRQRQWKH$QQXDO)LQDQFLDO6WDWHPHQWV
d. Separate posts of Chairman and CEO: The Board of Directors of Siemens Limited has a Non-executive Chairman
(Independent Director), i.e. Mr. Deepak S. Parekh and Mr. Sunil Mathur is the Managing Director and Chief
([HFXWLYH2IƉFHURIWKH&RPSDQ\
e. Reporting of Internal Auditor – The Company has outsourced the Internal Audit function to Controlling
and Finance-Audit (CFA), the Global audit department of Siemens AG a part of which is housed in Siemens
Technology and Services Private Limited, India. CFA acts as the Internal Auditor of the Company pursuant to
Section 138 of the Act read with the Companies (Accounts) Rules, 2014. The Internal audit plan is approved
by the Audit Committee and the Internal Auditors directly present their report to the Audit Committee for
their consideration.

For Siemens Limited
Deepak S. Parekh
Chairman
DIN - 00009078
Goa

Declaration by the Managing Director under Securities and Exchange Board of India (Listing Obligations and Disclosure
5HTXLUHPHQWV5HJXODWLRQVUHJDUGLQJFRPSOLDQFHZLWK%XVLQHVV&RQGXFW*XLGHOLQHV&RGHRI&RQGXFW
,QDFFRUGDQFHZLWK5HJXODWLRQRI6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV
5HJXODWLRQV,KHUHE\FRQƉUPWKDWDOOWKH'LUHFWRUVDQGWKH6HQLRU0DQDJHPHQWSHUVRQQHORIWKH&RPSDQ\KDYHDIƉUPHG
compliance with the Business Conduct Guidelines (Code of Conduct), as applicable to them, for the Financial Year ended
30th September 2018.
For Siemens Limited
Sunil Mathur
0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IƊFHU
DIN: 002261944
Goa
&HUWLƊFDWLRQE\WKH&KLHI([HFXWLYH2IƊFHU&(2DQG&KLHI)LQDQFLDO2IƊFHU&)2XQGHUWKH6HFXULWLHVDQG([FKDQJH
%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV
To the Board of Directors of Siemens Limited
Dear Sirs,
D :H KDYH UHYLHZHG WKH ƉQDQFLDO VWDWHPHQWV DQG WKH FDVK ƋRZ RI 6LHPHQV /WG ¶WKH &RPSDQ\· IRU WKH \HDU HQGHG
30th September 2018 and to the best of our knowledge and belief:
i) These statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
ii) These statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
b) There are, to the best of our knowledge and belief, no transactions entered into between the Company during the year
which are fraudulent, illegal or violative of the Company’s code of conduct.
F :HDFFHSWUHVSRQVLELOLW\IRUHVWDEOLVKLQJDQGPDLQWDLQLQJLQWHUQDOFRQWUROVIRUƉQDQFLDOUHSRUWLQJDQGZHKDYHHYDOXDWHG
WKHHIIHFWLYHQHVVRILQWHUQDOFRQWUROV\VWHPVRIWKH&RPSDQ\SHUWDLQLQJWRƉQDQFLDOUHSRUWLQJDQGZHKDYHGLVFORVHGWR
WKH$XGLWRUVDQGWKH$XGLW&RPPLWWHHGHƉFLHQFLHVLQWKHGHVLJQRURSHUDWLRQRILQWHUQDOFRQWUROVLIDQ\RIZKLFKZHDUH
DZDUHDQGVWHSVWDNHQRUSURSRVHGWREHWDNHQIRUUHFWLI\LQJWKHVHGHƉFLHQFLHV
d) We have indicated to the Auditors and the Audit Committee:
L 6LJQLƉFDQWFKDQJHVLQWKHLQWHUQDOFRQWURORYHUƉQDQFLDOUHSRUWLQJGXULQJWKH\HDU
LL 6LJQLƉFDQWFKDQJHVLQDFFRXQWLQJSROLFLHVGXULQJWKH\HDUDQGWKDWWKHVDPHKDYHEHHQGLVFORVHGVXLWDEO\LQWKH
QRWHVWRWKHƉQDQFLDOVWDWHPHQWV
LLL ,QVWDQFHV RI VLJQLƉFDQW IUDXG RI ZKLFK ZH KDYH EHFRPH DZDUH DQG WKH LQYROYHPHQW WKHUHLQ LI DQ\ RI WKH
PDQDJHPHQW RU DQ HPSOR\HH KDYLQJ D VLJQLƉFDQW UROH LQ WKH &RPSDQ\·V LQWHUQDO FRQWURO V\VWHPV RYHU ƉQDQFLDO
reporting.
Yours truly
Christian Rummel Sunil Mathur

([HFXWLYH'LUHFWRUDQG&KLHI)LQDQFLDO2IƉFHU 0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IƉFHU
DIN: 01992982 DIN: 002261944
Goa

,QGHSHQGHQW$XGLWRU·V5HSRUWRQFRPSOLDQFHZLWKWKHFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHDVSHUSURYLVLRQVRI&KDSWHU
,9RI6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV
To
The Members of Siemens Limited
7KH&RUSRUDWH*RYHUQDQFH5HSRUWSUHSDUHGE\6LHPHQV/LPLWHGKHUHLQDIWHUWKH¶&RPSDQ\·FRQWDLQVGHWDLOVDVUHTXLUHG
E\WKHSURYLVLRQVRI&KDSWHU,9RI6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV
Regulations, 2015, as amended (‘the Listing Regulations’) (‘Applicable criteria’) with respect to Corporate Governance for
the year ended 30th6HSWHPEHU7KLVUHSRUWLVUHTXLUHGE\WKH&RPSDQ\IRUDQQXDOVXEPLVVLRQWRWKH6WRFN([FKDQJH
and to be sent to the Members of the Company.
Management Responsibility
2. The preparation of the Corporate Governance Report is the responsibility of the Management of the Company including
the preparation and maintenance of all relevant supporting records and documents. This responsibility also includes
the design, implementation and maintenance of internal control relevant to the preparation and presentation of the
Corporate Governance Report.
3. The Management along with the Board of Directors are also responsible for ensuring that the Company complies with the
conditions of Corporate Governance as stipulated in the Listing Regulations, issued by the Securities and Exchange Board
of India.
$XGLWRU·V5HVSRQVLELOLW\
3XUVXDQWWRWKHUHTXLUHPHQWVRIWKH/LVWLQJ5HJXODWLRQVRXUUHVSRQVLELOLW\LVWRH[SUHVVDUHDVRQDEOHDVVXUDQFHLQWKHIRUP
RIDQRSLQLRQZKHWKHUWKH&RPSDQ\KDVFRPSOLHGZLWKWKHVSHFLƉFUHTXLUHPHQWVRIWKH/LVWLQJ5HJXODWLRQVUHIHUUHGWRLQ
paragraph 3 above.
5. We conducted our examination of the Corporate Governance Report in accordance with the Guidance Note on Reports
RU&HUWLƉFDWHVIRU6SHFLDO3XUSRVHVDQGWKH*XLGDQFH1RWHRQ&HUWLƉFDWLRQRI&RUSRUDWH*RYHUQDQFHERWKLVVXHGE\WKH
,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD´,&$,µ7KH*XLGDQFH1RWHRQ5HSRUWVRU&HUWLƉFDWHVIRU6SHFLDO3XUSRVHV
UHTXLUHVWKDWZHFRPSO\ZLWKWKHHWKLFDOUHTXLUHPHQWVRIWKH&RGHRI(WKLFVLVVXHGE\WKH,&$,
:HKDYHFRPSOLHGZLWKWKHUHOHYDQWDSSOLFDEOHUHTXLUHPHQWVRIWKH6WDQGDUGRQ4XDOLW\&RQWURO64&4XDOLW\&RQWURO
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services
Engagements.
7. The procedures selected depend on the auditor’s judgement, including the assessment of the risks associated in compliance
of the Corporate Governance Report with the applicable criteria. Summary of key procedures performed include:
i. Reading and understanding of the information prepared by the Company and included in its Corporate Governance
Report;
LL 2EWDLQHGDQGYHULƉHGWKDWWKHFRPSRVLWLRQRIWKH%RDUGRI'LUHFWRUVZUW([HFXWLYHDQG1RQH[HFXWLYH'LUHFWRUV
has been met throughout the reporting period;
iii. Obtained and read the Directors Register as on 30th6HSWHPEHUDQGYHULƉHGWKDWDWOHDVWRQH:RPDQ'LUHFWRU
was on the Board during the year;
iv. Obtained and read the minutes of the following meetings held between 1st October 2017 and 30th September 2018:
(a) Board of Directors meeting;
(b) Audit Committee meeting;
(c) Annual General meeting;
(d) Nomination and Remuneration Committee meeting;
(e) Stakeholders Relationship Committee meeting; and
(f) Risk Management Committee meeting.
v. Obtained necessary representations and declarations from Directors of the Company including the Independent
Directors; and

YL 3HUIRUPHGQHFHVVDU\LQTXLULHVZLWKWKH0DQDJHPHQWDQGDOVRREWDLQHGQHFHVVDU\VSHFLƉFUHSUHVHQWDWLRQVIURPWKH
Management.
The above-mentioned procedures include examining evidence supporting the particulars in the Corporate Governance
Report on a test basis. Further, our scope of work under this report did not involve us performing audit tests for the purposes
RIH[SUHVVLQJDQRSLQLRQRQWKHIDLUQHVVRUDFFXUDF\RIDQ\RIWKHƉQDQFLDOLQIRUPDWLRQRUWKHƉQDQFLDOVWDWHPHQWVRIWKH
Company taken as a whole.
Opinion
8. Based on the procedures performed by us as referred in paragraph 7 above, and according to the information and
explanations given to us, we are of the opinion that the Company has complied with the conditions of Corporate
Governance as stipulated in the Listing Regulations, as applicable for the year ended 30th September 2018, referred to in
paragraph 1 above.
Other matters and Restriction on Use
7KLVUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHIƉFLHQF\RUHIIHFWLYHQHVVZLWKZKLFK
the Management has conducted the affairs of the Company.
10. This report is addressed to and provided to the Members of the Company solely for the purpose of enabling it to comply
with its obligations under the Listing Regulations with reference to compliance with the relevant regulations of Corporate
Governance and should not be used by any other person or for any other purpose. Accordingly, we do not accept or
assume any liability or any duty of care or for any other purpose or to any other party to whom it is shown or into whose
hands it may come without our prior consent in writing. We have no responsibility to update this report for events and
circumstances occurring after the date of this report.
For S R B C & CO LLP

Chartered Accountants
ICAI Firm registration number: 324982E/E300003
per Sudhir Soni

Partner
Membership No.:41870
Place: Mumbai
Date: 18th November 2018

Annexure V to the Directors’ Report
General Shareholder Information
>$VUHTXLUHGE\6FKHGXOH9WRWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV
Regulations, 2015 (LODR)]
I. 61st Annual General Meeting
Day, date and time Wednesday, 6th February 2019 at 3.00 p.m.
Venue Yashwantrao Chavan Pratishthan Auditorium,
Y. B. Chavan Centre, General Jagannathrao Bhonsle Marg,
Nariman Point, Mumbai – 400 021
Dates of closure of Wednesday, 30th January 2019 to Wednesday, 6th February 2019
Register of Members (both days inclusive)
and share transfer
books
Dividend payment date Monday, 11th February 2019 onwards
LIGHFODUHG
,, )LQDQFLDO<HDU&DOHQGDU
The Company follows the period of 1st October to 30th September, as the Financial Year.
For the Financial Year 2018-19, Financial Results will be announced as per the following tentative schedule:
1stTXDUWHUHQGLQJst December 2018 First week of February 2019

nd st
2 TXDUWHUHQGLQJ March 2019 Second week of May 2019
3rdTXDUWHUHQGLQJth June 2019 First week of August 2019
th
Year ending 30 September 2019 Fourth week of November 2019
III. Listing on Stock Exchanges
7KH (TXLW\ 6KDUHV RI WKH &RPSDQ\ DUH OLVWHG RQ WKH IROORZLQJ SUHPLHU 6WRFN ([FKDQJHV RI ,QGLD KDYLQJ QDWLRQZLGH
trading terminals:
BSE Ltd. (BSE) National Stock Exchange of India Ltd. (NSE)

Phiroze Jeejeebhoy Towers Exchange Plaza, Plot No. C/1
Dalal Street, Mumbai - 400 001 G Block, Bandra-Kurla Complex,
Bandra (E), Mumbai - 400 051
The Company has paid the listing fees for the Financial Year 2017-18 to the aforesaid Stock Exchanges.
The Company forms part of major indices of NSE and BSE respectively. BSE has permitted trading of the Company’s Shares
in the ‘A’ Group’. The Company’s shares are also available for trading in the Futures & Options segment.
,9 6WRFN&RGH6\PERO
BSE 500550
NSE SIEMENS EQ
Reuters SIEM.BO / SIEM.NS
Bloomberg SIEM:IN
,QWHUQDWLRQDO6HFXULWLHV,GHQWLƉFDWLRQ1XPEHU,6,1 INE003A01024
Corporate Identity Number (CIN) - allotted by the Ministry L28920MH1957PLC010839
of Corporate Affairs

V. Market Price Data
7KH PDUNHW SULFH DQG YROXPH RI WKH &RPSDQ\·V (TXLW\ 6KDUHV WUDGHG RQ %6( DQG 16( GXULQJ HDFK PRQWK RI WKH ODVW
Financial Year from 1st October 2017 to 30th September 2018 are as follows:
Face Value of ` 2 each
NSE BSE
High Low Volume High Low Volume
` ` Nos. ` ` Nos.
October 2017 1,295.20 1,186.90 3,229,369 1,293.40 1,185.65 617,414
November 2017 1,292.00 1,159.10 4,473,384 1,289.40 1,165.00 312,800
December 2017 1,262.00 1,119.45 4,117,514 1,270.50 1,123.30 321,752
January 2018 1,332.00 1,227.30 4,769,337 1,330.10 1,228.40 701,369
February 2018 1,336.00 1,144.80 4,366,321 1,330.00 1,145.00 287,454
March 2018 1,178.00 1,070.00 2,931,553 1,180.00 1,070.00 240,366
April 2018 1,135.00 1,055.05 3,872,038 1134.45 1056.10 209,688
May 2018 1,154.00 992.65 6,916,694 1,154.45 994.80 399,888
June 2018 1,049.00 952.20 3,637,947 1045.85 954.00 313,346
July 2018 1,024.50 931.00 3,912,077 1,023.85 933.00 216,711
August 2018 1,049.90 985.50 6,139,190 1,048.90 987.70 432,227
September 2018 1,027.95 901.00 5,957,253 1,024.30 873.00 344,946
(2) The Company’s closing share price movement during the Financial Year 2017-18 on BSE and NSE vis-à-vis respective
indices:
45000 1400
40000
1200
35000
1000
30000
25000 800
SENSEX
NIFTY
20000 600
BSE Share Price
15000 NSE Share Price
400
10000
200
5000
0 0

>$V UHTXLUHG E\ 6FKHGXOH 9 RI 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD /LVWLQJ 2EOLJDWLRQV DQG 'LVFORVXUH 5HTXLUHPHQWV
9, 'LVWULEXWLRQRI6KDUHKROGLQJDVRQth6HSWHPEHU
NUMBER OF EQUITY SHARES HELD Shareholders Shares

(Face Value `HDFK Number % of total Number % of total
1-500 106,119 90.22 6,378,170 1.79
501-1000 4,513 3.84 3,454,321 0.97
1001-2000 3,122 2.65 4,645,359 1.30
2001-3000 1,426 1.21 3,602,498 1.01
3001-4000 832 0.71 2,946,657 0.83
4001-5000 407 0.35 1,864,199 0.52
5001-10000 681 0.58 4,725,616 1.33
10001 & above 523 0.44 328,503,435 92.25
Total
9,, 6KDUHKROGHUV·3URƊOHDVRQth6HSWHPEHU
% of Total
Category
Capital
Q Promoter (Siemens AG, Germany, and its
75.00
Wholly-owned subsidiary)
Q Public / Others 9.84
Q Insurance Companies 6.10
Q Banks & Indian Financial Institutions 0.08
Q Mutual Funds and UTI 3.41
Q Foreign Institutional / Portfolio Investors 4.58
Q Bodies Corporate 0.98
Q Directors & their Relatives 0.01
Total
1RRIVKDUHKROGHUVDVRQth September
117,623 115,294

9,,, 7RS7HQ6KDUHKROGHUVRIWKH&RPSDQ\DVRQth6HSWHPEHU
Sr. Name of the Shareholder Category Number of % of total

No. Shares of ` Capital
each
1 Siemens Aktiengesellschaft, Germany(2) Foreign Promoters 267,089,913 75.00
2 Life Insurance Corporation of India Insurance Company 17,792,877 5.00
3 Reliance Capital Trustee Co. Ltd. Mutual Fund 5,125,047 1.44
4 HDFC Trustee Company Limited Mutual Fund 4,947,909 1.39
5 Bharat Bijlee Limited Body Corporate 2,138,160 0.60
6 General Insurance Corporation of India Insurance Company 1,600,000 0.45
7 Vanguard Emerging Markets Stock Index Fund Foreign Portfolio Investors 1,539,625 0.43
(Corporate)
8 Vanguard Total International Stock Index Fund Foreign Portfolio Investors 1,275,954 0.36
(Corporate)
9 Ishares Core Emerging Markets Mauritius Co Foreign Portfolio Investors 801,355 0.23
(Corporate)
10 Ishares India Index Mauritius Company Foreign Portfolio Investors 743,706 0.21
(Corporate)
Total
Notes:-
(1) Clubbing of records are PAN (Permanent Account Number) wise.
(2) Including 3.30% Shares held by Siemens Metals Technologies Vermogensverwaltungs GmbH, a Wholly-owned
subsidiary of Siemens Aktiengesellschaft, Germany.
IX. Dematerialisation of Shares & Liquidity
7KHGHWDLOVRI(TXLW\6KDUHVGHPDWHULDOLVHGDQGWKRVHKHOGLQSK\VLFDOIRUPDVRQth September 2018 are given hereunder:
Particulars of Equity Shares Equity Shares of `HDFK
Number % of total
(*)
Held in electronic mode with Depositories 353,160,890 99.17
Held in physical mode 2,959,365 0.83

(*) including 75.00% holding of Siemens AG, Germany and its Wholly-owned subsidiary, i.e. Siemens Metals Technologies
Vermogensverwaltungs GmbH.
The Company’s Shares are actively traded on BSE and NSE.
; 2XWVWDQGLQJ*'5V$'5V:DUUDQWVRUDQ\&RQYHUWLEOH,QVWUXPHQWVFRQYHUVLRQGDWHDQGOLNHO\LPSDFWRQHTXLW\
The Company has not issued any such securities.
;, &RPPRGLW\3ULFH5LVN)RUHLJQ([FKDQJH&XUUHQF\5LVNDQG&RPPRGLW\+HGJLQJDFWLYLWLHV
The disclosure on Commodity Price Risk / Foreign Exchange Currency Risk and Commodity Hedging activities undertaken
by the Company is reported under ‘Corporate Governance Report’ forming part of the Directors Report as Annexure IV.

;,, 5HJLVWUDUDQG6KDUH7UDQVIHU$JHQW57$

Share transfers, dividend payment and all other investor related matters are attended to and processed by our Registrar
and Share Transfer Agent viz. TSR Darashaw Limited (TSRDL).
For the convenience of shareholders based in the following cities, transfer documents and letters will be accepted at the
IROORZLQJRIƉFHVRI765'/
Location Address
Mumbai 6-10, Haji Moosa Patrawala Industrial Estate, 20 Dr. E Moses Road, Nr. Famous Studio, Mahalaxmi,
Mumbai – 400 011
Time: 10 a.m. to 3.30 p.m. (Monday to Friday)
Phone: +91 (22) 6656 8484 Extn: 411/ 412/ 413 Fax: +91 (22) 6656 8494
Email: csg-unit@tsrdarashaw.com Website: www.tsrdarashaw.com
Kolkata Tata Centre 1st Floor, 43, Jawaharlal Nehru Road, Kolkata – 700 071
Phone: +91 (33) 2288 3087 Fax: +91 (33) 2288 3062 Email: tsrdlcal@tsrdarashaw.com
Ahmedabad Shah Consultancy Services Limited Agents : TSR Darashaw Limited, 3, Sumatinath Complex,
2nd Dhal, Pritam Nagar, Akhada Road, Ellisbridge, Ahmedabad – 380 006
Phone: +91 (79) 2657 6038 Email: shahconsultancy8154@gmail.com
Bengaluru 503 Barton Centre, 5th Floor, 84, M G Road, Bengaluru – 560 001
Phone: +91 (80) 2532 0321 Fax: +91 (80) 2558 0019 Email: tsrdlbang@tsrdarashaw.com
New Delhi Plot no. 2/42, Sant Vihar, Ansari Road, Daryaganj, New Delhi – 110 002
Phone: +91 (11) 2327 1805 Fax: +91 (11) 2327 1802 Email: tsrdldel@tsrdarashaw.com
Jamshedpur Bungalow No. 1,“E” Road, Northern Town, Bistupur, Jamshedpur – 831 001
Phone: +91 (657) 242 6616 Email: tsrdljsr@tsrdarashaw.com
XIII. Share Transfer System

Documents for transfer of shares in physical form can be lodged with TSRDL at the registered address or at any of the
DERYHPHQWLRQHGEUDQFKRIƉFHV7KHWUDQVIHUVDUHQRUPDOO\SURFHVVHGZLWKLQGD\VIURPWKHGDWHRIUHFHLSWLIWKH
documents are complete in all respects.

XIV. Plant Locations
Location Address
Maharashtra 1. E-76, Waluj, MIDC Area, Aurangabad – 431 136
2. Plot No – A 1/2, Five Star MIDC Industrial Area, Shendra, Aurangabad – 431 201
3. Plot No. C-1, Additional Industrial Area, MIDC, Ambad, Nashik - 422 010
4. Thane - Belapur Road, Airoli Node, Navi Mumbai - 400 708
Goa 1. L-6, Verna Industrial Estate, Verna - Salcete, Goa – 403 722
2. N73 & N74, Verna Industrial Estate, Verna - Salcete, Goa – 403 722
Gujarat R.S. No: 144, Opp. Makarpura Rly. Station, Maneja, Vadodara – 390 013
Telangana Plot No. 89 & 90, IDA, Gandhinagar, Post Balanagar, Hyderabad – 500 037
Karnataka 97/2, Devanahalli Road, Off Old Madras Road, Virgo Nagar, Bengaluru - 560 049
West Bengal Nimpura Industrial Growth Centre, PO: Rakha Jungle, Paschim Midnapur, Kharagpur – 721 301
Puducherry 1. Unit -I, R.S No 16/8, Kurumbapet Village, Villianur Commune, Puducherry – 605 009
2. Unit -II, R.S No 23/2A, Uruvaiyaru Road, Abishegapakkam, Puducherry - 605 007
Haryana Plot No. 37, Ground Floor, Sector-18, Huda, Gurgaon – 122 015
Tamilnadu 309/2, A Block 100, Chettipedu Village, Thandalam Post, Sriperumbudur Taluk,
Kancheepuram - 602 105
XV. Address for correspondence
Sr. Particulars Details

No.
1. 5HJLVWHUHGDQG&RUSRUDWH2IƊFH Siemens Limited
Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant Road, Worli,
Mumbai - 400 030, India
Phone: +91 (22) 3967 7000 Fax: +91 (22) 2436 2403
2. :HEVLWH www.siemens.co.in
3. ,QYHVWRU5HODWLRQV7HDP Contact Person: Mr. Vinayak Deshpande
E-mail: Corporate-Secretariat.in@siemens.com
Phone: +91 (22) 3967 7000 Fax: +91 (22) 2436 2403
Time: 10 a.m. to 12 noon and 2 p.m. to 4 p.m. on all working days of
the Company. (Saturday and Sunday closed)
The Investor Relations Team of the Legal Department is located at
WKH5HJLVWHUHG2IƉFH)RUWKHFRQYHQLHQFHRIRXULQYHVWRUVWUDQVIHU
UHTXHVWVHWFDUHDFFHSWHGDWWKH5HJLVWHUHG2IƉFHDOVR
4. Designated email address for investor Corporate-Secretariat.in@siemens.com
VHUYLFHVIRUHJLQYHVWRUFRPSODLQWV
TXHULHVFRUUHVSRQGHQFH
5. Investor Education and Protection 1RGDO2IƉFHU0U9LQD\DN'HVKSDQGH
Fund Authority (Accounting, Audit, The procedure to claim refund under IEPF Rules and other IEPF related
7UDQVIHU DQG 5HIXQG 5XOHV information is available on the website of the Company at http://www.
,(3)5XOHVUHODWHGPDWWHUV siemens.co.in/en/index/investor.htm

XVI. Other Corporate Information
Bankers Auditors
Citibank N. A. S R B C & CO LLP
Deutsche Bank AG Secretarial Auditors
The Hongkong and Shanghai Banking Corporation Ltd. Parikh Parekh & Associates
Standard Chartered Bank Cost Auditors
HDFC Bank Ltd. R. Nanabhoy & Co.
ICICI Bank Ltd.
State Bank of India
IndusInd Bank Ltd.
XVII. Unclaimed Shares
3XUVXDQWWR6FKHGXOH9WR/2'5WKHGHWDLOVRIHTXLW\VKDUHVKHOGLQ¶8QFODLPHG6XVSHQVH$FFRXQW·RIWKH&RPSDQ\DUHDV
follows-

No.
1. Aggregate number of shareholders lying in the unclaimed suspense account at the beginning 1,544
of the Financial Year 2017 – 18
2. $JJUHJDWHQXPEHURIWKHRXWVWDQGLQJHTXLW\VKDUHVO\LQJLQWKHXQFODLPHG6XVSHQVHDFFRXQW 253,504
at the beginning of the Financial Year 2017 – 18
3. Number of shareholder who approached issuer for transfer of shares from unclaimed suspense 5
account during the Financial Year 2017 – 18
4. Number of shareholders to whom shares were transferred from unclaimed suspense account 2(*)
during the Financial Year 2017 – 18
(*) Excluding transfer of shares to Investor Education and Protection Fund Authority pursuant
to the IEPF Rules under Companies Act, 2013.
5. Number of shares transferred from unclaimed suspense account during the Financial Year 2017 – 18 201,530(*)
(*) Including transfer of shares to Investor Education & Protection Fund Authority pursuant to
the IEPF Rules under Companies Act, 2013.
6. Aggregate number of shareholders in the unclaimed suspense Account lying at the end of 294
Financial Year 2017 – 18
7. $JJUHJDWHQXPEHURIRXWVWDQGLQJHTXLW\VKDUHVLQWKHXQFODLPHGVXVSHQVH$FFRXQWO\LQJDW 51,974
the end of Financial Year 2017 – 18
All corporate benefits on such shares viz. Bonus shares, split of shares etc. shall be credited to the unclaimed
suspense account, as applicable for a period of seven years and thereafter be transferred in accordance
with the provisions of Section 124(5) and Section 124(6) of the Companies Act, 2013 read with Investor
Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF Rules).
7KHYRWLQJULJKWVRQVXFKVKDUHVVKDOOUHPDLQIUR]HQXQWLOWKHULJKWIXORZQHUFODLPVWKH(TXLW\VKDUHV
;9,,,1RWHWRWKH,QYHVWRUV6KDUHKROGHUV
a. 7UDQVIHURIVKDUHVLQ'HPDWPRGHRQO\As per SEBI norms, with effect from 5th December 2018 (or such
RWKHUGDWHDVPD\EHQRWLILHGRQO\WUDQVPLVVLRQRUWUDQVSRVLWLRQUHTXHVWVIRUWUDQVIHURIVHFXULWLHVVKDOOEH
processed in physical form, all other transfers shall be processed in dematerialised form only. You may refer
http://www.siemens.co.in/en/index/investor.htm for additional details.

b. 8SGDWLRQ RI .<& GHWDLOV As per SEBI norms, efforts are underway to update Permanent Account Number
(PAN) and Bank account details of its concerned Shareholder(s) and communications have been sent by the
&RPSDQ\WRHOLJLEOH6KDUHKROGHUVLQWKLVUHJDUG,WLVUHTXHVWHGWRXSGDWHWKHVHGHWDLOVZLWK765'/&RPSDQ\
at the earliest.
F 8QSDLG8QFODLPHG'LYLGHQGƕ
7KHXQFODLPHGGLYLGHQGIRUWKH)LQDQFLDO<HDUDQGDOOVXEVHTXHQW\HDUVPXVWEHFODLPHGDVHDUO\
as possible failing which the dividend along with the corresponding shares on which dividend has not been
claimed for past 7 years would be transferred to Investor Education and Protection Fund (IEPF).
Pursuant to the provisions of the Companies Act, 2013 ("Act"), read with IEPF Rules and amendments thereto,
all shares on which dividend has not been paid or claimed for seven consecutive years shall be transferred
to the demat account of the IEPF Authority
During the Financial Year 2017-18, the Company pursuant to the provisions of the Act read with the IEPF
Rules, transferred 435,425 shares on which dividend had not been paid or claimed for seven consecutive
years to the demat account of IEPF authority.
The IEPF Rules prescribe the following refund procedure from the IEPF:
The Shareholders / claimants whose shares, unclaimed dividend, sale proceeds of fractional shares etc.
have been transferred to the IEPF may apply for refund or claim the shares by making an application to IEPF
Authority in Form IEPF 5 (available on www.iepf.gov.in DORQJ ZLWK UHTXLVLWH IHH DV GHFLGHG E\ WKH ,(3)
Authority from time to time.
Post making the online application the shareholder / claimant shall send the duly signed Form IEPF 5 along
ZLWKWKHUHTXLVLWHGRFXPHQWVWRWKH&RPSDQ\DWLWVUHJLVWHUHGRIILFHIRUYHULILFDWLRQRIWKHFODLPDQGSD\PHQW
/ transfer of shares by IEPF Authority.
The shareholder / claimant can file only one consolidated claim per Company in a Financial Year as per the
IEPF Rules.
All corporate benefits on such shares viz. bonus shares, split of shares etc. including dividend shall be
credited to the demat account of IEPF authority. The voting rights on such shares shall remain frozen until
WKHULJKWIXORZQHUFODLPVWKH(TXLW\VKDUHV
G (OHFWURQLF IXQG WUDQVIHU GHWDLOV IRU UHPLWWDQFH It is in shareholders interest to claim any un-encashed
dividend and for future, opt for providing National Electronic Clearance System (NECS) / National Automated
Clearing House (NACH) mandate to the Company in case of shares in physical form and ensure that correct
and updated particulars of bank account are available with Depository Participant (DP) in case of shares held
in dematerialized form, so that dividends paid by the Company are credited to the Shareholder(s) account
on time.
H 1RPLQDWLRQ It has been observed by the Company that many of its Shareholders have not opted for
nomination to the shares held by them and in case of demise of a shareholder without nomination; the
lengthy and costly process of Transmission of shares has to be followed. Thus, Shareholders who have not yet
SURYLGHGWKHLUQRPLQDWLRQDUHUHTXHVWHGWRGRVRDWDQHDUO\GDWHE\ILOOLQJDQGVXEPLWWLQJWKHQRPLQDWLRQ
forms (to the Company / TSRDL – for physical shares; to DP – for dematerialized shares). The forms are also
available on the website of the Company at http://www.siemens.co.in/en/index/investor/investor_services.
htm
f. Submission of valid documents (as applicable) for effecting transfer of shares prior to book closure / record
date will be eligible for corporate benefits.
g. 6KDUHKROGHUV KROGLQJ VKDUHV LQ SK\VLFDO IRUP DUH UHTXHVWHG WR FRQVLGHU FRQYHUWLQJ WKHLU KROGLQJ WR
dematerialised form to eliminate risks associated with physical shares and for ease in portfolio management.

)RUIXUWKHULQIRUPDWLRQFODULƉFDWLRQDVVLVWDQFHLQWKLVUHJDUGSOHDVHUHIHUhttp://www.siemens.co.in/en/index/
investor.htm or else contact TSRDL.
h 6KDUHKROGHUVKROGLQJVKDUHVLQPRUHWKDQRQHIROLRLQWKHVDPHQDPHVDUHUHTXHVWHGWRVHQGWKHGHWDLOV
of their folios along with the share certificates so as to enable the Company / TSRDL to consolidated their
holding into one folio
i. Deal only through SEBI registered intermediaries and give clear and unambiguous instructions to your broker
/ sub-broker / DP.
j. Keep copies of all your investment documentation i.e. Share transfer deed, Share Certificate etc.
k. 6HQGVKDUHFHUWLILFDWHVFKHTXHVGHPDQGGUDIWVHWFWKURXJKUHJLVWHUHGSRVWRUFRXULHU
l. Regarding change of address, contact details, bank details, nomination, registration of power of attorney,
change in e-mail address, etc., Shareholders holding shares in physical form should notify the RTA and those
who are holding shares in demat mode, should send their instructions directly to their DP. This will help the
Company and TSRDL to provide efficient and better services.
P /RVVRI6KDUHV In case of loss/misplacement of shares, Shareholders should immediately lodge a complaint/
FIR with the police and then to the RTA who will guide on the procedure of obtaining the duplicate share
certificates.
Q 1RQ5HVLGHQW6KDUHKROGHUV1RQ5HVLGHQW6KDUHKROGHUVDUHUHTXHVWHGWRLPPHGLDWHO\QRWLI\WKHIROORZLQJ
to the Company in respect of shares held in Physical form and to their DPs in respect of shares held in
Dematerialised form:
,QGLDQDGGUHVVIRUVHQGLQJDOOFRPPXQLFDWLRQVLIQRWSURYLGHGVRIDU
&KDQJHLQWKHLUUHVLGHQWLDOVWDWXVRQUHWXUQWR,QGLDIRUSHUPDQHQWVHWWOHPHQW
3DUWLFXODUVRIWKH%DQN$FFRXQWPDLQWDLQHGZLWKDEDQNLQ,QGLDLIQRWIXUQLVKHGHDUOLHU
5%,3HUPLVVLRQQXPEHUZLWKGDWHWRIDFLOLWDWHSURPSWFUHGLWRIGLYLGHQGLQWKHLU%DQN$FFRXQWV
)HHG %DFN 6KDUHKROGHUV DUH UHTXHVWHG WR JLYH XV WKHLU YDOXDEOH VXJJHVWLRQV IRU LPSURYHPHQW RI RXU LQYHVWRU
services to our Registered Office or RTA office at Mumbai.

For Siemens Limited
Deepak S. Parekh
Chairman
DIN - 00009078
Goa
Note: The information given hereinabove is as on date unless otherwise stated.

Annexure VI to the Directors’ Report
Corporate Social Responsibility Report 2017-18
%ULHIRXWOLQHRI&RPSDQ\·V&RUSRUDWH6RFLDO5HVSRQVLELOLW\3ROLF\RYHUYLHZRISURSRVHGSURMHFWVRUSURJUDPVDQGD
reference to the web-link to the CSR policy, projects and programs
At Siemens we have an unrelenting drive and promise to sustainably improve living conditions for as many people as possible,
ZRUOGZLGH:HGHOLYHURQWKLVSURPLVHE\FRPELQLQJRXULQQRYDWLRQZLWKRXUNQRZKRZƔLQWKHDUHDVRIHOHFWULƉFDWLRQDQG
automation, enhanced by digitalization and by acting as a reliable and responsible partner.
Our mission is to make real what matters in the way we electrify, automate and digitalize the world around us. Ingenuity drives
us and what we create is for society. 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. The Company derives its
sustainability initiatives from these challenges. These initiatives, generally known as Corporate Social Responsibility (CSR),
are referred to as Corporate Citizenship at Siemens. The Corporate Citizenship strategy is in line with the Company’s goal
and focuses on: Education & Science, Social and Environment. The strategy aims to address the challenges and needs that
communities face by leveraging the Company’s competencies and solutions. It is oriented towards the National Development
agenda, UN Sustainable Development Goals and UN Global Compact principles.
The focus topics for Corporate Citizenship are:
a. Promotion of science and technical education and skill development
b. Enhancing living conditions through provision of water, healthcare, sanitation, education, energy, livelihood, etc.
c. Primary Healthcare and Health Education
d. Combating Climate Change through:
O (QHUJ\(IƉFLHQF\3URJUDPDW*RYHUQPHQW0HGLFDO,QVWLWXWLRQ
O 5XUDO(OHFWULƉFDWLRQRIYLOODJHVLQ$PUDYDWL
e. Disaster Relief
6XVWDLQDEOH'HYHORSPHQW*RDOV6'*V
Siemens supports the SDGs and regards them as a key framework for sustainable development globally. Siemens impacts
all SDGs directly or indirectly. Together with local communities, industries, government, institutions, Siemens is working
towards the endeavor to shape the local development along the lines of ‘The 2030 Agenda for Sustainable Development’.
CSR initiatives undertaken by the Company during the year are as follows:
a. Promotion of science and technical education and skill development
Siemens Scholarship Program
Siemens Scholarship program nurtures meritorious engineering students from economically-disadvantaged families
to become industry-ready. It is an endeavor to support and promote technical education.50% of the scholarships are
offered to female candidates. Launched in 2013, it is a merit cum means scholarship to engineering students studying
in Government Colleges. Through this program, Siemens India offers scholarships across four years to meritorious
engineering students from economically-disadvantaged families in addition to a well-rounded holistic development
plan. Based on the German model of Dual Education, Siemens provides hands-on exposure through internships,
projects, advanced skilling platforms including Mechatronics & functional trainings, soft skills and mentorship apart
IURPƉQDQFLDOVXSSRUWLQWKHIRUPRIWXLWLRQIHHVDQGHGXFDWLRQDOORZDQFHV
7KHSURJUDPGHYHORSVHPSOR\DELOLW\VNLOOVH[SRVHVWKHVWXGHQWVWRVRIWVNLOOVDQGWRWKHSUHVHQWUHTXLUHPHQWVRIWKH
industry. Siemens Scholars who have graduated from this program have turned role models in their communities,
motivating many towards taking up engineering as a career. Two batches of Siemens Scholars who graduated – in
DQGƔKDYHEHHQSODFHGLQOHDGLQJFRPSDQLHVLQYDULRXVVHFWRUVVXFKDVHQJLQHHULQJEDQNLQJDQGƉQDQFH
IT services, infrastructure, automotive, consumer goods. In its sixth year, the program has 435 scholars from 49
Government engineering colleges across 22 States in India.
8QLYHUVLW\&ROODERUDWLRQZLWK9HHUPDWD-LMDEDL7HFKQLFDO,QVWLWXWH9-7,
Siemens is a leading provider of industry and infrastructure solutions in India and wishes to support Universities
WRZDUGV,QGXVWULHV6LHPHQVVKDUHV9-7,YLVLRQWRVSUHDGWKHEHQHƉWVRI5HVHDUFK ,QQRYDWLRQ6NLOO ,QIUDVWUXFWXUH
Up-gradation, Training of Trainers & Students and consistently strives to bridge the gaps across the need of skilled
PDQSRZHU IRU LQGXVWULHV ,Q SXUVXDQFH RI WKH DIRUHVDLG 6LHPHQV SURYLGHG ODWHVW (TXLSPHQWV ERWK KDUGZDUH DQG
VRIWZDUHWRWKH9-7,WKDWZLOOKHOSWKHWUDLQLQJRIWKHVWXGHQWVRI9-7,RQWHFKQRORJLHV7KHVH(TXLSPHQWVDUHVWDWHRI
DUWWHFKQRORJ\DQGZLOOKHOSEULGJHWKHJDSEHWZHHQWKH8QLYHUVLWLHVDQGWKH,QGXVWU\UHTXLUHPHQW

'XDO9RFDWLRQDO(GXFDWLRQ 7UDLQLQJ9(7LQ*RYHUQPHQW,QGXVWULDO7UDLQLQJ,QVWLWXWHV,7,V

Currently, a huge gap exists between the need of the industry for an employable work force and the capacity of the skill
development programs. In line with the focus area of “promotion of science and technical education” and to support
Skill India initiative of the Government of India, Siemens Ltd. with Tata Strive partnered to support the up-skilling of
trainees in the government training institutes for skill development by implementing the Dual VET pedagogy.
The German Dual VET is based on learning interlocked with theory and workshop, augmented with soft skills like
FRPPXQLFDWLRQ VNLOOV SUHVHQWDWLRQ WHFKQLTXHV SXEOLF VSHDNLQJ VNLOOV FRVW SODQQLQJ SURMHFW PDQDJHPHQW WHDP
ZRUNGHFLVLRQPDNLQJDELOLW\KDQGOLQJUHVSRQVLELOLW\FRQƋLFWUHVROYLQJ EXVLQHVVJDPHVDQGFUHDWLYHWHFKQLTXHWR
develop future oriented capable workforce geared to business and professional personal development.
The German Dual VET model focuses on the need of the Micro, Small and Medium Enterprises (MSMEs), industry
practices and training of trainees. As compared to the traditional model of 2 years Craftsmen Training Scheme and 1
year Apprenticeship, the German Dual VET within the traditional model proposes 1 month of in-plant training in the
ƉUVW\HDUPRQWKVLQWKHVHFRQG\HDULQDGGLWLRQZLWKPRQWKVRISDLGDSSUHQWLFHVKLSLQWKHWKLUG\HDUIRURYHUDOO
holistic hands-on practical experience with theoretical knowledge.
MoU was signed with the Directorate of Training and Technical Education, Maharashtra to roll out the Dual VET
program for 60-plus Govt. ITIs across 5 districts. Currently, the Company is implementing Electrician Trade in 13 ITIs in
Delhi. A total 780 Students, 45 MSMEs and 65 Instructors were inducted in the program this year.
67(06FLHQFH7HFKQRORJ\(QJLQHHULQJDQG0DWKVLQVFKRROV
Curiosity based learning ‘STEM’ (Science, Technology, Engineering and Mathematics) has been introduced in six
Ashram Schools of Mokhada that caters to around 4000 tribal students from 28 Gram Panchayats. Workshops for
the teachers in these schools were also conducted on using the STEM kits within their academic calendar. All the six
Ashramshalas have been upgraded by setting up computer labs and initiating digital learning.
STEM has been rolled out in Government schools of Mumbai, Navi Mumbai, Thane, Aurangabad, Delhi and Goa.
Machine Tool Operator Training
In the endeavour to advance skill training and to support the provision of highly skilled technicians for the
Manufacturing Sector, Siemens has tied up with several Government ITIs and Advance Training Institutes (ATIs) in the
country. Currently 21 such Institutes are being piloted for the project.
The project covers the following:
5HWURƉWWLQJROG&RPSXWHUL]HG1XPHULFDO&RQWURO&1&PDFKLQHVDWWKHDERYHPHQWLRQHG,QVWLWXWHVZLWKWKH
latest SINUMERIK controllers and Drive Systems
- Installations of SINUTRAIN (Computer based CNC Simulation) softwares at the Institutes. The trainees of these
9RFDWLRQDO ,QVWLWXWHV ƉUVW H[WHQVLYHO\ WHVW &1& SURJUDPV RQ 6,1875$,1 EHIRUH ZRUNLQJ RQ WKH DFWXDO &1&
machines.
- Provision of SINUMERIK demo kits to mimic real life CNC programming
- Extensive training of the Instructors on CNC Operation
Scholarships - Dual Education for Management Students
Siemens launched a scholarship program to support Dual Education amongst meritorious less privileged management
students to make them Industry Ready. Under this initiative, Siemens supports 24 students annually with Scholarships,
Awards and Internships to students pursuing Post Graduate Programme in Business Administration (PGPBA) at Indo
German Training Centres at Mumbai and Bengaluru. The program develops employability skills and exposes the
VWXGHQWVWRWKHSUHVHQWUHTXLUHPHQWVRIWKHLQGXVWU\
b. Enhancing living conditions
Project Asha
Project Asha aims at improving living conditions using inclusive and sustainable technology through integrated
rural development. The project focused on improving lives in 32 villages of Mokhada, Palghar and 15 villages in
Aurangabad Division in Maharashtra through interventions in education, healthcare, sanitation, water conservation,
energy, livelihood and governance. The Project is implemented by two NGOs; AROEHAN and BAIF along-with CTARA-
IITB as technology partner at Mokhada and Action Aid Association in Aurangabad Division.
0RNKDGD%ORFN
The project focused on watershed development for ensuring drinking water available and water for irrigation. More
WKDQPLOOLRQOLWHUVRIZDWHULVPDGHDYDLODEOHE\5DLQZDWHUKDUYHVWLQJEHQHƉWLQJOLYHOLKRRGLQYLOODJHVWLOOGDWH

,QVWDOODWLRQRIZDWHUƉOWHUVLQYLOODJHVKDVSURYLGHGDFFHVVWRFOHDQGULQNLQJZDWHUZKLFKKDVKHOSHGLQUHGXFWLRQRI
water borne diseases by 80%. Earlier the community relied on Paddy and Ragi crops, which was for mere consumption
purpose. With the availability of water, vegetable cultivation in Kharif season has been introduced. A total of 628
acres of arable land is bought under irrigation. Under the newly selected 14 villages, various livelihood activities and
HQJDJHPHQW ZLWK 6+*V KDYH DOVR EHHQ LQLWLDWHG &DSDFLW\ EXLOGLQJ RI IDUPHUV RQ LPSURYHG IDUPLQJ WHFKQLTXHV
consultation and agricultural support is done on a continuous basis. This has led to 73% farmers able to get cash
PRQH\UHVRXUFHƉUVWWLPHLQWKHLUOLIH6LPLODUO\WKHPLJUDWLRQUDWHVKDYHDOVREHHQJRLQJGRZQFRQVLGHUDEO\
Curiosity-based learning ‘STEM’ (Science, Technology, Engineering and Mathematics) has been introduced in six
Ashram Schools of Mokhada from this academic year that caters around 4000 students from 28 Gram Panchayats.
Workshops for the teachers in these schools were also conducted on using the STEM kits within their academic
calendar.
To address the gaps of the Primary Health Centres (PHCs), Siemens has installed health care and other diagnostics
HTXLSPHQWVIRUXSJUDGLQJWKHHIƉFLHQF\RIWKHIRXU3ULPDU\+HDOWK&HQWUHVZKLFKFRYHUVDSRSXODWLRQRI
Awareness sessions with pregnant women have led to more than 100 women registering themselves with the
*RYHUQPHQW3+&VWRDYDLOEHQHƉWVDQGVDIHGHOLYHU\RIEDE\6LPLODUO\PRUHWKDQRIWKHDGROHVFHQWJLUOVDUH
aware on health and its related schemes. Similarly, Installing Siemens Sonography machines in the Rural Hospitals
5+KDYHVLJQLƉFDQWO\UHGXFHGWKH,QIDQW0RUWDOLW\5DWH,05DQG0DWHUQDO0RUWDOLW\5DWH005+HDOWKDZDUHQHVV
sessions amongst women and young adolescent girls have achieved successful passing of resolution against child
marriage and alcoholism in the Gramsabhas.
Aurangabad Division
Siemens has established a long term commitment with ActionAid Association to support severely drought affected
areas since 2013 in Badnapur taluka, Aurangabad division to 15 villages across Aurangabad and Jalna districts. The
project aims to enhance living conditions of these villages through integrated development using sustainable &
inclusive technology which is both scalable & replicable.
Watershed development and desilting of available water sources activities have made around 45 million liters of water
storage made available for drinking and agricultural purpose. Additionally, due to water availability, More than 477
acres of land has been brought under cultivation. There is an increase in livelihood leading to 36% rise in income
against previous year. Livelihood is made available under National Rural Employment Guarantee Act (NREGS) -2005,
through farming, as farm labors and selling vegetables. This has reduced migration by 10%. Capacity building of
IDPHUVZLWKLPSURYHGDQGHIIHFWLYHIDUPLQJWHFKQLTXHVKDVLQFUHDVHGFURSSURGXFWLRQ7KHHQWLUHLQWHUYHQWLRQVKDYH
helped the crops sustain even during severe drought and have facilitated multi cropping too. Emphasis on livelihood
GLYHUVLƉFDWLRQWKURXJK6HULFXOWXUHJRDWUHDULQJKDVLQFUHDVHGWKHLQFRPHOHYHOV
$ZDUHQHVV FDPSDLJQV RQ HGXFDWLRQ KDYH OHG WR HQUROOPHQW UDWHV LQ VFKRROV WKHUHE\ VKRZLQJ VLJQLƉFDQW
reduction in dropout rates. Additionally, trainings are conducted for the panchayats to increase the knowledge and
awareness on governance, public distribution system, watershed program to facilitate the access to basic entitlements
GXULQJGURXJKWFRQGLWLRQV6LPLODUO\ZDWHUƉOWHUVZHUHLQVWDOOHGDWGLIIHUHQWYLOODJHVWKHUHE\SURYLGLQJFOHDQGULQNLQJ
water to all.
Social Forestry activity is also being conducted across the Mokhada and Aurangabad. More than 25000 saplings have
EHHQ SODQWHG LQ WKLV \HDU ZKLFK KDV EHQHƉWWHG IDUPHUV 7KH VDSOLQJV SURYLGHG DUH IUXLW EHDULQJ RQHV VXFK DV
Mango, Cashew, Lemon, Drumstick, etc. These varieties are chosen in such a way whose mortality rate will be less in
WKHVSHFLƉFFOLPDWLFFRQGLWLRQVDQGZRXOGDOVRJHQHUDWHLQFRPHIRUWKHIDUPHUVLQWKHORQJUXQWKHUHE\SUHVHUYLQJWKH
green cover and also improve soil moisture.
c. Primary Healthcare Support and Health Education
Sanjeevan Mobile Clinic
$FFHVVWRDIIRUGDEOHTXDOLW\KHDOWKFDUHFRQWLQXHVWREHDFKDOOHQJHLQWKHFRXQWU\7KHUHDVRQVDUHPXOWLSOHODFN
RIDZDUHQHVVDFFHVVLELOLW\DIIRUGDELOLW\HWF,QDOLJQPHQWZLWKWKH1DWLRQDO+HDOWK0LVVLRQ1+0WRPDNHTXDOLW\
healthcare both accessible and affordable, Siemens along with its implementing partner NGO SNEHA (Society for
Nutrition, Education and Health Action) is improving access to preventive, promotive and curative primary healthcare
services in unreached informal settlements over 120,000 individuals in Kalyan-Dombivali region on the outskirts
RI0XPEDLWKURXJK6DQMHHYDQ0RELOH&OLQLFƉWWHGZLWK6LHPHQV·KHDOWKFDUHHTXLSPHQW7KHREMHFWLYHLVWZRIROG
instilling health seeking behavior and improving health indicators of the community where there is no health
infrastructure. The Clinic is working towards delivering the NHM’s goal of a comprehensive package of Reproductive,
Maternal, Newborn, Child Health and Adolescent (RMNCH + A) services, Communicable Disease Control and Non
Communicable Diseases programs.

Siemens along with its implementing partners NGO SNEHA in Kalyan-Dombivali, Maharashtra are conducting daily
23'V SDWKRORJLFDO WHVWV ;UD\V (&*V DQG VSHFLDOL]HG FDPSV RQ J\QHFRORJ\ SHGLDWULFV HWF 7LOO GDWH PRUH WKDQ
36200 patients have been treated of which more than 60% are women and children. This has led to an increase in
communities accessing of healthcare especially in Maternal and Child Health services. Besides this, there are health
education programs on health, hygiene and nutrition in communities on preventing diseases and improving health
seeking behaviour. The project also supported formation of statutory Mahila Arogya Samiti (MAS)/ health committees
in Kalyan – Dombivali to strengthen community governance of health and sanitation in the communities.
d. Climate Change action
(QHUJ\(IƊFLHQF\3URJUDPDW*RYHUQPHQW0HGLFDO,QVWLWXWLRQ
With the aim of addressing the Climate Change action arising out of Sustainable Development Goals and the targets
received for the country under Conference of the Parties 21 (Paris Agreement), Siemens aligned with the Government
General Hospital, Chennai to help reduce the Hospital's Energy Consumption by implementing Facility Improvement
Measures. Government General Hospital is the largest tertiary care Government Hospital in Chennai. Founded in
1664 and has 2722 bed capacity. A study was conducted to identify the challenges faced by the hospital. With mutual
GLVFXVVLRQVZLWK+RVSLWDO$XWKRULWLHV6LHPHQVLGHQWLƉHGGHVLJQHGGHYHORSHGDQGLPSOHPHQWHGWKHYDULRXVIDFLOLW\
improvement measures that include:
(QHUJ\2SWLPL]DWLRQ3URJUDP
5HSODFHPHQWRI1RV$LU&RROHGFKLOOHUVZLWKHIƉFLHQWV\VWHPVHWF
$LU+DQGOLQJ8QLWDXWRPDWLRQ
&HQWUDO0RQLWRULQJV\VWHP
)LUHDODUPV\VWHP
$QDORJ&&79V\VWHP
5XUDO(OHFWULƊFDWLRQDWYLOODJHVLQ$PUDYDWL
Energy is the dominant contributor to climate change, accounting for around 60% of total global greenhouse gas
emissions. Our everyday lives depend on reliable and affordable energy services to function smoothly and to develop
HTXLWDEO\ /DFN RI DFFHVV WR HQHUJ\ VXSSOLHV DQG WUDQVIRUPDWLRQ V\VWHPV LV D FRQVWUDLQW WR KXPDQ DQG HFRQRPLF
development. - (SDG, Goal 7)
Siemens launched Solar based net-metering solution project in 10 villages of Amravati district spread in three blocks.
7KH3URMHFWZLOOGLUHFWO\DQGLQGLUHFWO\EHQHƉWKRXVHKROGVVFKRROFKLOGUHQ3ULPDU\+HDOWKFDUH&HQWUH·V3+&
*UDP 3DQFKD\DW 2IƉFHV $VKUDP 6KDOD HWFLQ YLOODJHV -DQXQD7LPWDOD .KLUVDQD 1DUVDQD $GJDRQ 6DUPDVSXU
Jassapur, Rinmochan, Amala and NandedKhurd in 3 blocks – Nandgaon, Kandeshwar, Daryapur and Bhatkuli
RI $PUDYDWL 'LVWULFW 0RUH WKDQ LQGLYLGXDOV VKDOO EHQHƉW IURP WKH SURJUDP LQGLYLGXDOV ZLWK VSHFLDO
HPSKDVLV RQ WKH YXOQHUDEOH JURXS ZLOO EHQHƉW LQGLUHFWO\ PRUH WKDQ ZRPHQ ZLWK VSHFLDO HPSKDVLV RQ WKH
vulnerable group) will be addressed through Awareness programs leading towards better livelihood.
e. Disaster Relief
Disaster Relief – Assam and Kerala Flood Relief
Siemens as a socially-responsible company has always reached out to communities affected by natural calamities.
6LHPHQVUHVSRQGHGWRWKHFRPPXQLWLHVDIIHFWHGGXULQJWKH$VVDPDQG.HUDODƋRRGVE\SURYLGLQJLPPHGLDWHUHOLHI
through Oxfam India and Caritas India with its Catastrophe fund. In Assam, Siemens supported the worst affected
district of Karimganj with Water, Sanitation and Hygiene (WASH) and shelter kits. In Kerala, Siemens supported tribal
families in Wayanad district, the worst affected district with Water, Sanitation and Hygiene (WASH) and non- food
items to contribute towards improving the living conditions of the affected communities.
More details on the CSR Policy and projects are available on the Company’s website as per the link given below:
http://www.siemens.co.in/about-us/sustainability/corporate-citizenship.htm
&RPSRVLWLRQRI&65&RPPLWWHH
a) Mr. Deepak S. Parekh – Chairman
b) Mr. Sunil Mathur - Member
c) Mr. Christian Rummel - Member
d) Ms. Mariel von Schumann - Member
$YHUDJHQHWSURƊWVRIWKH&RPSDQ\IRUODVWWKUHHƊQDQFLDO\HDUV,15ODNKV
3UHVFULEHG&65([SHQGLWXUHWZRSHUFHQWRIWKHDPRXQWDVLQLWHPDERYH,15ODNKV

'HWDLOVRI&65VSHQWGXULQJ)<
D 7RWDODPRXQWVSHQWIRUWKHƉQDQFLDO\HDU,15ODNKV
b. Amount unspent, if any: Nil/-
F 0DQQHULQZKLFKWKHDPRXQWVSHQWGXULQJWKHƉQDQFLDO\HDULVGHWDLOHGEHORZ
` in lakhs
Sr. CSR project Sector in which Project or Amount Amount spent Cumulative $PRXQWVSHQW
No. or activity the Project is Programs Outlay on the projects Expenditure Direct or through
LGHQWLƊHG covered EXGJHW or programs upto the Implementing
/RFDODUHDRURWKHU project or reporting
6XEKHDGV agency
6SHFLI\WKH6WDWH programs period
and district wise 'LUHFW (as on
where projects or Expenditure
programs were on projects
undertaken or programs
2YHUKHDGV
1 Project Asha Eradication of 32 Villages of Mokhada, 360.00 360.00 838.27 Direct
hunger, poverty Palghar District in 12.85 Implementing
Rural Maharashtra Agency
Development 15 villages of 347.15
project Aurangabad Division in 80.00 80.00 268.97 Implementing
Ensuring Maharashtra Agency
environmental 80.00
sustainability
Siemens Promotion of Pan India 200.00 200.00 1,180.96 Direct
Scholarship education 26.16
Program
Implementing Agency
173.84
3 Dual VET at Promotion of Delhi 120.00 120.18 135.44 Direct
Government ITIs education 18.24
Implementing Agency
101.94
Machine Tool Promotion of Bengaluru, Chennai, 150.00 149.78 491.44 Direct
Operator training education Hyderabad, Mumbai, 149.78
and Upgradation Thane, Aurangabad,
of Government Vadodara and Delhi
ITIs
5 Dual Education Promotion of Mumbai, Bengaluru and 40.00 40.00 76.70 Implementing Agency
for Management education Chennai 40.00
Students
6 Sanjeevan Mobile Promoting Madhepura in Bihar 85.00 85.00 386.34 Implementing Agency
Clinics healthcare and Kalyan-Dombivli in 85.00
including Maharashtra
preventive
healthcare
7 (QHUJ\(IƉFLHQF\ Ensuring KEM Hospital, Mumbai 460.00 457.78 755.42 Direct
Program at environmental Rajiv Gandhi Hospital, 457.78
Government sustainability Chennai
Institutions
Disaster Relief Eradicating Flood affected 25.00 25.00 128.24 Implementing Agency
poverty, communities of Bihar 25.00
promoting and Assam
healthcare and
sanitation

Sr. CSR project Sector in which Project or Amount Amount spent Cumulative $PRXQWVSHQW
No. or activity the Project is Programs Outlay on the projects Expenditure Direct or through
LGHQWLƊHG covered EXGJHW or programs upto the Implementing
/RFDODUHDRURWKHU project or reporting
6XEKHDGV agency
6SHFLI\WKH6WDWH programs period
and district wise 'LUHFW (as on
where projects or Expenditure
programs were on projects
undertaken or programs
2YHUKHDGV
STEM in Schools Promotion of Mokhada, Thane, Navi 80.00 80.00 80.00 Implementing Agency
education Mumbai, Goa, Delhi and 80.00
Aurangabad
Solarization Ensuring Amravati, Maharashtra 80.00 80.00 80.00 Implementing Agency
– Rural environmental 80.00
(OHFWULƉFDWLRQ sustainability
Rural
Development
project
11 University Promotion of Mumbai, Maharashtra 180.00 180.79 180.79 Direct
Collaboration education 180.79
Sub total
Administrative 93.00 92.93
overheads
(restricted to
5% of total CSR
expenditure)
Total
'HWDLOVRILPSOHPHQWLQJDJHQFLHV
AROEHAN, SNEHA (Society for Nutrition, Education and Health Action), Smile Foundation, ActionAid Association, BAIF,
Oxfam India, Caritas India, and Indo German Training Centre. The Company has partnered with Tata Strive and several
State Directorates for Employment & Training, Government ATIs (Advance Training Institutes) and ITIs (Industrial Training
Institutes). The Company partnered with KEM Hospital, Mumbai and Government General Hospital, Chennai to set up Energy
(IƉFLHQF\DQG6HFXULW\SURJUDPDWWKH+RVSLWDO
5HDVRQVIRUQRWVSHQGLQJWKHDPRXQWVSHFLƊHGLQEDERYH
Not Applicable
7KH&65&RPPLWWHHDIƊUPVWKDWWKHLPSOHPHQWDWLRQDQGPRQLWRULQJRI&653ROLF\LVLQFRPSOLDQFHZLWKWKH&65
objectives and Policy of the Company.

For Siemens Limited
Deepak Parekh Sunil Mathur

&KDLUPDQRI&65&RPPLWWHH 0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IƉFH
DIN: 00009078 DIN: 02261944
Goa

Annexure VII to the Directors’ Report
Statement of Disclosure of Remuneration
Pursuant to Section 197 of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 (as amended)
i. Ratio of the remuneration of each Whole-time Director to the median remuneration of the employees of the
&RPSDQ\ IRU WKH )LQDQFLDO <HDU WKH SHUFHQWDJH LQFUHDVH LQ UHPXQHUDWLRQ RI &KLHI ([HFXWLYH 2IƊFHU
&KLHI)LQDQFLDO2IƊFHUDQG&RPSDQ\6HFUHWDU\GXULQJWKH)LQDQFLDO<HDU
Sr. 1DPHRI'LUHFWRU Designation Ratio of remuneration of Percentage increase in

No. Key Managerial Personnel each Director to median Remuneration#
remuneration of employees
1. Mr. Sunil Mathur Managing Director and 75:1 9.09
&KLHI([HFXWLYH2IƉFHU
2. Mr. Christian Rummel Executive Director and 39:1 5.00
&KLHI)LQDQFLDO2IƉFHU
3. Mr. Ketan Thaker Company Secretary Not applicable 12.00
st
# with effect from 1 January 2018
Notes:
(a) The Independent Directors of the Company are entitled for sitting fees and commission as per the statutory
provisions and within the limits approved by the Members. Other Non-executive Directors of the Company have
opted not to accept any sitting fees and commission. The details of remuneration of Non-executive Directors are
provided in the Corporate Governance Report. The ratio of remuneration and percentage increase for remuneration
of Non-executive Directors is therefore not considered for the above purpose.
(b) Percentage increase in managerial remuneration indicates annual target total compensation increases, as approved
by the Nomination and Remuneration Committee of the Company during FY 2017-18.
ii. The percentage increase in the median remuneration of employees for the Financial Year was 10%.
iii. The Company had 8,796 permanent employees on the roll of the Company as on 30th September 2018.
LY $YHUDJHSHUFHQWDJHLQFUHDVHPDGHLQWKHVDODULHVRIHPSOR\HHVRWKHUWKDQWKHPDQDJHULDOSHUVRQQHOLQWKHODVWƉQDQFLDO
year was 10% whereas the increase in the managerial remuneration was 7.05%. The average increase every year is an
outcome of Company’s market competitiveness as against its peer group companies. In keeping with the Company’s
UHZDUGSKLORVRSK\DQGEHQFKPDUNLQJUHVXOWVWKHLQFUHDVHWKLV\HDUUHƋHFWWKHPDUNHWSUDFWLFH
Y ,WLVKHUHE\DIƉUPHGWKDWWKHUHPXQHUDWLRQSDLGGXULQJ)<LVDVSHUWKH5HPXQHUDWLRQ3ROLF\RIWKH&RPSDQ\

For Siemens Limited
Deepak S. Parekh
Chairman
DIN: 00009078
Goa

Annexure VIII to the Directors’ Report
Form No. MGT-9
Pursuant to Section 92(3) of the Act and Rule 12(1) of the Companies (Management and Administration) Rules, 2014
(as amended)
Extract of Annual Return

As on Financial Year ended 30th September 2018
, 5(*,675$7,21$1'27+(5'(7$,/6
No.
1. CIN L28920MH1957PLC010839
2. Registration Date 2nd March 1957
3. Name of the Company Siemens Limited
4. Category / Sub-category of the Company Public Company limited by Shares
5. $GGUHVVRIWKH5HJLVWHUHG2IƉFHDQGFRQWDFWGHWDLOV Birla Aurora, Level 21, Plot No. 1080, Dr. Annie Besant
Road, Worli, Mumbai – 400030
Contact : +91 22 3967 7000
Fax : +91 22 2436 2403
Website : www.siemens.co.in
E-mail : Corporate-Secretariat.in@siemens.com
6. Whether listed company Yes
7. Name, Address and Contact details of Registrar and TSR Darashaw Limited
Transfer Agent, if any 6-10, Haji Moosa Patrawala Industrial Estate,
20, Dr. E. Moses Road, Mahalaxmi, Mumbai – 400011
Contact : +91 22 6656 8484
Fax : +91 22 6656 8494
Website : www.tsrdarashaw.com
E-mail : csg-unit@tsrdarashaw.com
,, 35,1&,3$/%86,1(66$&7,9,7,(62)7+(&203$1<
Sr. 1DPHDQG'HVFULSWLRQRIPDLQSURGXFWVVHUYLFHV NIC Code of the % to total turnover

No. 3URGXFWVVHUYLFHV of the Company
1. Manufacture of electric motors, generators, transformers and 271 50.4%
electricity distribution and control apparatus
2. 0DQXIDFWXULQJ RI HOHFWULF VLJQDOLQJ VDIHW\ RU WUDIƉFFRQWURO 279 19.9%
HTXLSPHQW
3. Manufacture of general purpose machinery 281 14.5%
,,, 3$57,&8/$562)+2/',1*68%6,',$5<$1'$662&,$7(&203$1,(6
Sr. Name and Address of the &,1*/1 +ROGLQJ % of Shares Applicable

No. Company 6XEVLGLDU\ Held section
Associate
1. Siemens Aktiengesellschaft Not Applicable Holding 75# 2(46)
("Siemens AG")
Wittelsbacherplatz 2
80312 Munich,
Germany
2. Siemens Rail Automation U31200MH2003PTC259831 Subsidiary 100 2(87)
Private Limited
Plot No. 2, Sector No. 2,
Kharghar Node,
Navi Mumbai – 410210
#including 3.30% shares held by Siemens Metals Technologies Vermögensverwaltungs GmbH, wholly owned subsidiary of Siemens AG,
Germany.

,9 6+$5(+2/',1*3$77(51(TXLW\6KDUH&DSLWDO%UHDNXSDVSHUFHQWDJHRI7RWDO(TXLW\
L &$7(*25<:,6(6+$5(+2/',1*
Sr. Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
No. Shareholders Demat Physical Total % of Total Demat Physical Total % of during
Shares Total the year
Shares
$ Promoters
Indian
a) Individual/ HUF 0 0 0 0.00 0 0 0 0.00 0.00
b) Central Govt. 0 0 0 0.00 0 0 0 0.00 0.00
c) State Govt. (s) 0 0 0 0.00 0 0 0 0.00 0.00
d) Bodies Corporate 0 0 0 0.00 0 0 0 0.00 0.00
e) Banks / Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00
6XE7RWDO$ 0 0 0 0.00 0 0 0 0.00 0.00
Foreign
a) NRIs – Individuals 0 0 0 0.00 0 0 0 0.00 0.00
b) Other – Individuals 0 0 0 0.00 0 0 0 0.00 0.00
c) Bodies Corporate 267,089,913 0 267,089,913 75.00 267,089,913 0 267,089,913 75.00 0.00
d) Banks / Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00
6XE7RWDO$ 267,089,913 0 267,089,913 75.00 267,089,913 0 267,089,913 75.00 0.00
Total Shareholding of 267,089,913 0 267,089,913 75.00 267,089,913 0 267,089,913 75.00 0.00
3URPRWHU>$ $$@
% Public Shareholding
Institutions
a) Mutual Funds 11,184,190 3,000 11,187,190 3.14 12,162,000 0 12,162,000 3.42 0.28
b) Banks / Financial Institutions 114,407 20,660 135,067 0.04 266,668 20,660 287,328 0.08 0.04
c) Central Govt. / State Govt.(s) 150 0 150 0.00 150 0 150 0.00 0.00
d) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
e) Insurance Companies 21,593,454 3,000 21,596,454 6.06 21,714,310 1000 21,715,310 6.10 0.03
f) Foreign Institutional Investors 83,626 1,500 85,126 0.02 54,477 500 54,977 0.02 (0.01)
g) Foreign Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
h) Foreign Portfolio Investors 17,381,047 0 17,381,047 4.88 16,254,734 0 16,254,734 4.56 (0.31)
(Corporate)
6XE7RWDO% 50,356,874 28,160 50,385,034 14.15 50,452,339 22,160 50,474,499 14.17 0.02
Non-Institutions
D Bodies Corporate
i) Indian 4,950,111 119,982 5,070,093 1.42 4,522,269 116,062 4,638,331 1.30 (0.12)
ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00
E Individuals
i) Individual shareholders 27,229,399 3,305,383 30,534,782 8.57 27,134,662 2,805,193 29,939,855 8.41 (0.17)
holding nominal share capital
upto `1 lakh
ii) Individual shareholders 1,145,670 77,490 1,223,160 0.34 1,748,824 0 1,748,824 0.49 0.14
holding nominal share capital
in excess of ` 1 lakh
F Others
i) Trusts 376,643 0 376,643 0.11 437,857 0 437,857 0.12 0.02
ii) Non-Resident Indians 1,392,990 21,640 1,414,630 0.40 1,749,026 15,950 1,764976 0.50 0.10
iii) Directors 26,000 0 26,000 0.01 26000 0 26000 0.01 0.00
6XE7RWDO% 35,120,813 3,524,495 38,645,308 10.85 35,618,638 2,937,205 38,555,843 10.83 (0.03)
Total Public Shareholding 85,477,687 3,552,655 89,030,342 25.00 86,070,977 2,959,365 89,030,342 25.00 0.00
>% %%@
C) Shares held by Custodian for 0 0 0 0.00 0 0 0 0.00 0.00
GDRs & ADRs
*UDQG7RWDO>$%&@

Form No. MGT-9
(as amended)
LL 6+$5(+2/',1*2)352027(56
Sr. 6KDUHKROGHU·V1DPH Shareholding at the beginning Shareholding at the end of the year % change in
No. of the year shareholding
No. of % of total % of Shares No. of % of total % of Shares during the year
Shares Shares of the 3OHGJHG Shares Shares of the 3OHGJHG
Company encumbered to Company encumbered to
total shares total shares
1. Siemens Aktiengesellschaft, 255,351,805 71.70 0.00 255,351,805 71.70 0.00 0.00
Germany
2. Siemens Metals Technologies 11,738,108 3.30 0.00 11,738,108 3.30 0.00 0.00
Vermögensverwaltungs GmbH
TOTAL
LLL &+$1*(,1352027(56·6+$5(+2/',1*
There was no change in the promoters' shareholding during FY 2017-18.
LY 6+$5(+2/',1*3$77(512)7237(16+$5(+2/'(5627+(57+$1',5(&7256352027(56$1'+2/'(56
2)*'5V$1'$'5V
Sr. Name of the Date Remarks Shareholding at the Cumulative Shareholding
No. Shareholder beginning of the year during the year
No. of Shares % of total No. of Shares % of total
Shares Shares of the
of the Company
Company
1. Life Insurance Corporation of India
1-Oct-2017 At the beginning of the 17,800,877 5.00
year
17-Nov-2017 Sale (8,000) 0.00 17,792,877 5.00
17-Nov-2017 Purchase 8,000 0.00 17,800,877 5.00
30-Nov-2017 Transmission (2,000) 0.00 17,792,877 5.00
12-Jan-2018 Sale (2,850) 0.00 17,796,027 5.00
12-Jan-2018 Purchase 2,850 0.00 17,798,877 5.00
06-Feb-2018 Sale (2,700) 0.00 17,796,177 5.00
06-Feb-2018 Purchase 2,700 0.00 17,798,877 5.00
23-Feb-2018 Sale (6,000) 0.00 17,792,877 5.00
20-Apr-2018 Sale (1,300) 0.00 17,791,577 5.00
20-Apr-2018 Purchase 1,300 0.00 17,792,877 5.00
30-Sep-2018 At the end of the year 17,792,877 5.00
Reliance Capital Trustee Company Limited
year
6-Oct-2017 Purchase 160,654 0.05 2,217,620 0.62
06-Oct-2017 Sale (4,000) 0.00 2,213,620 0.62
13-Oct-2017 Purchase 65,771 0.02 2,279,391 0.64
13-Oct-2017 Sale (90,000) (0.03) 2,189,391 0.61
20-Oct-2017 Purchase 305 0.00 2,189,696 0.61
20-Oct-2017 Purchase 427 0.00 2,190,123 0.61
27-Oct-2017 Sale (431) 0.00 2,189,692 0.61
31-Oct-2017 Sale (31) 0.00 2,189,661 0.61
03-Nov-2017 Purchase 366 0.00 2,190,027 0.61
03-Nov-2017 Purchase 610 0.00 2,190,637 0.62

of the Company
Company
10-Nov-2017 Purchase 25,331 0.01 2,215,968 0.62
17-Nov-2017 Purchase 671 0.00 2,216,639 0.62
24-Nov-2017 Purchase 580 0.00 2,217,219 0.62
01-Dec-2017 Purchase 199,610 0.06 2,416,829 0.68
08-Dec-2017 Sale (42) 0.00 2,416,787 0.68
15-Dec-2017 Purchase 56,061 0.02 2,472,848 0.69
15-Dec-2017 Purchase 152,054 0.04 2,624,902 0.74
22-Dec-2017 Sale (6,402) 0.00 2,618,500 0.74
29-Dec-2017 Purchase 130,600 0.04 2,749,100 0.77
29-Dec-2017 Sale (4,490) 0.00 2,744,610 0.77
05-Jan-2018 Purchase 51,215 0.01 2,795,825 0.79
05-Jan-2018 Purchase 1,600 0.00 2,797,425 0.79
12-Jan-2018 Sale (195,500) (0.05) 2,601,925 0.73
19-Jan-2018 Purchase 360,582 0.10 2,962,507 0.83
19-Jan-2018 Purchase 51,300 0.01 3,013,807 0.85
26-Jan-2018 Sale (5,822) 0.00 3,007,985 0.84
29-Jan-2018 Purchase 147 0.00 3,008,132 0.84
30-Jan-2018 Sale (2) 0.00 3,008,130 0.84
02-Feb-2018 Purchase 180,290 0.05 3,188,420 0.90
02-Feb-2018 Purchase 138,205 0.04 3,326,625 0.93
06-Feb-2018 Purchase 102,767 0.03 3,429,392 0.96
09-Feb-2018 Sale (3) 0.00 3,429,389 0.96
16-Feb-2018 Purchase 45,826 0.01 3,475,215 0.98
16-Feb-2018 Purchase 90,532 0.03 3,565,747 1.00
23-Feb-2018 Purchase 826 0.00 3,566,573 1.00
02-Mar-2018 Sale (12) 0.00 3,566,561 1.00
09-Mar-2018 Purchase 71,465 0.02 3,638,026 1.02
09-Mar-2018 Purchase 25,826 0.01 3,663,852 1.03
16-Mar-2018 Purchase 1,357 0.00 3,665,209 1.03
23-Mar-2018 Sale (11) 0.00 3,665,198 1.03
30-Mar-2018 Purchase 649 0.00 3,665,847 1.03
30-Mar-2018 Sale (1,213) 0.00 3,664,634 1.03
06-Apr-2018 Purchase 3,067 0.00 3,667,701 1.03
06-Apr-2018 Purchase 59,671 0.02 3,727,372 1.05
13-Apr-2018 Purchase 793 0.00 3,728,165 1.05
20-Apr-2018 Sale (59,000) (0.02) 3,669,165 1.03
27-Apr-2018 Purchase 667 0.00 3,669,832 1.03
27-Apr-2018 Sale (285,000) (0.08) 3,384,832 0.95
04-May-2018 Purchase 285,434 0.08 3,670,266 1.03
04-May-2018 Sale (30) 0.00 3,670,236 1.03
11-May-2018 Purchase 296,392 0.08 3,966,628 1.11
11-May-2018 Purchase 6,620 0.00 3,973,248 1.12

Form No. MGT-9
(as amended)

of the Company
Company
18-May-2018 Purchase 1,550 0.00 3,974,798 1.12
25-May-2018 Purchase 17,682 0.00 3,992,480 1.12
01-Jun-2018 Sale (17,004) 0.00 3,975,476 1.12
08-Jun-2018 Purchase 27,644 0.01 4,003,120 1.12
08-Jun-2018 Purchase 200,411 0.06 4,203,531 1.18
15-Jun-2018 Purchase 54,496 0.02 4,258,027 1.20
22-Jun-2018 Sale (36) 0.00 4,257,991 1.20
29-Jun-2018 Purchase 4,352 0.00 4,262,343 1.20
29-Jun-2018 Purchase 3,758 0.00 4,266,101 1.20
06-Jul-2018 Purchase 5,282 0.00 4,271,383 1.20
13-Jul-2018 Sale (11,322) 0.00 4,260,061 1.20
20-Jul-2018 Purchase 68,609 0.02 4,328,670 1.22
27-Jul-2018 Sale (30) 0.00 4,328,640 1.22
03-Aug-2018 Purchase 13,790 0.00 4,342,430 1.22
03-Aug-2018 Sale (4,953) 0.00 4,337,477 1.22
10-Aug-2018 Sale (1,014 0.00 4,336,463 1.22
17-Aug-2018 Sale (30) 0.00 4,336,433 1.22
24-Aug-2018 Purchase 38,918 0.01 4,375,351 1.23
24-Aug-2018 Purchase 2,457 0.00 4,377,808 1.23
31-Aug-2018 Sale (20,922) (0.01) 4,356,886 1.22
07-Sep-2018 Purchase 16,645 0.00 4,373,531 1.23
07-Sep-2018 Sale (535,020) (0.15) 3,838,511 1.08
14-Sep-2018 Purchase 205,741 0.06 4,044,252 1.14
14-Sep-2018 Sale (22) 0.00 4,044,230 1.14
21-Sep-2018 Purchase 896,384 0.25 4,940,614 1.39
21-Sep-2018 Sale (45,051) (0.01) 4,895,563 1.37
28-Sep-2018 Purchase 229,484 0.06 5,125,047 1.44
3. HDFC Trustee Company Limited
1-Oct-2017 At the beginning of 6,520,017 1.83
the year
06-Oct-2017 Purchase 300,000 0.08 6,820,017 1.92
13-Oct-2017 Purchase 107,000 0.03 6,927,017 1.95
27-Oct-2017 Purchase 84,000 0.02 7,011,017 1.97
03-Nov-2017 Sale (3,000) 0.00 7,008,017 1.97
03-Nov-2017 Purchase 3,000 0.00 7,011,017 1.97
24-Nov-2017 Sale (3,000) 0.00 7,008,017 1.97
01-Dec-2017 Sale (30,000) (0.01) 6,978,017 1.96
01-Dec-2017 Purchase 30,000 0.01 7,008,017 1.97
08-Dec-2017 Sale (50,000) (0.01) 6,958,017 1.95
29-Dec-2017 Sale (43,500) (0.01) 6,914,517 1.94
02-Feb-2018 Sale (20,500) (0.01) 6,894,017 1.94

of the Company
Company
06-Feb-2018 Sale (20,611) (0.01) 6,873,406 1.93
09-Feb-2018 Sale (129,000) (0.04) 6,744,406 1.89
09-Feb-2018 Purchase 100,000 0.03 6,844,406 1.92
23-Feb-2018 Sale (110,100) (0.03) 6,734,306 1.89
09-Mar-2018 Purchase 1,500 0.00 6,735,806 1.89
16-Mar-2018 Sale (18,532) (0.01) 6,717,274 1.89
13-Apr-2018 Purchase 2,000 0.00 6,719,274 1.89
20-Apr-2018 Sale (43,000) (0.01) 6,676,274 1.87
04-May-2018 Sale (16,800) 0.00 6,659,474 1.87
11-May-2018 Sale (34,500) (0.01) 6,624,974 1.86
18-May-2018 Sale (325,000) (0.09) 6,299,974 1.77
08-Jun-2018 Sale (201,000) (0.06) 6,098,974 1.71
15-Jun-2018 Sale (48,000) (0.01) 6,050,974 1.70
22-Jun-2018 Sale (140,877) (0.04) 5,910,097 1.66
29-Jun-2018 Sale (58,738) (0.02) 5,851,359 1.64
06-Jul-2018 Sale (50,000) (0.01) 5,801,359 1.63
13-Jul-2018 Sale (14,291) 0.00 5,787,068 1.63
20-Jul-2018 Sale (9,200) 0.00 5,777,868 1.62
27-Jul-2018 Sale (123,485) (0.03) 5,654,383 1.59
03-Aug-2018 Sale (171,958) (0.05) 5,482,425 1.54
10-Aug-2018 Sale (124,400) (0.03) 5,358,025 1.50
17-Aug-2018 Sale (37,500) (0.01) 5,320,525 1.49
24-Aug-2018 Sale (238,514) (0.07) 5,082,011 1.43
31-Aug-2018 Sale (79,000) (0.02) 5,003,011 1.40
07-Sep-2018 Sale (40,102) (0.01) 4,962,909 1.39
14-Sep-2018 Sale (15,000) 0.00 4,947,909 1.39
30-Sep-2018 At the end of the 4,947,909 1.39
year
Bharat Bijlee Limited
year
30-Sep-2018 At the end of the year 2,138,160 0.60 2,138,160 0.60
5. General Insurance Corporation of India
year
30-Sep-2018 At the end of the year 1,600,000 0.45 1,600,000 0.45
6. Vanguard Emerging Market Stock Index Fund
1-Oct-2017 At the beginning of 1,614,242 0.45
the year
06-Oct-2017 Purchase 4,680 0.00 1,618,922 0.45
13-Oct-2017 Purchase 4,836 0.00 1,623,758 0.46
20-Oct-2017 Purchase 3,588 0.00 1,627,346 0.46
27-Oct-2017 Purchase 3,276 0.00 1,630,622 0.46

Form No. MGT-9
(as amended)

of the Company
Company
22-Dec-2017 Sale (59,339) (0.02) 1,571,283 0.44
26-Jan-2018 Purchase 7,567 0.00 1,578,850 0.44
29-Jan-2018 Purchase 3,542 0.00 1,582,392 0.44
30-Jan-2018 Purchase 3,220 0.00 1,585,612 0.45
23-Mar-2018 Sale (1,585,612) (0.45) 0 0.00
23-Mar-2018 Purchase 1,585,612 0.45 1,585,612 0.45
30-Mar-2018 Sale (7,200) 0.00 1,578,412 0.44
04-May-2018 Sale (2,880) 0.00 1,575,532 0.44
11-May-2018 Sale (2,736) 0.00 1,572,796 0.44
01-Jun-2018 Sale (2,160) 0.00 1,570,636 0.44
15-Jun-2018 Sale (2,160) 0.00 1,568,476 0.44
22-Jun-2018 Sale (6,683) 0.00 1,561,793 0.44
29-Jun-2018 Sale (10,758) 0.00 1,551,035 0.44
06-Jul-2018 Sale (4,401) 0.00 1,546,634 0.43
13-Jul-2018 Sale (7,009) 0.00 1,539,625 0.43
30-Sep-2018 At the end of the 1,539,625 0.43
year
7. Vanguard Total International Stock Index Fund
year
06-Oct-2017 Purchase 32,271 0.01 1,084,889 0.30
13-Oct-2017 Purchase 13,275 0.00 1,098,164 0.31
26-Jan-2018 Purchase 15,373 0.00 1,113,537 0.31
29-Jan-2018 Purchase 9,180 0.00 1,122,717 0.32
02-Feb-2018 Purchase 25,332 0.01 1,148,049 0.32
16-Feb-2018 Purchase 28,195 0.01 1,176,244 0.33
13-Jul-2018 Purchase 35,780 0.01 1,212,024 0.34
14-Sep-2018 Purchase 29,441 0.01 1,241,465 0.35
28-Sep-2018 Purchase 34,489 0.01 1,275,954 0.36
Ishares Core Emerging Markets Mauritius Co
1-Oct-2017 At the beginning of the 579,367 0.16
year
06-Oct-2017 Purchase 998 0.00 580,365 0.16
13-Oct-2017 Purchase 14,471 0.00 594,836 0.17
20-Oct-2017 Purchase 8,483 0.00 603,319 0.17
03-Nov-2017 Purchase 1,996 0.00 605,315 0.17
24-Nov-2017 Purchase 2,495 0.00 607,810 0.17
01-Dec-2017 Purchase 2,495 0.00 610,305 0.17
15-Dec-2017 Purchase 2,994 0.00 613,299 0.17
22-Dec-2017 Purchase 998 0.00 614,297 0.17
29-Dec-2017 Purchase 2,455 0.00 616,752 0.17
12-Jan-2018 Purchase 18,167 0.01 634,919 0.18
19-Jan-2018 Purchase 13,748 0.00 648,667 0.18
26-Jan-2018 Purchase 4,419 0.00 653,086 0.18

of the Company
Company
29-Jan-2018 Purchase 1,473 0.00 654,559 0.18
02-Feb-2018 Purchase 6,383 0.00 660,942 0.19
23-Feb-2018 Purchase 18,167 0.01 679,109 0.19
02-Mar-2018 Purchase 2,455 0.00 681,564 0.19
09-Mar-2018 Purchase 982 0.00 682,546 0.19
16-Mar-2018 Purchase 14,239 0.00 696,785 0.20
23-Mar-2018 Purchase 1,473 0.00 698,258 0.20
30-Mar-2018 Purchase 2,946 0.00 701,204 0.20
06-Apr-2018 Purchase 6,874 0.00 708,078 0.20
13-Apr-2018 Purchase 5,892 0.00 713,970 0.20
20-Apr-2018 Purchase 8,347 0.00 722,317 0.20
27-Apr-2018 Purchase 4,910 0.00 727,227 0.20
20-Jul-2018 Purchase 1,964 0.00 729,191 0.20
27-Jul-2018 Purchase 4,910 0.00 734,101 0.21
03-Aug-2018 Purchase 23,077 0.01 757,178 0.21
10-Aug-2018 Purchase 27,669 0.01 784,847 0.22
31-Aug-2018 Purchase 5,566 0.00 790,413 0.22
07-Sep-2018 Purchase 3,725 0.00 794,138 0.22
28-Sep-2018 Purchase 7,217 0.00 801,355 0.23
30-Sep-2018 At the end of the year 801,355 0.23
Ishares India Index Mauritius Company
year
06-Oct-2017 Sale (1,656) 0.00 837,235 0.24
13-Oct-2017 Sale (536) 0.00 836,699 0.23
20-Oct-2017 Sale (524) 0.00 836,175 0.23
27-Oct-2017 Sale (791) 0.00 835,384 0.23
08-Dec-2017 Sale (9,225) 0.00 826,159 0.23
05-Jan-2018 Sale (3,371) 0.00 822,788 0.23
12-Jan-2018 Purchase 7,532 0.00 830,320 0.23
19-Jan-2018 Purchase 1,076 0.00 831,396 0.23
26-Jan-2018 Purchase 2,690 0.00 834,086 0.23
29-Jan-2018 Purchase 2,421 0.00 836,507 0.23
02-Feb-2018 Purchase 2,421 0.00 838,928 0.24
09-Feb-2018 Sale (1,614) 0.00 837,314 0.24
16-Feb-2018 Sale (3,497) 0.00 833,817 0.23
02-Mar-2018 Sale (6,916) 0.00 826,901 0.23
09-Mar-2018 Sale (801) 0.00 826,100 0.23
27-Apr-2018 Sale (6,219) 0.00 819,881 0.23
11-May-2018 Sale (1,608) 0.00 818,273 0.23
18-May-2018 Sale (4,824) 0.00 813,449 0.23
25-May-2018 Sale (17,420) 0.00 796,029 0.22
01-Jun-2018 Sale (28,792) (0.01) 767,237 0.22
08-Jun-2018 Sale (2,620) 0.00 764,617 0.21
15-Jun-2018 Sale (3,199) 0.00 761,418 0.21
22-Jun-2018 Sale (2,088) 0.00 759,330 0.21

Form No. MGT-9
(as amended)

of the Company
Company
29-Jun-2018 Sale (5,220) 0.00 754,110 0.21
06-Jul-2018 Sale (1,566) 0.00 752,544 0.21
27-Jul-2018 Purchase 2,751 0.00 755,295 0.21
31-Aug-2018 Sale (5,502) 0.00 749,793 0.21
07-Sep-2018 Sale (12,915) 0.00 736,878 0.21
14-Sep-2018 Purchase 1,554 0.00 738,432 0.21
21-Sep-2018 Purchase 5,274 0.00 743,706 0.21
Abu Dhabi Investment Authority
year
06-Oct-2017 Sale (9,034) 0.00 703,766 0.20
17-Nov-2017 Sale (28,510) (0.01) 675,256 0.19
24-Nov-2017 Sale (50,684) (0.01) 624,572 0.18
01-Dec-2017 Sale (1,087) 0.00 623,485 0.18
23-Mar-2018 Sale (1,542) 0.00 621,943 0.17
30-Mar-2018 Sale (3,015) 0.00 618,928 0.17
30-Mar-2018 Purchase 3,015 0.00 621,943 0.17
06-Apr-2018 Sale (3,015) 0.00 618,928 0.17
04-May-2018 Sale (631) 0.00 618,297 0.17
04-May-2018 Purchase 631 0.00 618,928 0.17
11-May-2018 Sale (631) 0.00 618,297 0.17
01-Jun-2018 Sale (6,640) 0.00 611,657 0.17
29-Jun-2018 Purchase 60,272 0.02 671,929 0.19
06-Jul-2018 Sale (60,272) (0.02) 611,657 0.17
06-Jul-2018 Purchase 75,338 0.02 686,995 0.19
20-Jul-2018 Sale (17,815) (0.01) 669,180 0.19
27-Jul-2018 Sale (9,791) 0.00 659,389 0.19
03-Aug-2018 Sale (1,791) 0.00 657,598 0.18
10-Aug-2018 Sale (4,936) 0.00 652,662 0.18
10-Aug-2018 Purchase 4,936 0.00 657,598 0.18
17-Aug-2018 Sale (2,468) 0.00 655,130 0.18
24-Aug-2018 Sale (2,468) 0.00 652,662 0.18

9 6+$5(+2/',1*2)',5(&7256$1'.(<0$1$*(5,$/3(56211(/
Sr. 1DPH RI 'LUHFWRU Date Remarks Shareholding at the Cumulative

No. Key Managerial beginning of the year Shareholding during
Personnel the year
No. of % of total No. of % of total
Shares Shares Shares Shares
of the of the
Company Company
1. Ms. Harsha S. Parekh 1-Oct-2017 At the beginning of
(jointly held with the year 9,000 0.0025
Mr. Deepak S. Parekh) 30-Sep-2018 At the end of the year 9,000 0.0025 9,000 0.0025
2. Mr. Darius C. Shroff 1-Oct-2017 At the beginning of
the year 9,000 0.0025
30-Sep-2018 At the end of the year 9,000 0.0025 9,000 0.0025
3. Mr. Yezdi H. Malegam 1-Oct-2017 At the beginning of
the year 8,000 0.0022
30-Sep-2018 At the end of the year 8,000 0.0022 8,000 0.0022
1RQHRIWKHRWKHU'LUHFWRUVDQG.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\KHOGHTXLW\VKDUHVRIWKH&RPSDQ\GXULQJ
FY 2017-18.
9, ,1'(%7('1(66
The Company had no indebtedness with respect to Secured or Unsecured Loans or Deposits as on 30th September 2018.
9,, 5(081(5$7,212)',5(&7256$1'.(<0$1$*(5,$/3(56211(/
$ 5(081(5$7,21720$1$*,1*',5(&725:+2/(7,0(',5(&7256$1'250$1$*(5
(` in million)
Sr. Particulars of Remuneration 1DPHRI0DQDJLQJ'LUHFWRU Total
No. Whole-time Director Amount
(Managing Director and (Executive Director and
&KLHI([HFXWLYH2IƉFHU &KLHI)LQDQFLDO2IƉFHU
1. Gross salary
(a) Salary as per provisions contained in 106.85 48.87 155.72
Section 17(1) of the Income-tax Act, 1961
E 9DOXH RI SHUTXLVLWHV XQGHU 17.83 10.29 28.12
F 3URƉWV LQ OLHX RI VDODU\ XQGHU -- -- --
2. Stock Option 14.44 12.39 26.83
3. 6ZHDW(TXLW\ -- -- --
4. Commission -- -- --
DVRISURƉW
- others
5. Others (Contribution to Provident Fund) 2.27 -- 2.27
7RWDO$ 71.55
Ceiling as per the Act 1,475.40

Form No. MGT-9
(as amended)
% 5(081(5$7,217227+(5',5(&7256
(` in million)
Sr. Particulars of Name of Directors Total

No. Remuneration Amount
1. Independent Mr. Deepak Mr. Darius Mr. Yezdi Mr. Keki Mr. Mehernosh
Directors Parekh Shroff Malegam Dadiseth B. Kapadia
(Chairman)
Fees for 0.90 0.60 0.85 0.45 0.25 3.05
attending Board
/ Committee
meetings
Commission* 5.45 2.78 4.24 2.78 1.00 16.25
Others -- -- -- -- -- --
7RWDO 6.35 3.38 5.09 3.23 1.25
2. Other Non-executive Directors**
Fees for attending Board / Committee meetings** NA
Commission** NA
Others Nil
7RWDO Nil
7RWDO%
Total Managerial Remuneration# 229.19
Overall Ceiling as per the Act 1,622.94
* Subject to the approval of Annual Financial Statements for FY 2017-18 by the Members at the 61st Annual
General Meeting to be held on 6th February 2019.
** Mr. Josef Kaeser, Mr. Johannes Apitzsch, Ms. Mariel von Schumann and Mr. Cedrik Neike, all being
Non-executive Directors of the Company during FY 2017-18, have opted not to accept any sitting fees and
commission.
#
Exclusive of sitting fees paid to the Independent Directors.
& 5(081(5$7,21 72 .(< 0$1$*(5,$/ 3(56211(/ 27+(5 7+$1 0$1$*,1* ',5(&725 0$1$*(5
:+2/(7,0(',5(&7256
(` in million)
Sr. Particulars of Remuneration to Key Managerial Personnel Mr. Ketan Thaker
No. (Company Secretary)
1. Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 5.38
E 9DOXHRISHUTXLVLWHVXQGHU6HFWLRQRIWKH,QFRPHWD[$FW --
F 3URƉWVLQOLHXRIVDODU\XQGHU6HFWLRQRIWKH,QFRPHWD[$FW --
2. Stock Option --
3. 6ZHDW(TXLW\ --
4. Commission --
DVRISURƉW
- others
5. Others (Contribution to Provident Fund) 0.23
7RWDO& 5.61

9,,, 3(1$/7,(6381,6+0(17&203281',1*2)2))(1&(6
'XULQJWKH\HDUQRSHQDOWLHVZHUHOHYLHGDJDLQVWWKH&RPSDQ\LWV'LUHFWRUVRUDQ\RILWVRIƉFHUVXQGHUWKH$FWQRUZDV
WKHUHDQ\SXQLVKPHQWRUFRPSRXQGLQJRIRIIHQFHVDJDLQVWWKH&RPSDQ\LWV'LUHFWRUVRUDQ\RILWVRIƉFHUV

For Siemens Limited
Deepak S. Parekh
Chairman
DIN: 00009078
Goa

Annexure IX to the Directors’ Report
Form No. AOC-2
Pursuant to clause (h) of sub–section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014
(as amended)
)RUPIRUGLVFORVXUHRISDUWLFXODUVRIFRQWUDFWVDUUDQJHPHQWVHQWHUHGLQWRE\WKH&RPSDQ\ZLWKUHODWHGSDUWLHVUHIHUUHG
WRLQVXEVHFWLRQRI6HFWLRQRIWKH$FWLQFOXGLQJFHUWDLQDUP·VOHQJWKWUDQVDFWLRQVXQGHUWKLUGSURYLVRWKHUHWR
'HWDLOVRIFRQWUDFWVRUDUUDQJHPHQWVRUWUDQVDFWLRQVQRWDWDUP·VOHQJWKEDVLVNil
'HWDLOVRIPDWHULDOFRQWUDFWVRUDUUDQJHPHQWVRUWUDQVDFWLRQVDWDUP·VOHQJWKEDVLVNil

For Siemens Limited
Deepak S. Parekh
Chairman
DIN: 00009078
Goa

Annexure X to the Directors’ Report
Particulars of Loans, Guarantees or Investments
Particulars of Loans, Guarantees or Investments

(` in million)
Sr. 1DWXUHRIWUDQVDFWLRQORDQVJLYHQ Purpose for which As at As at Maximum

No. LQYHVWPHQWVPDGHJXDUDQWHHVJLYHQ ORDQJXDUDQWHHV outstanding
VHFXULW\SURYLGHG VHFXULW\LV during the
proposed to be year
utilised by the
recipient
1. /RDQVDQG$GYDQFHV
Siemens Financial Services Private Limited 8,140 5,800 9,400
Siemens Factoring Private Limited Working capital and 525 0 525

general corporate
Siemens Rail Automation Private Limited purpose 0 150 175
Siemens Technology and Services Private Limited 0 0 800
Siemens Convergence Creators Private Limited 0 180 200
,QYHVWPHQW
Siemens Rail Automation Private Limited (TXLW\LQYHVWPHQW 550 550 Not Applicable

For Siemens Limited
Deepak S. Parekh
Chairman
DIN: 00009078
Goa

Annexure XI to the Directors’ Report
Form No. MR-3
Secretarial Audit Report
SECRETARIAL AUDIT REPORT

)257+(),1$1&,$/<($5(1'('TH6(37(0%(5
(Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014)
To,
The Members,
SIEMENS LIMITED
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by Siemens Limited (hereinafter called the Company). Secretarial Audit was conducted in a manner that
provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
%DVHGRQRXUYHULƉFDWLRQRIWKH&RPSDQ\·VERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVƉOHGDQGRWKHUUHFRUGVPDLQWDLQHG
E\ WKH &RPSDQ\ WKH LQIRUPDWLRQ SURYLGHG E\ WKH &RPSDQ\ LWV RIƉFHUV DJHQWV DQG DXWKRULVHG UHSUHVHQWDWLYHV GXULQJ WKH
FRQGXFWRIVHFUHWDULDODXGLWWKHH[SODQDWLRQVDQGFODULƉFDWLRQVJLYHQWRXVDQGWKHUHSUHVHQWDWLRQVPDGHE\WKH0DQDJHPHQW
ZHKHUHE\UHSRUWWKDWLQRXURSLQLRQWKH&RPSDQ\KDVGXULQJWKHDXGLWSHULRGFRYHULQJWKHƉQDQFLDO\HDUHQGHGth September
2018, complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and
compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
:H KDYH H[DPLQHG WKH ERRNV SDSHUV PLQXWH ERRNV IRUPV DQG UHWXUQV ƉOHG DQG RWKHU UHFRUGV PDGH DYDLODEOH WR XV DQG
PDLQWDLQHGE\WKH&RPSDQ\IRUWKHƉQDQFLDO\HDUHQGHGth September 2018 according to the provisions of:
(i) The Companies Act, 2013 (‘the Act‘ ) and the rules made thereunder;
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’)
D 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6XEVWDQWLDO$FTXLVLWLRQRI6KDUHVDQG7DNHRYHUV5HJXODWLRQV
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
F 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD,VVXHRI&DSLWDODQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQVDQG
amendments from time to time; (Not applicable to the Company during the audit period)
G 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6KDUH%DVHG(PSOR\HH%HQHƉWV5HJXODWLRQV1RWDSSOLFDEOHWR
the Company during the audit period)
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (Not applicable
to the Company during the audit period)
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client; (Not applicable to the Company during the audit period)
J 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD'HOLVWLQJRI(TXLW\6KDUHV5HJXODWLRQV1RWDSSOLFDEOHWRWKH
Company during the audit period) and;
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998 and The Securities and
Exchange Board of India (Buyback of Securities) Regulations, 2018; (Not applicable to the Company during the
audit period).
YL 2WKHUODZVDSSOLFDEOHVSHFLƉFDOO\WRWKH&RPSDQ\QDPHO\
(a) The Air (Prevention & Control of Pollution) Act, 1981.
(b) Batteries (Management and Handling) Rules, 2001.
(c) Environment (Protection) Act, 1986.
(d) Explosives Act, 1884.
(e) The Factories Act, 1948.
(f) Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016.
(g) The Industries (Development and Regulation) Act, 1951.
(h) The Water (Prevention and Control of Pollution) Act, 1974.
(i) The Water (Prevention and Control of Pollution) Cess Act, 1977.

We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India with respect to Board and General Meetings.
(ii) The Listing Agreements entered into by the Company with BSE Limited and National Stock Exchange of India Limited read
ZLWKWKH6(%,/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV
During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
standards etc. mentioned above.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-executive Directors
and Independent Directors. The change in the composition of the Board of Directors that took place during the period under
review is carried out in compliance with the provisions of the Act.
$GHTXDWHQRWLFHZDVJLYHQWRDOOGLUHFWRUVWRVFKHGXOHWKH%RDUG0HHWLQJVDJHQGDDQGGHWDLOHGQRWHVRQDJHQGDZHUHVHQW
DWOHDVWVHYHQGD\VLQDGYDQFHIRUPHHWLQJVDQGDV\VWHPH[LVWVIRUVHHNLQJDQGREWDLQLQJIXUWKHULQIRUPDWLRQDQGFODULƉFDWLRQV
on the agenda items before the meeting and for meaningful participation at the meeting.
Decisions at the Board Meetings were taken unanimously.
:HIXUWKHUUHSRUWWKDWWKHUHDUHDGHTXDWHV\VWHPVDQGSURFHVVHVLQWKH&RPSDQ\FRPPHQVXUDWHZLWKWKHVL]HDQGRSHUDWLRQV
of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines etc.
We further report that during the audit period no events occurred which had bearing on the Company’s affairs in pursuance of
the above referred laws, rules, regulations, guidelines etc.
For Parikh Parekh & Associates
Company Secretaries
P. N. Parikh
Partner
FCS No: 327 CP No: 1228
Mumbai
This Report is to be read with our letter of even date which is annexed as Annexure A and Forms an integral part of this report.
¶$QQH[XUH$·
To,
The Members
SIEMENS LIMITED
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express
an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness
RIWKHFRQWHQWVRIWKHVHFUHWDULDOUHFRUGV7KHYHULƉFDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWVDUHUHƋHFWHG
in secretarial records. We believe that the process and practices, we followed provide a reasonable basis for our opinion.
:HKDYHQRWYHULƉHGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRIƉQDQFLDOUHFRUGVDQG%RRNVRI$FFRXQWVRIWKH&RPSDQ\
:KHUHYHUUHTXLUHGZHKDYHREWDLQHGWKH0DQDJHPHQWUHSUHVHQWDWLRQDERXWWKH&RPSOLDQFHRIODZVUXOHVDQGUHJXODWLRQV
and happening of events etc.
5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility
RIPDQDJHPHQW2XUH[DPLQDWLRQZDVOLPLWHGWRWKHYHULƉFDWLRQRISURFHGXUHRQWHVWEDVLV
7KH 6HFUHWDULDO $XGLW UHSRUW LV QHLWKHU DQ DVVXUDQFH DV WR WKH IXWXUH YLDELOLW\ RI WKH &RPSDQ\ QRU RI WKH HIƉFDF\ RU
effectiveness with which the management has conducted the affairs of the Company.
For Parikh Parekh & Associates
Company Secretaries
P. N. Parikh
Partner
FCS No: 327 CP No: 1228
Mumbai
Business Responsibility Report - Abstract
“Ingenuity for life” describes our unrelenting drive and promise to create value for customers, employees and societies.“ For
life” relates to our role in society: to make real what matters. We deliver on this promise by combining our innovation with our
NQRZKRZƔLQWKHDUHDVRIHOHFWULƉFDWLRQDQGDXWRPDWLRQHQKDQFHGE\GLJLWDOL]DWLRQƔDLPLQJDWLPSURYLQJWKHOLYHVRISHRSOH
today and creating lasting value for future generations.
PEOPLE Sustainability at Siemens is a key enabler of our strategy

program. We are guided by responsible business practices in
We contribute to the sustainable development of societies our interactions with external and internal stakeholders. We
with our portfolio, local operations and thought leadership. are convinced that sustainability is a business opportunity,
HVSHFLDOO\ LQ WKH VHQVH RI HQHUJ\ DQG UHVRXUFH HIƉFLHQF\
We foster long-term relationships with local societies and a key element for our aim to be the employer of choice.
through Corporate Citizenship projects jointly with partners. Responsible business practices are an essential part of
corporate world.
We live a zero-harm culture and promote the health of our
employees. The Siemens Business Responsibility Reporting (BRR) is the
practice of setting standards, measuring, disclosing, and
We live a culture of leadership based on common values, being accountable for organizational performance while
innovation mindset, people orientation and diversity. working towards the goal of responsible and sustainable
development. Siemens Limited is committed to acting
responsibly to achieve economic, environmental and social
PLANET progress and has policies against each principle which help
achieve progress in business responsibility.
:HHQDEOHRXUFXVWRPHUVWRLQFUHDVHHQHUJ\HIƉFLHQF\VDYH Our understanding of sustainability is fully based on our
resources and reduce carbon emissions. Company values – responsible, excellent and innovative.
:H GHƉQH VXVWDLQDEOH GHYHORSPHQW DV WKH PHDQV WR
We develop our products, solutions and services based on a
DFKLHYH SURƉWDEOH DQG ORQJWHUP JURZWK $W 6LHPHQV ZH
life-cycle perspective and sound eco-design standards. have a clear commitment to think and act in the interest
We minimize the environmental impacts of our own RIIXWXUHJHQHUDWLRQVEDODQFLQJ3HRSOH3ODQHWDQG3URƉW
operations by applying environmental management Ethics, Transparency and Accountability
programs. Siemens holds the highest standards of integrity and
behavior, ensuring compliance and adherence to the law
and internal regulations through the Siemens Compliance
PROFIT System. Siemens has zero tolerance for corruption and
violations of the principles of fair competition. Siemens
We contribute to our customers’ competitiveness with our has adopted the Business Conduct Guidelines (BCG), which
products, solutions and services. details the minimum acceptable ethical and responsible
business practices for employees, channel partners,
We partner with our customers to identify and develop suppliers, vendors, NGOs and contractors. The Company
sustainability-related business opportunities. is committed to transparency and best practices which are
also extended to suppliers through the Code of Conduct for
:HRSHUDWHDQHIƉFLHQWDQGUHVLOLHQWVXSSO\FKDLQWKURXJK suppliers.
supplier code of conduct, risk management and capacity
This code warrants compliance with laws prohibiting
building.
child labour, taking responsibility for the health and
We proactively engage with our stakeholders to manage safety of their employees and ensuring that suppliers act
project and reputational risks and identify business-relevant in accordance with applicable statutory and international
trends.
standards regarding environmental protection. Similarly, all
channel partners are covered through Code of Conduct for
We adhere to the highest compliance and anti-corruption Channel Partners.
standards and promote integrity via the Siemens Integrity The communication of the code of conduct is done on a
Initiative. regular basis. TELL US, the whistleblower hotline, further
demonstrates our commitment to compliance.
Sustainable Products and Services

Siemens’ technical expertise, comprehensive portfolio and long-standing experience are helping to pioneer a sustainable
future across the globe. Advanced algorithms, high-powered computing, better connectivity and cloud storage all facilitate the
HPHUJHQFHRIVPDUWV\VWHPV.QRZLQJKRZWROHYHUDJHWKHUHVSHFWLYHRSSRUWXQLWLHVKRZHYHUUHTXLUHVDXQLTXHVHWRIVNLOOV
Siemens has the engineering, domain and digital know-how to generate performance improvements across the entire value
chain, from design to production and operations to maintenance. Siemens through efforts such as strict Code of Conduct,

([WHUQDO6XVWDLQDELOLW\$XGLWV(6$IRU6XSSOLHUVDQGDQHIƉFLHQW9HQGRU0RQLWRULQJV\VWHPHQVXUHVVXVWDLQDELOLW\WKURXJKRXW
the value chain. 87% of materials are sourced from third party suppliers were procured within the boundary of India out of
which 30% were sourced from micro, small and medium enterprises (MSMEs).
Among the highlights are three of our solutions that has led to reduction of use of resources during the operation: Boiler
&RPEXVWLRQ2SWLPL]DWLRQ6ROXWLRQIRU&RDO3RZHU3ODQWV'HPDQG)ORZ6LHPHQV8QLTXH3DWHQWHG&KLOOHUSODQWDXWRPDWLRQ
technology and Hotel load convertor for WAG7 locomotives.
The digitalized factory that we inaugurated a year ago is proof of how adopting digitalization will help Indian industry, specially
small and medium enterprises (SMEs), achieve manufacturing excellence. SMEs can utilize digitalization to address growing
demands such as mastering increasing product and process complexity, reducing time to market, adapting to changing market
UHTXLUHPHQWVGHOLYHULQGLYLGXDOL]HGSURGXFWVDQGVHFXUHFRQWLQXRXVSURGXFWLPSURYHPHQW
Wellbeing of Employees
Siemens being a responsible company is committed to wellbeing of its employees. Siemens Health Management provides
RFFXSDWLRQDOKHDOWKVHUYLFHVDWLWVFHQWUHVDWDOORIƉFHV VLWHVDFURVV,QGLDDORQJZLWKHPHUJHQF\PHGLFDOVHUYLFHV$VSDUWRI
WKH+HDOWK\#6LHPHQVSURJUDPDQHHGEDVHGWDUJHWHGTXDUWHUO\SURJUDP´)LW/LIHµKDVEHHQODXQFKHGWRHQVXUHDKHDOWK\
work life balance. There are sensitization programs for employee delegations both coming in and going out from the country
about the possible health hazards in the host countries and ways to address them.
Siemens supports collective bargaining. Through continual dialogue with associations the Company strives to maintain
cordial relationships with employees and work towards their welfare. Siemens has a governance structure in place to address
complaints related to child labour, forced labour, involuntary labour and discrimination or harassment of any kind. There is a
VHSDUDWHFRPPLWWHHWRKDQGOHVH[XDOKDUDVVPHQWFDVHVZLWKVHQVLWLYLW\DQGFRQƉGHQWLDOLW\ZKLFKLVKHDGHGE\DQLQGHSHQGHQW
non-governmental organization (NGO) representative.
Responsiveness to all Stakeholders
Siemens has mapped investors, employees, customers, suppliers, business partners and civil society organizations as stakeholders.
The Company engages with permanent employees through engagement surveys and periodic worker settlement reviews. The
H[WHUQDOVKDUHKROGHUVDUHHQJDJHGWKURXJKGHƉQHGDFWLYLWLHVVXFKDVFXVWRPHUHYHQWVVXSSOLHUDQGFKDQQHOSDUWQHUPHHWDQG
small and medium enterprise (SME) training.
The marginalized and disadvantaged communities
whose welfare Siemens works towards include, tribal
communities, less privileged youth, students from
low-socio economic background, women who are
underserved from healthcare facilities and future
workers in the unorganized sector. Siemens’s CSR
portfolio effectively addresses these issues through
its various projects.
Protection of Human Rights
Siemens respects human rights. The Business Conduct
Guidelines are in line with the U.N Human Rights
Declaration, European Human Rights Convention as
well as ILO Principles. All suppliers, vendors, channel
partners and other business partners associated with
the Company have to commit to the Siemens Code
of Conduct which incorporates principles of Human
Rights.
Protection of Environment
At the Vadodara site in India, employees put the desire for Siemens’ commitment towards clean technology and
sustainable water management into practice with a mix of HQHUJ\HIƉFLHQF\LVQRWOLPLWHGWRWKHGHVLJQRIQHZ
commitment and ingeniously deployed technology. products but extends to the manufacturing plants as
well. The initiatives this year were mainly centered
Business Responsibility Report - Abstract
over Energy Conservation, Water Conservation and Waste Management. In addition to initiatives which continued from the last
\HDUIXUWKHUQHZLQLWLDWLYHVZHUHLGHQWLƉHGLQ)LQDQFLDO<HDUIRU(QHUJ\&RQVHUYDWLRQ
Public Policy Engagement
6LHPHQVLQƋXHQFHVDIƉUPDWLYHVXVWDLQDELOLW\DFWLRQVDQGHQDEOHVWHFKQRORJ\WKURXJKVKDULQJRIEHVWSUDFWLFHV7KH&RPSDQ\
is a member of various Technical Committees of BIS and is on the Executive / Subject Councils and is represented in trade and
industry associations.
Inclusive Growth and Equitable Development
Siemens CSR policy is governed by the Corporate Citizenship Strategy which focuses on integrating community development
issues with business strategies to leverage the Company’s core competencies while addressing community needs. The policy has
seven focus areas under three main pillars – Education, Environment and Social under which various initiatives are undertaken as
responsibility to foster sustainable local development as well as add value to the local economy in which the Company operate.
Customer Satisfaction
As per well-established practice, Siemens measures customer satisfaction every year across all sectors based on uniform and
harmonized Net Promoter Score (NPS) methodology. NPS is an internationally followed and recognized tool based on the
commonly-applied managerial performance indicator. Our NPS score, which has tripled over the past four years, has been an
important measure of success of the Customer First Program launched in 2014. In addition to the Annual Corporate Survey,
customer feedback is gathered at the end of key customer interactions, during project management as well as service delivery.
The input is critically analyzed for bringing about continual improvements as our responsibility to foster sustainable local
development as well as add value to the local economy in which it operates.
In light of the green initiative full text of the Business Responsibility Report - 2018 can be accessed at http://www.siemens.co.in/
en/index/investor/annual_report.htm.
Installing an innovative Demand Flow solution, for Hyatt Regency, Delhi, led to reduced power consumption,
VLPSOLƊHGV\VWHPRSHUDWLRQLPSURYHGLQGRRUHQYLURQPHQWDOTXDOLW\DQGUHGXFHGPDLQWHQDQFH

INDEPENDENT AUDITOR’S REPORT
To the Members of Siemens Limited
Report on the Standalone Ind AS Financial Statements PLVVWDWHPHQWRIWKHVWDQGDORQH,QG$6ƉQDQFLDOVWDWHPHQWV

ZKHWKHUGXHWRIUDXGRUHUURU,QPDNLQJWKRVHULVNDVVHVVPHQWV
We have audited the accompanying standalone Ind AS
WKHDXGLWRUFRQVLGHUVLQWHUQDOƉQDQFLDOFRQWUROUHOHYDQWWRWKH
ƉQDQFLDO VWDWHPHQWV RI 6LHPHQV /LPLWHG ´WKH &RPSDQ\µ
&RPSDQ\·V SUHSDUDWLRQ RI WKH VWDQGDORQH ,QG $6 ƉQDQFLDO
ZKLFKFRPSULVHWKH%DODQFH6KHHWDVDW6HSWHPEHU
VWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZLQRUGHUWRGHVLJQ
WKH6WDWHPHQWRI3URƉWDQG/RVVLQFOXGLQJWKHVWDWHPHQWRI
DXGLW SURFHGXUHV WKDW DUH DSSURSULDWH LQ WKH FLUFXPVWDQFHV
2WKHU&RPSUHKHQVLYH,QFRPHWKH&DVK)ORZ6WDWHPHQWDQG
$Q DXGLW DOVR LQFOXGHV HYDOXDWLQJ WKH DSSURSULDWHQHVV RI
WKH6WDWHPHQWRI&KDQJHVLQ(TXLW\IRUWKH\HDUWKHQHQGHG
DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI WKH
DQGDVXPPDU\RIVLJQLƉFDQWDFFRXQWLQJSROLFLHVDQGRWKHU
DFFRXQWLQJ HVWLPDWHV PDGH E\ WKH &RPSDQ\·V 'LUHFWRUV DV
H[SODQDWRU\LQIRUPDWLRQ
ZHOODVHYDOXDWLQJWKHRYHUDOOSUHVHQWDWLRQRIWKHVWDQGDORQH
Management’s Responsibility for the Standalone Financial ,QG $6 ƉQDQFLDO VWDWHPHQWV :H EHOLHYH WKDW WKH DXGLW
Statements HYLGHQFH ZH KDYH REWDLQHG LV VXIƉFLHQW DQG DSSURSULDWH WR
SURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKHVWDQGDORQH,QG$6
7KH &RPSDQ\·V %RDUG RI 'LUHFWRUV LV UHVSRQVLEOH IRU WKH
ƉQDQFLDOVWDWHPHQWV
PDWWHUVVWDWHGLQ6HFWLRQRIWKH&RPSDQLHV$FW
´WKH$FWµZLWKUHVSHFWWRWKHSUHSDUDWLRQRIWKHVHVWDQGDORQH Opinion
,QG$6ƉQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRI
,Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG
WKHƉQDQFLDOSRVLWLRQƉQDQFLDOSHUIRUPDQFHLQFOXGLQJRWKHU
DFFRUGLQJ WR WKH H[SODQDWLRQV JLYHQ WR XV WKH VWDQGDORQH
FRPSUHKHQVLYH LQFRPH FDVK ƋRZV DQG FKDQJHV LQ HTXLW\
,QG$6ƉQDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\
RI WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK DFFRXQWLQJ SULQFLSOHV
WKH $FW LQ WKH PDQQHU VR UHTXLUHG DQG JLYH D WUXH DQG IDLU
JHQHUDOO\DFFHSWHGLQ,QGLDLQFOXGLQJWKH,QGLDQ$FFRXQWLQJ
6WDQGDUGV ,QG $6 VSHFLƉHG XQGHU VHFWLRQ RI WKH $FW YLHZ LQ FRQIRUPLW\ ZLWK WKH DFFRXQWLQJ SULQFLSOHV JHQHUDOO\
UHDG ZLWK WKH &RPSDQLHV ,QGLDQ $FFRXQWLQJ 6WDQGDUGV DFFHSWHGLQ,QGLDRIWKHVWDWHRIDIIDLUVRIWKH&RPSDQ\DVDW
5XOHV DV DPHQGHG 7KLV UHVSRQVLELOLW\ DOVR LQFOXGHV 6HSWHPEHULWVSURƉWLQFOXGLQJRWKHUFRPSUHKHQVLYH
PDLQWHQDQFHRIDGHTXDWHDFFRXQWLQJUHFRUGVLQDFFRUGDQFH LQFRPHLWVFDVKƋRZVDQGWKHFKDQJHVLQHTXLW\IRUWKH\HDU
ZLWKWKHSURYLVLRQVRIWKH$FWIRUVDIHJXDUGLQJRIWKHDVVHWV HQGHGRQWKDWGDWH
RIWKH&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQG Report on Other Legal and Regulatory Requirements
RWKHU LUUHJXODULWLHV VHOHFWLRQ DQG DSSOLFDWLRQ RI DSSURSULDWH
accounting policies; making judgments and estimates that $VUHTXLUHGE\WKH&RPSDQLHV$XGLWRU·VUHSRUW2UGHU
DUHUHDVRQDEOHDQGSUXGHQWDQGWKHGHVLJQLPSOHPHQWDWLRQ ´WKH 2UGHUµ LVVXHG E\ WKH &HQWUDO *RYHUQPHQW
DQG PDLQWHQDQFH RI DGHTXDWH LQWHUQDO ƉQDQFLDO FRQWURO RI,QGLDLQWHUPVRIVXEVHFWLRQRIVHFWLRQRI
WKDW ZHUH RSHUDWLQJ HIIHFWLYHO\ IRU HQVXULQJ WKH DFFXUDF\ WKH$FWZHJLYHLQWKH$QQH[XUHDVWDWHPHQWRQWKH
DQG FRPSOHWHQHVV RI WKH DFFRXQWLQJ UHFRUGV UHOHYDQW WR PDWWHUVVSHFLƉHGLQSDUDJUDSKVDQGRIWKH2UGHU
WKH SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKH 6WDQGDORQH ,QG $6 $V UHTXLUHG E\ VHFWLRQ RI WKH $FW ZH UHSRUW
ƉQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUHIUHH that:
IURPPDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
D :HKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQ
Auditor’s Responsibility DQG H[SODQDWLRQV ZKLFK WR WKH EHVW RI RXU
Our responsibility is to express an opinion on these standalone NQRZOHGJH DQG EHOLHI ZHUH QHFHVVDU\ IRU WKH
,QG $6 ƉQDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW :H KDYH SXUSRVHRIRXUDXGLW
WDNHQLQWRDFFRXQWWKHSURYLVLRQVRIWKH$FWWKHDFFRXQWLQJ E ,Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV
DQGDXGLWLQJVWDQGDUGVDQGPDWWHUVZKLFKDUHUHTXLUHGWREH UHTXLUHGE\ODZKDYHEHHQNHSWE\WKH&RPSDQ\
LQFOXGHGLQWKHDXGLWUHSRUWXQGHUWKHSURYLVLRQVRIWKH$FW VRIDUDVLWDSSHDUVIURPRXUH[DPLQDWLRQRIWKRVH
DQGWKH5XOHVPDGHWKHUHXQGHU:HFRQGXFWHGRXUDXGLWRI books;
WKH VWDQGDORQH ,QG $6 ƉQDQFLDO VWDWHPHQWV LQ DFFRUGDQFH
ZLWK WKH 6WDQGDUGV RQ $XGLWLQJ LVVXHG E\ WKH ,QVWLWXWH RI F 7KH%DODQFH6KHHW6WDWHPHQWRI3URƉWDQG/RVV
&KDUWHUHG $FFRXQWDQWV RI ,QGLD DV VSHFLƉHG XQGHU 6HFWLRQ LQFOXGLQJWKH6WDWHPHQWRI2WKHU&RPSUHKHQVLYH
RIWKH$FW7KRVH6WDQGDUGVUHTXLUHWKDWZHFRPSO\ ,QFRPHWKH&DVK)ORZ6WDWHPHQWDQG6WDWHPHQW
ZLWK HWKLFDO UHTXLUHPHQWV DQG SODQ DQG SHUIRUP WKH DXGLW RI&KDQJHVLQ(TXLW\GHDOWZLWKE\WKLV5HSRUWDUH
WRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHƉQDQFLDO LQDJUHHPHQWZLWKWKHERRNVRIDFFRXQW
VWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
G ,Q RXU RSLQLRQ WKH DIRUHVDLG VWDQGDORQH ,QG $6
$Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW ƉQDQFLDOVWDWHPHQWVFRPSO\ZLWKWKH$FFRXQWLQJ
HYLGHQFHDERXWWKHDPRXQWVDQGGLVFORVXUHVLQWKHƉQDQFLDO 6WDQGDUGV VSHFLƉHG XQGHU VHFWLRQ RI WKH
VWDWHPHQWV7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRU·V $FW UHDG ZLWK &RPSDQLHV ,QGLDQ $FFRXQWLQJ
MXGJPHQW LQFOXGLQJ WKH DVVHVVPHQW RI WKH ULVNV RI PDWHULDO 6WDQGDUGV5XOHVDVDPHQGHG
H 2QWKHEDVLVRIZULWWHQUHSUHVHQWDWLRQVUHFHLYHG SRVLWLRQ LQ LWV VWDQGDORQH ,QG $6 ƉQDQFLDO

IURPWKHGLUHFWRUVDVRQ6HSWHPEHUDQG VWDWHPHQWV Ɣ 5HIHU 1RWH E WR WKH
WDNHQRQUHFRUGE\WKH%RDUGRI'LUHFWRUVQRQH VWDQGDORQH,QG$6ƉQDQFLDOVWDWHPHQWV
RI WKH GLUHFWRUV LV GLVTXDOLƉHG DV RQ 6HSWHPEHU
LL 7KH &RPSDQ\ KDV PDGH SURYLVLRQ
IURP EHLQJ DSSRLQWHG DV D GLUHFWRU LQ
DV UHTXLUHG XQGHU WKH DSSOLFDEOH ODZ
WHUPVRIVHFWLRQRIWKH$FW
RU DFFRXQWLQJ VWDQGDUGV IRU PDWHULDO
I :LWK UHVSHFW WR WKH DGHTXDF\ RI WKH LQWHUQDO IRUHVHHDEOH ORVVHV LI DQ\ RQ ORQJWHUP
ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ RI contracts including derivative contracts –
WKH &RPSDQ\ DQG WKH RSHUDWLQJ HIIHFWLYHQHVV 5HIHU1RWHDQGDWRWKHVWDQGDORQH
RIVXFKFRQWUROVUHIHUWRRXUVHSDUDWH5HSRUWLQ ,QG$6ƉQDQFLDOVWDWHPHQWV
´$QQH[XUHµWRWKLVUHSRUW LLL 7KHUH KDV EHHQ QR GHOD\ LQ WUDQVIHUULQJ
J ,QRXURSLQLRQWKHPDQDJHULDOUHPXQHUDWLRQIRU DPRXQWVUHTXLUHGWREHWUDQVIHUUHGWRWKH
the year ended September 30 2018 has been ,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGE\
SDLG SURYLGHG E\ WKH &RPSDQ\ WR LWV GLUHFWRUV WKH&RPSDQ\
LQDFFRUGDQFHZLWKWKHSURYLVLRQVRIVHFWLRQ
read with Schedule V to the Act; For S R B C & CO LLP
&KDUWHUHG$FFRXQWDQWV
K :LWKUHVSHFWWRWKHRWKHUPDWWHUVWREHLQFOXGHG
,&$,)LUP5HJLVWUDWLRQ1XPEHU((
LQ WKH $XGLWRU·V 5HSRUW LQ DFFRUGDQFH ZLWK 5XOH
RIWKH&RPSDQLHV$XGLWDQG$XGLWRUV5XOHV
LQ RXU RSLQLRQ DQG WR WKH EHVW RI RXU per Sudhir Soni
LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH H[SODQDWLRQV 3DUWQHU
given to us: 0HPEHUVKLS1XPEHU
L 7KH &RPSDQ\ KDV GLVFORVHG WKH LPSDFW 3ODFHRI6LJQDWXUH0XPEDL

RI SHQGLQJ OLWLJDWLRQV RQ LWV ƉQDQFLDO 'DWH1RYHPEHU

Annexure 1 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’)
L D 7KH &RPSDQ\ KDV PDLQWDLQHG SURSHU UHFRUGV Y 7KH &RPSDQ\ KDV QRW DFFHSWHG DQ\ GHSRVLWV ZLWKLQ
VKRZLQJ IXOO SDUWLFXODUV LQFOXGLQJ TXDQWLWDWLYH WKHPHDQLQJRI6HFWLRQVWRRIWKH$FWDQGWKH
GHWDLOVDQGVLWXDWLRQRIƉ[HGDVVHWV &RPSDQLHV $FFHSWDQFH RI 'HSRVLWV 5XOHV DV
E $OOƉ[HGDVVHWVKDYHQRWEHHQSK\VLFDOO\YHULƉHG DPHQGHG $FFRUGLQJO\ WKH SURYLVLRQV RI FODXVH Y
by the management during the year but there RIWKH2UGHUDUHQRWDSSOLFDEOH
LVDUHJXODUSURJUDPPHRIYHULƉFDWLRQZKLFKLQ YL :H KDYH EURDGO\ UHYLHZHG WKH ERRNV RI DFFRXQW
RXU RSLQLRQ LV UHDVRQDEOH KDYLQJ UHJDUG WR WKH PDLQWDLQHG E\ WKH &RPSDQ\ SXUVXDQW WR WKH UXOHV
VL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVDVVHWV PDGHE\WKH&HQWUDO*RYHUQPHQWIRUWKHPDLQWHQDQFH
1RPDWHULDOGLVFUHSDQFLHVZHUHQRWLFHGRQVXFK RI FRVW UHFRUGV XQGHU VHFWLRQ RI WKH $FW IRU
YHULƉFDWLRQ
WKH SHULRG XSWR 6HSWHPEHU DQG DUH RI WKH
F $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQ RSLQLRQ WKDW SULPD IDFLH WKH VSHFLƉHG DFFRXQWV DQG
E\WKHPDQDJHPHQWWKHWLWOHGHHGVRILPPRYDEOH UHFRUGV KDYH EHHQ PDGH DQG PDLQWDLQHG :H KDYH
SURSHUWLHVLQFOXGHGLQSURSHUW\SODQWDQGHTXLSPHQW QRW KRZHYHU PDGH D GHWDLOHG H[DPLQDWLRQ RI WKH
DUHKHOGLQWKHQDPHRIWKH&RPSDQ\ VDPH
LL 7KH PDQDJHPHQW KDV FRQGXFWHG SK\VLFDO YHULƉFDWLRQ YLL D 8QGLVSXWHG VWDWXWRU\ GXHV LQFOXGLQJ LQYHVWRU
RI LQYHQWRU\ DW UHDVRQDEOH LQWHUYDOV GXULQJ WKH \HDU HGXFDWLRQ DQG SURWHFWLRQ IXQG HPSOR\HHV·
and no material discrepancies were noticed on such VWDWH LQVXUDQFH VHUYLFH WD[ LQFRPH WD[ VDOHV
SK\VLFDOYHULƉFDWLRQ
WD[ GXW\ RI FXVWRP GXW\ RI H[FLVH JRRGV DQG
LLL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWR VHUYLFH WD[ YDOXH DGGHG WD[ DQG FHVV KDYH
XV WKH &RPSDQ\ KDV QRW JUDQWHG DQ\ ORDQV VHFXUHG generally been regularly deposited with the
RU XQVHFXUHG WR FRPSDQLHV ƉUPV RU RWKHU SDUWLHV DSSURSULDWHDXWKRULWLHVH[FHSWIRU7D['HGXFWHG
FRYHUHG LQ WKH UHJLVWHU PDLQWDLQHG XQGHU VHFWLRQ at Source and Value Added Tax payable in one
RI WKH &RPSDQLHV $FW ´WKH $FWµ $FFRUGLQJO\ IRUHLJQ ORFDWLRQ DPRXQWLQJ WR ` PLOOLRQ
WKH SURYLVLRQV RI FODXVH LLL D E DQG F RI WKH H[FOXGLQJ LQWHUHVW RI ` PLOOLRQ ZKHUH
2UGHUDUHQRWDSSOLFDEOHWRWKH&RPSDQ\DQGKHQFHQRW there have been considerable delays in large
FRPPHQWHGXSRQ
QXPEHURIFDVHV7KHUHZHUHQRDUUHDUVRIVXFK
LY ,Q RXU RSLQLRQ DQG DFFRUGLQJ WR WKH LQIRUPDWLRQ DQG GXHVDVDWWKHEDODQFHVKHHWGDWH
H[SODQDWLRQVJLYHQWRXVWKHUHDUHQRORDQVWRGLUHFWRUV
including entities in which they are interested in respect E $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV
RIZKLFKSURYLVLRQVRIVHFWLRQDUHDSSOLFDEOHDQG JLYHQWRXVQRXQGLVSXWHGDPRXQWVSD\DEOHLQ
KHQFH QRW FRPPHQWHG XSRQ )XUWKHU LQ RXU RSLQLRQ UHVSHFW RI SURYLGHQW IXQG LQYHVWRU HGXFDWLRQ
DQG DFFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV DQGSURWHFWLRQIXQGHPSOR\HHV·VWDWHLQVXUDQFH
JLYHQ WR XV SURYLVLRQV RI VHFWLRQ LQ UHVSHFW RI LQFRPHWD[ VHUYLFH WD[ VDOHVWD[ GXW\ RI
ORDQV JLYHQ LQYHVWPHQWV PDGH DQG JXDUDQWHHV JLYHQ FXVWRP GXW\ RI H[FLVH JRRGV DQG VHUYLFH
KDYH EHHQ FRPSOLHG ZLWK E\ WKH &RPSDQ\ 7KHUH DUH WD[ YDOXH DGGHG WD[ FHVV DQG RWKHU PDWHULDO
QR DGYDQFHV DQG VHFXULWLHV JLYHQ LQ UHVSHFW RI ZKLFK VWDWXWRU\ GXHV ZHUH RXWVWDQGLQJ DW WKH \HDU
SURYLVLRQVRIVHFWLRQRIWKH$FWDUHDSSOLFDEOHDQG HQGIRUDSHULRGRIPRUHWKDQVL[PRQWKVIURP
KHQFHQRWFRPPHQWHGXSRQ WKHGDWHWKH\EHFDPHSD\DEOH
F $FFRUGLQJWRWKHUHFRUGVRIWKH&RPSDQ\WKHGXHVRXWVWDQGLQJRILQFRPHWD[VDOHVWD[VHUYLFHWD[FXVWRPVGXW\
H[FLVHGXW\DQGFHVVRQDFFRXQWRIDQ\GLVSXWHDUHDVIROORZV
Name of the statute Nature of Amount Period to which the amount relates Forum where the
dues (ìn million)* dispute is pending
&HQWUDO([FLVH$FW 'XW\ 34 $VVW&RPP'\&RPP
DQG6HUYLFH7D[ 3HQDOW\ &RPP&RPP$SSHDOV
665 Tribunal
250 +LJK&RXUW
6XSUHPH&RXUW
6WDWH &HQWUDO6DOHV 7D[ 543 DQG Assistant / Additional
Tax Acts Interest & &RPPLVVLRQHU
3HQDOW\ '\&RPP&RPP-RLQW
DQG 6SO&RPP
DQG Tribunal

DQG +LJK&RXUW

QHWRIDPRXQWVSDLGXQGHUSURWHVW
Annual Report 2018 Siemens Limited

Annexure 1 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’)
Name of the statute Nature of Amount Period to which the amount relates Forum where the
dues (ìn million)* dispute is pending
&XVWRPV$FW 'XW\ 120 +LJK&RXUW
+LJK&RXUW
Tribunal
,QFRPH7D[$FW Income 8 Tribunal
Tax Tribunal
QHWRIDPRXQWVSDLGXQGHUSURWHVW
YLLL 7KH &RPSDQ\ GLG QRW KDYH DQ\ RXWVWDQGLQJ ORDQV RU where applicable and the details have been disclosed in
ERUURZLQJ GXHV LQ UHVSHFW RI D ƉQDQFLDO LQVWLWXWLRQ RU WKHQRWHVWRWKHƉQDQFLDOVWDWHPHQWVDVUHTXLUHGE\WKH
bank or to government or dues to debenture holders DSSOLFDEOHDFFRXQWLQJVWDQGDUGV
GXULQJWKH\HDU [LY $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWR
L[ $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ XVDQGRQDQRYHUDOOH[DPLQDWLRQRIWKHEDODQFHVKHHW
E\WKHPDQDJHPHQWWKH&RPSDQ\KDVQRWUDLVHGDQ\ WKH&RPSDQ\KDVQRWPDGHDQ\SUHIHUHQWLDODOORWPHQW
PRQH\ZD\RILQLWLDOSXEOLFRIIHUIXUWKHUSXEOLFRIIHU RU SULYDWH SODFHPHQW RI VKDUHV RU IXOO\ RU SDUWO\
LQFOXGLQJ GHEW LQVWUXPHQWV DQG WHUP ORDQV KHQFH convertible debentures during the year under review
UHSRUWLQJ XQGHU FODXVH L[ LV QRW DSSOLFDEOH WR WKH DQGKHQFHUHSRUWLQJUHTXLUHPHQWVXQGHUFODXVH[LY
&RPSDQ\DQGKHQFHQRWFRPPHQWHGXSRQ DUHQRWDSSOLFDEOHWRWKH&RPSDQ\DQGQRWFRPPHQWHG
XSRQ
[ %DVHG XSRQ WKH DXGLW SURFHGXUHV SHUIRUPHG IRU WKH
SXUSRVH RI UHSRUWLQJ WKH WUXH DQG IDLU YLHZ RI WKH [Y $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\
ƉQDQFLDOVWDWHPHQWVDQGDFFRUGLQJWRWKHLQIRUPDWLRQ WKH PDQDJHPHQW WKH &RPSDQ\ KDV QRW HQWHUHG LQWR
DQ\ QRQFDVK WUDQVDFWLRQV ZLWK GLUHFWRUV RU SHUVRQV
DQGH[SODQDWLRQVJLYHQE\WKHPDQDJHPHQWZHUHSRUW
FRQQHFWHGZLWKKLPDVUHIHUUHGWRLQVHFWLRQRIWKH
WKDW QR IUDXG E\ WKH FRPSDQ\ RU QR PDWHULDO IUDXG
$FW
RQWKHFRPSDQ\E\WKHRIƉFHUVDQGHPSOR\HHVRIWKH
&RPSDQ\KDVEHHQQRWLFHGRUUHSRUWHGGXULQJWKH\HDU [YL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWR
XVWKHSURYLVLRQVRIVHFWLRQ,$RIWKH5HVHUYH%DQN
[L $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ
RI,QGLD$FWDUHQRWDSSOLFDEOHWRWKH&RPSDQ\
E\WKHPDQDJHPHQWWKHPDQDJHULDOUHPXQHUDWLRQKDV
EHHQ SDLG SURYLGHG LQ DFFRUGDQFH ZLWK WKH UHTXLVLWH
DSSURYDOV PDQGDWHG E\ WKH SURYLVLRQV RI VHFWLRQ For S R B C & CO LLP
UHDGZLWK6FKHGXOH9WRWKH$FW &KDUWHUHG$FFRXQWDQWV
,&$,)LUP5HJLVWUDWLRQ1XPEHU((
[LL ,Q RXU RSLQLRQ WKH &RPSDQ\ LV QRW D QLGKL FRPSDQ\
7KHUHIRUH WKH SURYLVLRQV RI FODXVH [LL RI WKH 2UGHU
DUH QRW DSSOLFDEOH WR WKH &RPSDQ\ DQG KHQFH QRW per Sudhir Soni
FRPPHQWHGXSRQ 3DUWQHU
0HPEHUVKLS1XPEHU
[LLL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQE\
WKHPDQDJHPHQWWUDQVDFWLRQVZLWKWKHUHODWHGSDUWLHV 3ODFHRI6LJQDWXUH0XPEDL
DUHLQFRPSOLDQFHZLWKVHFWLRQDQGRIWKH$FW 'DWH1RYHPEHU

Annexure 2 to the Independent Auditor’s Report of even date on the
VWDQGDORQH,QG$6ƊQDQFLDOVWDWHPHQWVRI6LHPHQV/LPLWHG
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(“the Act”)
:HKDYHDXGLWHGWKHLQWHUQDOƉQDQFLDOFRQWUROVRYHUƉQDQFLDO Meaning of Internal Financial Controls Over Financial
UHSRUWLQJRI6LHPHQV/LPLWHG´WKH&RPSDQ\µDVRI6HSWHPEHU Reporting With Reference to these Financial Statements
LQFRQMXQFWLRQZLWKRXUDXGLWRIWKHVWDQGDORQH,QG $FRPSDQ\·VLQWHUQDOƉQDQFLDOFRQWURORYHUƉQDQFLDOUHSRUWLQJ
$6 ƉQDQFLDO VWDWHPHQWV RI WKH &RPSDQ\ IRU WKH \HDU HQGHG ZLWKUHIHUHQFHWRWKHVHVWDQGDORQHƉQDQFLDOVWDWHPHQWVLVD
RQWKDWGDWH process designed to provide reasonable assurance regarding
WKH UHOLDELOLW\ RI ƉQDQFLDO UHSRUWLQJ DQG WKH SUHSDUDWLRQ RI
Management’s Responsibility for Internal Financial ƉQDQFLDO VWDWHPHQWV IRU H[WHUQDO SXUSRVHV LQ DFFRUGDQFH
Controls ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV $ FRPSDQ\·V
LQWHUQDO ƉQDQFLDO FRQWURO RYHU ƉQDQFLDO UHSRUWLQJ ZLWK
7KH &RPSDQ\·V 0DQDJHPHQW LV UHVSRQVLEOH IRU HVWDEOLVKLQJ UHIHUHQFH WR WKHVH VWDQGDORQH ƉQDQFLDO VWDWHPHQWV LQFOXGHV
DQG PDLQWDLQLQJ LQWHUQDO ƉQDQFLDO FRQWUROV EDVHG RQ WKH WKRVH SROLFLHV DQG SURFHGXUHV WKDW SHUWDLQ WR WKH
LQWHUQDO FRQWURO RYHU ƉQDQFLDO UHSRUWLQJ FULWHULD HVWDEOLVKHG PDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOHGHWDLODFFXUDWHO\
E\ WKH &RPSDQ\ FRQVLGHULQJ WKH HVVHQWLDO FRPSRQHQWV DQG IDLUO\ UHƋHFW WKH WUDQVDFWLRQV DQG GLVSRVLWLRQV RI WKH
RI LQWHUQDO FRQWURO VWDWHG LQ WKH *XLGDQFH 1RWH RQ $XGLW DVVHWVRIWKHFRPSDQ\SURYLGHUHDVRQDEOHDVVXUDQFHWKDW
RI ,QWHUQDO )LQDQFLDO &RQWUROV 2YHU )LQDQFLDO 5HSRUWLQJ transactions are recorded as necessary to permit preparation
´WKH *XLGDQFH 1RWHµ LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG RIƉQDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWKJHQHUDOO\DFFHSWHG
$FFRXQWDQWVRI,QGLD7KHVHUHVSRQVLELOLWLHVLQFOXGHWKHGHVLJQ DFFRXQWLQJ SULQFLSOHV DQG WKDW UHFHLSWV DQG H[SHQGLWXUHV
LPSOHPHQWDWLRQ DQG PDLQWHQDQFH RI DGHTXDWH LQWHUQDO RI WKH FRPSDQ\ DUH EHLQJ PDGH RQO\ LQ DFFRUGDQFH ZLWK
ƉQDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHIIHFWLYHO\IRUHQVXULQJ DXWKRULVDWLRQVRIPDQDJHPHQWDQGGLUHFWRUVRIWKHFRPSDQ\
WKH RUGHUO\ DQG HIƉFLHQW FRQGXFW RI LWV EXVLQHVV LQFOXGLQJ DQG SURYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ SUHYHQWLRQ
DGKHUHQFHWRWKH&RPSDQ\·VSROLFLHVWKHVDIHJXDUGLQJRILWV RU WLPHO\ GHWHFWLRQ RI XQDXWKRULVHG DFTXLVLWLRQ XVH RU
DVVHWVWKHSUHYHQWLRQDQGGHWHFWLRQRIIUDXGVDQGHUURUVWKH GLVSRVLWLRQRIWKHFRPSDQ\·VDVVHWVWKDWFRXOGKDYHDPDWHULDO
DFFXUDF\ DQG FRPSOHWHQHVV RI WKH DFFRXQWLQJ UHFRUGV DQG HIIHFWRQWKHƉQDQFLDOVWDWHPHQWV
WKH WLPHO\ SUHSDUDWLRQ RI UHOLDEOH ƉQDQFLDO LQIRUPDWLRQ DV Inherent Limitations of Internal Financial Controls Over
UHTXLUHGXQGHUWKH$FW Financial Reporting With Reference to these Standalone
Financial Statements
Auditor’s Responsibility %HFDXVH RI WKH LQKHUHQW OLPLWDWLRQV RI LQWHUQDO ƉQDQFLDO
FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR WKHVH
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKH&RPSDQ\·V
VWDQGDORQH ƉQDQFLDO VWDWHPHQWV LQFOXGLQJ WKH SRVVLELOLW\
LQWHUQDO ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ ZLWK RI FROOXVLRQ RU LPSURSHU PDQDJHPHQW RYHUULGH RI FRQWUROV
UHIHUHQFHWRWKHVHVWDQGDORQHƉQDQFLDOVWDWHPHQWVEDVHGRQ PDWHULDOPLVVWDWHPHQWVGXHWRHUURURUIUDXGPD\RFFXUDQG
RXU DXGLW :H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH QRW EH GHWHFWHG $OVR SURMHFWLRQV RI DQ\ HYDOXDWLRQ RI WKH
*XLGDQFH 1RWH DQG WKH 6WDQGDUGV RQ $XGLWLQJ DV VSHFLƉHG LQWHUQDO ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ WR IXWXUH
XQGHUVHFWLRQRIWKH$FWWRWKHH[WHQWDSSOLFDEOHWR SHULRGVDUHVXEMHFWWRWKHULVNWKDWWKHLQWHUQDOƉQDQFLDOFRQWURO
DQDXGLWRILQWHUQDOƉQDQFLDOFRQWUROVDQGERWKLVVXHGE\WKH RYHU ƉQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR WKHVH VWDQGDORQH
,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD7KRVH6WDQGDUGV ƉQDQFLDO VWDWHPHQWV PD\ EHFRPH LQDGHTXDWH EHFDXVH RI
DQGWKH*XLGDQFH1RWHUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDO FKDQJHVLQFRQGLWLRQVRUWKDWWKHGHJUHHRIFRPSOLDQFHZLWK
UHTXLUHPHQWV DQG SODQ DQG SHUIRUP WKH DXGLW WR REWDLQ WKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH
UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU DGHTXDWH LQWHUQDO
Opinion
ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR
WKHVH VWDQGDORQH ƉQDQFLDO VWDWHPHQWV ZDV HVWDEOLVKHG DQG ,QRXURSLQLRQWKH&RPSDQ\KDVLQDOOPDWHULDOUHVSHFWVDQ
PDLQWDLQHG DQG LI VXFK FRQWUROV RSHUDWHG HIIHFWLYHO\ LQ DOO DGHTXDWH LQWHUQDO ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ
PDWHULDOUHVSHFWV ZLWKUHIHUHQFHWRWKHVHVWDQGDORQHƉQDQFLDOVWDWHPHQWVDQG
VXFKLQWHUQDOƉQDQFLDOFRQWUROVRYHUƉQDQFLDOUHSRUWLQJZLWK
2XU DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW UHIHUHQFH WR WKHVH VWDQGDORQH ƉQDQFLDO VWDWHPHQWV ZHUH
HYLGHQFHDERXWWKHDGHTXDF\RIWKHLQWHUQDOƉQDQFLDOFRQWUROV RSHUDWLQJHIIHFWLYHO\DVDW6HSWHPEHUEDVHGRQWKH
RYHU ƉQDQFLDO UHSRUWLQJ DQG WKHLU RSHUDWLQJ HIIHFWLYHQHVV LQWHUQDO FRQWURO RYHU ƉQDQFLDO UHSRUWLQJ FULWHULD HVWDEOLVKHG
2XU DXGLW RI LQWHUQDO ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO E\ WKH &RPSDQ\ FRQVLGHULQJ WKH HVVHQWLDO FRPSRQHQWV RI
UHSRUWLQJ LQFOXGHG REWDLQLQJ DQ XQGHUVWDQGLQJ RI LQWHUQDO LQWHUQDO FRQWURO VWDWHG LQ WKH *XLGDQFH 1RWH LVVXHG E\ WKH
ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR ,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
WKHVHVWDQGDORQHƉQDQFLDOVWDWHPHQWVDVVHVVLQJWKHULVNWKDW
D PDWHULDO ZHDNQHVV H[LVWV DQG WHVWLQJ DQG HYDOXDWLQJ WKH
For S R B C & CO LLP
GHVLJQDQGRSHUDWLQJHIIHFWLYHQHVVRILQWHUQDOFRQWUROEDVHG
RQWKHDVVHVVHGULVN7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKH &KDUWHUHG$FFRXQWDQWV
DXGLWRU·VMXGJHPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKHULVNVRI ,&$,)LUP5HJLVWUDWLRQ1XPEHU((
PDWHULDO PLVVWDWHPHQW RI WKH ƉQDQFLDO VWDWHPHQWV ZKHWKHU
GXHWRIUDXGRUHUURU
per Sudhir Soni
We believe that the audit evidence we have obtained is 3DUWQHU
VXIƉFLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU RXU DXGLW 0HPEHUVKLS1XPEHU
RSLQLRQ RQ WKH LQWHUQDO ƉQDQFLDO FRQWUROV V\VWHP RYHU
ƉQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR WKHVH VWDQGDORQH 3ODFHRI6LJQDWXUH0XPEDL
ƉQDQFLDOVWDWHPHQWV 'DWH1RYHPEHU
%DODQFHSheet
as at 30 September 2018
&XUUHQF\,QGLDQUXSHHVPLOOLRQV
Notes Sept 2018 6HSW
ASSETS
Non-current assets
3URSHUW\SODQWDQGHTXLSPHQW 3 12,439
&DSLWDOZRUNLQSURJUHVV 624
Investment property 4 1,042
Intangible assets 5 33 53
)LQDQFLDODVVHWV
,QYHVWPHQWV 6 550 550
7UDGHUHFHLYDEOHV 746
/RDQV 8 5,308
2WKHUƉQDQFLDODVVHWV 378 330
'HIHUUHGWD[DVVHWVQHW 10 2,665
,QFRPHWD[DVVHWVQHW 11 6,349
2WKHUQRQFXUUHQWDVVHWV 12 3,154
33,288
Current assets
Inventories 13 11,389
)LQDQFLDODVVHWV
7UDGHUHFHLYDEOHV 14 36,504
&DVKDQGFDVKHTXLYDOHQWV 15 25,132
2WKHUEDQNEDODQFHV 16 11,325
/RDQV 3,425
2WKHUƉQDQFLDODVVHWV 18 17,543
Other current assets 3,886
109,204
TOTAL 142,492
EQUITY AND LIABILITIES
Equity
(TXLW\VKDUHFDSLWDO 20 712
2WKHUHTXLW\ 82,342
83,054
Liabilities
Non-current liabilities
)LQDQFLDOOLDELOLWLHV
7UDGHSD\DEOHV
7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV 2 41
2WKHUƉQDQFLDOOLDELOLWLHV 23 458
/RQJWHUPSURYLVLRQV 24 2,146
2WKHUQRQFXUUHQWOLDELOLWLHV 25 146
2,752
Current liabilities
)LQDQFLDOOLDELOLWLHV
7UDGHSD\DEOHV
7RWDORXWVWDQGLQJGXHVRIPLFURDQGVPDOOHQWHUSULVHV 45 1,249
7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV 29,052
2WKHUƉQDQFLDOOLDELOLWLHV 26 4,052
Short term provisions 8,866
&XUUHQWWD[OLDELOLWLHVQHW 28 1,194 822
Other current liabilities 12,273
56,686
TOTAL 142,492
6LJQLƊFDQWDFFRXQWLQJSROLFLHV 1
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHƉQDQFLDOVWDWHPHQWV
$VSHURXUUHSRUWRIHYHQGDWH
For S R B C & CO LLP For and on behalf of the Board of Directors of Siemens Limited
,&$,)LUP5HJLVWUDWLRQ1XPEHU(( Deepak S. Parekh Sunil Mathur Christian Rummel
&KDUWHUHG$FFRXQWDQWV Chairman Managing Director Executive Director
',1 and Chief Executive and Chief Financial
2IƊFHU 2IƊFHU
',1 ',1
per Sudhir Soni Yezdi H. Malegam Ketan Thaker
Partner Director and Chairman of Company Secretary
0HPEHUVKLS1R Audit Committee $&61R
',1
Mumbai *RD
'DWH1RYHPEHU 'DWH1RYHPEHU
6WDWHPHQWRI3URƊWDQG/RVV
for the year ended 30 September 2018
Income
5HYHQXHIURPRSHUDWLRQV 30 127,251
Other income 31 2,800
Total income 130,051
Expenses
Raw materials consumed 29,237
3XUFKDVHRIWUDGHGJRRGV 28,757
,QFUHDVHGHFUHDVHLQLQYHQWRULHVRIƉQLVKHGJRRGVZRUNLQSURJUHVV
and traded goods (921) 823
3URMHFWERXJKWRXWVDQGRWKHUGLUHFWFRVWV 32 28,791
([FLVHGXW\ -
(PSOR\HHEHQHƉWVH[SHQVH 33 14,487
)LQDQFHFRVWV 34 82
'HSUHFLDWLRQDQGDPRUWL]DWLRQH[SHQVH 1,967
Other expenses 35 13,739
Total expenses 116,139
3URƊWEHIRUHH[FHSWLRQDOLWHPVDQGWD[ 13,912
([FHSWLRQDOLWHPV 51 -
3URƊWEHIRUHWD[ 13,912
Tax expense
&XUUHQWWD[ 10 (5,268)
'HIHUUHGWD[FKDUJHFUHGLW 10 295
Total tax expense (4,973)
3URƊWIRUWKH\HDUHQGHG 8,939

6WDWHPHQWRI3URƊWDQG/RVV(Continued)
Other comprehensive income
,WHPVWKDWZLOOQRWEHUHFODVVLƊHGWRSURƊWRUORVV
5HPHDVXUHPHQWJDLQVORVVHVRQGHƉQHGEHQHƉWSODQV 94
,QFRPHWD[HIIHFW (33)
,WHPVWKDWZLOOEHUHFODVVLƊHGWRSURƊWRUORVV
)DLUYDOXHFKDQJHVRQGHULYDWLYHGHVLJQDWHGDVFDVKƋRZKHGJHUHVHUYHQHW 11 8
,QFRPHWD[HIIHFW (4)
Total other comprehensive income for the year, net of tax 68
7RWDOFRPSUHKHQVLYHLQFRPHIRUWKH\HDU&RPSULVLQJSURƊWDQGRWKHU
comprehensive income for the year) 9,007
Basic and diluted earnings per share (in `)
(TXLW\VKDUHVRIIDFHYDOXHRI`HDFK
L (DUQLQJVSHUVKDUHEHIRUHH[FHSWLRQDOLWHPV 25.10
LL(DUQLQJVSHUVKDUHDIWHUH[FHSWLRQDOLWHPV 25.10
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHƊQDQFLDOVVWDWHPHQWV
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai *RD

Cash Flow Statement
&DVKƌRZIURPRSHUDWLQJDFWLYLWLHV
3URƉWEHIRUHWD[ 13,912

Adjustments for:
)LQDQFHFRVWV 34 82
Bad debts 35 101
3URYLVLRQIRUGRXEWIXOGHEWVDGYDQFHVQHW 35 256 685
3URƉWORVVRQVDOHRIDVVHWVQHW (10)
3URƉWRQVDOHRIEXVLQHVV 51 -
/LDELOLWLHVZULWWHQEDFN 30 (136)
Other provisions 108
8QUHDOLVHGIRUHLJQH[FKDQJHORVVJDLQQHW 1,110 382
Interest income 31 (2,773)
2SHUDWLQJSURƊWEHIRUHZRUNLQJFDSLWDOFKDQJHV 14,617
Working capital adjustments

,QFUHDVHGHFUHDVHLQLQYHQWRULHV (1,224)
,QFUHDVHGHFUHDVHLQWUDGHDQGRWKHUUHFHLYDEOHV (11,021)
,QFUHDVHGHFUHDVHLQWUDGHSD\DEOHVDQGRWKHUOLDELOLWLHV 3,029
,QFUHDVHGHFUHDVHLQSURYLVLRQV 855
Net change in working capital (8,361)
Cash generated from operations 6,256

'LUHFWWD[HVSDLGQHW (5,834)
Net cash generated from operating activities 422
&DVKƌRZIURPLQYHVWLQJDFWLYLWLHV
3XUFKDVHRISURSHUW\SODQWDQGHTXLSPHQWDQGLQYHVWPHQWSURSHUW\ (1,903)
3URFHHGV IURP VDOH RI SURSHUW\ SODQW DQG HTXLSPHQW LQYHVWPHQW SURSHUW\
and capital advances 115
3URFHHGVIURPVDOHRIEXVLQHVV>QHWRIWD[RI1LO`DQGWUDQVDFWLRQ
FRVWRI1LO1LO@ -
Interest received 2,691
Inter corporate deposits given (11,082)
5HIXQGRILQWHUFRUSRUDWHGHSRVLWVJLYHQ 8,547
'HSRVLWVZLWKPDWXULW\PRUHWKDQPRQWKVZLWKEDQNVPDWXUHGSODFHG 1,040
Net cash generated from investing activities (592)

Cash Flow Statement (Continued)
&DVKƌRZIURPƊQDQFLQJDFWLYLWLHV
Interest paid (54)

'LYLGHQGSDLGLQFOXGLQJWD[WKHUHRQ (3,000)
1HWFDVKXVHGLQƊQDQFLQJDFWLYLWLHV (3,054)
Net increase / (decrease) in cash and bank balance (3,224)

Cash and cash equivalents at beginning of the year 28,349
Effect of exchange (loss) / gain on cash and cash equivalents 8
Cash and cash equivalents at the end of the year (Refer note 15) 25,133
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKHƊQDQFLDOVWDWHPHQWV
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai *RD

Statement of Changes in Equity
A Equity share capital
Amount
As at 30 September 2016
&KDQJHVLQHTXLW\VKDUHFDSLWDO
$VDW6HSWHPEHU
As at 30 September 2018 712
B Other equity
Reserves and Surplus Other
comprehensive
income
Total
Securities Capital Amalgamation Capital General Retained &DVKƌRZ
Premium reserve reserve redemption Reserve earnings hedging reserve
reserve
Balance as at
30 September 2016 1,567 538 56 * 31,503 33,831 1 67,496
3URƉWIRUWKH\HDU 11,335
Other comprehensive
income 6 76
Total comprehensive
income for the year - - - - - 11,406 5 11,411
'LYLGHQGSDLG (2,137)
Tax on dividend paid (435)
Balance as at
30 September 2017 1,567 538 56 * 31,503 42,665 6 76,335
3URƉWIRUWKH\HDU - - - - - 8,939 **
Other comprehensive
LQFRPHQHWRIWD[ - - - - - 61 68
Total comprehensive
income for the year - - - - - 9,000 1 9,007 **
'LYLGHQGSDLG - - - - - (2,493)
Tax on dividend paid - - - - - (507)
Balance as at
30 September 2018 1,567 538 56 * 31,503 48,665 7 82,342
GHQRWHVƉJXUHVOHVVWKDQDPLOOLRQ
7UDQVIHUUHGWRH[FKDQJHORVVJDLQVLQ6WDWHPHQWRI3URƉW /RVV
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai *RD

1RWHVWRWKHƊQDQFLDOVWDWHPHQWV
&RUSRUDWHLQIRUPDWLRQ
6LHPHQV/LPLWHG´7KH&RPSDQ\µLVDSXEOLFFRPSDQ\GRPLFLOHGLQ,QGLDZLWKLWVUHJLVWHUHGRIƉFHDW%LUOD$XURUD/HYHO3ORW
1R'U$QQLH%HVDQW5RDG:RUOL0XPEDLƔ7KH&RPSDQ\LVOLVWHGRQ1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG
16(DQG%RPED\6WRFN([FKDQJH/LPLWHG%6(
7KH&RPSDQ\RIIHUVSURGXFWVLQWHJUDWHGVROXWLRQVIRULQGXVWULDODSSOLFDWLRQVIRUPDQXIDFWXULQJLQGXVWULHVGULYHVIRUSURFHVV
LQGXVWULHV LQWHOOLJHQW LQIUDVWUXFWXUH DQG EXLOGLQJV HIƉFLHQW DQG FOHDQ SRZHU JHQHUDWLRQ IURP IRVVLO IXHOV DQG RLO DQG JDV
DSSOLFDWLRQV WUDQVPLVVLRQ DQG GLVWULEXWLRQ RI HOHFWULFDO HQHUJ\ DQG IRU SDVVHQJHU DQG IUHLJKW WUDQVSRUWDWLRQ LQFOXGLQJ UDLO
YHKLFOHVUDLODXWRPDWLRQDQGUDLOHOHFWULƉFDWLRQV\VWHPV
6LJQLƊFDQWDFFRXQWLQJSROLFLHV
%DVLVRISUHSDUDWLRQRIƊQDQFLDOVWDWHPHQWV
7KHƉQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\KDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWK,QGLDQ$FFRXQWLQJ6WDQGDUGV,QG$6
QRWLƉHG SXUVXDQW WR VHFWLRQ RI WKH &RPSDQLHV $FW UHDG ZLWK 5XOH RI WKH &RPSDQLHV ,QGLDQ $FFRXQWLQJ
6WDQGDUGV5XOHVDVDPHQGHGIURPWLPHWRWLPH
7KHƉQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGDQGSUHVHQWHGXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQH[FHSWIRUGHULYDWLYH
LQVWUXPHQWVDQGFHUWDLQRWKHUƉQDQFLDODVVHWVDQGOLDELOLWLHVZKLFKKDYHEHHQPHDVXUHGDWIDLUYDOXHUHIHUDFFRXQWLQJ
SROLF\UHJDUGLQJƉQDQFLDOLQVWUXPHQWV
7KHDFFRXQWLQJSROLFLHVDGRSWHGLQWKHSUHSDUDWLRQRIƉQDQFLDOVWDWHPHQWVDUHFRQVLVWHQWIRUDOOWKHSHULRGVSUHVHQWHG
7KHƉQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ,15ZKLFKLVWKHIXQFWLRQDOFXUUHQF\DQGDOOYDOXHVDUHURXQGHGWRWKHQHDUHVW
PLOOLRQV,15H[FHSWZKHQRWKHUZLVHLQGLFDWHG
7KHƉQDQFLDOVWDWHPHQWVZHUHDXWKRULVHGIRULVVXHLQDFFRUGDQFHZLWKDUHVROXWLRQRI%RDUGRIGLUHFWRUVRQ1RYHPEHU

&XUUHQWYHUVXVQRQFXUUHQWFODVVLƊFDWLRQ
$OODVVHWVDQGOLDELOLWLHVKDYHEHHQFODVVLƉHGDVFXUUHQWRUQRQFXUUHQWDVSHUWKH&RPSDQ\·VRSHUDWLQJF\FOH%DVHGRQ
WKHQDWXUHRIEXVLQHVVDQGWKHWLPHEHWZHHQDFTXLVLWLRQRIDVVHWVIRUSURFHVVLQJDQGWKHLUUHDOLVDWLRQLQFDVKDQGFDVK
HTXLYDOHQWVWKH&RPSDQ\KDVDVFHUWDLQHGLWVRSHUDWLQJF\FOHDVPRQWKVIRUWKHSXUSRVHRIFXUUHQWRUQRQFXUUHQW
FODVVLƉFDWLRQRIDVVHWVDQGOLDELOLWLHV
'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVLƉHGDVQRQFXUUHQWDVVHWVDQGOLDELOLWLHV
3URSHUW\SODQWDQGHTXLSPHQW
3URSHUW\SODQWDQGHTXLSPHQWDUHVWDWHGDWFRVWRIDFTXLVLWLRQOHVVDFFXPXODWHGGHSUHFLDWLRQDQGLPSDLUPHQWORVVHVLI
DQ\7KHFRVWLQFOXGHVWD[HVGXWLHVIUHLJKWDQGRWKHULQFLGHQWDOH[SHQVHVUHODWHGWRWKHDFTXLVLWLRQDQGLQVWDOODWLRQRI
WKHUHVSHFWLYHDVVHWV6XEVHTXHQWH[SHQGLWXUHUHODWHGWRDQLWHPRISURSHUW\SODQWDQGHTXLSPHQWLVDGGHGWRLWVERRN
YDOXHRQO\LILWLQFUHDVHVWKHIXWXUHHFRQRPLFEHQHƉWVIURPWKHH[LVWLQJDVVHWVEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRI
SHUIRUPDQFH
'HSUHFLDWLRQRQSURSHUW\SODQWDQGHTXLSPHQWLVSURYLGHGRQDVWUDLJKWOLQHEDVLVRYHUWKHXVHIXOOLYHVRIDVVHWVHVWLPDWHG
E\WKHPDQDJHPHQWWDNLQJLQWRDFFRXQWWKHQDWXUHRIWKHDVVHWRQWHFKQLFDOHYDOXDWLRQRIWKHXVHIXOOLIHZKLFKPD\
QRWQHFHVVDULO\EHLQDOLJQPHQWZLWKWKHLQGLFDWLYHXVHIXOOLYHVSUHVFULEHGE\6FKHGXOH,,WRWKH&RPSDQLHV$FW7KH
IROORZLQJXVHIXOOLYHVDUHDVVXPHG
Assets Estimated useful lives

Land
)UHHKROG
/HDVHKROG Over the lease period
Buildings
)DFWRU\EXLOGLQJV 30 years
2WKHUEXLOGLQJV 50 years
5RDGV 10 years
/HDVHKROGLPSURYHPHQWV Over the lease period

3URSHUW\SODQWDQGHTXLSPHQW&RQWLQXHG
Plant and equipment 3 – 20 years

)XUQLWXUHDQGƊ[WXUHV 5 years
2IƊFHHTXLSPHQW
&RPSXWHUV 3 years
+DUGZDUHPDLQIUDPHVDQGVHUYHUV 5 years
2WKHURIƉFHHTXLSPHQW \HDUV
Vehicles 4 years
,WHPVRISURSHUW\SODQWDQGHTXLSPHQWWKDWKDYHEHHQUHWLUHGIURPDFWLYHXVHDQGDUHKHOGIRUGLVSRVDODUHVWDWHGDWWKH
ORZHURIWKHLUFDUU\LQJYDOXHDQGHVWLPDWHGQHWUHDOL]DEOHYDOXHDQGDUHGLVFORVHGVHSDUDWHO\LQWKHƉQDQFLDOVWDWHPHQWV
&DSLWDOZRUNLQSURJUHVVLQFOXGHVWKHFRVWRISURSHUW\SODQWDQGHTXLSPHQWWKDWDUHQRWUHDG\IRULQWHQGHGXVHDWWKH
EDODQFHVKHHWGDWH
,QWDQJLEOHDVVHWV
,QWDQJLEOHDVVHWVFRPSULVHVRIVRIWZDUHDQGWHFKQLFDONQRZKRZ,QWDQJLEOHDVVHWVDUHVWDWHGDWFRVWRIDFTXLVLWLRQOHVV
DFFXPXODWHG DPRUWLVDWLRQ DQG LPSDLUPHQW ORVVHV LI DQ\ 7KHVH LQWDQJLEOH DVVHWV DUH DPRUWLVHG RQ VWUDLJKWOLQH EDVLV
EDVHG RQ WKH IROORZLQJ XVHIXO OLYHV ZKLFK LQ PDQDJHPHQW·V HVWLPDWH UHSUHVHQWV WKH SHULRG GXULQJ ZKLFK HFRQRPLF
EHQHƉWVZLOOEHGHULYHGIURPWKHLUXVH

6RIWZDUH \HDUV
7HFKQLFDONQRZKRZ \HDUV
,QYHVWPHQWSURSHUW\
,QYHVWPHQWV LQ ODQG RU EXLOGLQJV LQFOXGLQJ SURSHUW\ XQGHU FRQVWUXFWLRQ ZKLFK DUH KHOG WR HDUQ UHQWDOV DQGRU IRU
FDSLWDODSSUHFLDWLRQDUHFODVVLƉHGDVLQYHVWPHQWSURSHUW\,QYHVWPHQWSURSHUWLHVDUHLQLWLDOO\PHDVXUHGDWFRVWLQFOXGLQJ
WUDQVDFWLRQ FRVWV 6XEVHTXHQW WR LQLWLDO UHFRJQLWLRQ LQYHVWPHQW SURSHUWLHV DUH VWDWHG DW FRVW QHW RI DFFXPXODWHG
GHSUHFLDWLRQDQGDFFXPXODWHGLPSDLUPHQWORVVHVLIDQ\
7KHFRVWFRPSULVHVSXUFKDVHSULFHDQGERUURZLQJFRVWVLIFDSLWDOLVDWLRQFULWHULDDUHPHWDQGGLUHFWO\DWWULEXWDEOHFRVWRI
EULQJLQJWKHLQYHVWPHQWSURSHUW\WRLWVZRUNLQJFRQGLWLRQIRUWKHLQWHQGHGXVH
'HSUHFLDWLRQRQLQYHVWPHQWSURSHUW\LVSURYLGHGRQDVWUDLJKWOLQHEDVLVRYHUWKHXVHIXOOLYHVRIDVVHWVHVWLPDWHGE\WKH
PDQDJHPHQW6XFKFODVVHVRILQYHVWPHQWSURSHUWLHVDQGWKHLUHVWLPDWHGXVHIXOOLYHVDUHDVXQGHU

Land
)UHHKROGODQG
/HDVHKROGODQG Over the lease period
Factory Buildings 30 years
,QYHVWPHQWSURSHUWLHVDUHGHUHFRJQLVHGHLWKHUZKHQWKH\KDYHEHHQGLVSRVHGRIRUZKHQWKH\DUHSHUPDQHQWO\ZLWKGUDZQ
IURPXVHDQGQRIXWXUHHFRQRPLFEHQHƉWLVH[SHFWHGIURPWKHLUGLVSRVDO2QGLVSRVDORIDQLQYHVWPHQWSURSHUW\WKH
GLIIHUHQFHEHWZHHQLWVFDUU\LQJDPRXQWDQGQHWGLVSRVDOSURFHHGVLVUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVV
5HYHQXHUHFRJQLWLRQ
5HYHQXHLVUHFRJQLVHGWRWKHH[WHQWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHƉWVZLOOƋRZWRWKH&RPSDQ\DQGWKHUHYHQXH
FDQEHUHOLDEO\PHDVXUHG5HYHQXHLVPHDVXUHGDWWKHIDLUYDOXHRIWKHFRQVLGHUDWLRQUHFHLYHGRUUHFHLYDEOHWDNLQJLQWR
DFFRXQWFRQWUDFWXDOO\GHƉQHGWHUPVRISD\PHQW5HYHQXHDUHVWDWHGH[FOXVLYHRIVDOHVWD[YDOXHDGGHGWD[JRRGVDQG
VHUYLFHWD[DQGQHWRIWUDGHDQGTXDQWLW\GLVFRXQW
5HYHQXHIURPVDOHRISURGXFWVLVUHFRJQLVHGRQWUDQVIHURIVLJQLƉFDQWULVNDQGUHZDUGVRIRZQHUVKLSRIWKHSURGXFWVWRWKH
FXVWRPHUVZKLFKLVXVXDOO\RQGLVSDWFKRIJRRGV
Notes to the Financial Statements (Continued)
(Currency: Indian rupees millions)
5HYHQXHUHFRJQLWLRQ&RQWLQXHG
:KHQ WKH RXWFRPH RI D FRQVWUXFWLRQ FRQWUDFW FDQ EH HVWLPDWHG UHOLDEO\ UHYHQXH IURP FRQVWUXFWLRQ FRQWUDFWV DUH
UHFRJQL]HGXQGHUWKHSHUFHQWDJHRIFRPSOHWLRQPHWKRGEDVHGRQWKHSHUFHQWDJHRIFRVWVLQFXUUHGWRGDWHFRPSDUHGWR
WKHWRWDOHVWLPDWHGFRQWUDFWFRVWV$QH[SHFWHGORVVRQWKHFRQVWUXFWLRQFRQWUDFWLVUHFRJQL]HGDVDQH[SHQVHLPPHGLDWHO\
&RQWUDFWUHYHQXHHDUQHGLQH[FHVVRIELOOLQJKDVEHHQUHƋHFWHGDV´3URMHFWH[FHVVFRVWµXQGHU´2WKHUƉQDQFLDODVVHWVµDQG
´%LOOLQJLQH[FHVVµRIFRQWUDFWUHYHQXHKDVEHHQUHƋHFWHGXQGHU´2WKHUFXUUHQWOLDELOLWLHVµLQWKHEDODQFHVKHHW
5HYHQXHIURPVHUYLFHVUHSUHVHQWVVHUYLFHLQFRPHRWKHUWKDQIURPVHUYLFHVZKLFKDUHLQFLGHQWDOWRVDOHRISURGXFWVDQG
SURMHFWV5HYHQXHIURPVHUYLFHVLVUHFRJQLVHGDVSHUWKHWHUPVRIWKHFRQWUDFWZLWKWKHFXVWRPHUXVLQJWKHSURSRUWLRQDWH
FRPSOHWLRQPHWKRG
&RPPLVVLRQLQFRPHLVUHFRJQLVHGZKHQSURRIRIVKLSPHQWLVUHFHLYHGIURPWKHVXSSOLHU
([SRUWLQFHQWLYHVUHFHLYDEOHDUHDFFUXHGIRUZKHQWKHULJKWWRUHFHLYHWKHFUHGLWLVHVWDEOLVKHGDQGWKHUHLVQRVLJQLƉFDQW
XQFHUWDLQW\UHJDUGLQJWKHUHDOLVDELOLW\RIWKHLQFHQWLYH
5HQWDOLQFRPHDULVLQJIURPRSHUDWLQJOHDVHVLVDFFRXQWHGRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUPVDQGLVLQFOXGHGLQ
UHYHQXHLQWKH6WDWHPHQWRI3URƉWDQG/RVVGXHWRLWVRSHUDWLQJQDWXUH
,QYHQWRULHV
,QYHQWRULHVFRPSULVHDOOFRVWVRISXUFKDVHFRQYHUVLRQDQGRWKHUFRVWVLQFXUUHGLQEULQJLQJWKHLQYHQWRULHVWRWKHLUSUHVHQW
ORFDWLRQDQGFRQGLWLRQ
5DZPDWHULDOVZRUNLQSURJUHVVƉQLVKHGJRRGVDQGWUDGHGJRRGVDUHFDUULHGDWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
&RVWLVGHWHUPLQHGRQWKHEDVLVRIWKHZHLJKWHGDYHUDJHPHWKRG
7KHQHWUHDOLVDEOHYDOXHRIZRUNLQSURJUHVVLVGHWHUPLQHGZLWKUHIHUHQFHWRWKHHVWLPDWHGVHOOLQJSULFHOHVVHVWLPDWHG
FRVWRIFRPSOHWLRQDQGHVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOHRIUHODWHGƉQLVKHGJRRGV5DZPDWHULDOVKHOGIRUWKH
SURGXFWLRQRIƉQLVKHGJRRGVDUHQRWZULWWHQGRZQEHORZFRVWH[FHSWLQFDVHZKHUHPDWHULDOSULFHVKDYHGHFOLQHGDQGLW
LVHVWLPDWHGWKDWWKHFRVWRIWKHƉQLVKHGSURGXFWZLOOH[FHHGLWVQHWUHDOLVDEOHYDOXH
1.8 Leases
7KHGHWHUPLQDWLRQRIZKHWKHUDQDUUDQJHPHQWLVRUFRQWDLQVDOHDVHLVEDVHGRQWKHVXEVWDQFHRIWKHDUUDQJHPHQWDW
WKHLQFHSWLRQRIWKHOHDVH7KHDUUDQJHPHQWLVRUFRQWDLQVDOHDVHLIIXOƉOPHQWRIWKHDUUDQJHPHQWLVGHSHQGHQWRQWKH
XVHRIWKHVSHFLƉFDVVHWRUDVVHWVDQGWKHDUUDQJHPHQWFRQYH\VDULJKWWRXVHWKHDVVHWRUDVVHWVHYHQLIWKDWULJKWLVQRW
H[SOLFLWO\VSHFLƉHGLQDUUDQJHPHQW
Where the Company is the lessee:
/HDVHV ZKHUH WKH OHVVRU HIIHFWLYHO\ UHWDLQV VXEVWDQWLDOO\ DOO WKH ULVN DQG EHQHƉWV RI RZQHUVKLS RI WKH OHDVHG LWHPV DUH
FODVVLƉHGDVRSHUDWLQJOHDVHV/HDVHSD\PHQWVXQGHUDQRSHUDWLQJOHDVHDUHUHFRJQLVHGDVDQH[SHQVHLQWKH6WDWHPHQWRI
3URƉWDQG/RVVRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP&RQWLQJHQWUHQWDOVDUHUHFRJQLVHGDVDQH[SHQVHLQWKHSHULRG
ZKLFKWKH\DUHLQFXUUHG
Where the Company is the lessor:
$VVHWVVXEMHFWWRRSHUDWLQJOHDVHVDUHLQFOXGHGLQSURSHUW\SODQWDQGHTXLSPHQWDQGLQYHVWPHQWSURSHUW\/HDVHLQFRPH
LVUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVVRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP&RVWVLQFOXGLQJGHSUHFLDWLRQ
DUHUHFRJQLVHGDVDQH[SHQVHLQWKH6WDWHPHQWRI3URƉWDQG/RVV,QLWLDOGLUHFWFRVWVVXFKDVOHJDOFRVWVEURNHUDJHFRVWV
HWFDUHUHFRJQLVHGLPPHGLDWHO\LQWKH6WDWHPHQWRI3URƉWDQG/RVV
(PSOR\HHEHQHƊWV
D 6KRUWWHUPHPSOR\HHEHQHƊWV
$OOHPSOR\HHEHQHƉWVSD\DEOHZKROO\ZLWKLQWZHOYHPRQWKVRIUHQGHULQJWKHVHUYLFHDUHFODVVLƉHGDVVKRUWWHUP
HPSOR\HHEHQHƉWV%HQHƉWVVXFKDVVDODULHVZDJHVDQGVKRUWWHUPFRPSHQVDWHGDEVHQFHVHWFDQGWKHH[SHFWHG
FRVWRIH[JUDWLDDUHUHFRJQLVHGLQWKHSHULRGLQZKLFKWKHHPSOR\HHUHQGHUVWKHUHODWHGVHUYLFH
E 3RVWHPSOR\PHQWDQGRWKHUORQJWHUPEHQHƊWV
L 'HƊQHG&RQWULEXWLRQ3ODQV7KH&RPSDQ\·VDSSURYHGVXSHUDQQXDWLRQVFKHPHDQGHPSOR\HHVWDWHLQVXUDQFH
VFKHPHDUHGHƉQHGFRQWULEXWLRQSODQV7KH&RPSDQ\·VFRQWULEXWLRQSD\DEOHXQGHUWKHVFKHPHVLVUHFRJQLVHG
DVH[SHQVHLQWKH6WDWHPHQWRI3URƉWDQG/RVVGXULQJWKHSHULRGLQZKLFKWKHHPSOR\HHUHQGHUVWKHUHODWHG
VHUYLFH

(PSOR\HHEHQHƊWV&RQWLQXHG
LL 'HƊQHG%HQHƊW3ODQVDQGRWKHU/RQJ7HUP%HQHƊWV7KH&RPSDQ\·VJUDWXLW\SHQVLRQDQGPHGLFDOEHQHƉW
VFKHPHVDUHGHƉQHGEHQHƉWSODQV/HDYHZDJHVUHWHQWLRQERQXVVLOYHUMXELOHHDQGVWDUDZDUGVDUHRWKHU
ORQJ WHUP EHQHƉWV 7KH SUHVHQW YDOXH RI WKH REOLJDWLRQ XQGHU VXFK GHƉQHG EHQHƉW SODQV DQG RWKHU ORQJ
WHUP EHQHƉWV DUH GHWHUPLQHG EDVHG RQ DFWXDULDO YDOXDWLRQ XVLQJ WKH 3URMHFWHG 8QLW &UHGLW 0HWKRG ZKLFK
UHFRJQLVHV HDFK SHULRG RI VHUYLFH DV JLYLQJ ULVH WR DGGLWLRQDO XQLW RI HPSOR\HH EHQHƉW HQWLWOHPHQW DQG
PHDVXUHVHDFKXQLWVHSDUDWHO\WREXLOGXSWKHƉQDOREOLJDWLRQ,QFDVHRIIXQGHGSODQVWKHIDLUYDOXHRIWKH
SODQDVVHWVLVUHGXFHGIURPWKHJURVVREOLJDWLRQXQGHUWKHGHƉQHGEHQHƉWSODQVWRUHFRJQL]HWKHREOLJDWLRQ
RQDQHWEDVLV
3URYLGHQWIXQGKDVEHHQFRQVLGHUHGDVDGHƉQHGEHQHƉWSODQVLQFHDQ\DGGLWLRQDOREOLJDWLRQVRQDFFRXQWRI
LQYHVWPHQWULVNDQGLQWHUHVWUDWHULVNDUHUHTXLUHGWREHPHWE\WKH&RPSDQ\
,QFDVHRIGHƉQHGEHQHƉWSODQVUHPHDVXUHPHQWFRPSULVLQJRIDFWXDULDOJDLQVDQGORVVHVWKHUHWXUQRQSODQ
DVVHWVH[FOXGLQJDPRXQWVLQFOXGHGLQQHWLQWHUHVWRQWKHQHWGHƉQHGEHQHƉWOLDELOLW\RUDVVHWDQGDQ\FKDQJH
LQWKHHIIHFWRIDVVHWFHLOLQJZKHUHYHUDSSOLFDEOHLVUHFRJQL]HGLQRWKHUFRPSUHKHQVLYHLQFRPH2&,DQGLV
UHƋHFWHGLQUHWDLQHGHDUQLQJVDQGLVQRWHOLJLEOHWREHUHFODVVLƉHGWRSURƉWRUORVV,QFDVHRIRWKHUORQJWHUP
EHQHƉWVDOOUHPHDVXUHPHQWVLQFOXGLQJDFWXDULDOJDLQRUORVVDUHFKDUJHGWR6WDWHPHQWRI3URƉWDQG/RVV
7KH&RPSDQ\UHFRJQLVHVIROORZLQJLWHPVLQWKHQHWGHƉQHGEHQHƉWREOLJDWLRQDVDQH[SHQVHLQ6WDWHPHQWRI
3URƉWDQG/RVV
á 6HUYLFHFRVWLQFOXGLQJFXUUHQWVHUYLFHFRVWSDVWVHUYLFHFRVWDQGJDLQVDQGORVVHVRQFXUWDLOPHQWVDQG
settlements; and
á 1HWLQWHUHVWH[SHQVHRULQFRPH
3URYLVLRQIRUOHDYHZDJHVSHQVLRQPHGLFDOEHQHƉWUHWHQWLRQERQXVVLOYHUMXELOHHDQGVWDUDZDUGVZKLFKLV
H[SHFWHGWREHXWLOL]HGZLWKLQWKHQH[WPRQWKVLVWUHDWHGDVVKRUWWHUPHPSOR\HHEHQHƉWVDQGEH\RQG
PRQWKVDVORQJWHUPHPSOR\HHEHQHƉWV)RUWKHSXUSRVHRISUHVHQWDWLRQWKHDOORFDWLRQEHWZHHQVKRUWDQG
ORQJWHUPSURYLVLRQVKDVEHHQPDGHDVGHWHUPLQHGE\DQDFWXDU\
7KHFRQWULEXWLRQWRJUDWXLW\WUXVWLVH[SHFWHGWREHPDGHZLWKLQQH[WPRQWKV$FFRUGLQJO\WKHSURYLVLRQ
IRUJUDWXLW\LVFODVVLƉHGDVFXUUHQW
6KDUHEDVHGSD\PHQWV
6KDUHEDVHGSD\PHQWFRQVLVWVRIVKDUHDZDUGVRIWKH+ROGLQJ&RPSDQ\LH6KDUHPDWFKLQJSODQ603DQG6LHPHQV6WRFN
$ZDUGV66$WRWKHHPSOR\HHVRIWKH&RPSDQ\7KHVHDZDUGVDUHSUHGRPLQDQWO\GHVLJQHGDVFDVKVHWWOHGWUDQVDFWLRQV
7KHIDLUYDOXHRIWKHDPRXQWSD\DEOHLVUHPHDVXUHGDWWKHHQGRIHDFKUHSRUWLQJSHULRGXSWRWKHVHWWOHPHQWGDWHZLWKWKH
FKDQJHVLQWKHIDLUYDOXHUHFRJQLVHGDVHPSOR\HHEHQHƉWVH[SHQVHVZLWKDFRUUHVSRQGLQJLQFUHDVHLQOLDELOLWLHV
)LQDQFLDOLQVWUXPHQWV
$ƉQDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRDƉQDQFLDODVVHWRIRQHHQWLW\DQGDƉQDQFLDOOLDELOLW\RUHTXLW\
LQVWUXPHQWRIDQRWKHUHQWLW\
Financial assets
Initial recognition and measurement
$OOƉQDQFLDODVVHWVRWKHUWKDQLQYHVWPHQWLQVXEVLGLDU\DUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHSOXVLQWKHFDVHRIƉQDQFLDO
DVVHWVQRWUHFRUGHGDWIDLUYDOXHWKURXJKSURƉWDQGORVVWUDQVDFWLRQFRVWVWKDWDUHDWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKH
ƉQDQFLDODVVHW
Subsequent measurement
)RUSXUSRVHVRIVXEVHTXHQWPHDVXUHPHQWƉQDQFLDODVVHWVDUHFODVVLƉHGLQWKHEHORZFDWHJRULHV
D )LQDQFLDODVVHWVDWDPRUWLVHGFRVW
E )LQDQFLDODVVHWVLQFOXGLQJGHULYDWLYHVDWIDLUYDOXHWKURXJKSURƉWRUORVV)973/
F )LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH)972&,
G (TXLW\LQVWUXPHQWV
)LQDQFLDOLQVWUXPHQWV&RQWLQXHG
(a) Financial assets at amortised cost
)LQDQFLDODVVHWVDUHVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWLIWKHVHƉQDQFLDODVVHWVDUHKHOGZLWKLQDEXVLQHVV
ZKHUHWKHREMHFWLYHLVWRKROGWKHVHDVVHWVLQRUGHUWRFROOHFWFRQWUDFWXDOFDVKƋRZVDQGWKHFRQWUDFWXDOWHUPVRI
WKHƉQDQFLDODVVHWJLYHULVHRQVSHFLƉHGGDWHVWRFDVKƋRZVWKDWDUHVROHO\SD\PHQWVRISULQFLSDODQGLQWHUHVWRQWKH
SULQFLSDODPRXQWRXWVWDQGLQJ
$IWHULQLWLDOPHDVXUHPHQWVXFKƉQDQFLDODVVHWVDUHVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWXVLQJWKH(,5PHWKRG
$PRUWLVHGFRVWLVFDOFXODWHGE\WDNLQJLQWRDFFRXQWDQ\GLVFRXQWRUSUHPLXPRQDFTXLVLWLRQDQGIHHVRUFRVWVWKDW
DUHDQLQWHJUDOSDUWRIWKH(,57KH(,5DPRUWLVDWLRQLVLQFOXGHGLQƉQDQFHLQFRPHLQWKH6WDWHPHQWRI3URƉWDQG
/RVV7KHORVVHVDULVLQJIURPLPSDLUPHQWDUHUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVV7KLVFDWHJRU\JHQHUDOO\
DSSOLHVWRWUDGHDQGRWKHUUHFHLYDEOHVORDQVDQGRWKHUƉQDQFLDODVVHWV
E )LQDQFLDO$VVHWVLQFOXGLQJGHULYDWLYHVDWIDLUYDOXHWKURXJKSURƊWRUORVV)973/
)LQDQFLDODVVHWVDUHPHDVXUHGDWIDLUYDOXHWKURXJKSURƉWDQGORVVXQOHVVLWLVPHDVXUHGDWDPRUWLVHGFRVWRUDWIDLU
YDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPHRQLQLWLDOUHFRJQLWLRQ7KHWUDQVDFWLRQFRVWVGLUHFWO\DWWULEXWDEOHWRWKH
DFTXLVLWLRQRIƉQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURƉWDQGORVVDUHLPPHGLDWHO\UHFRJQLVHGLQWKH6WDWHPHQWRI
3URƉWDQG/RVV
(c) Financial Assets at fair value through other comprehensive income (FVTOCI)
'HULYDWLYHLQVWUXPHQWVLQFOXGHGLQ)972&,FDWHJRU\DUHPHDVXUHGLQLWLDOO\DVZHOODVDWHDFKUHSRUWLQJGDWHDWIDLU
YDOXH0RYHPHQWLQIDLUYDOXHLVUHFRJQLVHGLQ2&,
(d) Equity instruments
(TXLW\LQYHVWPHQWLQVXEVLGLDU\LVPHDVXUHGDWFRVW
Derecognition
$ƉQDQFLDODVVHWLVSULPDULO\GHUHFRJQLVHGZKHQ
D WKHULJKWWRUHFHLYHFDVKƋRZVIURPWKHDVVHWKDVH[SLUHGRU
E WKH&RPSDQ\KDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKƋRZVIURPWKHDVVHWRUKDVDVVXPHGDQREOLJDWLRQWRSD\
WKHUHFHLYHGFDVKƋRZVLQIXOOZLWKRXWPDWHULDOGHOD\WRDWKLUGSDUW\XQGHUDSDVVWKURXJKDUUDQJHPHQWDQGD
WKH&RPSDQ\KDVWUDQVIHUUHGVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIWKHDVVHWRUEWKH&RPSDQ\KDVQHLWKHU
WUDQVIHUUHGQRUUHWDLQHGVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIWKHDVVHWEXWKDVWUDQVIHUUHGFRQWURORIWKHDVVHW
2QGHUHFRJQLWLRQRIDƉQDQFLDODVVHWLQLWVHQWLUHW\WKHGLIIHUHQFHVEHWZHHQWKHFDUU\LQJDPRXQWVPHDVXUHGDWWKHGDWH
RIGHUHFRJQLWLRQDQGWKHFRQVLGHUDWLRQUHFHLYHGLVUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVV
,PSDLUPHQWRIƊQDQFLDODVVHWV
7KH&RPSDQ\DSSOLHVWKHH[SHFWHGFUHGLWORVV(&/PRGHOIRUPHDVXUHPHQWDQGUHFRJQLWLRQRILPSDLUPHQWORVVHVRQWKH
IROORZLQJƉQDQFLDODVVHWVDQGFUHGLWULVNH[SRVXUH
D )LQDQFLDODVVHWVWKDWDUHPHDVXUHGDWDPRUWLVHGFRVWHJGHSRVLWV
E 7UDGHUHFHLYDEOHVSURMHFWH[FHVVFRVWRUDQ\DQRWKHUƉQDQFLDODVVHWWKDWUHVXOWIURPWUDQVDFWLRQVWKDWDUHZLWKLQWKH
VFRSHRI,QG$6DQG,QG$6
7KH&RPSDQ\IROORZVWKHVLPSOLƉHGDSSURDFKIRUUHFRJQLWLRQRILPSDLUPHQWORVVDOORZDQFHRQWUDGHUHFHLYDEOHVQHWRI
ELOOLQJLQH[FHVVDQGSURMHFWH[FHVVFRVW7KHDSSOLFDWLRQRIWKHVLPSOLƉHGDSSURDFKGRHVQRWUHTXLUHWKH&RPSDQ\WRWUDFN
FKDQJHVLQFUHGLWULVN5DWKHULWUHFRJQL]HVLPSDLUPHQWORVVDOORZDQFHEDVHGRQOLIHWLPH(&/VDWHDFKUHSRUWLQJGDWHULJKW
IURPLWVLQLWLDOUHFRJQLWLRQ
)RUUHFRJQLWLRQRILPSDLUPHQWORVVRQRWKHUƉQDQFLDODVVHWVDQGULVNH[SRVXUHWKH&RPSDQ\GHWHUPLQHVZKHWKHUWKHUH
KDV EHHQ D VLJQLƉFDQW LQFUHDVH LQ WKH FUHGLW ULVN VLQFH LQLWLDO UHFRJQLWLRQ ,I FUHGLW ULVN KDV QRW LQFUHDVHG VLJQLƉFDQWO\
WZHOYHPRQWK(&/LVXVHGWRSURYLGHIRULPSDLUPHQWORVV+RZHYHULIFUHGLWULVNKDVLQFUHDVHGVLJQLƉFDQWO\OLIHWLPH(&/LV
XVHG,ILQDVXEVHTXHQWSHULRGFUHGLWTXDOLW\RIWKHLQVWUXPHQWLPSURYHVVXFKWKDWWKHUHLVQRORQJHUDVLJQLƉFDQWLQFUHDVH
LQFUHGLWULVNVLQFHLQLWLDOUHFRJQLWLRQWKHQWKHHQWLW\UHYHUWVWRUHFRJQLVLQJLPSDLUPHQWORVVDOORZDQFHEDVHGRQWZHOYH
PRQWK(&/
/LIHWLPH(&/DUHWKHH[SHFWHGFUHGLWORVVHVUHVXOWLQJIURPDOOSRVVLEOHGHIDXOWHYHQWVRYHUWKHH[SHFWHGOLIHRIDƉQDQFLDO
LQVWUXPHQW7KHWZHOYHPRQWK(&/LVDSRUWLRQRIWKHOLIHWLPH(&/ZKLFKUHVXOWVIURPGHIDXOWHYHQWVWKDWDUHSRVVLEOH
ZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJGDWH

)LQDQFLDOLQVWUXPHQWV&RQWLQXHG
,PSDLUPHQWRIƊQDQFLDODVVHWV&RQWLQXHG
(&/ LV WKH GLIIHUHQFH EHWZHHQ QHW RI DOO FRQWUDFWXDO FDVK ƋRZV WKDW DUH GXH WR WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH
FRQWUDFWDQGDOOWKHFDVKƋRZVWKDWWKHHQWLW\H[SHFWVWRUHFHLYHLHDOOFDVKVKRUWIDOOVGLVFRXQWHGDWWKHRULJLQDO(,5
:KHQHVWLPDWLQJWKHFDVKƋRZVDQHQWLW\LVUHTXLUHGWRFRQVLGHU
á $OOFRQWUDFWXDOWHUPVRIWKHƉQDQFLDOLQVWUXPHQWLQFOXGLQJSUHSD\PHQWH[WHQVLRQFDOODQGVLPLODURSWLRQVRYHUWKH
H[SHFWHGOLIHRIWKHƉQDQFLDOLQVWUXPHQW+RZHYHULQUDUHFDVHVZKHQWKHH[SHFWHGOLIHRIWKHƉQDQFLDOLQVWUXPHQW
FDQQRW EH HVWLPDWHG UHOLDEO\ WKHQ WKH HQWLW\ LV UHTXLUHG WR XVH WKH UHPDLQLQJ FRQWUDFWXDO WHUP RI WKH ƉQDQFLDO
instrument
á &DVKƋRZVIURPWKHVDOHRIFROODWHUDOKHOGRURWKHUFUHGLWHQKDQFHPHQWVWKDWDUHLQWHJUDOWRWKHFRQWUDFWXDOWHUPV
$VDSUDFWLFDOH[SHGLHQWWKH&RPSDQ\XVHVDSURYLVLRQPDWUL[WRGHWHUPLQHLPSDLUPHQWORVVDOORZDQFHRQWUDGHUHFHLYDEOHV
QHWRIELOOLQJLQH[FHVVDQGSURMHFWH[FHVVFRVW
7KH&RPSDQ\GRHVQRWKDYHDQ\SXUFKDVHGRURULJLQDWHGFUHGLWLPSDLUHGƉQDQFLDODVVHWVLHƉQDQFLDODVVHWVZKLFKDUH
FUHGLWLPSDLUHGRQSXUFKDVHRULJLQDWLRQ
(&/LPSDLUPHQWORVVDOORZDQFHRUUHYHUVDOUHFRJQL]HGGXULQJWKHSHULRGLVUHFRJQL]HGLQWKH6WDWHPHQWRI3URƉWDQG
/RVV7KLVDPRXQWLVUHƋHFWHGXQGHUWKHKHDG¶RWKHUH[SHQVHV·LQWKH6WDWHPHQWRI3URƉWDQG/RVV
Financial liabilities
)LQDQFLDOOLDELOLWLHVDUHFODVVLƉHGDWLQLWLDOUHFRJQLWLRQDVƉQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSURƉWRUORVV)973/
SD\DEOHVRUDVGHULYDWLYHVGHVLJQDWHGDVKHGJLQJLQVWUXPHQWVLQDQHIIHFWLYHKHGJHDVDSSURSULDWH
$OOƉQDQFLDOOLDELOLWLHVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHDQGLQWKHFDVHRISD\DEOHVQHWRIGLUHFWO\DWWULEXWDEOHWUDQVDFWLRQ
FRVWV
7KH&RPSDQ\·VƉQDQFLDOOLDELOLWLHVLQFOXGHWUDGHDQGRWKHUSD\DEOHVDQGGHULYDWLYHƉQDQFLDOLQVWUXPHQWV
)LQDQFLDOOLDELOLWLHVLQFOXGLQJGHULYDWLYHVDQGHPEHGGHGGHULYDWLYHVZKLFKDUHGHVLJQDWHGIRUPHDVXUHPHQWDW)973/DUH
VXEVHTXHQWO\PHDVXUHGDWIDLUYDOXH$OORWKHUƉQDQFLDOOLDELOLWLHVVXFKDVGHSRVLWVDUHPHDVXUHGDWDPRUWLVHGFRVWXVLQJ
(,5PHWKRG
)RUWUDGHDQGRWKHUSD\DEOHVPDWXULQJZLWKLQRQH\HDUIURPWKH%DODQFH6KHHWGDWHWKHFDUU\LQJDPRXQWVDSSUR[LPDWH
IDLUYDOXHLVXVHGGXHWRWKHVKRUWPDWXULW\RIWKHVHLQVWUXPHQWV
Derecognition
$ƉQDQFLDOOLDELOLW\LVGHUHFRJQLVHGZKHQWKHREOLJDWLRQXQGHUWKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHG:KHQ
DQH[LVWLQJƉQDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLIIHUHQWWHUPVRUWKHWHUPV
RIDQH[LVWLQJOLDELOLW\DUHVXEVWDQWLDOO\PRGLƉHGVXFKDQH[FKDQJHRUPRGLƉFDWLRQLVWUHDWHGDVWKHGHUHFRJQLWLRQRIWKH
RULJLQDOOLDELOLW\DQGWKHUHFRJQLWLRQRIDQHZOLDELOLW\7KHGLIIHUHQFHLQWKHUHVSHFWLYHFDUU\LQJDPRXQWVLVUHFRJQLVHGLQ
WKH6WDWHPHQWRI3URƉWDQG/RVV
2IIVHWWLQJRIƊQDQFLDOLQVWUXPHQWV
)LQDQFLDODVVHWVDQGƉQDQFLDOOLDELOLWLHVDUHRIIVHWDQGWKHQHWDPRXQWLVUHSRUWHGLQWKHEDODQFHVKHHWLIWKHUHLVDFXUUHQWO\
HQIRUFHDEOHOHJDOULJKWWRRIIVHWWKHUHFRJQLVHGDPRXQWVDQGWKHUHLVDQLQWHQWLRQWRVHWWOHRQDQHWEDVLVWRUHDOLVHWKH
DVVHWVDQGVHWWOHWKHOLDELOLWLHVVLPXOWDQHRXVO\
)RUHLJQFXUUHQF\WUDQVDFWLRQV
7KH&RPSDQ\LVH[SRVHGWRFXUUHQF\ƋXFWXDWLRQVRQIRUHLJQFXUUHQF\WUDQVDFWLRQV7UDQVDFWLRQVGHQRPLQDWHGLQIRUHLJQ
FXUUHQF\DUHUHFRUGHGDWWKHH[FKDQJHUDWHSUHYDLOLQJRQWKHGDWHRIWUDQVDFWLRQV
([FKDQJHGLIIHUHQFHVDULVLQJRQIRUHLJQH[FKDQJHWUDQVDFWLRQVVHWWOHGGXULQJWKH\HDUDUHUHFRJQL]HGLQWKH6WDWHPHQWRI
3URƉWDQG/RVVRIWKH\HDU
Translation
0RQHWDU\DVVHWVDQGOLDELOLWLHVLQIRUHLJQFXUUHQF\ZKLFKDUHRXWVWDQGLQJDVDWWKH\HDUHQGDUHWUDQVODWHGDWWKH\HDUHQG
DWWKHFORVLQJH[FKDQJHUDWHDQGWKHUHVXOWDQWH[FKDQJHGLIIHUHQFHVDUHUHFRJQL]HGLQWKH6WDWHPHQWRI3URƉWDQG/RVV
1RQPRQHWDU\LWHPVDUHVWDWHGLQWKHEDODQFHVKHHWXVLQJWKHH[FKDQJHUDWHDWWKHGDWHRIWKHWUDQVDFWLRQ
)RUHLJQFXUUHQF\WUDQVDFWLRQV&RQWLQXHG
Derivative instruments and hedge accounting
7KH&RPSDQ\·VH[SRVXUHWRIRUHLJQFXUUHQF\ƋXFWXDWLRQVUHODWHVWRIRUHLJQFXUUHQF\DVVHWVOLDELOLWLHVDQGIRUHFDVWHGFDVK
ƋRZV7KH&RPSDQ\OLPLWVWKHHIIHFWVRIIRUHLJQH[FKDQJHUDWHƋXFWXDWLRQVE\IROORZLQJHVWDEOLVKHGULVNPDQDJHPHQW
SROLFLHVLQFOXGLQJWKHXVHRIGHULYDWLYHVOLNHIRUZDUGFRQWUDFWVDQGRSWLRQV7KH&RPSDQ\HQWHUVLQWRIRUZDUGH[FKDQJH
FRQWUDFWV DQG RSWLRQV ZKHUH WKH FRXQWHUSDUW\ LV D EDQN 7KH KHGJLQJ VWUDWHJ\ LV XVHG IRU PLWLJDWLQJ WKH FXUUHQF\
ƋXFWXDWLRQULVNDQGWKH&RPSDQ\GRHVQRWXVHWKHIRUZDUGH[FKDQJHDQGRSWLRQVFRQWUDFWVIRUWUDGLQJRUVSHFXODWLYH
SXUSRVH
7KHIRUZDUGH[FKDQJHDQGRSWLRQVFRQWUDFWVDUHUHPHDVXUHGDWIDLUYDOXHDWHDFKUHSRUWLQJGDWHZLWKWKHUHVXOWDQWJDLQV
ORVVHVWKHUHRQEHLQJUHFRUGHGLQ6WDWHPHQWRI3URƉWDQG/RVV
&RPPRGLW\ULVNLVPLWLJDWHGE\HQWHULQJLQWRIXWXUHFRQWUDFWVWRKHGJHDJDLQVWƋXFWXDWLRQLQFRPPRGLW\SULFHV
7KH &RPSDQ\ GHVLJQDWHV VRPH RI WKH IRUZDUG FRQWUDFWV LQ D FDVK ƋRZ KHGJLQJ UHODWLRQVKLS E\ DSSO\LQJ WKH KHGJH
DFFRXQWLQJSULQFLSOHV
7KHVHIRUZDUGFRQWUDFWVDUHVWDWHGDWIDLUYDOXHDWHDFKUHSRUWLQJGDWH&KDQJHVLQWKHIDLUYDOXHRIWKHVHIRUZDUGFRQWUDFWV
WKDWDUHGHVLJQDWHGDVKHGJHVIRUIXWXUHFDVKƋRZVDUHUHFRJQLVHGLQ2&,DQGUHƋHFWHGLQWKHFDVKƋRZKHGJHUHVHUYH
QHWRIDSSOLFDEOHGHIHUUHGLQFRPHWD[HV7KHLQHIIHFWLYHSRUWLRQLVUHFRJQLVHGLPPHGLDWHO\LQWKH6WDWHPHQWRI3URƉWDQG
/RVV
$PRXQWV DFFXPXODWHG LQ FDVK ƋRZ KHGJH UHVHUYH DUH UHFODVVLƉHG WR SURƉW DQG ORVV LQ WKH SHULRG GXULQJ ZKLFK WKH
IRUHFDVWHGWUDQVDFWLRQPDWHULDOLVHV
+HGJHDFFRXQWLQJLVGLVFRQWLQXHGZKHQWKHKHGJLQJLQVWUXPHQWH[SLUHVRULVVROGWHUPLQDWHGRUH[HUFLVHGRUQRORQJHU
TXDOLƉHV IRU KHGJH DFFRXQWLQJ )RU IRUHFDVWHG WUDQVDFWLRQV DQ\ FXPXODWLYH JDLQ RU ORVV RQ WKH KHGJLQJ LQVWUXPHQW
UHFRJQLVHGLQFDVKƋRZKHGJHUHVHUYHLVUHWDLQHGWKHUHXQWLOWKHIRUHFDVWHGWUDQVDFWLRQRFFXUV
,IWKHIRUHFDVWHGWUDQVDFWLRQLVQRORQJHUH[SHFWHGWRRFFXUWKHQHWFXPXODWLYHJDLQRUORVVUHFRJQLVHGLQFDVKƋRZKHGJH
UHVHUYHLVLPPHGLDWHO\WUDQVIHUUHGWRWKH6WDWHPHQWRI3URƉWDQG/RVVIRUWKHSHULRG
)DLUYDOXHPHDVXUHPHQW
)DLUYDOXHLVWKHSULFHWKDWZRXOGEHUHFHLYHGWRVHOODQDVVHWRUSDLGWRWUDQVIHUDOLDELOLW\LQDQRUGHUO\WUDQVDFWLRQEHWZHHQ
PDUNHWSDUWLFLSDQWVDWWKHPHDVXUHPHQWGDWH
$OODVVHWVDQGOLDELOLWLHVIRUZKLFKIDLUYDOXHLVPHDVXUHGRUGLVFORVHGLQWKHƉQDQFLDOVWDWHPHQWVDUHFDWHJRULVHGZLWKLQWKH
IDLUYDOXHKLHUDUFK\GHVFULEHGDVIROORZVEDVHGRQWKHORZHVWOHYHOLQSXWWKDWLVVLJQLƉFDQWWRWKHIDLUYDOXHPHDVXUHPHQW
as a whole:
á /HYHO4XRWHGXQDGMXVWHGPDUNHWSULFHVLQDFWLYHPDUNHWVIRULGHQWLFDODVVHWVRUOLDELOLWLHV
á /HYHO9DOXDWLRQWHFKQLTXHVIRUZKLFKWKHORZHVWOHYHOLQSXWWKDWLVVLJQLƉFDQWWRWKHIDLUYDOXHPHDVXUHPHQWLV
GLUHFWO\RULQGLUHFWO\REVHUYDEOH
XQREVHUYDEOH
)RUDVVHWVDQGOLDELOLWLHVWKDWDUHUHFRJQLVHGLQWKHƉQDQFLDOVWDWHPHQWVRQDUHFXUULQJEDVLVWKH&RPSDQ\GHWHUPLQHV
ZKHWKHUWUDQVIHUVKDYHRFFXUUHGEHWZHHQOHYHOVLQWKHKLHUDUFK\E\UHDVVHVVLQJFDWHJRULVDWLRQEDVHGRQWKHORZHVWOHYHO
LQSXWWKDWLVVLJQLƉFDQWWRWKHIDLUYDOXHPHDVXUHPHQWDVDZKROHDWWKHHQGRIHDFKUHSRUWLQJSHULRG
)RUWKHSXUSRVHRIIDLUYDOXHGLVFORVXUHVWKH&RPSDQ\KDVGHWHUPLQHGFODVVHVRIDVVHWVDQGOLDELOLWLHVRQWKHEDVLVRIWKH
QDWXUHFKDUDFWHULVWLFVDQGULVNVRIWKHDVVHWRUOLDELOLW\DQGWKHOHYHORIWKHIDLUYDOXHKLHUDUFK\DVH[SODLQHGDERYH
,QGHWHUPLQLQJWKHIDLUYDOXHRILWVƉQDQFLDOLQVWUXPHQWVWKH&RPSDQ\XVHVDYDULHW\RIPHWKRGVDQGDVVXPSWLRQVWKDWDUH
EDVHGRQPDUNHWFRQGLWLRQVDQGULVNVH[LVWLQJDWHDFKUHSRUWLQJGDWH7KHPHWKRGVXVHGWRGHWHUPLQHIDLUYDOXHLQFOXGHV
GLVFRXQWHGFDVKƋRZDQDO\VLVDYDLODEOHTXRWHGPDUNHWSULFHVDQGGHDOHUTXRWHV$OOPHWKRGVRIDVVHVVLQJIDLUYDOXHUHVXOW
IURPJHQHUDODSSUR[LPDWLRQRIYDOXHDQGWKHVDPHPD\GLIIHUIURPWKHDFWXDOUHDOLVHGYDOXH
1.14 Taxation
,QFRPHWD[H[SHQVHFRPSULVHVFXUUHQWWD[LHDPRXQWRIWD[IRUWKH\HDUGHWHUPLQHGLQDFFRUGDQFHZLWKWKHLQFRPHWD[
ODZDQGGHIHUUHGWD[FKDUJHRUFUHGLWUHƋHFWLQJWKHWD[HIIHFWRIWHPSRUDU\GLIIHUHQFHVEHWZHHQDFFRXQWLQJLQFRPHDQG
WD[DEOHLQFRPHIRUWKH\HDUFRPSXWHGLQDFFRUGDQFHZLWKWKHUHOHYDQWSURYLVLRQVRIWKH,QFRPH7D[$FW&XUUHQWWD[
DQGGHIHUUHGWD[DUHUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVVH[FHSWZKHQWKH\UHODWHWRLWHPVWKDWDUHUHFRJQLVHG
LQ2&,RUGLUHFWO\LQHTXLW\LQZKLFKFDVHWKHFXUUHQWDQGGHIHUUHGWD[DUHDOVRUHFRJQLVHGLQRWKHUFRPSUHKHQVLYHLQFRPH
RUGLUHFWO\LQHTXLW\UHVSHFWLYHO\

7D[DWLRQ&RQWLQXHG
7KHFXUUHQWWD[SD\DEOHLVEDVHGRQWD[DEOHSURƉWIRUWKH\HDU7KH&RPSDQ\·VFXUUHQWWD[LVFDOFXODWHGXVLQJWD[UDWHVWKDW
KDYHEHHQHQDFWHGRUVXEVWDQWLYHO\HQDFWHGE\WKHHQGRIWKHUHSRUWLQJSHULRG$GYDQFHWD[HVDQGSURYLVLRQVIRUFXUUHQW
LQFRPHWD[HVDUHSUHVHQWHGLQWKHEDODQFHVKHHWDIWHURIIVHWWLQJDGYDQFHWD[SDLGDQGLQFRPHWD[SURYLVLRQDULVLQJLQWKH
VDPHWD[MXULVGLFWLRQDQGZKHUHWKHUHOHYDQWWD[SD\LQJXQLWVLQWHQGWRVHWWOHWKHDVVHWDQGOLDELOLW\RQDQHWEDVLV
'HIHUUHGWD[LVSURYLGHGXVLQJWKHEDODQFHVKHHWPHWKRGRQWHPSRUDU\GLIIHUHQFHVEHWZHHQWKHWD[EDVHVRIDVVHWVDQG
OLDELOLWLHVDQGWKHLUFDUU\LQJDPRXQWVIRUƉQDQFLDOUHSRUWLQJSXUSRVHVDWWKHUHSRUWLQJGDWH
7KHGHIHUUHGWD[FKDUJHRUFUHGLWDQGWKHFRUUHVSRQGLQJGHIHUUHGWD[OLDELOLWLHVRUDVVHWVDUHUHFRJQLVHGXVLQJWKHWD[UDWHV
WKDWKDYHEHHQHQDFWHGRUVXEVWDQWLYHO\HQDFWHGE\WKHEDODQFHVKHHWGDWH'HIHUUHGWD[DVVHWVDUHJHQHUDOO\UHFRJQLVHG
IRUDOOGHGXFWLEOHWHPSRUDU\GLIIHUHQFHVWRWKHH[WHQWLWLVSUREDEOHWKDWWD[DEOHSURƉWVZLOOEHDYDLODEOHDJDLQVWWKRVH
GHGXFWLEOHWHPSRUDU\GLIIHUHQFHVFDQEHUHDOLVHG'HIHUUHGWD[DVVHWVDUHUHYLHZHGDVDWHDFKEDODQFHVKHHWGDWHDQG
ZULWWHQGRZQWRWKHH[WHQWLWLVQRORQJHUSUREDEOHWKDWVXIƉFLHQWWD[DEOHSURƉWVZLOOEHDYDLODEOHWRDOORZDOORUSDUWRIWKH
DVVHWWREHUHFRYHUHG
'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHRIIVHWZKHQWKH\UHODWHWRLQFRPHWD[HVOHYLHGE\WKHVDPHWD[DWLRQDXWKRULW\DQG
WKHUHOHYDQWHQWLW\LQWHQGVWRVHWWOHLWVFXUUHQWWD[DVVHWVDQGOLDELOLWLHVRQDQHWEDVLV
'HIHUUHG WD[ UHODWLQJ WR LWHPV UHFRJQLVHG RXWVLGH SURƉW RU ORVV LV UHFRJQLVHG RXWVLGH SURƉW RU ORVV HLWKHU LQ RWKHU
FRPSUHKHQVLYHLQFRPHRULQHTXLW\'HIHUUHGWD[LWHPVDUHUHFRJQLVHGLQFRUUHODWLRQWRWKHXQGHUO\LQJWUDQVDFWLRQHLWKHU
LQ2&,RUGLUHFWO\LQHTXLW\
(DUQLQJVSHUVKDUH
%DVLFHDUQLQJVSHUVKDUHDUHFRPSXWHGE\GLYLGLQJWKHQHWSURƉWDWWULEXWDEOHWRHTXLW\VKDUHKROGHUVIRUWKH\HDUE\WKH
ZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU
)RU WKH SXUSRVH RI FDOFXODWLQJ GLOXWHG HDUQLQJV SHU VKDUH WKH QHW SURƉW RU ORVV IRU WKH \HDU DWWULEXWDEOH WR HTXLW\
VKDUHKROGHUVDQGWKHZHLJKWHGDYHUDJHQXPEHURIVKDUHVRXWVWDQGLQJGXULQJWKH\HDUDUHDGMXVWHGIRUWKHHIIHFWVRIDOO
GLOXWLYHSRWHQWLDOHTXLW\VKDUHV
3URYLVLRQVDQGFRQWLQJHQFLHV
3URYLVLRQVDUHUHFRJQL]HGZKHQWKH&RPSDQ\UHFRJQLVHVLWKDVDSUHVHQWREOLJDWLRQOHJDORUFRQVWUXFWLYHDVDUHVXOWRI
SDVWHYHQWVDQGLWLVSUREDEOHWKDWDQRXWƋRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHƉWVZLOOEHUHTXLUHGWRVHWWOHWKH
REOLJDWLRQDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ,IWKHHIIHFWLVPDWHULDOSURYLVLRQVDUH
UHFRJQLVHGDWSUHVHQWYDOXHE\GLVFRXQWLQJWKHH[SHFWHGIXWXUHFDVKƋRZVDWDSUHWD[UDWHWKDWUHƋHFWVFXUUHQWPDUNHW
DVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\:KHQDFRQWUDFWEHFRPHVRQHURXVWKHSUHVHQWREOLJDWLRQXQGHUWKHFRQWUDFWLV
UHFRJQL]HGDVDSURYLVLRQ7KHVHDUHUHYLHZHGDWHDFKEDODQFHVKHHWGDWHDQGDGMXVWHGWRUHƋHFWFXUUHQWEHVWHVWLPDWHV
'LVFORVXUHVIRUFRQWLQJHQWOLDELOLW\DUHPDGHZKHQWKHUHLVDSRVVLEOHDQGSUHVHQWREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWV
ZKLFKLVQRWUHFRJQLVHGVLQFHLWLVQRWSUREDEOHWKDWWKHUHZLOOEHDQRXWƋRZRIUHVRXUFHV:KHQWKHUHLVDSRVVLEOHDQG
SUHVHQWREOLJDWLRQLQUHVSHFWRIZKLFKWKHOLNHOLKRRGRIRXWƋRZRIUHVRXUFHVLVUHPRWHQRGLVFORVXUHLVPDGH
/RVVFRQWLQJHQFLHVDULVLQJIURPFODLPVOLWLJDWLRQDVVHVVPHQWƉQHVSHQDOWLHVHWFDUHUHFRUGHGZKHQLWLVSUREDEOHWKDW
DOLDELOLW\KDVEHHQLQFXUUHGDQGWKHDPRXQWFDQEHUHDVRQDEO\HVWLPDWHG
3URYLVLRQVIRUZDUUDQW\UHODWHGFRVWDUHUHFRJQLVHGZKHQWKHSURGXFWLVVROGRUVHUYLFHLVSURYLGHGWRWKHFXVWRPHU,QLWLDO
UHFRJQLWLRQLVEDVHGRQSDVWH[SHULHQFH
&RQWLQJHQWDVVHWVDUHQRWUHFRJQL]HGLQWKHƉQDQFLDOVWDWHPHQWV
&DVKDQG&DVKHTXLYDOHQWV
&DVKDQGFDVKHTXLYDOHQWVLQFOXGHFDVKFKHTXHVLQKDQGFDVKDWEDQNDQGGHSRVLWVZLWKEDQNVKDYLQJPDWXULW\RIWKUHH
PRQWKVRUOHVV%DQNGHSRVLWVZLWKRULJLQDOPDWXULW\RIXSWRWKUHHPRQWKVDUHFODVVLƉHGDV¶&DVKDQGFDVKHTXLYDOHQWV·
DQGZLWKRULJLQDOPDWXULW\RIPRUHWKDQWKUHHPRQWKVDUHFODVVLƉHGDV¶2WKHUEDQNEDODQFHV·
*RYHUQPHQWJUDQWVDQGVXEVLGLHV
*UDQWVDQGVXEVLGLHVIURPWKHJRYHUQPHQWDUHUHFRJQL]HGZKHQWKHUHLVUHDVRQDEOHDVVXUDQFHWKDWLWKHFRPSDQ\ZLOO
FRPSO\ZLWKWKHFRQGLWLRQVDWWDFKHGWRWKHPDQGLLWKHJUDQWVXEVLG\ZLOOEHUHFHLYHG
:KHQWKHJUDQWRUVXEVLG\UHODWHVWRUHYHQXHLWLVUHFRJQL]HGDVLQFRPHRQDV\VWHPDWLFEDVLVLQWKH6WDWHPHQWRI3URƉW
DQG/RVVRYHUWKHSHULRGVQHFHVVDU\WRPDWFKWKHPZLWKWKHUHODWHGFRVWVIRUZKLFKWKH\DUHLQWHQGHGWRFRPSHQVDWH
:KHUHWKHJUDQWUHODWHVWRDQDVVHWWKHVDPHLVSUHVHQWHGLQWKHEDODQFHVKHHWE\GHGXFWLQJWKHJUDQWLQDUULYLQJDWWKH
FDUU\LQJDPRXQWRIWKHDVVHW
6LJQLƊFDQWDFFRXQWLQJMXGJPHQWVHVWLPDWHVDQGDVVXPSWLRQV
7KH SUHSDUDWLRQ RI ƉQDQFLDO VWDWHPHQWV LQ FRQIRUPLW\ ZLWK ,QG $6 UHTXLUHV PDQDJHPHQW WR PDNH HVWLPDWHV DQG
DVVXPSWLRQVWKDWDIIHFWWKHUHSRUWHGDPRXQWVRIUHYHQXHH[SHQVHVDVVHWVDQGOLDELOLWLHV$FWXDOUHVXOWVFRXOGGLIIHUIURP
WKRVHHVWLPDWHV$Q\UHYLVLRQWRDFFRXQWLQJHVWLPDWHVLVUHFRJQLVHGSURVSHFWLYHO\
7KHNH\DVVXPSWLRQVFRQFHUQLQJWKHIXWXUHDQGRWKHUNH\VRXUFHVRIHVWLPDWLQJXQFHUWDLQW\DWWKHUHSRUWLQJGDWHWKDW
KDYHDVLJQLƉFDQWULVNRIFDXVLQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQWKHQH[W
ƉQDQFLDO\HDUDUHGHVFULEHGEHORZ7KH&RPSDQ\KDVEDVHGLWVDVVXPSWLRQVDQGHVWLPDWHVRQSDUDPHWHUVDYDLODEOHZKHQ
WKHƉQDQFLDOVWDWHPHQWVZHUHSUHSDUHG([LVWLQJFLUFXPVWDQFHVDQGDVVXPSWLRQVDERXWIXWXUHGHYHORSPHQWVKRZHYHU
PD\FKDQJHGXHWRPDUNHWFKDQJHVRUFLUFXPVWDQFHVDULVLQJWKDWDUHEH\RQGWKHFRQWURORIWKH&RPSDQ\6XFKFKDQJHV
DUHUHƋHFWHGLQWKHDVVXPSWLRQVZKHQWKH\RFFXU
3URMHFWUHYHQXHDQGFRVWV
7KH SHUFHQWDJHRIFRPSOHWLRQ 32& PHWKRG SODFHV FRQVLGHUDEOH LPSRUWDQFH RQ DFFXUDWH HVWLPDWHV WR WKH H[WHQW RI
SURJUHVV WRZDUGV FRPSOHWLRQ DQG PD\ LQYROYH HVWLPDWHV RQ WKH VFRSH RI GHOLYHULHV DQG VHUYLFHV UHTXLUHG IRU IXOƉOOLQJ
WKHFRQWUDFWXDOO\GHƉQHGREOLJDWLRQV7KHVHVLJQLƉFDQWHVWLPDWHVLQFOXGHWRWDOFRQWUDFWFRVWVWRWDOFRQWUDFWUHYHQXHV
FRQWUDFWULVNVLQFOXGLQJWHFKQLFDOSROLWLFDODQGUHJXODWRU\ULVNVDQGRWKHUMXGJPHQWV7KH&RPSDQ\UHDVVHVVHVWKHVH
HVWLPDWHVRQSHULRGLFEDVLVDQGPDNHVDSSURSULDWHUHYLVLRQVDFFRUGLQJO\
2.2 Taxes
6LJQLƉFDQWPDQDJHPHQWMXGJPHQWLVUHTXLUHGWRGHWHUPLQHWKHDPRXQWRIGHIHUUHGWD[DVVHWVWKDWFDQEHUHFRJQLVHG
EDVHGXSRQWKHOLNHO\WLPLQJDQGWKHOHYHORIIXWXUHWD[DEOHSURƉWVWRJHWKHUZLWKIXWXUHWD[SODQQLQJVWUDWHJLHV
3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWV
7KHFKDUJHLQUHVSHFWRISHULRGLFGHSUHFLDWLRQLVGHULYHGDIWHUGHWHUPLQLQJDQHVWLPDWHRIDQDVVHW·VH[SHFWHGXVHIXOOLIH
DQGWKHH[SHFWHGUHVLGXDOYDOXHDWWKHHQGRILWVOLIH7KHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRIWKH&RPSDQ\·VDVVHWVDUH
GHWHUPLQHGE\PDQDJHPHQWDWWKHWLPHWKHDVVHWLVDFTXLUHGDQGUHYLHZHGSHULRGLFDOO\LQFOXGLQJDWHDFKƉQDQFLDO\HDU
HQG7KHOLYHVDUHEDVHGRQKLVWRULFDOH[SHULHQFHZLWKVLPLODUDVVHWVDVZHOODVDQWLFLSDWLRQRIIXWXUHHYHQWVZKLFKPD\
LPSDFWWKHLUOLIHVXFKDVFKDQJHVLQWHFKQRORJ\
,PSDLUPHQWRIQRQƊQDQFLDODVVHWV
7KH&RPSDQ\DVVHVVHVDWHDFKEDODQFHVKHHWGDWHZKHWKHUWKHUHLVDQ\LQGLFDWLRQWKDWDQDVVHWRUDJURXSRIDVVHWVFDVK
JHQHUDWLQJXQLWPD\EHLPSDLUHG,IDQ\VXFKLQGLFDWLRQH[LVWVWKH&RPSDQ\HVWLPDWHVWKHUHFRYHUDEOHDPRXQWRIWKH
DVVHWRUFDVKJHQHUDWLQJXQLW
7KH UHFRYHUDEOH DPRXQW LV WKH JUHDWHU RI WKH DVVHW·V QHW VHOOLQJ SULFH DQG YDOXH LQ XVH ,Q DVVHVVLQJ YDOXH LQ XVH WKH
HVWLPDWHGIXWXUHFDVKƋRZVDUHGLVFRXQWHGWRWKHSUHVHQWYDOXHXVLQJDSUHWD[GLVFRXQWUDWHWKDWUHƋHFWVFXUUHQWPDUNHW
DVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFLƉFWRWKHDVVHW,QGHWHUPLQLQJQHWVHOOLQJSULFHUHFHQWPDUNHW
WUDQVDFWLRQVDUHWDNHQLQWRDFFRXQWLIDYDLODEOH,IQRVXFKWUDQVDFWLRQVFDQEHLGHQWLƉHGDQDSSURSULDWHYDOXDWLRQPRGHO
LV XVHG ,I VXFK UHFRYHUDEOH DPRXQW RI WKH DVVHW RU WKH UHFRYHUDEOH DPRXQW RI WKH FDVKJHQHUDWLQJ XQLW WR ZKLFK WKH
DVVHWEHORQJVLVOHVVWKDQLWVFDUU\LQJDPRXQWWKHFDUU\LQJDPRXQWLVUHGXFHGWRLWVUHFRYHUDEOHDPRXQW7KHUHGXFWLRQ
LVWUHDWHGDVDQLPSDLUPHQWORVVDQGLVUHFRJQL]HGLQWKH6WDWHPHQWRI3URƉWDQG/RVV,IDWWKHEDODQFHVKHHWGDWHWKHUHLV
DQLQGLFDWLRQWKDWDSUHYLRXVO\DVVHVVHGLPSDLUPHQWORVVQRORQJHUH[LVWVWKHUHFRYHUDEOHDPRXQWLVUHDVVHVVHGDQGWKH
DVVHWLVUHƋHFWHGDWWKHUHFRYHUDEOHDPRXQWVXEMHFWWRDPD[LPXPRIGHSUHFLDEOHKLVWRULFDOFRVWKDGQRLPSDLUPHQWEHHQ
UHFRJQLVHG
(PSOR\HHEHQHƊWV
7KH&RPSDQ\·VREOLJDWLRQIRUHPSOR\HHEHQHƉWVLVGHWHUPLQHGEDVHGRQDFWXDULDOYDOXDWLRQV$QDFWXDULDOYDOXDWLRQLQYROYHV
PDNLQJYDULRXVDVVXPSWLRQVWKDWPD\GLIIHUIURPDFWXDOGHYHORSPHQWVLQWKHIXWXUH7KHVHLQFOXGHWKHGHWHUPLQDWLRQRI
WKHGLVFRXQWUDWHIXWXUHVDODU\LQFUHDVHVDQGPRUWDOLW\UDWHV'XHWRWKHFRPSOH[LWLHVLQYROYHGLQWKHYDOXDWLRQDQGLWV
ORQJWHUPQDWXUHWKHVHOLDELOLWLHVDUHKLJKO\VHQVLWLYHWRFKDQJHVLQWKHVHDVVXPSWLRQV$OODVVXPSWLRQVDUHUHYLHZHGDW
HDFKUHSRUWLQJGDWH
5HIHUQRWHIRUGHWDLOVRIWKHNH\DVVXPSWLRQVXVHGLQGHWHUPLQLQJWKHDFFRXQWLQJRIWKHVHSODQV
7KHSDUDPHWHUPRVWVXEMHFWWRFKDQJHLVWKHGLVFRXQWUDWH,QGHWHUPLQLQJWKHDSSURSULDWHGLVFRXQWUDWHIRUSODQVRSHUDWHG
LQ,QGLDWKH$FWXDU\FRQVLGHUVWKHLQWHUHVWUDWHVRIJRYHUQPHQWERQGVLQFXUUHQFLHVFRQVLVWHQWZLWKWKHFXUUHQFLHVRIWKH
SRVWHPSOR\PHQWEHQHƉWREOLJDWLRQ
7KHPRUWDOLW\UDWHLVEDVHGRQSXEOLFO\DYDLODEOHPRUWDOLW\WDEOHVIRU,QGLD7KRVHPRUWDOLW\WDEOHVWHQGWRFKDQJHRQO\DW
LQWHUYDOLQUHVSRQVHWRGHPRJUDSKLFFKDQJHV)XWXUHVDODU\LQFUHDVHVDQGJUDWXLW\LQFUHDVHVDUHEDVHGRQH[SHFWHGIXWXUH
LQƋDWLRQUDWHVIRUWKHUHVSHFWLYHFRXQWULHV

7KH&RPSDQ\DVVHVVHVLPSDLUPHQWRQƉQDQFLDODVVHWVEDVHGRQ([SHFWHG&UHGLW/RVV(&/PRGHO7KHSURYLVLRQPDWUL[
LVEDVHGRQLWVKLVWRULFDOO\REVHUYHGGHIDXOWUDWHVRYHUWKHH[SHFWHGOLIHRIWKHƉQDQFLDODVVHWVDQGLVDGMXVWHGIRUIRUZDUG
ORRNLQJ HVWLPDWHV $W HYHU\ UHSRUWLQJ GDWH WKH KLVWRULFDO REVHUYHG GHIDXOW UDWHV DUH XSGDWHG DQG FKDQJHV LQ IRUZDUG
ORRNLQJHVWLPDWHVDUHDQDO\VHG
3URYLVLRQV
6LJQLƉFDQWHVWLPDWHVDUHLQYROYHGLQWKHGHWHUPLQDWLRQRISURYLVLRQVUHODWHGWROLTXLGDWHGGDPDJHVRQHURXVFRQWUDFWV
ZDUUDQW\FRVWVDVVHWUHWLUHPHQWREOLJDWLRQVOHJDODQGUHJXODWRU\SURFHHGLQJV/HJDO3URFHHGLQJV7KH&RPSDQ\UHFRUGV
DSURYLVLRQIRURQHURXVVDOHVFRQWUDFWVZKHQFXUUHQWHVWLPDWHVRIWRWDOFRQWUDFWFRVWVH[FHHGH[SHFWHGFRQWUDFWUHYHQXH
7KHSURYLVLRQIRUZDUUDQW\OLTXLGDWHGGDPDJHVRQHURXVFRQWUDFWVLVEDVHGRQWKHEHVWHVWLPDWHUHTXLUHGWRVHWWOHWKH
SUHVHQWREOLJDWLRQDWWKHHQGRIUHSRUWLQJSHULRG
/HJDO3URFHHGLQJVRIWHQLQYROYHFRPSOH[OHJDOLVVXHVDQGDUHVXEMHFWWRVXEVWDQWLDOXQFHUWDLQWLHV$FFRUGLQJO\FRQVLGHUDEOH
MXGJPHQWLVSDUWRIGHWHUPLQLQJZKHWKHULWLVSUREDEOHWKDWWKHUHLVDSUHVHQWREOLJDWLRQDVDUHVXOWRIDSDVWHYHQWDWWKH
HQGRIWKHUHSRUWLQJSHULRGZKHWKHULWLVSUREDEOHWKDWVXFKD/HJDO3URFHHGLQJZLOOUHVXOWLQDQRXWƋRZRIUHVRXUFHVDQG
ZKHWKHUWKHDPRXQWRIWKHREOLJDWLRQFDQEHUHOLDEO\HVWLPDWHG,QWHUQDODQGH[WHUQDOFRXQVHOVDUHJHQHUDOO\SDUWRIWKH
GHWHUPLQDWLRQSURFHVV
$OOWKHHVWLPDWHVDUHUHYLVHGSHULRGLFDOO\
6WDQGDUGLVVXHGWKDWDUHQRW\HWHIIHFWLYH
0LQLVWU\RI&RUSRUDWH$IIDLUV´0&$µWKURXJK&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV$PHQGPHQW5XOHVKDV
QRWLƉHG WKH IROORZLQJ QHZ DQG DPHQGPHQWV WR ,QG $6V ZKLFK WKH &RPSDQ\ KDV QRW DSSOLHG DV WKH\ DUH HIIHFWLYH IRU
DQQXDOSHULRGVEHJLQQLQJRQRUDIWHU$SULO
Ind AS 115 - Revenue from Contracts with Customers
7KH QHZ VWDQGDUG UHSODFHV H[LVWLQJ UHYHQXH UHFRJQLWLRQ VWDQGDUGV ,QG $6 &RQVWUXFWLRQ FRQWUDFWV DQG ,QG $6
5HYHQXH7KHFRUHSULQFLSOHRIWKHQHZVWDQGDUGLVWKDWUHYHQXHVKRXOGEHUHFRJQL]HGZKHQRUDVDQHQWLW\WUDQVIHUV
FRQWURORIJRRGVRUVHUYLFHVWRDFXVWRPHUDWWKHDPRXQWWRZKLFKWKHHQWLW\H[SHFWVWREHHQWLWOHG
(VVHQWLDOFRQFHSWVLQ,QG$6KDYHEHHQDQDO\VHGRQUHYHQXHVWUHDPOHYHO7KH&RPSDQ\·VUHYHQXHVWUHDPVPDLQO\
FRQVLVWRIUHYHQXHIURPSURMHFWVSURGXFWVDQGVHUYLFHVDULVLQJIURPYDULHGVHJPHQWV([LVWLQJUHYHQXHUHFRJQLWLRQLQ
FDVHRIUHYHQXHIURPSURMHFWVLVEDVHGRQSHUFHQWDJHRIFRPSOHWLRQPHWKRGLQFOXGLQJDQ\DGMXVWPHQWVDULVLQJRIYDULDEOH
FRQVLGHUDWLRQVDQGSHQDOWLHVUHYHQXHIURPVDOHRISURGXFWVLVEDVHGRQWUDQVIHURIULVNVDQGUHZDUGVWRFXVWRPHUDQG
UHYHQXHIURPVHUYLFHVLVDVSHUSURSRUWLRQDWHFRPSOHWLRQPHWKRG
Ind AS 40 - Transfers of Investment Property
7KHDPHQGPHQWVFODULI\ZKHQDQHQWLW\VKRXOGWUDQVIHUSURSHUW\LQFOXGLQJSURSHUW\XQGHUFRQVWUXFWLRQRUGHYHORSPHQW
LQWRRURXWRILQYHVWPHQWSURSHUW\7KHDPHQGPHQWVVWDWHWKDWDFKDQJHLQXVHRFFXUVZKHQWKHSURSHUW\PHHWVRU
FHDVHV WR PHHW WKH GHƉQLWLRQ RI LQYHVWPHQW SURSHUW\ DQG WKHUH LV HYLGHQFH RI WKH FKDQJH LQ XVH $ PHUH FKDQJH LQ
PDQDJHPHQW·VLQWHQWLRQVIRUWKHXVHRIDSURSHUW\GRHVQRWSURYLGHHYLGHQFHRIDFKDQJHLQXVH
Ind AS 21 - The Effect of Changes in Foreign Exchange Rates
7KH$SSHQGL[%FODULƉHVWKDWLQGHWHUPLQLQJWKHVSRWH[FKDQJHUDWHWRXVHRQLQLWLDOUHFRJQLWLRQRIWKHUHODWHGDVVHW
H[SHQVH RU LQFRPH RU SDUW RI LW RQ WKH GHUHFRJQLWLRQ RI D QRQPRQHWDU\ DVVHW RU QRQPRQHWDU\ OLDELOLW\ UHODWLQJ WR
DGYDQFHFRQVLGHUDWLRQWKHGDWHRIWKHWUDQVDFWLRQLVWKHGDWHRQZKLFKDQHQWLW\LQLWLDOO\UHFRJQLVHVWKHQRQPRQHWDU\
DVVHW RU QRQPRQHWDU\ OLDELOLW\ DULVLQJ IURP WKH DGYDQFH FRQVLGHUDWLRQ ,I WKHUH DUH PXOWLSOH SD\PHQWV RU UHFHLSWV LQ
DGYDQFHWKHQWKHHQWLW\PXVWGHWHUPLQHWKHWUDQVDFWLRQGDWHIRUHDFKSD\PHQWRUUHFHLSWRIDGYDQFHFRQVLGHUDWLRQ
:KLOH DQ LQLWLDO DVVHVVPHQW RI WKH DERYH VWDQGDUGV GRHV QRW LQGLFDWH D VLJQLƉFDQW LPSDFW H[FHSW IRU WKH GLVFORVXUH
UHTXLUHPHQWVRI,QG$65HYHQXHIURP&RQWUDFWVZLWK&XVWRPHUVDUHOLDEOHHVWLPDWHRIWKHLPSDFWFDQEHFRQFOXGHG
RQO\XSRQFRPSOHWLRQRIWKHRQJRLQJHYDOXDWLRQSURFHVV7KH&RPSDQ\GRHVQRWH[SHFWDQ\PDWHULDOHIIHFWRQLWVƉQDQFLDO
VWDWHPHQWV

1RWHVWRWKHƊQDQFLDOVWDWHPHQWV(Continued)
3 Property, plant and equipment
106 Annual Report 2018

Freehold Leasehold Buildings Plant and Furniture 2IƊFH Vehicles Total
Land Land (Refer equipments DQGƊ[WXUHV equipments
note i & ii) (Refer (Refer (Refer
note ii & iii) note ii) note ii)
Gross carrying value
At 1 October 2016 560 325 564 2 14,096
Additions 383 285 125 1 2,826
'HGXFWLRQVDGMXVWPHQWV (680)
At 30 September 2017 560 325 5,378 9,028 289 659 3 16,242
Accumulated depreciation /
impairment
At 1 October 2016 2 228 110 154 1 2,208
&KDUJHIRUWKH\HDU 6 234 22 1,906
At 30 September 2017 - 8 439 3,085 129 368 1 4,030
Net block
At 30 September 2017 560 317 4,939 5,943 160 291 2 12,212
Siemens Limited
3 Property, plant and equipment &RQWLQXHG
Annual Report 2018

$W2FWREHU 560 325 3 16,242
Additions 202 2,243
'HGXFWLRQVDGMXVWPHQWV
5HIHUQRWHLY (171)
At 30 September 2018 560 325 5,580 10,753 301 792 3 18,314
impairment
$W2FWREHU 8 368 1 4,030
&KDUJHIRUWKH\HDU 6 55 154 1,910
At 30 September 2018 - 14 678 4,496 180 506 1 5,875
Net block
At 30 September 2018 560 311 4,902 6,257 121 286 2 12,439
Notes:-
L %XLOGLQJVLQFOXGHVJURVVEORFNRI`` UHSUHVHQWLQJVKDUHVRI`HDFKDQGVKDUHVRI`HDFKVKDUHVRI
`HDFKDQGVKDUHVRI`HDFKLQYDULRXVFRRSHUDWLYHKRXVLQJVRFLHWLHVUHVSHFWLYHO\
LL Assets include assets given on operating lease
Particulars Buildings Plant and Furniture and 2IƊFH
equipments Ɗ[WXUHV equipments
*URVVFDUU\LQJYDOXHDVDW6HSWHPEHU 365 6 53
:ULWWHQ'RZQ9DOXHDVDW6HSWHPEHU 382 338 4 13
'HSUHFLDWLRQFKDUJHIRUWKH\HDU 42 4 18
*URVVFDUU\LQJYDOXHDVDW6HSWHPEHU 430 442 7 29
'HSUHFLDWLRQFKDUJHIRUWKH\HDU 58 36 2 23
LLL 3ODQWDQGHTXLSPHQWVLQFOXGHVJURVVEORFNRI``DQG1HWEORFNRI1LO`ZKLFKUHSUHVHQWVFRVWLQFXUUHGE\WKH&RPSDQ\
RQFHUWDLQDVVHWVRZQHUVKLSRIZKLFKYHVWVZLWKWKH:HVW%HQJDO6WDWH(OHFWULFLW\%RDUG
LY ,QFOXGHVJRYHUQPHQWJUDQWDPRXQWLQJWR`SHUWDLQLQJWRLQYHVWPHQWLQTXDOLI\LQJDVVHWVZKLFKKDVEHHQQHWWHGRIIZLWKSURSHUW\SODQWDQG
HTXLSPHQW
Y )RUFRQWUDFWXDOFRPPLWPHQWZLWKUHVSHFWWRSURSHUW\SODQWDQGHTXLSPHQWUHIHUQRWHD
YL 7KH&RPSDQ\KDVHOHFWHGWRFRQWLQXHZLWKWKHFDUU\LQJYDOXHIRUDOORILWVSURSHUW\SODQWDQGHTXLSPHQWDVUHFRJQLVHGLQWKHƉQDQFLDOVWDWHPHQWV
RQWUDQVLWLRQWR,QG$6PHDVXUHGDVSHUWKHSUHYLRXV*$$3DQGXVHWKDWDVLWVGHHPHGFRVWDVDWWKHGDWHRIWUDQVLWLRQ
Siemens Limited

4 Investment Property
Land and Total

Buildings
At 1 October 2016 1,136
Additions 18 18
'HGXFWLRQVDGMXVWPHQWV -
At 30 September 2017 1,154 1,154
Accumulated depreciation
At 1 October 2016 39
&KDUJHIRUWKH\HDU 36 36
At 30 September 2017 75 75
Net block
At 30 September 2017 1,079 1,079
Land and Total

Buildings
$W2FWREHU 1,154
Additions -
At 30 September 2018 1,154 1,154
$W2FWREHU 75
&KDUJHIRUWKH\HDU 37
At 30 September 2018 112 112
Net block
At 30 September 2018 1,042 1,042
Notes:
i) Information regarding income and expenditure on investment properties Sept 2018 6HSW
5HQWDOLQFRPHGHULYHGIURPLQYHVWPHQWSURSHUWLHV 273
'LUHFW RSHUDWLQJ H[SHQVHV LQFOXGLQJ UHSDLUV DQG PDLQWHQDQFH JHQHUDWLQJ
rental income (27)
3URƉW DULVLQJ IURP LQYHVWPHQW SURSHUWLHV EHIRUH GHSUHFLDWLRQ DQG LQGLUHFW
expenses 246 264
/HVV'HSUHFLDWLRQ (37)
3URƉWDULVLQJIURPLQYHVWPHQWSURSHUWLHVEHIRUHLQGLUHFWH[SHQVHV 209 228

4 Investment Property &RQWLQXHG
ii) Fair value disclosure
'HVFULSWLRQRIYDOXDWLRQWHFKQLTXHVXVHGDQGNH\LQSXWVWRYDOXDWLRQRQLQYHVWPHQWSURSHUWLHV
Particulars Valuation technique Fair Value

Sept 2018 6HSW
/DQGDQGEXLOGLQJ Stamp duty reckoner rate/ 1,788
Valuation Report
7KHYDOXDWLRQRIFHUWDLQLQYHVWPHQWSURSHUWLHVLVLQDFFRUGDQFHZLWKWKH5HDG\5HFNRQHUUDWHVSUHVFULEHGE\IRU
WKH SXUSRVH RI OHY\LQJ VWDPS GXW\ 7KH &RPSDQ\ KDV UHIHUUHG WR WKH SXEOLFDWLRQV DQG JRYHUQPHQW ZHEVLWH IRU
5HDG\5HFNRQHUUDWHV)XUWKHUWKHIDLUYDOXHRIFHUWDLQLQYHVWPHQWSURSHUW\KDVEHHQGHWHUPLQHGZLWKWKHKHOSRI
,QGHSHQGHQWYDOXHU)DLUYDOXHRISURSHUW\LVEDVHGRQ'LUHFW&RPSDULVRQ$SSURDFKDQG'HSUHFLDWHG5HSODFHPHQW
&RVW$SSURDFK
iii) 7KH&RPSDQ\KDVHOHFWHGWRFRQWLQXHZLWKWKHFDUU\LQJYDOXHIRUDOORILWVLQYHVWPHQWSURSHUW\DVUHFRJQLVHGLQWKH
ƉQDQFLDOVWDWHPHQWVRQWUDQVLWLRQWR,QG$6PHDVXUHGDVSHUWKHSUHYLRXV*$$3DQGXVHWKDWDVLWVGHHPHGFRVWDV
DWWKHGDWHRIWUDQVLWLRQ
5 Intangible assets
Intangible assets
Technical Software Total
know-how
At 1 October 2016 66 30 96
Additions 10 10
At 30 September 2017 66 40 106
Accumulated depreciation / impairment

At 1 October 2016 20 29
&KDUJHIRUWKH\HDU 16 8 24
At 30 September 2017 36 17 53
Net block
At 30 September 2017 30 23 53

5 Intangible assets &RQWLQXHG
Intangible assets
know-how
$W2FWREHU 66 40 106
Additions -
At 30 September 2018 66 40 106

$W2FWREHU 36 53
&KDUJHIRUWKH\HDU 13 20
At 30 September 2018 49 24 73
Net block
At 30 September 2018 17 16 33
Note:
L 7KH&RPSDQ\KDVHOHFWHGWRFRQWLQXHZLWKWKHFDUU\LQJYDOXHIRUDOORILWVLQWDQJLEOHDVVHWVDVUHFRJQLVHGLQWKH
Sept 2018 6HSW
6 Investments - Non - current
,QYHVWPHQW LQ VXEVLGLDU\ FRPSDQ\ XQTXRWHGLQYHVWPHQW YDOXHG DW FRVW
XQOHVVRWKHUZLVHVWDWHG
(TXLW\6KDUHVRI`HDFKIXOO\SDLGXSLQ6LHPHQV5DLO
$XWRPDWLRQ3YW/WG 550 550
$JJUHJDWHDPRXQWRIXQTXRWHGLQYHVWPHQWV 550 550
7 Trade receivables - Non - current (unsecured)

/RQJWHUPWUDGHUHFHLYDEOHV 746
2IZKLFK
FRQVLGHUHGJRRG 752 580
Impairment Allowance (6)
746
8 Loans - Non - current (unsecured, considered good)

/RDQWRHPSOR\HHV 18 23
/RDQWRUHODWHGSDUWLHV5HIHUQRWHDQGEHORZ 5,290
5,308
/ RDQVWRUHODWHGSDUWLHVDUHJLYHQIRUWKHSXUSRVHRIPHHWLQJWKHZRUNLQJFDSLWDOUHTXLUHPHQWVDQGIRUJHQHUDOFRUSRUDWH
SXUSRVHVVXFKDVDVVHWEDFNORDQVOHDVHV

Sept 2018 6HSW
9 2WKHUƊQDQFLDODVVHWV1RQFXUUHQW
i) Financial assets at amortised cost
Security deposits 277 210
([SRUWLQFHQWLYH 80
ii) )LQDQFLDODVVHWVDWIDLUYDOXHWKURXJK3URƊWRU/RVV
'HULYDWLYHFRQWUDFWV 21 120
378 330
10 Income tax disclosure
(a) Income tax expense

Current tax:
&XUUHQW,QFRPHWD[FKDUJH 5,221
$GMXVWPHQWVLQUHVSHFWRISULRU\HDUV7UXHXS 47
Deferred tax
,QUHVSHFWRIFXUUHQW\HDURULJLQDWLRQDQGUHYHUVDORIWHPSRUDU\GLIIHUHQFHV (268) 644
,QUHVSHFWRISULRU\HDUV7UXHXS (47) 120
'HIHUUHGWD[DVVHWVQRWUHFRYHUDEOH 44 124
&KDQJHVLQVWDWXWRU\WD[UDWH (24)
7RWDOWD[H[SHQVHUHFRJQLVHGLQ6WDWHPHQWRI3URƊWDQG/RVV 4,973
(b) Income Tax on Other Comprehensive Income
5HPHDVXUHPHQWVRIGHƉQHGEHQHƉWSODQV 33
)DLUYDOXHFKDQJHVRQGHULYDWLYHGHVLJQDWHGDVFDVKƋRZKHGJHUHVHUYH 4 3
Total tax expense recognised in Other comprehensive income 37 40
(c) 5HFRQFLOLDWLRQ RI WD[ H[SHQVH DQG WKH DFFRXQWLQJ SURƊW PXOWLSOLHG E\ ,QGLD·V GRPHVWLF WD[ UDWH IRU
30 September 2018 and 30 September 2017
3URƉW%HIRUHWD[ 13,912
2WKHU&RPSUHKHQVLYHLWHPV 105 115
Total 14,017
Tax at statutory average income tax rate of 34.78% (2017 : 34.608%) (A) 4,876
7D[HIIHFWRIH[SHQVHVWKDWDUHQRWGHGXFWLEOHIRUWD[SXUSRVHV 112
7D[HIIHFWRIDGGLWLRQDODOORZDQFHVIRUWD[SXUSRVHV -
7D[HIIHFWRI&DSLWDOJDLQ WD[SDLGDWORZHUUDWH -
7D[HIIHFWRIFKDQJHLQVWDWXWRU\UDWH (24)
'HIHUUHGWD[DVVHWVQRWUHFRYHUDEOH 44 124
Total (B) 132
At the effective income tax rate of 35.73% (2017: 32.10%) (A+B) 5,008
,QFRPHWD[UHSRUWHGLQVWDWHPHQWRISURƉWDQGORVV 4,973

,QFRPHWD[H[SHQVHRI2WKHU&RPSUHKHQVLYHLQFRPH 37 40
Total 5,010

10 Income tax disclosure &RQWLQXHG
(d) Movement of Deferred tax
Balance Sheet 3URƊW /RVV
Sept 2018 6HSW Sept 2018 6HSW
Deferred tax assets
$ULVLQJRQDFFRXQWRIWHPSRUDU\GLIIHUHQFHVLQ
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHV 746 846 (100) 65
3URYLVLRQIRUORVVDOORZDQFH 417 308 109
3URYLVLRQVPDGHGLVDOORZHGDQGDOORZHGRQO\
on payment basis 1,540 70
3URYLVLRQIRU,QYHQWRU\DOORZDQFH 551 564 (13)
2WKHUWHPSRUDU\GLIIHUHQFHV 509 320
Less - Deferred tax liability

$FFHOHUDWHG'HSUHFLDWLRQIRUWD[SXUSRVHV (1,108) (91)
Deferred tax assets (net) 2,655 295
'HIHUUHG WD[ UHFRJQLVHG GLUHFWO\ LQ 2WKHU
&RPSUHKHQVLYH,QFRPH 10 80 (70)
Total Deferred tax as shown in Balance sheet
DQG3URƊWDQG/RVV 2,665 225
(e) Reconciliation of deferred tax assets, net Sept 2018 6HSW
Opening balance 2,442

7D[LQFRPHH[SHQVHGXULQJWKHSHULRGUHFRJQLVHGLQSURƉWRUORVV 295
7D[ LQFRPHH[SHQVH GXULQJ WKH SHULRG UHFRJQLVHG LQ 2WKHU FRPSUHKHQVLYH
income (70)
Deferred tax assets (net) 2,665
11 Income tax assets (net)

$GYDQFH SD\PHQWV RI LQFRPH WD[ >QHW RI SURYLVLRQ IRU WD[ ` `
LQFOXGLQJSD\PHQWVPDGHXQGHUSURWHVWRI``@ 6,349
6,349
12 Other non-current assets

&DSLWDODGYDQFHV 134 118
%DODQFHVZLWKVWDWXWRU\JRYHUQPHQWDXWKRULWLHV>LQFOXGHVSD\PHQWVPDGHXQGHUSURWHVWRI
``@ 2,887
3UHSDLGOHDVH 61 60
Others 72 82
3,154

Sept 2018 6HSW
13 Inventories (valued at lower of cost and net realisable value)
5DZPDWHULDOV>LQFOXGHV*RRGVLQ7UDQVLW``@ 4,797
:RUNLQSURJUHVV 3,165
)LQLVKHGJRRGV 691 655
7UDGHGJRRGV>LQFOXGHV*RRGVLQ7UDQVLW``@ 2,736
11,389
14 Trade receivables - Current (unsecured)

Trade receivables 35,298
5HFHLYDEOHVIURPUHODWHGSDUWLHV5HIHUQRWH 2,820
38,118
2IZKLFK
FRQVLGHUHGJRRG 37,100
ZKLFKKDYHVLJQLƉFDQWLQFUHDVHLQFUHGLWULVN 35 16
FUHGLWLPSDLUHG 983
38,118
Impairment allowance (1,614)
36,504
L 7UDGHUHFHLYDEOHGRHVQRWFRQVLVWDQ\DPRXQWVGXHIURPGLUHFWRUVRURWKHURIƉFHUVRIWKH&RPSDQ\HLWKHUVHYHUDOO\RU
MRLQWO\ZLWKDQ\RWKHUSHUVRQ1RUDQ\WUDGHRURWKHUUHFHLYDEOHDUHGXHIURPƉUPVRUSULYDWHFRPSDQLHVUHVSHFWLYHO\
LQZKLFKDQ\GLUHFWRULVDSDUWQHUDGLUHFWRURUDPHPEHU
LL )RUWHUPVDQGFRQGLWLRQVUHODWLQJWRUHODWHGSDUW\UHFHLYDEOHVUHIHUQRWH
LLL 7UDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGDUHJHQHUDOO\RQWHUPVRIWRGD\VRIFUHGLWSHULRG
15 Cash and cash equivalents (Refer note below)
Balances with banks

2QFXUUHQWDFFRXQWV 1,920
%DQNGHSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV 23,190
&DVKRQKDQG 2 3
&KHTXHVGUDIWVRQKDQG 20 114
25,132
&KDQJHVLQOLDELOLWLHVDULVLQJIURPƊQDQFLQJDFWLYLWLHV
7KHFKDQJHVLQOLDELOLWLHVDULVLQJIURPƉQDQFLQJDFWLYLWLHVLVRQDFFRXQWRIFDVKƋRZFKDQJHVRQO\DQGWKHUHDUHQRQRQ
FDVKFKDQJHV
16 Other bank balances
%DQNGHSRVLWVZLWKUHPDLQLQJPDWXULW\RIOHVVWKDQPRQWKV 11,270
8QSDLGGLYLGHQGDFFRXQW5HIHUQRWHEHORZ 55 54
11,325
7KHEDODQFHLQXQSDLGGLYLGHQGLVXVHGRQO\IRUSD\PHQWRIGLYLGHQG

Sept 2018 6HSW
17 Loans - Current (unsecured, considered good)
,QWHUFRUSRUDWHGHSRVLWVWRUHODWHGSDUWLHV5HIHUQRWHEHORZDQGQRWH 3,375
/RDQWRHPSOR\HHV 50 63
3,425
,QWHUFRUSRUDWHGHSRVLWWRUHODWHGSDUWLHVDUHJLYHQIRUWKHSXUSRVHRIPHHWLQJWKHZRUNLQJFDSLWDOUHTXLUHPHQWV
3DUWLFXODUV LQ UHVSHFW RI ORDQV DQG DGYDQFHV LQ WKH QDWXUH RI ORDQV DV UHTXLUHG E\ 5HJXODWLRQ UHDG ZLWK 3DUD $
RI6FKHGXOH9RIWKH6(%,/LVWLQJ2EOLJDWLRQVDQG'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQVDQGVHFWLRQRIWKH
&RPSDQLHV$FW
Name of the Company Sept 2018 6HSW

L /RDQVDQGDGYDQFHVLQWKHQDWXUHRIORDQVWRVXEVLGLDU\
Inter corporate deposit to subsidiary : Siemens Rail Automation Pvt. Ltd.
%DODQFHDVDW\HDUHQG - 150
0D[LPXPDPRXQWRXWVWDQGLQJDWDQ\WLPHGXULQJWKH\HDU 175
6LHPHQV 5DLO $XWRPDWLRQ 3YW /WG KDV XWLOLVHG WKH LQWHU FRUSRUDWH GHSRVLW IRU PHHWLQJ WKH ZRUNLQJ FDSLWDO
UHTXLUHPHQWV,WZDVUHSDLGE\$SULO
18 2WKHUƊQDQFLDODVVHWV&XUUHQW
Security deposits
FRQVLGHUHGJRRG 163
FRQVLGHUHGGRXEWIXO 25 15
188 282
Impairment allowance (25)
163
Interest accrued on inter corporate deposits 65 36
Interest accrued on bank deposits 426
3URMHFWH[FHVVFRVWDQGXQELOOHGUHYHQXH
14,969
Impairment allowance (169)
14,800
([SRUWLQFHQWLYH*RYHUQPHQWJUDQW 1,045
Others 437 566
'HULYDWLYHFRQWUDFWV 589
iii) Financial assets at fair value through Other Comprehensive Income

17,543
19 Other current assets

Advance to suppliers 821
3UHSDLGH[SHQVHV 84
%DODQFHVZLWKVWDWXWRU\JRYHUQPHQWDXWKRULWLHVQHW 2,980
Others 1 63
3,886

Sept 2018 6HSW
20 Share capital
Authorised
(TXLW\VKDUHVRI`HDFK(TXLW\VKDUHVRI`HDFK 2,000
2,000
Issued
(TXLW\VKDUHVRI`HDFK(TXLW\VKDUHVRI`HDFK 714
Subscribed and fully paid-up

(TXLW\VKDUHVRI`HDFKIXOO\SDLGXS(TXLW\VKDUHV 712
RI`HDFKIXOO\SDLGXS
712
a) Shares held by holding company and subsidiary of holding company:

(TXLW\ VKDUHV RI ` HDFK IXOO\ SDLGXS DUH KHOG E\ WKH +ROGLQJ &RPSDQ\
6LHPHQV$**HUPDQ\
(TXLW\VKDUHVRI`HDFKIXOO\SDLGXSDUHKHOGE\6LHPHQV0HWDOV7HFKQRORJLHV
9HUP|JHQVYHUZDOWXQJV*PE+IRUPHUO\NQRZQDV6LHPHQV9$,0HWDOV7HFKQRORJLHV*PE+DVXEVLGLDU\RI
6LHPHQV$**HUPDQ\
b) Reconciliation of the number of shares outstanding at the beginning and at the end of the year:
2018
Number Amount 1XPEHU Amount
6KDUHVRXWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDU 356,120,255 712
Shares issued / subscribed during the year - -
6KDUHVRXWVWDQGLQJDWWKHHQGRIWKH\HDU 356,120,255 712
c) Details of shareholders holding more than 5% shares in the Company as on 30 September:

2018
Name of shareholder No. of shares % of Holding 1RRIVKDUHV RI+ROGLQJ
held held
6LHPHQV$NWLHQJHVHOOVFKDIW*HUPDQ\ 255,351,805
$VSHUUHFRUGVRIWKH&RPSDQ\LQFOXGLQJLWVUHJLVWHURIVKDUHKROGHUVPHPEHUVDQGRWKHUGHFODUDWLRQVUHFHLYHGIURP
VKDUHKROGHUVUHJDUGLQJEHQHƉFLDOLQWHUHVWWKHDERYHVKDUHKROGLQJUHSUHVHQWVERWKOHJDODQGEHQHƉFLDORZQHUVKLSV
RIVKDUHV

20 Share capital &RQWLQXHG
d) Details of aggregate number of shares issued for consideration other than cash and bonus shares issued
GXULQJWKHSHULRGRIƊYH\HDUVLPPHGLDWHO\SUHFHGLQJ6HSWHPEHU
Equity shares allotted as Sept 2018 6HSW
)XOO\SDLGXSWRWKHVKDUHKROGHUVRI6LHPHQV9$,0HWDOV7HFKQRORJLHV3YW/WG
69$,LQDFFRUGDQFHZLWKWKHVFKHPHRIDPDOJDPDWLRQ 11,738,108
)XOO\SDLGXSWRWKHVKDUHKROGHUVRI6LHPHQV3RZHU(QJLQHHULQJ3YW/WG
63(/LQDFFRUGDQFHZLWKWKHVFKHPHRIDPDOJDPDWLRQ 3,461,538
)XOO\SDLGXSWRWKHVKDUHKROGHUVRI:LQHUJ\'ULYH6\VWHPV,QGLD3YW/WG
:LQHUJ\LQDFFRUGDQFHZLWKWKHVFKHPHRIDPDOJDPDWLRQ 625,139
e) Terms / rights attached to equity shares
7KH&RPSDQ\KDVRQO\RQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKKROGHURIHTXLW\VKDUHVLV
HQWLWOHGWRRQHYRWHSHUVKDUH7KH&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV
,QWKHHYHQWRIOLTXLGDWLRQRIWKH&RPSDQ\WKHKROGHURIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWV
RIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLIDQ\7KHGLVWULEXWLRQZLOOEHLQSURSRUWLRQWRWKH
QXPEHURIHTXLW\VKDUHVKHOGE\WKHVKDUHKROGHUV
21 Other equity
Nature and purpose of reserve
D &DSLWDOUHVHUYHZDVFUHDWHGRQDFFRXQWRIPHUJHURIJURXSFRPSDQLHVLQHDUOLHU\HDUV
E $PDOJDPDWLRQUHVHUYHSHUWDLQVWRDPDOJDPDWLRQRI6LHPHQV9'2$XWRPRWLYH/LPLWHGLQ
F &DSLWDOUHGHPSWLRQUHVHUYHSHUWDLQVWRHQWLW\DFFRXQWHGDVEXVLQHVVFRPELQDWLRQXQGHUFRPPRQFRQWURO
G 6HFXULWLHVSUHPLXPDFFRXQWUHSUHVHQWVWKHVXUSOXVRISURFHHGVUHFHLYHGRYHUWKHIDFHYDOXHRIVKDUHVDWWKHWLPH
RILVVXHRIVKDUHV
H *HQHUDOUHVHUYHLVFUHDWHGRXWRISURƉWVHDUQHGE\WKH&RPSDQ\E\ZD\RIWUDQVIHUIURPVXUSOXVLQWKHVWDWHPHQW
RISURƉWDQGORVV7KH&RPSDQ\FDQXVHWKLVUHVHUYHIRUSD\PHQWRIGLYLGHQGDQGLVVXHRIIXOO\SDLGXSVKDUHV
$V *HQHUDO UHVHUYH LV FUHDWHG E\ WUDQVIHU RQ RQH FRPSRQHQW RI HTXLW\ WR DQRWKHU DQG LV QRW DQ LWHP RI RWKHU
FRPSUHKHQVLYHLQFRPHLWHPVLQFOXGHGLQWKH*HQHUDOUHVHUYHZLOOQRWEHVXEVHTXHQWO\UHFODVVLƉHGWRVWDWHPHQWRI
SURƉWDQGORVV
I &DVKƋRZKHGJHUHVHUYHUHSUHVHQWVPDUNWRPDUNHWYDOXDWLRQRIHIIHFWLYHKHGJHVDVUHTXLUHGE\,QG$6
J 5HWDLQHGHDUQLQJVDUHWKHSURƉWVWKDWWKH&RPSDQ\KDVHDUQHGWLOOGDWHOHVVDQ\WUDQVIHUVWR*HQHUDOUHVHUYHDQG
SD\PHQWRIGLYLGHQG
7KHDERYHUHVHUYHVZLOOEHXWLOLVHGLQDFFRUGDQFHZLWKWKHSURYLVLRQRIWKH&RPSDQLHV$FW

Sept 2018 6HSW
22 Dividend distribution made and proposed
Cash dividend on equity shares declared and paid:
)LQDOGLYLGHQGIRUWKH\HDUHQGHG`SHUVKDUH`SHUVKDUH 2,493
'LYLGHQGGLVWULEXWLRQWD[RQƉQDOGLYLGHQG 507 435
3,000
Proposed dividend on equity shares:
)LQDOFDVKGLYLGHQGIRUWKH\HDUHQGHG`SHUVKDUH`SHUVKDUH 2,493
'LYLGHQGGLVWULEXWLRQWD[RQSURSRVHGGLYLGHQG 512
3,005
23 2WKHUƊQDQFLDOOLDELOLWLHV1RQFXUUHQW
i) Financial liabilities at amortised cost
Security deposits 79
ii) )LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJK3URƊWRU/RVV
/LDELOLWLHVUHODWHGWRVKDUHEDVHGSD\PHQWV5HIHUQRWH 328 265
458
24 Long-term provisions
a) 3URYLVLRQIRUHPSOR\HHEHQHƊWV
3HQVLRQ5HIHUQRWH 120 156
/HDYHZDJHV 665 663
0HGLFDOEHQHƉWV5HIHUQRWH 858
6LOYHUMXELOHHDQGVWDUDZDUGV 478 461
2,121
b) Others
2WKHUPDWWHUV5HIHUQRWH 25 25
25 25
2,146
25 Other non-current liabilities

/RQJWHUPHPSOR\HHLQFHQWLYHVEHQHƉWV - 21
Others 146 156
146

Sept 2018 6HSW
26 2WKHUƊQDQFLDOOLDELOLWLHV&XUUHQW
Security deposits 157
8QFODLPHGGLYLGHQG 55 54
/LDELOLW\IRUFDSLWDOJRRGV 420
Others 2,045
'HULYDWLYHFRQWUDFWV 1,214 503
/LDELOLWLHVUHODWHGWRVKDUHEDVHGSD\PHQWV5HIHUQRWH 154 305
iii) Financial liabilities at fair value through Other Comprehensive Income
4,052
27 Short-term provisions
3HQVLRQ5HIHUQRWH 32 35
/HDYHZDJHV 67 60
*UDWXLW\5HIHUQRWH 557
6LOYHUMXELOHHDQGVWDUDZDUGV 32 30
5HWHQWLRQERQXV -
751
b) Others
:DUUDQW\5HIHUQRWHV 2,787
/RVVRUGHU5HIHUQRWH 1,198
/LTXLGDWHGGDPDJHV5HIHUQRWH 1,057
2WKHUPDWWHUV5HIHUQRWH 3,073
8,115
8,866
28 Current Tax liabilities

3URYLVLRQIRUWD[>QHWRIDGYDQFHWD[``@ 1,194 822

Sept 2018 6HSW
29 Other current liabilities
$GYDQFHVIURPFXVWRPHUV 8,157
Billing in excess / advance billings 3,149
$FFUXHGVDODULHVDQGEHQHƉWV 391 360
Interest accrued and due 153 125
Other liabilities
:LWKKROGLQJDQGRWKHUWD[HVSD\DEOH 154 555
2WKHUV 269
12,273
30 Revenue from operations (gross) (Refer note 54)
6DOHRISURGXFWV 69,292

5HYHQXHIURPSURMHFWV 41,338
6DOHRIVHUYLFHV 12,064
&RPPLVVLRQLQFRPH 233 143
122,927
2WKHURSHUDWLQJUHYHQXH
([SRUWLQFHQWLYHV5HIHUQRWH 1,658 312
5HFRYHULHVIURPJURXSFRPSDQLHV 1,598
Rental income 655
/LDELOLWLHVZULWWHQEDFN 136
Others 277 246
4,324
127,251
31 Other income
Interest income 2,773
3URƉWRQVDOHRIDVVHWVQHW 10
Others 17 314
2,800
32 Project bought outs and other direct costs

Spares and stores consumed 328 300
3URMHFWERXJKWRXWV 24,057
Other direct costs 4,406
28,791
,QFOXGHGLQRWKHUGLUHFWFRVWVFKDQJHLQH[FLVHGXW\RQFORVLQJVWRFNRIƉQLVKHG
goods -

Sept 2018 6HSW
33 (PSOR\HHEHQHƊWVH[SHQVH
6DODULHVZDJHVDQGERQXVQHW 12,503
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV 1,012
Share based payments to employees 285
6WDIIZHOIDUHH[SHQVHV 687
14,487
34 Finance costs
,QWHUHVW2WKHUV 82
82
35 Other expenses
([FKDQJHORVVJDLQVQHW 1,190
Travel and conveyance 1,223
6RIWZDUHOLFHQVHIHHVDQGRWKHULQIRUPDWLRQWHFKQRORJ\UHODWHGFRVWV 1,592
Rates and taxes 621
&RPPXQLFDWLRQV 278 261
3DFNLQJDQGIRUZDUGLQJ 1,689
3RZHUDQGIXHO 535 502
Insurance 314
Rent 766
Repairs
RQEXLOGLQJ 204
RQPDFKLQHU\ 740 536
RWKHUV 235 263
/HJDODQGSURIHVVLRQDO>LQFOXGHVDXGLWRUV
UHPXQHUDWLRQ5HIHUQRWH@ 1,538
Advertising and publicity 226
2IƉFHVXSSOLHVSULQWLQJDQGVWDWLRQHU\ 91 46
Research and development expenditure 147 66
Bank guarantee commission / bank charges 274 244
&RPPLVVLRQWRGLUHFWRUV 16 15
'LUHFWRUV
IHHV 3 3
%DGGHEWV>QHWRIUHYHUVDORISURYLVLRQIRUGRXEWIXOGHEWVRI``@ 101
&65H[SHQGLWXUH 195
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVQHW 256 685
/RVVRQVDOHRISURSHUW\SODQWDQGHTXLSPHQWQHW - 23
Miscellaneous expenses 1,505
13,739
,QFOXGHVDPRXQWWUDQVIHUUHGIURPFDVKƋRZKHGJHUHVHUYHWRH[FKDQJHORVVJDLQVDPRXQWLQJWR``

Sept 2018 6HSW
36 Commitments and contingent liabilities
(a) Commitments
(VWLPDWHGDPRXQWRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQW
DQGQRWSURYLGHGIRUQHWRIDGYDQFHV 638
)RUFRPPLWPHQWVUHODWLQJWROHDVHDUUDQJHPHQWV5HIHUQRWH
(b) Contingent liabilities (to the extent not provided for)

,QFRPHWD[H[FOXGLQJLQWHUHVW 5,075
([FLVHVHUYLFHWD[DQGVDOHVWD[OLDELOLWLHVXQGHUGLVSXWH 10,182
&XVWRPVOLDELOLWLHVXQGHUGLVSXWH 120 120
&ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHGDVGHEWV 262 180
,QUHVSHFWRIDERYHFRQWLQJHQWOLDELOLWLHVWKHIXWXUHFDVKRXWƋRZVDUHGHWHUPLQDEOHRQO\RQUHFHLSWRIMXGJHPHQWV
SHQGLQJDWYDULRXVIRUXPVDXWKRULWLHV
7KH&RPSDQ\KDVDVVHVVHGWKDWLWLVRQO\SRVVLEOHEXWQRWSUREDEOHWKDWRXWƋRZRIHFRQRPLFUHVRXUFHVZLOOEH
UHTXLUHG
37 Auditors' remuneration (for audit services exclusive of service tax / GST)
Sept 2018 6HSW
As auditor
$XGLWIHHV 21 21
7D[DXGLWIHHV 6 6
In other capacity
2WKHUDXGLWUHODWHGVHUYLFHV 16
5HLPEXUVHPHQWRIH[SHQVHV 4 4
47 48
38 Disclosure relating to Provisions

3URYLVLRQIRUZDUUDQW\
:DUUDQW\FRVWVDUHSURYLGHGEDVHGRQDWHFKQLFDOHVWLPDWHRIWKHFRVWVUHTXLUHGWREHLQFXUUHGIRUUHSDLUVUHSODFHPHQW
PDWHULDO FRVW VHUYLFLQJ DQG SDVW H[SHULHQFH LQ UHVSHFW RI ZDUUDQW\ FRVWV ,W LV H[SHFWHG WKDW WKLV H[SHQGLWXUH ZLOO EH
LQFXUUHGRYHUWKHFRQWUDFWXDOZDUUDQW\SHULRG
3URYLVLRQIRUOLTXLGDWHGGDPDJHV
/LTXLGDWHGGDPDJHVDUHSURYLGHGEDVHGRQFRQWUDFWXDOWHUPVZKHQWKHGHOLYHU\FRPPLVVLRQLQJGDWHVRIDQLQGLYLGXDO
SURMHFW KDYH H[FHHGHG RU DUH OLNHO\ WR H[FHHG WKH GHOLYHU\ FRPPLVVLRQLQJ GDWHV DV SHU WKH UHVSHFWLYH FRQWUDFWV 7KLV
H[SHQGLWXUH LV H[SHFWHG WR EH LQFXUUHG RYHU WKH UHVSHFWLYH FRQWUDFWXDO WHUPV XS WR FORVXUH RI WKH FRQWUDFW LQFOXGLQJ
ZDUUDQW\SHULRG
3URYLVLRQIRUORVVRUGHUV
$ SURYLVLRQ IRU H[SHFWHG ORVV RQ FRQVWUXFWLRQ FRQWUDFWV LV UHFRJQLVHG ZKHQ LW LV SUREDEOH WKDW WKH FRQWUDFW FRVWV ZLOO
H[FHHG WRWDO FRQWUDFW UHYHQXH )RU DOO RWKHU FRQWUDFWV ORVV RUGHU SURYLVLRQV DUH PDGH ZKHQ WKH XQDYRLGDEOH FRVWV RI
PHHWLQJWKHREOLJDWLRQXQGHUWKHFRQWUDFWH[FHHGWKHFXUUHQWO\HVWLPDWHGHFRQRPLFEHQHƉWV
3URYLVLRQIRURWKHUPDWWHUV
7KH&RPSDQ\KDVPDGHSURYLVLRQVIRUNQRZQFRQWUDFWXDOULVNVOLWLJDWLRQFDVHVDQGSHQGLQJDVVHVVPHQWVLQUHVSHFWRI
WD[HVGXWLHVDQGRWKHUOHYLHVWKHRXWƋRZRIZKLFKZRXOGGHSHQGRQWKHFHVVDWLRQRIWKHUHVSHFWLYHHYHQWV

38 Disclosure relating to Provisions &RQWLQXHG
The movements in the above provisions are summarised below:
Warranty Liquidated damages Loss orders Other matters

Sept 2018 6HSW Sept 2018 6HSW Sept 2018 6HSW Sept 2018 6HSW
Balance as at
1 October 2,786 1,050 891 2,519
3URYLVLRQV
&UHDWHG 949 483 413 1,191 1,229 668
8WLOLVHG (316) (218) (742) (267)
5HYHUVHG (632) (258) (142) (383)
Balance as at
30 September 2,787 1,057 1,198 3,098
&XUUHQW 2,787 1,057 1,198 3,073
1RQFXUUHQW - - - 25 25
Sept 2018 6HSW

39 Disclosure pursuant to Indian Accounting Standard - 11 ‘Construction Contracts’ :
L &RQWUDFWUHYHQXHUHFRJQLVHGIRUWKH\HDUHQGHG6HSWHPEHU 41,338

LL $JJUHJDWHDPRXQWRIFRQWUDFWFRVWVLQFXUUHGDQGUHFRJQLVHGSURƉWV
OHVVUHFRJQLVHGORVVHVIRUDOOFRQWUDFWVLQSURJUHVVDVDW6HSWHPEHU 112,263
LLL $PRXQWRIDGYDQFHVUHFHLYHG 6,484
LY $PRXQWRIUHWHQWLRQV 5,854
Y $PRXQWVGXHIURPFXVWRPHUV 13,770
YL Amounts due to customers 2,520
40 Disclosure pursuant to Indian Accounting Standard - 17 'Leases' :
a) Where the Company is the lessee:

/HDVHSD\PHQWVRQQRQFDQFHOODEOHOHDVHDUUDQJHPHQWGHELWHGWRWKHVWDWHPHQWRISURƉWDQGORVVDQGWKHIXWXUH
OHDVHSD\PHQWVLQUHVSHFWRIQRQFDQFHOODEOHRSHUDWLQJOHDVHDUHVXPPDULVHGEHORZ
Sept 2018 6HSW
L 1RWODWHUWKDQRQH\HDUIURPWKHEDODQFHVKHHWGDWH 434
LL /DWHUWKDQRQH\HDUDQGQRWODWHUWKDQƉYH\HDUV 336 360
LLL /DWHUWKDQƉYH\HDUV - 5
770
/HDVHUHQWGHELWHGWRWKHVWDWHPHQWRISURƉWDQGORVV``
6XEOHDVHSD\PHQWVUHFRJQLVHGLQWKHVWDWHPHQWRISURƉWDQGORVV``

40 Disclosure pursuant to Indian Accounting Standard - 17 'Leases' &RQWLQXHG
a) Where the Company is the lessee: &RQWLQXHG
7KHIXWXUHVXEOHDVHSD\PHQWVH[SHFWHGWREHUHFHLYHGXQGHUQRQFDQFHOODEOHVXEOHDVHDVDW6HSWHPEHU
DUHDVIROORZV
Sept 2018 6HSW
L 1RWODWHUWKDQRQH\HDUIURPWKHEDODQFHVKHHWGDWH 297 282
LL /DWHUWKDQRQH\HDUDQGQRWODWHUWKDQƉYH\HDUV 390
687
7KHUHLVQRFRQWLQJHQWUHQWUHFRJQLVHGLQWKHVWDWHPHQWRISURƉWDQGORVV
*HQHUDOGHVFULSWLRQRIWKHOHDVLQJDUUDQJHPHQW
L 7KH &RPSDQ\ KDV HQWHUHG LQWR RSHUDWLQJ OHDVH DUUDQJHPHQWV IRU LWV RIƉFH SUHPLVHV VWRUDJH ORFDWLRQV
PDFKLQHU\UHVLGHQWLDOSUHPLVHVFRPSXWHUHTXLSPHQWVDQGPRWRUFDUVIRULWVHPSOR\HHV
LL 7KHIXWXUHOHDVHUHQWDOSD\PHQWVDUHGHWHUPLQHGRQWKHEDVLVRIWKHPRQWKO\OHDVHSD\PHQWWHUPVDVSHU
WKHDJUHHPHQWV
LLL $WWKHH[SLU\RIWKHQRQFDQFHOODEOHOHDVHSHULRGWKHRSWLRQRIUHQHZDOUHVWVZLWKWKH&RPSDQ\
LY 6RPHRIWKHOHDVHDJUHHPHQWVKDYHHVFDODWLRQFODXVHUDQJLQJIURPWRSD7KHUHDUHQRH[FHSWLRQDO
UHVWULFWLYHFRYHQDQWVLQWKHOHDVHDJUHHPHQWV
b) Where the Company is the lessor:

/HDVHLQFRPHIURPQRQFDQFHOODEOHOHDVHDUUDQJHPHQWFUHGLWHGWRWKHVWDWHPHQWRISURƉWDQGORVVDQGWKHIXWXUH
OHDVHLQFRPHLQUHVSHFWRIQRQFDQFHOODEOHRSHUDWLQJOHDVHDUHVXPPDULVHGEHORZ
Sept 2018 6HSW
687
/HDVHLQFRPHUHFRJQLVHGGXULQJWKH\HDULQVWDWHPHQWRISURƉWDQGORVV``
L 7KH &RPSDQ\ KDV HQWHUHG LQWR RSHUDWLQJ OHDVH DUUDQJHPHQWV RI LWV IDFWRU\ SUHPLVHV RIƉFH SUHPLVHV
PDFKLQHU\DQGUHVLGHQWLDOSUHPLVHV
LL 7KHIXWXUHOHDVHUHQWDOLQFRPHLVGHWHUPLQHGRQWKHEDVLVRIWKHPRQWKO\OHDVHWHUPVDVSHUWKHDJUHHPHQWV
LLL $WWKHH[SLU\RIWKHQRQFDQFHOODEOHOHDVHSHULRGWKHRSWLRQRIUHQHZDOUHVWVZLWKERWKSDUWLHV
LY 7KH OHDVH DJUHHPHQWV KDYH HVFDODWLRQ FODXVH RI WR SD 7KHUH DUH QR H[FHSWLRQDO UHVWULFWLYH
FRYHQDQWVLQWKHOHDVHDJUHHPHQWV

41 (i) Information about business segments
Revenue Results
External revenue Inter segmental Total
revenue
2018 2018 2018 2018
3RZHUDQG*DV 15,432 41 16 15,473 2,460
(QHUJ\0DQDJHPHQW 52,905 1,723 54,628 4,203
Building Technologies 4,913 269 151 5,182 444
0RELOLW\5HIHU1RWH 9,814 - 9,814 985
'LJLWDO)DFWRU\ 23,261 1,087 24,348 1,962
3URFHVV,QGXVWULHVDQG
'ULYHV5HIHU1RWH 19,540 2,586 22,126 769 545
Others 1,386 - 1,386 371 330
(OLPLQDWLRQV - (5,706) (5,706) -
Total 127,251 - 127,251 11,194
/HVV,QWHUHVWH[SHQVHV 82
Add : Interest income 2,773
Add : Other Income 27 314
3URƊWEHIRUHH[FHSWLRQDO
items and tax 13,912
([FHSWLRQDOLWHPV
5HIHU1RWH -
Income tax (5,268)
'HIHUUHGWD[ 295
3URƊWDIWHUWD[ 8,939
Total 127,251 - 127,251 8,939

41 (i) Information about business segments &RQWLQXHG
Assets Liabilities Capital Non-cash expenditure

Expenditure Depreciation & Others
amortisation
/ Impairment
(Refer note
3, 4 & 5)
2018 2018 2018 2018 2018
3RZHUDQG*DV 9,587 9,246 184 226 242 237 330
(QHUJ\
Management 41,906 23,484 521 881 899 806
Building
Technologies 2,374 2,161 16 20 45 23 111
0RELOLW\5HIHU
1RWH 7,388 5,442 25 30 45 50 (5) 50
'LJLWDO)DFWRU\ 7,857 5,654 211 532 248 235 232 45
3URFHVV
Industries and
'ULYHV5HIHU
1RWH 12,903 8,190 304 868 410 101
Others 3,138 1,042 187 864 112 236 - 13
85,153 55,219 1,448 1,967 1,575
8QDOORFDWHG
corporate items 57,339 4,219 113 - -
Total 142,492 59,438 1,561 1,967 1,575
41 (ii) Information about geographical areas
Revenue based on location of Non-Current assets

customers
2018 2018
Within India 100,606 23,641
Outside India 26,645 -
Total 127,251 23,641
(iii) Revenue from major customers

'XULQJ FXUUHQW \HDU UHYHQXH IURP RQH RI WKH FXVWRPHU LV PRUH WKDQ RI WKH WRWDO UHYHQXH 7KH VDPH LV
IRUPLQJ SDUW RI (QHUJ\ 0DQDJHPHQW %XLOGLQJ 7HFKQRORJLHV 'LJLWDO )DFWRU\ DQG 3URFHVV ,QGXVWULHV DQG 'ULYHV
VHJPHQW

41 (iv) Other disclosures :
7KH&KLHI2SHUDWLQJ'HFLVLRQ0DNHU´&2'0µHYDOXDWHVWKH&RPSDQ\·VSHUIRUPDQFHDQGDOORFDWHVUHVRXUFHV
EDVHGRQDQDQDO\VLVRIYDULRXVSHUIRUPDQFHLQGLFDWRUVE\RSHUDWLQJVHJPHQWV7KH&2'0UHYLHZVUHYHQXH
DQGSURƉWIURPRSHUDWLRQVDVWKHSHUIRUPDQFHLQGLFDWRUIRUDOORIWKHRSHUDWLQJVHJPHQWV7KH&KLHI([HFXWLYH
2IƉFHU&KLHI)LQDQFLDO2IƉFHUDQG'LYLVLRQ&(2 &)2·VDUHWKH&2'0RIWKH&RPSDQ\
,QWHUVHJPHQWSULFHVDUHQRUPDOO\QHJRWLDWHGDPRQJVWWKHVHJPHQWVZLWKUHIHUHQFHWRWKHFRVWVPDUNHWSULFH
DQGEXVLQHVVULVNV7UDQVIHUSULFHVEHWZHHQRSHUDWLQJVHJPHQWVDUHRQDUP·VOHQJWKEDVLVLQDPDQQHUVLPLODU
WRWKHWUDQVDFWLRQVZLWKWKLUGSDUWLHV
1RRSHUDWLQJVHJPHQWVKDYHEHHQDJJUHJDWHGWRIRUPWKHDERYHUHSRUWDEOHRSHUDWLQJVHJPHQWV
)LQDQFHLQFRPHDQGFRVWVDUHQRWDOORFDWHGWRLQGLYLGXDOVHJPHQWVDVWKHXQGHUO\LQJLQVWUXPHQWVDUHPDQDJHG
RQDJURXSEDVLV
&XUUHQWWD[HVGHIHUUHGWD[HVDQGFHUWDLQƉQDQFLDODVVHWVDQGOLDELOLWLHVDUHQRWDOORFDWHGWRWKRVHVHJPHQWVDV
WKH\DUHDOVRPDQDJHGRQDJURXSEDVLV
&DSLWDOH[SHQGLWXUHFRQVLVWVRIDGGLWLRQVRISURSHUW\SODQWDQGHTXLSPHQWLQWDQJLEOHDVVHWVDQGLQYHVWPHQW
SURSHUWLHVLQFOXGLQJDVVHWVIURPWKHDFTXLVLWLRQRIVXEVLGLDULHV
3URƉWVORVVHVRQLQWHUVHJPHQWWUDQVIHUVDUHHOLPLQDWHGDWWKH&RPSDQ\OHYHO
(v) Segment information :

Business Segments:7KHEXVLQHVVRIWKH&RPSDQ\LVGLYLGHGLQWRVHYHQVHJPHQWV7KHVHVHJPHQWVDUHWKHEDVLV
IRUPDQDJHPHQWFRQWURODQGKHQFHIRUPWKHEDVLVIRUUHSRUWLQJ7KHEXVLQHVVRIHDFKVHJPHQWFRPSULVHVRI
Power and Gas :- 3URYLGHVSURGXFWVDQGVROXWLRQVIRUJHQHUDWLRQRIHOHFWULFLW\IURPIRVVLODQGUHQHZDEOHIXHOV
IRUXWLOLWLHVLQGHSHQGHQWSRZHUSURGXFHUVDQGHQJLQHHULQJSURFXUHPHQWDQGFRQVWUXFWLRQ(3&FRPSDQLHV
DQGWKHUHOLDEOHWUDQVSRUWRIRLODQGQDWXUDOJDV
Energy Management :-6XSSOLHURISURGXFWVV\VWHPVVROXWLRQVDQGVHUYLFHVIRUWUDQVPLVVLRQDQGGLVWULEXWLRQ
RIHOHFWULFDOHQHUJ\IRUSRZHUXWLOLWLHVDQGLQGXVWULDOFRPSDQLHV3RUWIROLRUDQJHVIURPV\VWHPVIRUORZYROWDJH
JULGV DQG GLVWULEXWLRQ JULGV WR VROXWLRQV IRU VPDUW JULGV DQG HQHUJ\ DXWRPDWLRQ V\VWHPV WR SRZHU VXSSO\
V\VWHPVIRULQGXVWULDOSODQWVDQGKLJKYROWDJHWUDQVPLVVLRQV\VWHPV
Building Technologies :-3URYLGHURIVDIHVHFXUHHQHUJ\HIƉFLHQWDQGHFRIULHQGO\EXLOGLQJLQIUDVWUXFWXUHV
$VDWHFKQRORJ\SDUWQHUFRQVXOWDQWVHUYLFHSURYLGHUV\VWHPVLQWHJUDWRUDQGSURGXFWYHQGRURIIHULQJVUDQJH
IURPƉUHVDIHW\VHFXULW\EXLOGLQJDXWRPDWLRQKHDWLQJYHQWLODWLRQDLUFRQGLWLRQLQJDQGHQHUJ\PDQDJHPHQW
Mobility :- 6XSSOLHU RI VROXWLRQV IRU SDVVHQJHU DQG IUHLJKW WUDQVSRUWDWLRQƔLQFOXGLQJ UDLO YHKLFOHV UDLO
DXWRPDWLRQV\VWHPVUDLOHOHFWULƉFDWLRQV\VWHPVURDGWUDIƉFWHFKQRORJ\DQG,7VROXWLRQV
Digital Factory :- &RQWDLQV SRUWIROLR RI OHDGLQJ HGJH VRIWZDUH VROXWLRQV DQG DXWRPDWLRQ WHFKQRORJLHV
FRYHULQJWKHFRPSOHWHOLIHF\FOHIURPSURGXFWGHVLJQDQGSURGXFWLRQH[HFXWLRQWRVHUYLFHVIRUPDQXIDFWXULQJ
FRPSDQLHV
Process Industries and Drives :-3URYLGHVSURGXFWVV\VWHPVVROXWLRQVDQGVHUYLFHVDFURVVHQWLUHOLIHF\FOHV
IRUDOOLQGXVWU\VHFWRUV
Others :-6HUYLFHVSURYLGHGWRRWKHUJURXSFRPSDQLHVDQGOHDVHUHQWDOVKDYHEHHQFODVVLƉHGDV´2WKHUVµ
Geographical Areas:7KHEXVLQHVVLVRUJDQLVHGLQWZRJHRJUDSKLFDODUHDVLHZLWKLQ,QGLDDQGRXWVLGH,QGLD
Allocation of common costs
&RPPRQDOORFDEOHFRVWVDUHDOORFDWHGWRHDFKVHJPHQWDFFRUGLQJWRWKHUHODWLYHFRQWULEXWLRQRIHDFKVHJPHQWWR
WKHWRWDOFRPPRQFRVWV
Unallocated corporate items
8QDOORFDWHGLWHPVLQFOXGHJHQHUDOFRUSRUDWHLWHPVZKLFKDUHQRWDOORFDWHGWRDQ\EXVLQHVVVHJPHQW

42 Related party transactions
42.1 Parties where control exists

6LHPHQV$* +ROGLQJFRPSDQ\
42.2 Subsidiary
6LHPHQV5DLO$XWRPDWLRQV3YW/WG,QGLD 6XEVLGLDU\
42.3 Other related parties where transactions have taken place during the year
Fellow Subsidiaries Name Country

Siemens Spa Algeria
6LHPHQV6$ Angola
6LHPHQV6$ Argentina
6LHPHQV/WG Australia
)OHQGHU3W\/WG Australia
-5%(QJLQHHULQJ3W\/WG Australia
6LHPHQV$NWLHQJHVHOOVFKDIWgVWHUUHLFK Austria
6LHPHQV$*gVWHUUHLFK7UDQVIRUPHUV Austria
)OHQGHU*PE+ Austria
7UHQFK$XVWULD*PE+ Austria
6LHPHQV0HWDOV7HFKQRORJLHV9HUP|JHQVYHUZDOWXQJV*PE+ Austria
(70SURIHVVLRQDOFRQWURO*PE+ Austria
6LHPHQV0RELOLW\*PE+3ODQW5DLO6\VWHPV Austria
6LHPHQV&RQYHUJHQFH&UHDWRUV*PE+XSWR Austria
6LHPHQV:// Bahrain
6LHPHQV%DQJODGHVK/WG Bangladesh
6LHPHQV+HDOWKFDUH/WG Bangladesh
6LHPHQV6$19 Belgium
6LHPHQV0RELOLW\6$19 Belgium
6LHPHQV+HDOWKFDUH6$19 Belgium
6LHPHQV/WGD Brazil
6LHPHQV(OHWURHOHWURQLFD/WGD Brazil
6LHPHQV3WH/WG%UXQHL%UDQFK Brunei
6LHPHQV&DQDGD/WG &DQDGD
6LHPHQV&DQDGD/WG5XJJHG&RP &DQDGD
6LHPHQV&DQDGD/WG3URFHVV,QVWUXPHQWV%XVLQHVV8QLW &DQDGD
7UHQFK/WG &DQDGD
6LHPHQV+HDOWKFDUH'LDJQRVWLFV0DQXIDFWXULQJ/WG &D\PDQ,VODQGV
6LHPHQV6$ &KLOH
6LHPHQV3RZHU$XWRPDWLRQ/WG &KLQD

42.3 Other related parties where transactions have taken place during the year &RQWLQXHG

6LHPHQV(OHFWULFDO$SSDUDWXV/WG6X]KRX &KLQD
6LHPHQV6ZLWFKJHDU/WG6KDQJKDL &KLQD
6LHPHQV/WG&KLQD &KLQD
)OHQGHU/WG&KLQD &KLQD
6LHPHQV)DFWRU\$XWRPDWLRQ(QJLQHHULQJ/WG &KLQD
6LHPHQV+LJK9ROWDJH6ZLWFKJHDU&R/WG6KDQJKDL &KLQD
6LHPHQV&LUFXLW3URWHFWLRQ6\VWHPV/WG6KDQJKDL &KLQD
6LHPHQV(OHFWULFDO'ULYHV/WG &KLQD
6LHPHQV+LJK9ROWDJH&LUFXLW%UHDNHU&R/WG+DQJ]KRX &KLQD
6LHPHQV1XPHULFDO&RQWURO/WG1DQMLQJ &KLQD
6LHPHQV(OHFWULFDO'ULYHV6KDQJKDL/WG &KLQD
6LHPHQV3RZHU3ODQW$XWRPDWLRQ/WG &KLQD
7UHQFK+LJK9ROWDJH3URGXFWV/WG6KHQ\DQJ &KLQD
<DQJW]H'HOWD0DQXIDFWXULQJ&R/WG+DQJ]KRX &KLQD
6LHPHQV0HGLXP9ROWDJH6ZLWFKLQJ7HFKQRORJLHV:X[L/WG &KLQD
%HLMLQJ6LHPHQV&HUEHUXV(OHFWURQLFV/WG &KLQD
6LHPHQV6KDQJKDL0HGLFDO(TXLSPHQW/WG &KLQD
6LHPHQV7UDQVIRUPHU*XDQJ]KRX&R/WG &KLQD
6LHPHQV,QWHUQDWLRQDO7UDGLQJ/WG6KDQJKDL &KLQD
6LHPHQV,QGXVWULDO$XWRPDWLRQ3URGXFWV/WG&KHQJGX &KLQD
6LHPHQV+HDOWKFDUH'LDJQRVWLFV6KDQJKDL&R/WG &KLQD
6LHPHQV:LULQJ$FFHVVRULHV6KDQGRQJ/WG &KLQD
6LHPHQV6KHQ]KHQ0DJQHWLF5HVRQDQFH/WG &KLQD
0:%6KDQJKDL&R/WG &KLQD
6LHPHQV,QGXVWU\6RIWZDUH6KDQJKDL&R/WG &KLQD
6LHPHQV,QGXVWULDO7XUERPDFKLQHU\+XOXGDR&R/WG &KLQD
6LHPHQV6$ &RORPELD
6LHPHQV6$ &RVWD5LFD
.RQFDU(QHUJHWVNL7UDQVIRUPDWRULGRR &URDWLD
6LHPHQVVUR &]HFK5HSXEOLF
6LHPHQVVURRGVWHSQ\]DYRG,QGXVWULDO7XUERPDFKLQHU\ &]HFK5HSXEOLF
6LHPHQV(OHFWULF0DFKLQHVVUR &]HFK5HSXEOLF
2(=VUR &]HFK5HSXEOLF
6LHPHQV*DPHVD5HQHZDEOH(QHUJ\$6 'HQPDUN
Siemens A/S 'HQPDUN


6LHPHQV65/ 'RPLQLFDQ
Republic
6LHPHQV7HFKQRORJLHV6$( (J\SW
6LHPHQV6$ (O6DOYDGRU
Siemens Osakeyhtiö )LQODQG
Siemens SAS )UDQFH
7UHQFK)UDQFH6$6 )UDQFH
)OHQGHU*UDIIHQVWDGHQ6$6 )UDQFH
6LHPHQV6$6'LYLVLRQSURGXFWLRQ3URFHVV$XWRPDWLRQ8VLQHGH
Haguenau )UDQFH
6LHPHQV,QGXVWU\6RIWZDUH6$6 )UDQFH
Siemens Mobility SAS )UDQFH
6LHPHQV&RPSUHVVRU6\VWHPV*PE+ *HUPDQ\
)OHQGHU,QGXVWULHJHWULHEH*PE+ *HUPDQ\
6LHPHQV+HDW7UDQVIHU7HFKQRORJ\%91LHGHUODVVXQJ'HXWVFKODQG *HUPDQ\
)OHQGHU*PE+ *HUPDQ\
6LHPHQV0RELOLW\*PE+ *HUPDQ\
6LHPHQV0RELOLW\*PE+G$5( *HUPDQ\
6<.$7(&6\VWHPH.RPSRQHQWHQ$QZHQGXQJVWHFKQRORJLH*PE+ *HUPDQ\
:HLVV6SLQGHOWHFKQRORJLH*PE+ *HUPDQ\
6LHPHQV+HDOWKFDUH'LDJQRVWLFV+ROGLQJ*PE+ *HUPDQ\
7UHQFK*HUPDQ\*PE+ *HUPDQ\
6LHPHQV%DQN*PE+ *HUPDQ\
+63+RFKVSDQQXQJVJHUlWH*PE+ *HUPDQ\
6LHPHQV+HDOWKFDUH*PE+ *HUPDQ\
6LHPHQV,QGXVWU\6RIWZDUH*PE+ *HUPDQ\
6LHPHQV)LQDQFLDO6HUYLFHV*PE+ *HUPDQ\
6LHPHQV+HDOWKFDUH'LDJQRVWLFV3URGXFWV*PE+ *HUPDQ\
6LHPHQV%HWHLOLJXQJHQ,QODQG*PE+ *HUPDQ\
HYRVRIW*PE+ *HUPDQ\
6LHPHQV3RZHU&RQWURO*PE+ *HUPDQ\
6LHPHQV3URMHFW9HQWXUHV*PE+ *HUPDQ\
6LHPHQV7XUERPDFKLQHU\(TXLSPHQW*PE+XSWR *HUPDQ\
6LHPHQV6$ *XDWHPDOD
6LHPHQV/WG Hongkong
6LHPHQV,QGXVWU\6RIWZDUH/WG Hongkong


6LHPHQV0RELOLW\.IW Hungary
6LHPHQV=UW Hungary
6LHPHQV=UW3ODQW3*68%XGDSHVW Hungary
6LHPHQV3RVWDO3DUFHO $LUSRUW/RJLVWLFV3YW/WG India
6LHPHQV)LQDQFLDO6HUYLFHV3YW/WG India
6LHPHQV7HFKQRORJ\DQG6HUYLFHV3YW/WG India
6LHPHQV,QGXVWU\6RIWZDUH,QGLD3YW/WG India
6LHPHQV+HDOWKFDUH3YW/WG India
'UHVVHU5DQG,QGLD3YW/WG India
6LHPHQV*DPHVD5HQHZDEOH(QHUJ\(QJLQHHULQJ&HQWUH3YW/WG India
0HQWRU*UDSKLFV,QGLD3YW/WG India
6LHPHQV,QGXVWU\6RIWZDUH&RPSXWDWLRQDO'\QDPLFV,QGLD3YW/WG India
6LHPHQV)DFWRULQJ3YW/WG India
3(71(75DGLRSKDUPDFHXWLFDO6ROXWLRQV3YW/WG India
3UHDFWRU6RIWZDUH,QGLD3YW/WG India
0HQWRU*UDSKLFV6DOHVDQG6HUYLFHV3YW/WG India
&DO\SWR'HVLJQ6\VWHPV,QGLD3YW/WG India
6LHPHQV&RQYHUJHQFH&UHDWRUV3YW/WGXSWR India
376LHPHQV,QGRQHVLD Indonesia
376LHPHQV,QGXVWULDO3RZHU Indonesia
37'UHVVHU5DQG6HUYLFHV,QGRQHVLD Indonesia
6LHPHQV,VUDHO/WG Israel
6LHPHQV6S$ Italy
7UHQFK,WDOLD6UO Italy
6LHPHQV7UDQVIRUPHUV6UO Italy
Siemens TOO Kazakhstan
6LHPHQV(OHFWULFDO (OHFWURQLF6HUYLFHV.6&& Kuwait
6LHPHQV0DOD\VLD6GQ%KG Malaysia
'UHVVHU5DQG$VLD3DFLƉF6GQ%KG Malaysia
6LHPHQV6$GH&9 Mexico
6LHPHQV6HUYLFLRV6$GH&9 Mexico
6LHPHQV6$ Morocco
6LHPHQV3ODQW2SHUDWLRQV7DKDGGDUW6$5/ Morocco
6LHPHQV*DPHVD5HQHZDEOH(QHUJ\%ODGHV6$5/$8 Morocco
6LHPHQV1HGHUODQG19 1HWKHUODQGV
6LHPHQV1HGHUODQG19GHSHQGHQW$5(E 1HWKHUODQGV


6LHPHQV+HDW7UDQVIHU7HFKQRORJ\%9 1HWKHUODQGV
6LHPHQV,QGXVWU\6RIWZDUH%9 1HWKHUODQGV
6LHPHQV/WG 1LJHULD
Siemens AS 1RUZD\
6LHPHQV//& Oman
6LHPHQV3DNLVWDQ(QJLQHHULQJ&R/WG 3DNLVWDQ
6LHPHQV6$& 3HUX
6LHPHQV,QF 3KLOLSSLQHV
6LHPHQV3RZHU2SHUDWLRQV,QF 3KLOLSSLQHV
6LHPHQV6S]RR 3RODQG
6LHPHQV6$ 3RUWXJDO
6LHPHQV:// 4DWDU
6LHPHQV65/ Romania
6,0($65/3ODQ6(,76LELX Romania
OOO Siemens Russia
2226LHPHQV*DV7XUELQH7HFKQRORJLHV Russia
6LHPHQV/WG Saudi Arabia
$UDELD(OHFWULF/WG(TXLSPHQW Saudi Arabia
'UHVVHU5DQG$UDELD//& Saudi Arabia
,6&26$,QGXVWULHVDQG0DLQWHQDQFH/WG Saudi Arabia
6LHPHQVGRR%HRJUDG Serbia
6LHPHQV3WH/WG Singapore
3RZHU$XWRPDWLRQ3WH/WG Singapore
6LHPHQV0RELOLW\3WH/WG Singapore
6LHPHQV+HDOWKFDUH3WH/WG Singapore
6LHPHQVVUR Slovakia
6LHPHQVGRR Slovenia
6LHPHQV3URSULHWDU\/WG 6RXWK$IULFD
)OHQGHU3W\/WG 6RXWK$IULFD
6LHPHQV/WG6HRXO South Korea
6LHPHQV6$ Spain
)iEULFD(OHFWURWpFQLFD-RVD6$ Spain
6,(0(1602%,/,7<6/8 Spain
Siemens Industrial Turbomachinery AB Sweden
Siemens AB Sweden
6LHPHQV6FKZHL]$* Switzerland


6LHPHQV6FKZHL]$*%XLOGLQJ7HFKQRORJLHV'LYLVLRQ
,QWHUQDWLRQDO+HDGTXDUWHUV Switzerland
6LHPHQV/WG Taiwan
6LHPHQV/WG Thailand
6LHPHQV0RELOLW\/WG Thailand
6LHPHQV6$ Tunisia
Siemens Sanayi ve Ticaret Anonim Sirketi Turkey
)OHQGHU0HNDQLN*F$NWDUPD6LVWHPOHUL6DQD\LYH
Ticaret Anonim Sirketi Turkey
6LHPHQV//& 8$(
6'0LGGOH(DVW//& 8$(
6LHPHQV,QGXVWULDO7XUERPDFKLQHU\/WG 8.
Siemens plc 8.
6LHPHQV7UDQVPLVVLRQ 'LVWULEXWLRQ/WG 8.
,QGXVWULDO7XUELQH&RPSDQ\8./WG 8.
,'7)DFWRU\&RQJOHWRQ 8.
6LHPHQV3URWHFWLRQ'HYLFHV/WG 8.
6LHPHQV+&/WG050DJQHW7HFKQRORJ\ 8.
IRUHLJQRZQHGVXEVLGLDU\´6LHPHQV8NUDLQHµ 8NUDLQH
6LHPHQV6$ 8UXJXD\
6LHPHQV,QGXVWU\,QF 86$
6LHPHQV(QHUJ\,QF 86$
6LHPHQV(QHUJ\,QF86)RVVLO3URGXFWV233 86$
6LHPHQV(QHUJ\,QF862LO *DV37 86$
)OHQGHU&RUSRUDWLRQ 86$
6LHPHQV(QHUJ\,QF86'LVW*HQ36 86$
'UHVVHU5DQG&RPSDQ\ 86$
H0HWHU&RUSRUDWLRQ 86$
6LHPHQV&RUSRUDWLRQ 86$
6LHPHQV0RELOLW\,QF 86$
6LHPHQV3URGXFW/LIHF\FOH0DQDJHPHQW6RIWZDUH,QF 86$
6LHPHQV'HPDJ'HODYDO7XUERPDFKLQHU\,QF 86$
6LHPHQV3RZHU*HQHUDWLRQ6HUYLFH&RPSDQ\/WG 86$
6LHPHQV+HDOWKFDUH'LDJQRVWLFV,QF 86$
6LHPHQV0HGLFDO6ROXWLRQV86$,QF 86$
6LHPHQV+HDW7UDQVIHU7HFKQRORJ\&RUS 86$
6LHPHQV*DPHVD5HQHZDEOH(QHUJ\,QF 86$
6LHPHQV/WG Vietnam

42.4 Key Managerial personnel Name
:KROH7LPH'LUHFWRUV 0U6XQLO0DWKXU
0U&KULVWLDQ5XPPHO
&RPSDQ\6HFUHWDU\ 0U.HWDQ7KDNHU
1RQ([HFXWLYH'LUHFWRUV 0U-RVHI.DHVHU
0U&HGULN1HLNH
0U-RKDQQHV$SLW]VFK
0V0DULHOYRQ6FKXPDQQ
,QGHSHQGHQW'LUHFWRUV 0U'HHSDN3DUHNK
0U<H]GL0DOHJDP
0U'DULXV6KURII
0U.HNL'DGLVHWK
0U0HKHUQRVK.DSDGLDZHInd0D\
0DQDJLQJERDUGRI6$* 0U-RVHI.DHVHU
'U5RODQG%XVFK
0V/LVD'DYLV
0U.ODXV+HOPULFK
0V-DQLQD.XJHO
0U&HGULN1HLNH
0U0LFKDHO6HQ
0U5DOI37KRPDV
42.5 Others 6LHPHQV,QGLD/WG,QGLDQ6WDII3URYLGHQW)XQG
6LHPHQV,QGLD/WG*UDWXLW\)XQG
,QGLDQ6FKRRORIEXVLQHVV&RPPRQGLUHFWRU
%UHDFK&DQG\+RVS7UXVW&RPPRQGLUHFWRU
2PQLFRP,QGLD0DUNHWLQJ$GYLVRU\6HUYLFHV3YW/WG
%KDUDWL\D5HVHUYH%DQN1RWH0XGUDQ3YW/WG

42.6 Related party transactions
Description Sept 2018 6HSW

Holding Subsidiary Fellow Key Others Holding Subsidiary )HOORZ Key Others
Company Subsidiaries managerial &RPSDQ\ Subsidiaries managerial
personnel personnel
Revenue (net of taxes)
6LHPHQV$* 7,199 - - - -
6 LHPHQV5DLO$XWRPDWLRQ
3YW/WG - 25 - - - 42
6LHPHQV:// - - 2,370 - -
2WKHUV - - 5,655 - 3 3
Commission income
6LHPHQV$* 100 - - - -
6LHPHQV,QGXVWULDO
7XUERPDFKLQHU\/WG - - 24 - -
,QGXVWULDO7XUELQH
&RPSDQ\8./WG - - 43 - -
7UHQFK+LJK9ROWDJH
3URGXFWV/WG6KHQ\DQJ - - 20 - - 12
6LHPHQV(QHUJ\,QF
86'LVW*HQ36 - - 34 - -
2WKHUV - - 12 - -
Recoveries from group
companies
6LHPHQV$* 1,094 - - - -
6LHPHQV5DLO$XWRPDWLRQ
3YW/WG - 11 - - - 12
6LHPHQV7HFKQRORJ\DQG
6HUYLFHV3YW/WG676 - - 172 - - 143
6LHPHQV+HDOWKFDUH3YW
/WG - - 70 - - 122
2WKHUV - - 242 - -
Reimbursement of
expenses received
6LHPHQV$* 888 - - - -
3YW/WG - * - - - 8
6LHPHQV(QHUJ\,QF - - 11 - - 21
6LHPHQV3WH/WG - - 3 - - 40
6LHPHQV/WG6HRXO - - 10 - - 25
6LHPHQV3URSULHWDU\/WG - - 25 - - 1
2WKHUV - - 128 - -
Other Income
6LHPHQV+HDOWKFDUH
*PE+ - - - - -

42.6 Related party transactions &RQWLQXHG

personnel personnel
Purchase of goods and
services
6LHPHQV$* 29,992 - - - -
3YW/WG - 69 - - - 13
6LHPHQV0HGLXP
Voltage Switching
7HFKQRORJLHV:X[L/WG - - 780 - -
6HUYLFHV3YW/WG - - 763 - - 686
)OHQGHU*PE+ - - 1,100 - -
2WKHUV - - 7,850 - -
Rent income
6HUYLFHV3YW/WG676 - - 73 - -
6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 76 - - 85
6LHPHQV+HDOWKFDUH
3YW/WG - - 149 - - 208
2WKHUV - - 57 - - 30
Interest income
6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 521 - -
3YW/WG - 5 - - - 16
2WKHUV - - 14 - - 20
Interest expenses
6LHPHQV$* - - - - - 3
Bank guarantee charges
6LHPHQV$* 111 - - - - 111
2WKHUV - - * - - *
Dividend paid (on
payment basis)
6LHPHQV$* 1,787 - - - -
6LHPHQV0HWDOV
Technologies
Vermögensverwaltungs
*PE+ - - 82 - -
3XUFKDVHRIƊ[HGDVVHWV
/ investment property /
capital work in progress
6LHPHQV$* 43 - - - -
0:%6KDQJKDL&R/WG - - - - -
6LHPHQV(OHWURHOHWURQLFD
/LPLWDGD - - 13 - -
)OHQGHU*PE+ - - 35 - -
2WKHUV - - 1 - - 11


personnel personnel
6DOHRIƊ[HGDVVHWV
investment property
6LHPHQV$* - - - - - 36
6LHPHQV2VDNH\KWL| - - 10 - -
2WKHUV - - - - - *
Sale of SWP business
6LHPHQV:LQG3RZHU
3YW/WG - - - - -
KMP Remuneration **
0U6XQLO0DWKXU
Short term employee
EHQHƉWV - - - 122 - 114
3RVWHPSOR\PHQW
EHQHƉWV - - - 5 - 5
Share based payments - - - 29 - 28
0U&KULVWLDQ5XPPHO
Short term employee
EHQHƉWV - - - 59 - 60
3RVWHPSOR\PHQW
EHQHƉWV - - - - -
Share based payments - - - 16 - 16
0U.HWDQ7KDNHU
Short term employee
EHQHƉWV - - - 5 - 5
3RVWHPSOR\PHQW
EHQHƉWV - - - * - *
Share based payments - - - * - *
Payment to Trusts
6LHPHQV,QGLD/WG,QGLDQ
6WDII3URYLGHQW)XQG - - - - 390 343
6LHPHQV,QGLD/WG
*UDWXLW\)XQG - - - - 344 158
Sitting fees to
Independent Directors/
Non-executive Directors - - - 3 - 3
Commission to
Independent Directors/
Non-executive Directors - - - 16 - 15
5HPXQHUDWLRQGRHVQRWLQFOXGHWKHSURYLVLRQVPDGHIRUJUDWXLW\OHDYHDQGPHGLFDOEHQHƉWVDVWKH\DUHGHWHUPLQHG
RQDQDFWXDULDOEDVLVIRUWKHFRPSDQ\DVDZKROH


personnel personnel
Inter corporate deposits
given
-6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 5,560 - -
6HUYLFHV3YW/WG676 - - 2,122 - -
3YW/WG - 25 - - - 301
2WKHUV - - 545 - - 60
Repayment of inter
corporate deposits given
6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 6,050 - -
3YW/WG - 175 - - - 202
6HUYLFHV3YW/WG676 - - 2,122 - -
2WKHUV - - 200 - - 20
Term Loans given

6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 2,830 - -
Factoring of Trade
receivables***
6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 958 - -
6LHPHQV)DFWRULQJ3YW
/WG - - 431 - -
Outstanding Balances
Receivables
6LHPHQV$* 1,093 - - - -
3YW/WG - 2 - - - *
6LHPHQV:// - - 443 - -
2WKHUV - - 1,282 - -
Payables
6LHPHQV$* 6,464 - - - -
3YW/WG - 14 - - - *
6LHPHQV:// - - 610 - -
6LHPHQV(QHUJ\,QF
86'LVW*HQ36 - - 680 - -
2WKHUV - - 2,739 - -
7KH&RPSDQ\KDVHQWHUHGLQWRIDFWRULQJDUUDQJHPHQWIRUFHUWDLQWUDGHUHFHLYDEOHVRQDQRQUHFRXUVHEDVLV&ROOHFWLRQV
DULVLQJRIWKHVDLGDUUDQJHPHQWDPRXQWLQJWR``KDYHEHHQDGMXVWHG

personnel personnel
Inter corporate deposits
to related parties
6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 2,850 - -
3YW/WG - - - - - 150
6LHPHQV)DFWRULQJ3YW
/WG - - 525 - -
2WKHUV - - - - - 180
Term Loan to Related

parties
6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 5,290 - -
Interest receivable on
inter corporate deposits
6LHPHQV)LQDQFLDO
6HUYLFHV3YW/WG - - 54 - - 18
6LHPHQV&RQYHUJHQFH
&UHDWRUV3YW/WG - - - - - 2
6LHPHQV)DFWRULQJ3YW
/WG - - 2 - -
3YW/WG - - - - - *
Interest receivable on
Term Loan
6LHPHQV)LQDQFLDO - - 8 - - 16
6HUYLFHV3YW/WG
KMP remuneration
payable **
0U6XQLO0DWKXU - - - 61 - 61
0U&KULVWLDQ5XPPHO - - - 26 - 26
0U.HWDQ7KDNHU - - - * - *
5
HPXQHUDWLRQGRHVQRWLQFOXGHWKHSURYLVLRQVPDGHIRUJUDWXLW\OHDYHDQGPHGLFDOEHQHƉWVDVWKH\DUHGHWHUPLQHG
$OOWUDQVDFWLRQVHQWHUHGLQWRZLWKUHODWHGSDUWLHVDVGHƉQHGXQGHUWKH&RPSDQLHV$FWGXULQJWKHƉQDQFLDO\HDU
ZHUHRQDQDUP·VOHQJWKSULFLQJEDVLV

'LVFORVXUHSXUVXDQWWR,QGLDQ$FFRXQWLQJ6WDQGDUG¶(PSOR\HH%HQHƊWV·
L 'HƊQHG&RQWULEXWLRQ3ODQV
$PRXQWRI` 186 `LVUHFRJQLVHGDVDQH[SHQVHDQGLQFOXGHGLQ´(PSOR\HHEHQHƉWVH[SHQVHµ5HIHUQRWH
LQWKHVWDWHPHQWRISURƉWDQGORVV
LL 'HƊQHG%HQHƊW3ODQV
D $PRXQWVIRUWKHFXUUHQWSHULRGDUHDVIROORZV
Gratuity Pension Medical

Sept Sept Sept Sept Sept Sept
2018 2018 2018
I &KDQJHLQGHƊQHGEHQHƊWREOLJDWLRQ
/LDELOLW\DWWKHEHJLQQLQJRIWKH\HDU 2,360 191 763
([SHQVHVUHFRJQLVHGLQSURƉWDQGORVV$FFRXQW
,QWHUHVWFRVW 163 153 13 11 53 53
&XUUHQWVHUYLFHFRVW 214 - 31 31
3DVWVHUYLFHFRVW - - 29
2WKHUV7UDQVIHUSXUVXDQWWRVDOHRIEXVLQHVV - - - *
5HFRJQLVHGLQ2WKHU&RPSUHKHQVLYH,QFRPH
5HPHDVXUHPHQWJDLQVORVVHV
$FWXDULDOJDLQORVVDULVLQJIURP
L &KDQJHLQGHPRJUDSKLFDVVXPSWLRQV - - -
LL &KDQJHLQƉQDQFLDODVVXPSWLRQV (314) (8) (166)
LLL ([SHULHQFHYDULDQFH 65 (7) 48 262
%HQHƉWVSDLG (220) (37) (51)
/LDELOLW\DWWKHHQGRIWKH\HDU 2,268 152 921
II Fair value of plan assets
)DLUYDOXHRISODQDVVHWVDWWKHEHJLQQLQJRIWKH
year 1,549 - -
5HWXUQRQSODQDVVHWV 112 115 - -
2WKHUV7UDQVIHUSXUVXDQWWRVDOHRIEXVLQHVV - - -
$FWXDULDOJDLQORVVRQSODQDVVHWV (74) 11 - -
&RQWULEXWLRQV 345 - -
%HQHƉWVSDLG (220) - -
)DLUYDOXHRISODQDVVHWVDWWKHHQGRIWKH\HDU 1,712 - -
3ODQDVVHWVRISUHYLRXV\HDULQFOXGHEDODQFHRI`ZKLFKLVLQSURFHVVRIEHLQJWUDQVIHUUHGWRWKH*UDWXLW\7UXVWRI
6LHPHQV:LQGSRZHU3YW/WGSXUVXDQWWRWKHWUDQVIHURI:LQGSRZHUEXVLQHVV

'LVFORVXUHSXUVXDQWWR,QGLDQ$FFRXQWLQJ6WDQGDUG¶(PSOR\HH%HQHƊWV·&RQWLQXHG
LL 'HƊQHG%HQHƊW3ODQV&RQWLQXHG

2018 2018 2018
III Actual return on plan assets
Return on plan assets 112 115 - -
Actual return on plan assets 38 126 - -
IV Amount recognised in the balance sheet

'HƉQHGEHQHƉWREOLJDWLRQDWWKHHQGRIWKH
year 2,268 152 921
6XUSOXV'HƉFLW 556 811 152 921
(IIHFW2I$VVHW&HLOLQJ - - -
&XUUHQWSRUWLRQRIWKHDERYH 556 32 35 63
1RQ&XUUHQWSRUWLRQRIWKHDERYH - 120 156 858
3ODQ DVVHWV RI SUHYLRXV \HDU LQFOXGH EDODQFH RI ` ZKLFK LV LQ SURFHVV RI EHLQJ WUDQVIHUUHG WR WKH *UDWXLW\ 7UXVW RI
V.a ([SHQVHVUHFRJQLVHGLQWKHVWDWHPHQWRISURƊWDQGORVV
1HW,QWHUHVW([SHQVH 51 38 13 11 53 53
&XUUHQWVHUYLFHFRVW 214 - 31 31
([SHQVHUHFRJQLVHGLQVWDWHPHQWRISURƉWDQGORVV 265 245 13 11 113 84
V.b Included in other comprehensive income

Return on plan assets excluding net interest 74 - -
1HWDFWXDULDOJDLQORVVUHFRJQLVHG (249) (15) 46 96
$FWXDULDO*DLQRU/RVVUHFRJQLVHGLQ2&, (175) (15) 46 96


2018 2018 2018
VI Actuarial Assumptions
'LVFRXQW5DWH 8.51% 8.51% 8.51%
Attrition rate:
up to 30 years 15.00% - 15.00%
\HDUV 3.00% - 3.00%
above 50 years 2.00% - 2.00%
6DODU\(VFDODWLRQ3HQVLRQLQFUHDVHUDWH
Medical cost increase rate 8.00% 5.00% 3.50%
VII Sensitivity
&KDQJHLQ/LDELOLW\IRUGHFUHDVHLQ
discount rate 116 124 3 5 60 50
&KDQJHLQ/LDELOLW\IRULQFUHDVHLQGLVFRXQW
rate (107) (3) (53)
&KDQJHLQ/LDELOLW\IRUGHFUHDVHLQVDODU\
PHGLFDOLQƋDWLRQUDWH (108) (3) (31)
&KDQJHLQ/LDELOLW\IRULQFUHDVHLQVDODU\
PHGLFDOLQƋDWLRQUDWH 116 123 3 5 33 42
VIII 0DWXULW\3URƊOHRI'HƊQHG%HQHƊW
Obligation (Undiscounted amount)
Year 1 125 208 32 35 63
Year 2 179 154 29 32 63
Year 3 193 162 25 65
Year 4 172 22 25 66 51
Year 5 206 152 19 22 67 52
Years 6 to 10 924 846 63 376 282
IX :HLJKWHG$YHUDJH'XUDWLRQRI'HƊQHG
%HQHƊW2EOLJDWLRQ
'XUDWLRQ<HDUV 14.45 4.09 13.36

E 7KHVHQVLWLYLW\DQDO\VLVDERYHKDYHEHHQGHWHUPLQHGEDVHGRQDPHWKRGWKDWH[WUDSRODWHVWKHLPSDFWRQGHƉQHGEHQHƉW
REOLJDWLRQDVDUHVXOWRIUHDVRQDEOHFKDQJHVLQNH\DVVXPSWLRQVRFFXUULQJDWWKHHQGRIWKHUHSRUWLQJ\HDUDQG
WKHPHWKRGRIDVVXPSWLRQXVHGLQSUHSDULQJVHQVLWLYLW\DQDO\VLVGLGQRWFKDQJHFRPSDUHGWRSUHYLRXV\HDU
F 7KH IXQG IRUPHG E\ WKH &RPSDQ\ PDQDJHV WKH LQYHVWPHQWV RI WKH *UDWXLW\ IXQG ([SHFWHG UDWH RI UHWXUQ RQ
LQYHVWPHQWVLVGHWHUPLQHGEDVHGRQWKHDVVHVVPHQWPDGHE\WKH&RPSDQ\DWWKHEHJLQQLQJRIWKH\HDURQWKH
UHWXUQH[SHFWHGRQLWVH[LVWLQJSRUWIROLRDORQJZLWKWKHHVWLPDWHGLQFUHPHQWDOLQYHVWPHQWVWREHPDGHGXULQJWKH
\HDU<LHOGRQSRUWIROLRLVFDOFXODWHGEDVHGRQDVXLWDEOHPDUNXSRYHUWKHEHQFKPDUN*RYHUQPHQWVHFXULWLHVRI
VLPLODUPDWXULWLHV7KH&RPSDQ\H[SHFWVWRFRQWULEXWH``WRJUDWXLW\IXQGLQ
7KH LQYHVWPHQW VWUDWHJ\ LQ UHVSHFW RI LWV IXQGHG SODQV LV LPSOHPHQWHG ZLWKLQ WKH IUDPHZRUN RI WKH DSSOLFDEOH
VWDWXWRU\UHTXLUHPHQWV(DFK\HDUWKH%RDUGRI7UXVWHHVUHYLHZVWKHOHYHORIIXQGLQJLQWKHJUDWXLW\SODQ6XFKD
UHYLHZLQFOXGHVWKHDVVHWOLDELOLW\PDWFKLQJVWUDWHJ\DQGLQYHVWPHQWULVNPDQDJHPHQWSROLF\7KLVLQFOXGHVHPSOR\LQJ
WKHXVHRIDQQXLWLHVDQGORQJHYLW\VZDSVWRPDQDJHWKHULVNV7KH%RDUGRI7UXVWHHVGHFLGHVLWVFRQWULEXWLRQEDVHG
RQ WKH UHVXOWV RI WKLV DQQXDO UHYLHZ *HQHUDOO\ LW DLPV WR KDYH D SRUWIROLR PL[ RI HTXLW\ LQVWUXPHQWV DQG GHEW
LQVWUXPHQWVWRPLQLPL]HWKHULVNH[SRVHGWRLQYHVWPHQW
G 7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHLQWRDFFRXQWLQƋDWLRQVHQLRULW\
SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW
H 7KH&RPSDQ\KDVFRQWULEXWHG``WRZDUGVSURYLGHQWIXQGGXULQJWKH\HDUHQGHG6HSWHPEHU
7KH *XLGDQFH QRWH LVVXHG E\ WKH ,QVWLWXWH RI $FWXDULHV RI ,QGLD VWDWHV WKDW EHQHƉWV LQYROYLQJ HPSOR\HU
HVWDEOLVKHGSURYLGHQWIXQGVZKLFKUHTXLUHLQWHUHVWVKRUWIDOOVWREHUHFRPSHQVHGDUHWREHFRQVLGHUHGDVGHƉQHG
EHQHƉW SODQV 7KH $FWXDU\ KDV DFFRUGLQJO\ SURYLGHG D YDOXDWLRQ DQG EDVHG RQ WKH DVVXPSWLRQV SURYLGHG EHORZ
WKHUHLVQRVKRUWIDOODVDW6HSWHPEHU
The details of the fund and plan asset position as at 30 September are as follows:
Sept 2018 6HSW
3UHVHQWYDOXHRIEHQHƉWREOLJDWLRQDW\HDUHQG 10,451
)DLUYDOXHRISODQDVVHWVDW\HDUHQG 10,874
6KRUWIDOO6XUSOXV (423)
(IIHFWGXHWR$VVHW&HLOLQJ 423 621
Assumptions used in determining the present value obligation of the interest rate guarantee under the
Deterministic Approach:
Sept 2018 6HSW
*RYHUQPHQWRI,QGLDVHFXULWLHV*2,ERQG\LHOG 8.51%
5HPDLQLQJWHUPRIPDWXULW\LQ\HDUV 14.45
([SHFWHGJXDUDQWHHGLQWHUHVWUDWH 8.55%
LLL *HQHUDOGHVFULSWLRQVRIVLJQLƊFDQWGHƊQHGSODQV
I Gratuity Plan
*UDWXLW\LVSD\DEOHWRDOOHOLJLEOHHPSOR\HHVRIWKH&RPSDQ\RQVXSHUDQQXDWLRQGHDWKDQGSHUPDQHQWGLVDEOHPHQW
LQWHUPVRIWKHSURYLVLRQVRIWKH3D\PHQWRI*UDWXLW\$FWRUDVSHUWKH&RPSDQ\·V6FKHPHZKLFKHYHULVPRUH
EHQHƉFLDO8QGHUWKHDFWHPSOR\HHZKRKDVFRPSOHWHGƉYH\HDUVRIVHUYLFHLVHQWLWOHGWRWKHEHQHƉW7KHOHYHORI
EHQHƉWVSURYLGHGGHSHQGVRQWKHPHPEHUVOHQJWKRIVHUYLFHDQGVDODU\DWUHWLUHPHQWDJH
II Medical
3RVWUHWLUHPHQWPHGLFDOEHQHƉWLVSDLGWRWKHUHWLUHGHPSOR\HHVDQGWKHLUVSRXVHWLOOWKHLUVXUYLYDODQGDIWHUWKHLU
GHDWK EHQHƉWV DUH DYDLODEOH WR WKH HPSOR\HH·V VSRXVH ,W FRQVLVWV RI FRPSRQHQWV ZKLFK LV KHDOWK LQVXUDQFH
'RPLFLOLDU\ PHGLFDO DOORZDQFH DQG &RPSDQ\ VXSSRUW LQ FDVH WKH H[SHQVHV LQFXUUHG DUH PRUH WKDQ WKH KHDOWK
LQVXUDQFHFRYHUDJHVXEMHFWWRWKHFHLOLQJOLPLWDVSHUWKHJUDGHV

LLL *HQHUDOGHVFULSWLRQVRIVLJQLƊFDQWGHƊQHGSODQV&RQWLQXHG
III Pension
3HQVLRQLVSDLGWRPDQDJHPHQWFDGUHHPSOR\HHVRIWKHFRPSDQ\ZKRUHWLUHGEHIRUH0DUFK3HQVLRQLVSDLG
RQPRQWKO\EDVLV,QFDVHRIGHDWKLQUHWLUHPHQWSHUFHQWSHQVLRQLVSDLGWRWKHVSRXVHIRUƉUVWVL[PRQWKVDQG
WKHQSHUFHQWWKHUHDIWHU
(iv) Broad category of Fair value of plan assets & as a percentage of total plan assets of the Gratuity plan
Sept 2018 6HSW

Particulars (Unquoted) Amount % Amount
(TXLW\,QVWUXPHQWV 23 1.34%
'HEW,QVWUXPHQWV 1,689 98.66%
Total Plan Assets 1,712 100.00%
44 Earnings per share: Sept 2018 6HSW

:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU 356,120,255
3URƉWDIWHUWD[EHIRUHH[FHSWLRQDOLWHPV 8,939
Basic and diluted earnings per share before exceptional items 25.10
3URƉWDIWHUWD[DIWHUH[FHSWLRQDOLWHPV 8,939
Basic and diluted earnings per share after exceptional items 25.10
'HWDLOVRIGXHVWR0LFUR6PDOODQG0HGLXP(QWHUSULVHVDVGHƊQHGXQGHUWKH060('$FW
7KH&RPSDQ\KDVDPRXQWVGXHWRVXSSOLHUVXQGHU060('DVDW6HSWHPEHU7KHGLVFORVXUHSXUVXDQWWRWKHVDLG$FW
is as under:
Sept 2018 6HSW
3ULQFLSDODPRXQWGXHWRVXSSOLHUVXQGHU060('$FW 1,249
,QWHUHVWDFFUXHGDQGGXHWRVXSSOLHUVXQGHU6HFWLRQRI060('$FWRQWKH
DERYHDPRXQWXQSDLG 2 2
3D\PHQWPDGHWRVXSSOLHUVRWKHUWKDQLQWHUHVWEH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDU 10,531
,QWHUHVW GXH DQG SD\DEOH WRZDUGV VXSSOLHUV XQGHU 060(' $FW WRZDUGV SD\PHQWV
already made 151 122
,QWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRIWKHDFFRXQWLQJ\HDU 153 125
7KHLQIRUPDWLRQKDVEHHQJLYHQLQUHVSHFWRIVXFKYHQGRUVWRWKHH[WHQWWKH\FRXOGEHLGHQWLƉHGDV¶PLFURDQGVPDOO
HQWHUSULVHV·RQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\
,QWHUHVWDFFUXHGLVFRQVLGHUHGGXHXSRQFODLPIURPYHQGRUV
46 Share-based payment transactions

6KDUHPDWFKLQJSODQ603DQG6LHPHQV6WRFN$ZDUGV66$DW6LHPHQV/WGDUHFODVVLƉHGDVFDVKVHWWOHGWUDQVDFWLRQV
7KHHPSOR\HHVRIWKH&RPSDQ\DUHHOLJLEOHIRUWKH+ROGLQJ&RPSDQ\·VVKDUHDZDUGVLH603DQG66$8QGHU603WKH
HPSOR\HHPD\LQYHVWDVSHFLƉHGSDUWRIWKHLUFRPSHQVDWLRQLQWKH+ROGLQJ&RPSDQ\·VVKDUHVDQGDWWKHHQGRI\HDUV
YHVWLQJSHULRGHPSOR\HHJHWVRQHIUHHVKDUHIRUHYHU\WKUHHVKDUHVSXUFKDVHG
8QGHU 66$ WKH &RPSDQ\ JUDQWV VWRFN DZDUGV RI WKH +ROGLQJ &RPSDQ\·V VKDUHV WR WKH &KLHI ([HFXWLYH 2IƉFHU &KLHI
)LQDQFLDO2IƉFHUPHPEHUVRIVHQLRUPDQDJHPHQWDQGRWKHUHOLJLEOHHPSOR\HHV7KHYHVWLQJSHULRGLV\HDUVDIWHUZKLFK
WKHEHQHƉFLDU\JHWVFHUWDLQQXPEHURIVKDUHVZKLFKLVWLHGWRWKHSHUIRUPDQFHRIWKHHPSOR\HHLQFDVHRI&(26SHFLDO
$OORFDWLRQVFKHPHDQGSHUIRUPDQFHRI+ROGLQJ&RPSDQ\LQFDVHRI3HUIRUPDQFH2ULHQWHG6LHPHQV6WRFN$ZDUGV

46 Share-based payment transactions &RQWLQXHG
$W WKH HQG RI HDFK UHSRUWLQJ SHULRG WKH &RPSDQ\ UHFRJQLVHV WKH IDLU YDOXH RI WKH OLDELOLW\ DQG WKH H[SHQVH DW HDFK
UHSRUWLQJSHULRGDWWKHPDUNHWSULFHRIWKH+ROGLQJ&RPSDQ\·VVKDUH
8QGHU6LHPHQV3URƉW6KDULQJ636VKDUHVRI+ROGLQJ&RPSDQ\DUHJUDQWHGWRWKHHOLJLEOHHPSOR\HHVRQDFKLHYHPHQWRI
WKHWDUJHWVE\+ROGLQJ&RPSDQ\
Details of liabilities arising from the share-based payment transactions are as follows:
Sept 2018 6HSW

2WKHUFXUUHQWƉQDQFLDOOLDELOLWLHV 154 305
2WKHUQRQFXUUHQWƉQDQFLDOOLDELOLWLHV 328 265
Total carrying amount of the liabilities 482
(IIHFWRI6KDUHEDVHGSD\PHQWWUDQVDFWLRQRQWKHSURƉW ORVVVKRZQXQGHUWKHKHDG(PSOR\HHEHQHƉWH[SHQVHLV` 285

`
47 Derivative Instruments
a) Forward Contracts and Option contracts

7KH&RPSDQ\XVHVIRUZDUGFRQWUDFWVDQGRSWLRQVWRPLWLJDWHLWVULVNVDVVRFLDWHGZLWKIRUHLJQFXUUHQF\ƋXFWXDWLRQV
KDYLQJ XQGHUO\LQJ WUDQVDFWLRQ DQG UHODWLQJ WR ƉUP FRPPLWPHQWV RU KLJKO\ SUREDEOH IRUHFDVW WUDQVDFWLRQV 7KH
&RPSDQ\ GRHV QRW HQWHU LQWR DQ\ IRUZDUG DQG RSWLRQV FRQWUDFWV ZKLFK DUH LQWHQGHG IRU WUDGLQJ RU VSHFXODWLYH
SXUSRVHV
7KHIRUZDUGH[FKDQJHDQGRSWLRQVFRQWUDFWVDUHIDLUYDOXHGDWHDFKUHSRUWLQJGDWHZLWKWKHUHVXOWDQWJDLQVORVVHV
WKHUHRQEHLQJUHFRUGHGLQVWDWHPHQWRISURƉWDQGORVV
7KHGHWDLOVRIIRUZDUGFRQWUDFWVRXWVWDQGLQJDWWKH\HDUHQGDUHDVIROORZV
Currency Buy Sell

Number of Amount Indian Number of Amount Indian
contracts rupees contracts rupees
equivalent equivalent
US Dollar
30 Sept 2018 394 132 9,587 385 268 19,445
6HSW 340 406 324
Euro
30 Sept 2018 626 180 15,148 289 146 12,279
6HSW 563 213 300 140
Qatari Riyal
30 Sept 2018 3 2 34 3 72 1,441
6HSW 2 1 3

47 Derivative Instruments &RQWLQXHG
E 6LJQLƊFDQWXQKHGJHGH[SRVXUHVLQYDULRXVIRUHLJQFXUUHQFLHVDVDWWKH\HDUHQG
Payables
Foreign currency Indian rupees
Bangladesh Taka 11 9
6UL/DQNDQ5XSHH 189 83 81 36
4DWDUL5L\DO 2 5 37
Receivables and bank balances

4DWDUL5L\DO 34 42 680
6UL/DQNDQ5XSHH 90 106 39 45
Bangladesh Taka 96 85 83 68
7KHIRUZDUGFRQWUDFWVKDYHEHHQFRQYHUWHGLQ,QGLDQUXSHHVDWWKHVSRWUDWHVDVDW6HSWHPEHUWRIDFLOLWDWH
UHDGLQJSXUSRVHVRQO\
7KH&RPSDQ\KDVDSROLF\RIKHGJLQJLWVIRUHLJQFXUUHQF\H[SRVXUHRQDQHWEDVLV
c) Commodity Contracts
7KH&RPSDQ\XVHV&RPPRGLW\)XWXUH&RQWUDFWVWRKHGJHDJDLQVWƋXFWXDWLRQLQFRPPRGLW\SULFHV7KHIROORZLQJ
DUHRXWVWDQGLQJIXWXUHFRQWUDFWVHQWHUHGLQWRE\WKH&RPSDQ\DVDWWKH\HDUHQG
Year Commodity Number of Contracts Buy / Sell

Sept 2018 Copper 3,739 Buy
Aluminium 482 Buy
Silver 177 Buy
6HSW &RSSHU Buy
Silver Buy
Note:(DFKFRQWUDFWRIFRSSHU $OXPLQLXPLVRINJDQGVLOYHULVRINJ
48 Capital management
)RUWKHSXUSRVHRIWKH&RPSDQ\·VFDSLWDOPDQDJHPHQWHTXLW\LQFOXGHVHTXLW\VKDUHFDSLWDODQGDOORWKHUHTXLW\UHVHUYHV
DWWULEXWDEOHWRWKHHTXLW\KROGHUVRIWKH&RPSDQ\7KH&RPSDQ\PDQDJHVLWVFDSLWDOWRRSWLPLVHUHWXUQVWRWKHVKDUHKROGHUV
DQG PDNHV DGMXVWPHQWV WR LW LQ OLJKW RI FKDQJHV LQ HFRQRPLF FRQGLWLRQV RU LWV EXVLQHVV UHTXLUHPHQWV 7KH &RPSDQ\·V
REMHFWLYHVDUHWRVDIHJXDUGFRQWLQXLW\PDLQWDLQDVWURQJFUHGLWUDWLQJDQGKHDOWK\FDSLWDOUDWLRVLQRUGHUWRVXSSRUWLWV
EXVLQHVVDQGSURYLGHDGHTXDWHUHWXUQWRVKDUHKROGHUVWKURXJKFRQWLQXLQJJURZWKDQGPD[LPLVHWKHVKDUHKROGHUVYDOXH
7KH&RPSDQ\IXQGVLWVRSHUDWLRQVWKURXJKLQWHUQDODFFUXDOV7KHPDQDJHPHQWDQGWKH%RDUGRI'LUHFWRUVPRQLWRUWKH
UHWXUQRQFDSLWDODVZHOODVWKHOHYHORIGLYLGHQGVWRVKDUHKROGHUV

49 Financial Instruments
$ $FFRXQWLQJ&ODVVLƊFDWLRQVDQG)DLU9DOXHV
L &DWHJRU\ZLVHFODVVLƊFDWLRQIRUDSSOLFDEOHƊQDQFLDODVVHWV
Particulars Notes Carrying value / Fair value

Sept 2018 6HSW
, 0HDVXUHGDWIDLUYDOXHWKURXJK3URƊWRU/RVV)973/
D 'HULYDWLYHFRQWUDFWVQRWGHVLJQDWHGDVFDVKƋRZKHGJHV 610
Total I 610
II. Measured at amortised cost:
D ,QYHVWPHQWV 6 550 550
E 7UDGH5HFHLYDEOHV 37,249
F /RDQV 8,732
G &DVKDQGFDVKHTXLYDOHQWVDQGRWKHUEDQNEDODQFHV 15 & 16 36,457
H 2WKHUDVVHWVH[FOXGLQJGHULYDWLYHFRQWUDFWV 17,292
Total II 100,280
III. Measured at fair value through Other Comprehensive
Income (FVTOCI):
D 'HULYDWLYHFRQWUDFWVGHVLJQDWHGDVFDVKƋRZKHGJHV 18 18
Total III 18
Total (I+II+III) 100,908
LL &DWHJRU\ZLVHFODVVLƊFDWLRQIRUDSSOLFDEOHƊQDQFLDOOLDELOLWLHV
Particulars Notes Sept 2018 6HSW

D 'HULYDWLYHFRQWUDFWVQRWGHVLJQDWHGDVFDVKƋRZKHGJHV 23 & 26 1,265
E /LDELOLWLHVUHODWHGWRVKDUHEDVHGSD\PHQWV 23 & 26 482
Total I 1,747
D 7UDGHSD\DEOHV 30,304
E 2WKHUOLDELOLWLHVH[FOXGLQJGHULYDWLYHFRQWUDFWV 23 & 26 2,756
Total II 33,060
Income (FVTOCI):
D 'HULYDWLYHFRQWUDFWVGHVLJQDWHGDVFDVKƋRZKHGJHV 26 7 2
Total III 7 2
7KHFDUU\LQJDPRXQWVRIƉQDQFLDOLQVWUXPHQWVVXFKDVFDVKDQGFDVKHTXLYDOHQWVRWKHUEDQNEDODQFHVVKRUWWHUPORDQV
WUDGH UHFHLYDEOHV WUDGH SD\DEOHV FXUUHQW VHFXULW\ GHSRVLWV DQG RWKHU FXUUHQW ƉQDQFLDO DVVHWV DQG OLDELOLWLHV H[FHSW
GHULYDWLYHƉQDQFLDOLQVWUXPHQWWKRVHEHLQJPHDVXUHGDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPHDUHFRQVLGHUHG
WREHVDPHDVWKHLUIDLUYDOXHVGXHWRWKHLUVKRUWWHUPQDWXUH

49 Financial Instruments &RQWLQXHG
B) Fair Value Hierarchy
7KHIROORZLQJWDEOHSURYLGHVIDLUYDOXHPHDVXUHPHQWKLHUDUFK\RIƉQDQFLDOLQVWUXPHQWVDVUHIHUUHGLQQRWH$DERYH
Quantitative disclosures fair value measurement hierarchy as at 30 September 2018:

Level 1 Level 2 Level 3 Total
Assets at Fair value
I. )DLUYDOXHVWKURXJKSURƊWDQGORVV
D 'HULYDWLYHFRQWUDFWVQRWGHVLJQDWHGDVFDVKƋRZKHGJHV 610 610
II. Fair value through Other Comprehensive Income
Liabilities at Fair value
D 'HULYDWLYHFRQWUDFWVQRWGHVLJQDWHGDVFDVKƋRZKHGJHV 1,265
E /LDELOLWLHVUHODWHGWRVKDUHEDVHGSD\PHQWV 482 482
D 'HULYDWLYHFRQWUDFWVGHVLJQDWHGDVFDVKƋRZKHGJHV 7


E /LDELOLWLHVUHODWHGWRVKDUHEDVHGSD\PHQWV 570
7KH &RPSDQ\ HQWHUV LQWR IRUHLJQ H[FKDQJH IRUZDUG FRQWUDFWV ZKLFK DUH YDOXHG XVLQJ YDOXDWLRQ WHFKQLTXHV WKDW
HPSOR\VWKHXVHRIPDUNHWREVHUYDEOHLQSXWV
7KHUHKDYHEHHQQRWUDQVIHUVEHWZHHQ/HYHODQG/HYHOGXULQJWKHSHULRG

50 Financial Risk Management
7KH&RPSDQ\·VSULQFLSDOƉQDQFLDOOLDELOLWLHVFRPSULVHRIWUDGHSD\DEOHVHFXULW\GHSRVLWVDQGRWKHUƉQDQFLDOOLDELOLWLHV7KH
&RPSDQ\·VSULQFLSDOƉQDQFLDODVVHWVLQFOXGHWUDGHDQGRWKHUUHFHLYDEOHVFDVKDQGFDVKHTXLYDOHQWVDQGRWKHUƉQDQFLDO
DVVHWV WKDW DULVH IURP LWV RSHUDWLRQV 7KH &RPSDQ\ DOVR HQWHUV LQWR KHGJLQJ WUDQVDFWLRQV WR FRYHU IRUHLJQ H[FKDQJH
H[SRVXUHULVN
7KH&RPSDQ\·VRSHUDWLQJEXVLQHVVLVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVN,QRUGHUWRRSWLPL]HWKHDOORFDWLRQ
RI WKH ƉQDQFLDO UHVRXUFHV DFURVV WKH VHJPHQWV DV ZHOO DV WR DFKLHYH LWV DLPV WKH &RPSDQ\ LGHQWLƉHV DQDO\VHV DQG
PDQDJHVWKHDVVRFLDWHGPDUNHWULVNV7KH&RPSDQ\VHHNVWRPDQDJHDQGFRQWUROWKHVHULVNVSULPDULO\WKURXJKLWVUHJXODU
RSHUDWLQJDFWLYLWLHVDQGXVHVGHULYDWLYHƉQDQFLDOLQVWUXPHQWVZKHQGHHPHGDSSURSULDWH$OOGHULYDWLYHDFWLYLWLHVIRUULVN
PDQDJHPHQWSXUSRVHVDUHFDUULHGRXWE\WHDPVWKDWKDYHWKHDSSURSULDWHVNLOOVH[SHULHQFHDQGVXSHUYLVLRQ7KH&RPSDQ\
KDVD5LVN0DQDJHPHQW&RPPLWWHHZKLFKHQVXUHVWKDWWKH&RPSDQ\·VƉQDQFLDOULVNWDNLQJDFWLYLWLHVDUHJRYHUQHGE\
DSSURSULDWHSROLFLHVDQGSURFHGXUHVDQGWKDWƉQDQFLDOULVNVDUHLGHQWLƉHGPHDVXUHGDQGPLWLJDWHGLQDFFRUGDQFHZLWKWKH
&RPSDQ\·VSROLFLHVDQGRYHUDOOULVNDSSHWLWH
A Market risk
0DUNHWULVNLVWKHULVNWKDWWKHIDLUYDOXHRIIXWXUHFDVKƋRZVRIDƉQDQFLDOLQVWUXPHQWZLOOƋXFWXDWHEHFDXVHRI
FKDQJHVLQPDUNHWSULFHV0DUNHWULVNFRPSULVHVRIFXUUHQF\UDWHULVNDQGLQWHUHVWUDWHULVN)LQDQFLDOLQVWUXPHQW
DIIHFWHGE\PDUNHWULVNVLQFOXGHVGHSRVLWVGHULYDWLYHƉQDQFLDOLQVWUXPHQWVWUDGHUHFHLYDEOHVWUDGHSD\DEOHVDQG
RWKHUƉQDQFLDOVDVVHWV
Foreign Currency risk
)RUHLJQFXUUHQF\ULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKƋRZVRIDƉQDQFLDOLQVWUXPHQWZLOOƋXFWXDWHEHFDXVH
RIFKDQJHVRQIRUHLJQH[FKDQJHUDWH7KH&RPSDQ\RSHUDWHVLQWHUQDWLRQDOO\DQGWUDQVDFWVLQVHYHUDOFXUUHQFLHVDQG
KDVIRUHLJQFXUUHQF\WUDGHUHFHLYDEOHVDQGWUDGHSD\DEOHV+HQFHWKH&RPSDQ\LVH[SRVHGWRIRUHLJQH[FKDQJH
ULVN7KH&RPSDQ\KROGVGHULYDWLYHƉQDQFLDOLQVWUXPHQWVVXFKDVIRUHLJQH[FKDQJHIRUZDUGDQGRSWLRQFRQWUDFWVWR
PLWLJDWHWKHULVNRIFKDQJHVLQH[FKDQJHUDWHVRQIRUHLJQFXUUHQF\H[SRVXUHV
Foreign currency sensitivity
7KHIROORZLQJWDEOHGHPRQVWUDWHWKHVHQVLWLYLW\WRDUHDVRQDEO\SRVVLEOHFKDQJHLQPDMRUFXUUHQFLHVOLNH86'ROODU
DQG(XURZLWKDOORWKHUYDULDEOHVKHOGFRQVWDQW7KHLPSDFWRQWKH&RPSDQ\·VSURƉWEHIRUHWD[LVGXHWRFKDQJHVLQ
WKHIDLUYDOXHRIPRQHWDU\DVVHWVDQGOLDELOLWLHVLQFOXGLQJIRUHLJQFXUUHQF\GHULYDWLYHV7KH&RPSDQ\·VH[SRVXUHWR
IRUHLJQFXUUHQF\FKDQJHVIRUDOORWKHUFXUUHQFLHVLVQRWPDWHULDO
Particulars (IIHFWRQSURƊWEHIRUHWD[ Effect on equity (net of tax)

86'ROODU 437 -
(437) -
(XUR 64 25 * *
(64) * *
Interest rate risk

,QWHUHVWUDWHULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKƋRZVRIDƉQDQFLDOLQVWUXPHQWZLOOƋXFWXDWHEHFDXVHRI
FKDQJHVLQPDUNHWLQWHUHVWUDWHV&RQVHTXHQWO\FRXOGKDYHXQIRUHVHHQLPSDFWRQ&RPSDQ\·VFRVWRIERUURZLQJRU
UHWXUQVWKXVLPSDFWLQJWKHSURƉWDQGORVV
7KH &RPSDQ\ GRHV QRW KDYH DQ\ ERUURZLQJV 6XUSOXV IXQGV DUH LQYHVWHG LQ GHSRVLWV DW Ɖ[HG LQWHUHVW UDWHV 7KH
WHQXUHRIWKHGHSRVLWVLVPDQDJHGWRPDWFKZLWKWKHOLTXLGLW\SURƉOHRIWKH&RPSDQ\
B Credit risk
&UHGLWULVNLVGHƉQHGDVDQXQH[SHFWHGORVVLQƉQDQFLDOLQVWUXPHQWVLIWKHFRQWUDFWXDOSDUWQHULVIDLOLQJWRGLVFKDUJH
LWVREOLJDWLRQVLQIXOODQGRQWLPH7KH&RPSDQ\LVH[SRVHGWRFUHGLWULVNIURPLWVRSHUDWLQJDQGƉQDQFLQJDFWLYLWLHV
OLNHWUDGHUHFHLYDEOHVGHSRVLWVZLWKEDQNVIRUHLJQH[FKDQJHWUDQVDFWLRQVDQGRWKHUƉQDQFLDOLQVWUXPHQWV

50 Financial Risk Management &RQWLQXHG
Receivables
7KHPDMRUH[SRVXUHWRFUHGLWULVNDWWKHUHSRUWLQJGDWHLVSULPDULO\IURPUHFHLYDEOHVFRPSULVLQJRIWUDGHDQGSURMHFW
XQELOOHGUHFHLYDEOHVQHW
&UHGLWULVNRQUHFHLYDEOHVLVOLPLWHGGXHWRWKH&RPSDQ\·VODUJHDQGGLYHUVHFXVWRPHUEDVHZKLFKLQFOXGHVSXEOLF
VHFWRU HQWHUSULVHV VWDWH RZQHG FRPSDQLHV DQG SULYDWH FRUSRUDWHV 7KH HIIHFWLYH PRQLWRULQJ DQG FRQWUROOLQJ RI
FUHGLWULVNWKURXJKFUHGLWHYDOXDWLRQVDQGUDWLQJVLVDFRUHFRPSHWHQF\RIWKH&RPSDQ\·VULVNPDQDJHPHQWV\VWHP
)RUUHFHLYDEOHVDVDSUDFWLFDOH[SHGLHQWWKH&RPSDQ\FRPSXWHVH[SHFWHGFUHGLWORVVDOORZDQFHEDVHGRQDSURYLVLRQ
PDWUL[7KHSURYLVLRQPDWUL[LVSUHSDUHGEDVHGRQKLVWRULFDOO\REVHUYHGGHIDXOWUDWHVRYHUWKHH[SHFWHGOLIHRIWUDGH
UHFHLYDEOHVDQGLVDGMXVWHGIRUIRUZDUGORRNLQJHVWLPDWHV
7KHPD[LPXPH[SRVXUHWRFUHGLWULVNDWWKHUHSRUWLQJGDWHLVWKHFDUU\LQJYDOXHRIHDFKFODVVRIƉQDQFLDODVVHWV7KH
(&/LVFDOFXODWHGRQUDWLQJDQGGHIDXOWSUREDELOLW\SHUFHQWDJHDUULYHGIURPWKHKLVWRULFGHIDXOWWUHQG,QRUGHUWR
GHWHUPLQHWKHGHIDXOWSUREDELOLW\SHUFHQWDJHDVLPSOHDYHUDJHRIFXVWRPHUZLVHVSHFLƉFDOORZDQFHVRUDFWXDOEDG
GHEWVLQFXUUHGLQVXFFHHGLQJ\HDUGHULYHGUDWHVZKLFKHYHULVKLJKHUIRUWKHSUHFHGLQJWKUHH\HDUVLVFRQVLGHUHG
DV D SHUFHQWDJH RI JURVV UHFHLYDEOHV SRVLWLRQV IRU HDFK JUDGLQJ LH UDWLQJ DQG GLYLVLRQ RI HDFK FXVWRPHU DV DW
UHSRUWLQJGDWH
The reconciliation of ECL is as follows:

Particulars Sept 2018 6HSW
%DODQFHDWWKHEHJLQQLQJRIWKH\HDU 2,095

/RVVDOORZDQFHEDVHGRQ(&/ (305)
Balance at the year end 1,790
2WKHUƊQDQFLDODVVHWV
&UHGLWULVNIURPFDVKDQGFDVKHTXLYDOHQWVWHUPGHSRVLWVDQGGHULYDWLYHƉQDQFLDOLQVWUXPHQWVLVPDQDJHGE\WKH
&RPSDQ\·VWUHDVXU\GHSDUWPHQWLQDFFRUGDQFHZLWKWKH&RPSDQ\·VSROLF\,QYHVWPHQWVRIVXUSOXVIXQGVWHPSRUDULO\
DUHPDGHRQO\ZLWKDSSURYHGFRXQWHUSDUWLHVDQGZLWKLQFUHGLWOLPLWVDVVLJQHGWRHDFKFRXQWHUSDUW\7KHPD[LPXP
H[SRVXUHWRFUHGLWULVNDWWKHUHSRUWLQJGDWHLVWKHFDUU\LQJYDOXHRIHDFKFODVVRIƉQDQFLDODVVHWV
C Liquidity risk
7KH&RPSDQ\·VSULQFLSDOVRXUFHVRIOLTXLGLW\DUHFDVKDQGFDVKHTXLYDOHQWVDQGWKHFDVKƋRZWKDWLVJHQHUDWHGIURP
RSHUDWLRQV7KH&RPSDQ\UHJXODUO\PRQLWRUVWKHUROOLQJIRUHFDVWVDQGDFWXDOFDVKƋRZVWRHQVXUHLWKDVVXIƉFLHQW
IXQGVWRPHHWWKHRSHUDWLRQDOQHHGV
7KHWDEOHEHORZVXPPDULVHWKHPDWXULW\SURƉOHRIWKH&RPSDQ\·VƉQDQFLDOOLDELOLWLHVEDVHGRQFRQWUDFWXDOO\DJUHHG
XQGLVFRXQWHGFDVKƋRZV
Particulars Notes Total Payable within More than
1 year 1 year
As at 30 Sept 2018
7UDGH3D\DEOHV 30,304 2
'HULYDWLYHFRQWUDFWV 23 & 26 1,272 51
2WKHUƉQDQFLDOOLDELOLWLHV 23 & 26 3,238
34,814 34,354 460
As at 30 Sept 2017
7UDGH3D\DEOHV 41
'HULYDWLYHFRQWUDFWV 23 & 26 541 505 36
2WKHUƉQDQFLDOOLDELOLWLHV 23 & 26 341
30,913 30,495 418

51 Exceptional items Sept 2018 6HSW
3URƉWRQVDOHRI:LQGSRZHUEXVLQHVV>1RWHD@ -
3URƉWRQVDOHRI:RUOLSURSHUW\>1RWHE@ -
Total -
D 'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\VROGLWVZLQGSRZHUEXVLQHVVIRUPLQJSDUWRI3RZHUDQG*DVVHJPHQWRIWKH
&RPSDQ\IRUDFRQVLGHUDWLRQRI`DQGUHFRUGHGDSURƉWRI`RQVDLGWUDQVDFWLRQ&RUUHVSRQGLQJWD[H[SHQVH
on the said transaction amounts to `
E 'XULQJWKH\HDUYLGHDJUHHPHQWGDWHG6HSWHPEHUWKH&RPSDQ\VROGLWV3URSHUW\ORFDWHGDW:RUOL0XPEDL
IRUDFRQVLGHUDWLRQRI`ZLWKDSURƉWRI`7KHWD[LPSDFWRQWKHVDPHLV`
52 7KH&RPSDQ\LVHOLJLEOHIRULQFHQWLYHVRQH[SRUWRIFHUWDLQJRRGVDQGVHUYLFHVXQGHUWKH0HUFKDQGLVH([SRUWVIURP,QGLD
6FKHPHDQG6HUYLFH([SRUWVIURP,QGLD6FKHPHUHVSHFWLYHO\XQGHUWKH)RUHLJQ7UDGH3ROLF\IRUWKHSHULRG
'XULQJ WKH \HDU WKH &RPSDQ\ KDV VWDUWHG UHFHLYLQJ WKH OLFHQVHV XQGHU WKH VFKHPHV DQG FRQVHTXHQWO\ UHFRJQLVHG DQ
DPRXQWRI`LQFOXGLQJDQDPRXQWRIÌRUHDUOLHU\HDUVZKLFKLVUHƋHFWHGLQ´2WKHURSHUDWLQJLQFRPHµ
53 7KHERDUGRIGLUHFWRUVRIWKH&RPSDQ\DWWKHLUPHHWLQJKHOGRQ)HEUXDU\KDVDJUHHGLQSULQFLSOHVXEMHFWWR
WHUPVDQGFRQGLWLRQVWREHGHWHUPLQHGWRVHOO
L LWV 0RELOLW\ 'LYLVLRQ DQG 5DLO 7UDFWLRQ 'ULYHV EXVLQHVV LQFOXGHG LQ 3URFHVV ,QGXVWULHV DQG 'ULYHV 'LYLVLRQ ZKLFK
SURYLGHVSURGXFWVDQGVHUYLFHVWR0RELOLW\'LYLVLRQDVDOVRLWVZKROO\RZQHGVXEVLGLDU\6LHPHQV5DLO$XWRPDWLRQ
3ULYDWH/LPLWHGWR6LHPHQV$**HUPDQ\´6$*µRULWVVXEVLGLDU\
LL LWV0HFKDQLFDO'ULYHVEXVLQHVVLQFOXGHGLQ3URFHVV,QGXVWULHVDQG'ULYHV'LYLVLRQWR6$*RULWVVXEVLGLDU\
&RQVHTXHQWWRVXFKLQSULQFLSOHDSSURYDOWKH%RDUGRI'LUHFWRUVKDYHFRQVWLWXWHGD&RPPLWWHHRI'LUHFWRUVWRGHWHUPLQH
WKH FRQVLGHUDWLRQ WHUPV DQG FRQGLWLRQV DQG VXFK RWKHU PDWWHUV DV PD\ EH FRQVLGHUHG H[SHGLHQW ZLWK UHVSHFW WR WKH
DIRUHVDLGSURSRVHGWUDQVDFWLRQVDQGPDNHUHFRPPHQGDWLRQVWKHUHRQWRWKH%RDUGRI'LUHFWRUVIRULWVFRQVLGHUDWLRQ
54 7KHUHYHQXHIURPRSHUDWLRQVIRUWKH\HDUHQGHG6HSWHPEHUXSWRSHULRGHQGHG-XQHLVLQFOXVLYHRI
H[FLVHGXW\UHFRYHUHGDQGFRUUHVSRQGLQJH[FLVHGXW\H[SHQVHKDVEHHQGLVFORVHGVHSDUDWHO\7KH*RYHUQPHQWRI,QGLD
LQWURGXFHG*RRGVDQG6HUYLFH7D[¶*67·ZLWKHIIHFWIURP-XO\ZKLFKSDUWO\UHSODFHGH[FLVHGXW\DQGDFFRUGLQJO\
UHYHQXHIURPRSHUDWLRQVLVGLVFORVHGQHWRI*67&RUUHVSRQGLQJH[FLVHGXW\H[SHQVHKDVEHHQGLVFORVHGVHSDUDWHO\
55 3UHYLRXV\HDU·VƉJXUHVKDYHEHHQUHJURXSHGUHFODVVLƉHGZKHUHYHUQHFHVVDU\WRFRQIRUPWRFXUUHQW\HDU·VFODVVLƉFDWLRQ
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai *RD

Report on the Consolidated Ind AS Financial Statements WKH$FW7KRVH6WDQGDUGVUHTXLUHWKDWZHFRPSO\ZLWKHWKLFDO

UHTXLUHPHQWV DQG SODQ DQG SHUIRUP WKH DXGLW WR REWDLQ
We have audited the accompanying consolidated Ind AS
UHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKHƉQDQFLDOVWDWHPHQWV
ƉQDQFLDOVWDWHPHQWVRI6LHPHQV/LPLWHGKHUHLQDIWHUUHIHUUHG
DUHIUHHIURPPDWHULDOPLVVWDWHPHQW
WRDV´WKH+ROGLQJ&RPSDQ\µDQGLWVVXEVLGLDU\WKH+ROGLQJ
&RPSDQ\ DQG LWV VXEVLGLDU\ WRJHWKHU UHIHUUHG WR DV ´WKH $Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW
*URXSµ FRPSULVLQJ RI WKH FRQVROLGDWHG %DODQFH 6KHHW DV DW HYLGHQFH DERXW WKH DPRXQWV DQG GLVFORVXUHV LQ WKH
6HSWHPEHUWKHFRQVROLGDWHG6WDWHPHQWRI3URƉWDQG FRQVROLGDWHG ,QG $6 ƉQDQFLDO VWDWHPHQWV 7KH SURFHGXUHV
/RVVLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHWKHFRQVROLGDWHG VHOHFWHG GHSHQG RQ WKH DXGLWRU·V MXGJPHQW LQFOXGLQJ WKH
&DVK )ORZ 6WDWHPHQW WKH FRQVROLGDWHG 6WDWHPHQW RI DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH
&KDQJHVLQ(TXLW\IRUWKH\HDUWKHQHQGHGDQGDVXPPDU\ FRQVROLGDWHG ,QG $6 ƉQDQFLDO VWDWHPHQWV ZKHWKHU GXH WR
RI VLJQLƉFDQW DFFRXQWLQJ SROLFLHV DQG RWKHU H[SODQDWRU\ IUDXGRUHUURU,QPDNLQJWKRVHULVNDVVHVVPHQWVWKHDXGLWRU
LQIRUPDWLRQKHUHLQDIWHUUHIHUUHGWRDV´WKHFRQVROLGDWHG,QG FRQVLGHUV LQWHUQDO ƉQDQFLDO FRQWURO UHOHYDQW WR WKH +ROGLQJ
$6ƉQDQFLDOVWDWHPHQWVµ &RPSDQ\·V SUHSDUDWLRQ RI WKH FRQVROLGDWHG ,QG $6 ƉQDQFLDO
VWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZLQRUGHUWRGHVLJQ
Management’s Responsibility for the Consolidated Ind AS
DXGLW SURFHGXUHV WKDW DUH DSSURSULDWH LQ WKH FLUFXPVWDQFHV
Financial Statements
$Q DXGLW DOVR LQFOXGHV HYDOXDWLQJ WKH DSSURSULDWHQHVV RI
7KH+ROGLQJ&RPSDQ\·V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKH DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI WKH
SUHSDUDWLRQRIWKHVHFRQVROLGDWHG,QG$6ƉQDQFLDOVWDWHPHQWV DFFRXQWLQJHVWLPDWHVPDGHE\WKH+ROGLQJ&RPSDQ\·V%RDUG
LQWHUPVRIWKHUHTXLUHPHQWRIWKH&RPSDQLHV$FW´WKH RI 'LUHFWRUV DV ZHOO DV HYDOXDWLQJ WKH RYHUDOO SUHVHQWDWLRQ
$FWµWKDWJLYHDWUXHDQGIDLUYLHZRIWKHFRQVROLGDWHGƉQDQFLDO RI WKH FRQVROLGDWHG ,QG $6 ƉQDQFLDO VWDWHPHQWV :H EHOLHYH
SRVLWLRQ FRQVROLGDWHG ƉQDQFLDO SHUIRUPDQFH LQFOXGLQJ WKDW WKH DXGLW HYLGHQFH REWDLQHG E\ XV LV VXIƉFLHQW DQG
RWKHU FRPSUHKHQVLYH LQFRPH FRQVROLGDWHG FDVK ƋRZV DQG DSSURSULDWH WR SURYLGH D EDVLV IRU RXU DXGLW RSLQLRQ RQ WKH
FRQVROLGDWHG VWDWHPHQW RI FKDQJHV LQ HTXLW\ RI WKH *URXS FRQVROLGDWHG,QG$6ƉQDQFLDOVWDWHPHQWV
LQDFFRUGDQFHZLWKDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHG
Opinion
LQ ,QGLD LQFOXGLQJ WKH $FFRXQWLQJ 6WDQGDUGV VSHFLƉHG
XQGHU 6HFWLRQ RI WKH $FW UHDG ZLWK WKH &RPSDQLHV ,QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJ
,QGLDQ $FFRXQWLQJ 6WDQGDUG 5XOHV DV DPHQGHG WR WKH H[SODQDWLRQV JLYHQ WR XV WKH DIRUHVDLG FRQVROLGDWHG
7KHUHVSHFWLYH%RDUGRI'LUHFWRUVRIWKHFRPSDQLHVLQFOXGHG ,QG$6ƉQDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\
LQ WKH *URXS DUH UHVSRQVLEOH IRU PDLQWHQDQFH RI DGHTXDWH WKH $FW LQ WKH PDQQHU VR UHTXLUHG DQG JLYH D WUXH DQG IDLU
DFFRXQWLQJ UHFRUGV LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI YLHZ LQ FRQIRUPLW\ ZLWK WKH DFFRXQWLQJ SULQFLSOHV JHQHUDOO\
WKH $FW IRU VDIHJXDUGLQJ RI WKH DVVHWV RI WKH *URXS DQG IRU DFFHSWHG LQ ,QGLD RI WKH FRQVROLGDWHG VWDWH RI DIIDLUV RI WKH
SUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHULUUHJXODULWLHVWKH *URXS DV DW 6HSWHPEHU WKHLU FRQVROLGDWHG SURƉW
VHOHFWLRQDQGDSSOLFDWLRQRIDSSURSULDWHDFFRXQWLQJSROLFLHV LQFOXGLQJ RWKHU FRPSUHKHQVLYH LQFRPH WKHLU FRQVROLGDWHG
PDNLQJ MXGJPHQWV DQG HVWLPDWHV WKDW DUH UHDVRQDEOH DQG FDVKƋRZVDQGFRQVROLGDWHGVWDWHPHQWRIFKDQJHVLQHTXLW\
SUXGHQW DQG WKH GHVLJQ LPSOHPHQWDWLRQ DQG PDLQWHQDQFH IRUWKH\HDUHQGHGRQWKDWGDWH
RI DGHTXDWH LQWHUQDO ƉQDQFLDO FRQWUROV WKDW ZHUH RSHUDWLQJ
HIIHFWLYHO\ IRU HQVXULQJ WKH DFFXUDF\ DQG FRPSOHWHQHVV RI Report on Other Legal and Regulatory Requirements
WKH DFFRXQWLQJ UHFRUGV UHOHYDQW WR WKH SUHSDUDWLRQ DQG $VUHTXLUHGE\VHFWLRQRIWKH$FWEDVHGRQRXUDXGLW
SUHVHQWDWLRQRIWKHƉQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQG ZHUHSRUWWRWKHH[WHQWDSSOLFDEOHWKDW
IDLUYLHZDQGDUHIUHHIURPPDWHULDOPLVVWDWHPHQWZKHWKHU D :HKDYHVRXJKWDQGREWDLQHGDOOWKHLQIRUPDWLRQDQG
GXHWRIUDXGRUHUURUZKLFKKDYHEHHQXVHGIRUWKHSXUSRVH H[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQG
RISUHSDUDWLRQRIWKHFRQVROLGDWHG,QG$6ƉQDQFLDOVWDWHPHQWV EHOLHI ZHUH QHFHVVDU\ IRU WKH SXUSRVH RI RXU DXGLW RI
E\WKH'LUHFWRUVRIWKH+ROGLQJ&RPSDQ\DVDIRUHVDLG WKHDIRUHVDLGFRQVROLGDWHG,QG$6ƉQDQFLDOVWDWHPHQWV
Auditor’s Responsibility E ,Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV UHTXLUHG
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKHVH E\ ODZ UHODWLQJ WR SUHSDUDWLRQ RI WKH DIRUHVDLG
FRQVROLGDWHG,QG$6ƉQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW FRQVROLGDWLRQ RI WKH ƉQDQFLDO VWDWHPHQWV KDYH EHHQ
:KLOHFRQGXFWLQJWKHDXGLWZHKDYHWDNHQLQWRDFFRXQWWKH NHSWVRIDUDVLWDSSHDUVIURPRXUH[DPLQDWLRQRIWKRVH
SURYLVLRQVRIWKH$FWWKHDFFRXQWLQJDQGDXGLWLQJVWDQGDUGV ERRNV
DQG PDWWHUV ZKLFK DUH UHTXLUHG WR EH LQFOXGHG LQ WKH DXGLW F 7KH FRQVROLGDWHG %DODQFH 6KHHW FRQVROLGDWHG
UHSRUW XQGHU WKH SURYLVLRQV RI WKH $FW DQG WKH 5XOHV PDGH 6WDWHPHQW RI 3URƉW DQG /RVV LQFOXGLQJ WKH 6WDWHPHQW
WKHUHXQGHU:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKWKH RI 2WKHU &RPSUHKHQVLYH ,QFRPH WKH FRQVROLGDWHG
6WDQGDUGV RQ $XGLWLQJ LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG Cash Flow Statement and consolidated Statement
$FFRXQWDQWVRI,QGLDDVVSHFLƉHGXQGHU6HFWLRQRI RI &KDQJHV LQ (TXLW\ GHDOW ZLWK E\ WKLV 5HSRUW DUH LQ
DJUHHPHQW ZLWK WKH ERRNV RI DFFRXQW PDLQWDLQHG IRU WKH &RPSDQLHV $XGLW DQG $XGLWRUV 5XOHV DV
WKHSXUSRVHRISUHSDUDWLRQRIWKHFRQVROLGDWHG,QG$6 DPHQGHG LQ RXU RSLQLRQ DQG WR WKH EHVW RI RXU
ƉQDQFLDOVWDWHPHQWV LQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWR
G ,Q RXU RSLQLRQ WKH DIRUHVDLG FRQVROLGDWHG ,QG $6 XV
ƉQDQFLDOVWDWHPHQWVFRPSO\ZLWKWKH,QGLDQ$FFRXQWLQJ L 7KH FRQVROLGDWHG ,QG $6 ƉQDQFLDO VWDWHPHQWV
6WDQGDUGVVSHFLƉHGXQGHUVHFWLRQRIWKH$FWUHDG GLVFORVH WKH LPSDFW RI SHQGLQJ OLWLJDWLRQV RQ LWV
ZLWK &RPSDQLHV ,QGLDQ $FFRXQWLQJ 6WDQGDUG 5XOHV
FRQVROLGDWHG ƉQDQFLDO SRVLWLRQ RI WKH *URXSƔ
DVDPHQGHG
5HIHU 1RWH E WR WKH FRQVROLGDWHG ,QG $6
H 2Q WKH EDVLV RI WKH ZULWWHQ UHSUHVHQWDWLRQV UHFHLYHG ƉQDQFLDOVWDWHPHQWV
IURP WKH GLUHFWRUV RI WKH +ROGLQJ &RPSDQ\ DV RQ
6HSWHPEHU WDNHQ RQ UHFRUG E\ WKH %RDUG RI LL 3URYLVLRQ KDV EHHQ PDGH LQ WKH FRQVROLGDWHG
'LUHFWRUV RI WKH +ROGLQJ &RPSDQ\ DQG WKH UHSRUWV RI ,QG $6 ƉQDQFLDO VWDWHPHQWV DV UHTXLUHG XQGHU
WKHVWDWXWRU\DXGLWRUVZKRDUHDSSRLQWHGXQGHU6HFWLRQ WKH DSSOLFDEOH ODZ RU DFFRXQWLQJ VWDQGDUGV IRU
RIWKH$FWRILWVVXEVLGLDU\FRPSDQ\LQFRUSRUDWHG PDWHULDOIRUHVHHDEOHORVVHVLIDQ\RQORQJWHUP
LQ,QGLDQRQHRIWKHGLUHFWRUVRIWKH*URXS·VFRPSDQ\ FRQWUDFWV LQFOXGLQJ GHULYDWLYH FRQWUDFWV Ɣ 5HIHU
LV GLVTXDOLƉHG DV RQ 6HSWHPEHU IURP EHLQJ 1RWH DQG D WR WKH FRQVROLGDWHG ,QG $6
DSSRLQWHGDVDGLUHFWRULQWHUPVRI6HFWLRQRI ƉQDQFLDOVWDWHPHQWVLQUHVSHFWRIVXFKLWHPVDVLW
WKH$FW UHODWHVWRWKH*URXS
I :LWK UHVSHFW WR WKH DGHTXDF\ DQG WKH RSHUDWLQJ LLL 7KHUHKDVEHHQQRGHOD\LQWUDQVIHUULQJDPRXQWV
HIIHFWLYHQHVV RI WKH LQWHUQDO ƉQDQFLDO FRQWUROV RYHU UHTXLUHG WR EH WUDQVIHUUHG WR WKH ,QYHVWRU
ƉQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHG (GXFDWLRQ DQG 3URWHFWLRQ )XQG E\ WKH +ROGLQJ
,QG $6 ƉQDQFLDOV VWDWHPHQWV RI WKH +ROGLQJ &RPSDQ\
&RPSDQ\ GXULQJ WKH \HDU HQGHG 6HSWHPEHU
DQGLWVVXEVLGLDU\FRPSDQ\UHIHUWRRXUVHSDUDWHUHSRUW

LQ´$QQH[XUHµWRWKLVUHSRUW
J ,Q RXU RSLQLRQ WKH PDQDJHULDO UHPXQHUDWLRQ IRU
WKH \HDU HQGHG 6HSWHPEHU KDV EHHQ SDLG For S R B C & CO LLP
SURYLGHG E\ WKH +ROGLQJ &RPSDQ\ WR LWV GLUHFWRUV LQ &KDUWHUHG$FFRXQWDQWV
DFFRUGDQFH ZLWK WKH SURYLVLRQV RI VHFWLRQ UHDG ,&$,)LUP5HJLVWUDWLRQ1XPEHU((
ZLWK6FKHGXOH9WRWKH$FWDQGEDVHGRQWKHUHSRUWVRI
WKHVWDWXWRU\DXGLWRUVZKRDUHDSSRLQWHGXQGHUVHFWLRQ per Sudhir Soni
RIWKHWKH$FWWKHSURYLVLRQVRIVHFWLRQUHDG
3DUWQHU
ZLWK 6FKHGXOH 9 WR WKH $FW DUH QRW DSSOLFDEOH WR WKH
0HPEHUVKLS1XPEHU
VXEVLGLDU\FRPSDQ\LQFRUSRUDWHGLQ,QGLD
K :LWK UHVSHFW WR WKH RWKHU PDWWHUV WR EH LQFOXGHG LQ 3ODFHRI6LJQDWXUH0XPEDL
WKH $XGLWRU·V 5HSRUW LQ DFFRUGDQFH ZLWK 5XOH RI 'DWH1RYHPEHU

Annexure 1 to the Independent Auditor’s Report of even date on the
Consolidated Ind AS Financial Statements of Siemens Limited
Report on the Internal Financial Controls under Clause (i) of Sub- Meaning of Internal Financial Controls Over Financial Reporting
section 3 of Section 143 of the Companies Act, 2013 (“the Act”) ZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHG,QG$6ƊQDQFLDOVWDWHPHQWV
,Q FRQMXQFWLRQ ZLWK RXU DXGLW RI WKH FRQVROLGDWHG ,QG $6 ƉQDQFLDO $ FRPSDQ\·V LQWHUQDO ƉQDQFLDO FRQWURO RYHU ƉQDQFLDO UHSRUWLQJ ZLWK
VWDWHPHQWVRI6LHPHQV/LPLWHGDVRIDQGIRUWKH\HDUHQGHG6HSWHPEHU UHIHUHQFHWRWKHVHFRQVROLGDWHG,QG$6ƉQDQFLDOVWDWHPHQWVLVDSURFHVV
ZHKDYHDXGLWHGWKHLQWHUQDOƉQDQFLDOFRQWUROVRYHUƉQDQFLDO GHVLJQHG WR SURYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ WKH UHOLDELOLW\
UHSRUWLQJRI6LHPHQV/LPLWHGKHUHLQDIWHUUHIHUUHGWRDVWKH´+ROGLQJ RIƉQDQFLDOUHSRUWLQJDQGWKHSUHSDUDWLRQRIƉQDQFLDOVWDWHPHQWVIRU
&RPSDQ\µ DQG LWV VXEVLGLDU\ FRPSDQ\ ZKLFK DUH FRPSDQLHV H[WHUQDO SXUSRVHV LQ DFFRUGDQFH ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ
LQFRUSRUDWHGLQ,QGLDDVRIWKDWGDWH SULQFLSOHV $ FRPSDQ\·V LQWHUQDO ƉQDQFLDO FRQWURO RYHU ƉQDQFLDO
UHSRUWLQJ ZLWK UHIHUHQFH WR WKHVH FRQVROLGDWHG ,QG $6 ƉQDQFLDO
Management’s Responsibility for Internal Financial Controls
VWDWHPHQWVLQFOXGHVWKRVHSROLFLHVDQGSURFHGXUHVWKDWSHUWDLQWRWKH
7KH UHVSHFWLYH %RDUG RI 'LUHFWRUV RI WKH +ROGLQJ &RPSDQ\ DQG LWV PDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOHGHWDLODFFXUDWHO\DQGIDLUO\
VXEVLGLDU\FRPSDQ\DUHUHVSRQVLEOHIRUHVWDEOLVKLQJDQGPDLQWDLQLQJ UHƋHFWWKHWUDQVDFWLRQVDQGGLVSRVLWLRQVRIWKHDVVHWVRIWKHFRPSDQ\
LQWHUQDOƉQDQFLDOFRQWUROVEDVHGRQWKHLQWHUQDOFRQWURORYHUƉQDQFLDO SURYLGH UHDVRQDEOH DVVXUDQFH WKDW WUDQVDFWLRQV DUH UHFRUGHG DV
UHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH+ROGLQJ&RPSDQ\FRQVLGHULQJWKH QHFHVVDU\WRSHUPLWSUHSDUDWLRQRIƉQDQFLDOVWDWHPHQWVLQDFFRUGDQFH
HVVHQWLDOFRPSRQHQWVRILQWHUQDOFRQWUROVWDWHGLQWKH*XLGDQFH1RWHRQ ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV DQG WKDW UHFHLSWV DQG
$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\ H[SHQGLWXUHVRIWKHFRPSDQ\DUHEHLQJPDGHRQO\LQDFFRUGDQFHZLWK
WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD7KHVHUHVSRQVLELOLWLHV DXWKRULVDWLRQVRIPDQDJHPHQWDQGGLUHFWRUVRIWKHFRPSDQ\DQG
LQFOXGH WKH GHVLJQ LPSOHPHQWDWLRQ DQG PDLQWHQDQFH RI DGHTXDWH SURYLGHUHDVRQDEOHDVVXUDQFHUHJDUGLQJSUHYHQWLRQRUWLPHO\GHWHFWLRQ
LQWHUQDOƉQDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHIIHFWLYHO\IRUHQVXULQJ RIXQDXWKRULVHGDFTXLVLWLRQXVHRUGLVSRVLWLRQRIWKHFRPSDQ\·VDVVHWV
WKHRUGHUO\DQGHIƉFLHQWFRQGXFWRILWVEXVLQHVVLQFOXGLQJDGKHUHQFH WKDWFRXOGKDYHDPDWHULDOHIIHFWRQWKHƉQDQFLDOVWDWHPHQWV
WR WKH UHVSHFWLYH FRPSDQ\·V SROLFLHV WKH VDIHJXDUGLQJ RI LWV DVVHWV Inherent Limitations of Internal Financial Controls Over Financial
WKH SUHYHQWLRQ DQG GHWHFWLRQ RI IUDXGV DQG HUURUV WKH DFFXUDF\ DQG 5HSRUWLQJ ZLWK UHIHUHQFH WR WKHVH FRQVROLGDWHG ,QG $6 ƊQDQFLDO
FRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRI statements
UHOLDEOHƉQDQFLDOLQIRUPDWLRQDVUHTXLUHGXQGHUWKH$FW %HFDXVH RI WKH LQKHUHQW OLPLWDWLRQV RI LQWHUQDO ƉQDQFLDO FRQWUROV
Auditor’s Responsibility RYHU ƉQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR WKHVH FRQVROLGDWHG ,QG $6
ƉQDQFLDOVWDWHPHQWVLQFOXGLQJWKHSRVVLELOLW\RIFROOXVLRQRULPSURSHU
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKH LQWHUQDO ƉQDQFLDO
PDQDJHPHQW RYHUULGH RI FRQWUROV PDWHULDO PLVVWDWHPHQWV GXH WR
FRQWUROVRYHUƉQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHG
HUURURUIUDXGPD\RFFXUDQGQRWEHGHWHFWHG$OVRSURMHFWLRQVRIDQ\
,QG $6 ƉQDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW :H FRQGXFWHG RXU
HYDOXDWLRQRIWKHLQWHUQDOƉQDQFLDOFRQWUROVRYHUƉQDQFLDOUHSRUWLQJWR
DXGLW LQ DFFRUGDQFH ZLWK WKH *XLGDQFH 1RWH RQ $XGLW RI ,QWHUQDO
IXWXUHSHULRGVDUHVXEMHFWWRWKHULVNWKDWWKHLQWHUQDOƉQDQFLDOFRQWURO
)LQDQFLDO &RQWUROV 2YHU )LQDQFLDO 5HSRUWLQJ WKH ´*XLGDQFH 1RWHµ
RYHU ƉQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR WKHVH FRQVROLGDWHG ,QG $V
DQGWKH6WDQGDUGVRQ$XGLWLQJERWKLVVXHGE\,QVWLWXWHRI&KDUWHUHG
ƉQDQFLDO VWDWHPHQWV PD\ EHFRPH LQDGHTXDWH EHFDXVH RI FKDQJHV
$FFRXQWDQWV RI ,QGLD DQG GHHPHG WR EH SUHVFULEHG XQGHU VHFWLRQ LQ FRQGLWLRQV RU WKDW WKH GHJUHH RI FRPSOLDQFH ZLWK WKH SROLFLHV RU
RI WKH $FW WR WKH H[WHQW DSSOLFDEOH WR DQ DXGLW RI LQWHUQDO SURFHGXUHVPD\GHWHULRUDWH
ƉQDQFLDOFRQWUROV7KRVH6WDQGDUGVDQGWKH*XLGDQFH1RWHUHTXLUHWKDW
Opinion
ZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWR
REWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUDGHTXDWHLQWHUQDOƉQDQFLDO ,QRXURSLQLRQWKH+ROGLQJ&RPSDQ\DQGLWVVXEVLGLDU\FRPSDQ\KDYH
FRQWUROVRYHUƉQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHG PDLQWDLQHG LQ DOO PDWHULDO UHVSHFWV DQ DGHTXDWH LQWHUQDO ƉQDQFLDO
,QG$6ƉQDQFLDOVWDWHPHQWVZDVHVWDEOLVKHGDQGPDLQWDLQHGDQGLIVXFK FRQWUROVRYHUƉQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHG
FRQWUROVRSHUDWHGHIIHFWLYHO\LQDOOPDWHULDOUHVSHFWV ,QG$6ƉQDQFLDOVWDWHPHQWVDQGVXFKLQWHUQDOƉQDQFLDOFRQWUROVRYHU
ƉQDQFLDOUHSRUWLQJZLWKUHIHUHQFHWRWKHVHFRQVROLGDWHG,QG$6ƉQDQFLDO
2XU DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH VWDWHPHQWVZHUHRSHUDWLQJHIIHFWLYHO\DVDW6HSWHPEHUEDVHG
DERXW WKH DGHTXDF\ RI WKH LQWHUQDO ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO RQWKHLQWHUQDOFRQWURORYHUƉQDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\
UHSRUWLQJ DQG WKHLU RSHUDWLQJ HIIHFWLYHQHVV 2XU DXGLW RI LQWHUQDO WKH+ROGLQJ&RPSDQ\FRQVLGHULQJWKHHVVHQWLDOFRPSRQHQWVRILQWHUQDO
ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ LQFOXGHG REWDLQLQJ DQ FRQWURO VWDWHG LQ WKH *XLGDQFH 1RWH RQ $XGLW RI ,QWHUQDO )LQDQFLDO
XQGHUVWDQGLQJ RI LQWHUQDO ƉQDQFLDO FRQWUROV RYHU ƉQDQFLDO UHSRUWLQJ &RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG
ZLWK UHIHUHQFH WR WKHVH FRQVROLGDWHG ,QG $6 ƉQDQFLDO VWDWHPHQWV $FFRXQWDQWVRI,QGLD
DVVHVVLQJ WKH ULVN WKDW D PDWHULDO ZHDNQHVV H[LVWV DQG WHVWLQJ DQG
HYDOXDWLQJ WKH GHVLJQ DQG RSHUDWLQJ HIIHFWLYHQHVV RI LQWHUQDO FRQWURO For S R B C & CO LLP
EDVHG RQ WKH DVVHVVHG ULVN 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH &KDUWHUHG$FFRXQWDQWV
DXGLWRU·VMXGJHPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKHULVNVRIPDWHULDO ,&$,)LUP5HJLVWUDWLRQ1XPEHU((
PLVVWDWHPHQWRIWKHFRQVROLGDWHG,QG$6ƉQDQFLDOVWDWHPHQWVZKHWKHU
GXHWRIUDXGRUHUURU per Sudhir Soni
3DUWQHU
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIƉFLHQWDQG
0HPEHUVKLS1XPEHU
DSSURSULDWH WR SURYLGH D EDVLV IRU RXU DXGLW RSLQLRQ RQ WKH LQWHUQDO
ƉQDQFLDO FRQWUROV V\VWHP RYHU ƉQDQFLDO UHSRUWLQJ ZLWK UHIHUHQFH WR 3ODFHRI6LJQDWXUH0XPEDL
WKHVHFRQVROLGDWHG,QG$6ƉQDQFLDOVWDWHPHQWV 'DWH1RYHPEHU

Consolidated Balance sheet
ASSETS
Non-current assets
3URSHUW\SODQWDQGHTXLSPHQW 12,454
&DSLWDOZRUNLQSURJUHVV 625
,QYHVWPHQWSURSHUW\ 1,042
Goodwill on consolidation 282
Intangible assets 5 34 55
Financial assets
7UDGHUHFHLYDEOHV 758
/RDQV 5,308
2WKHUƉQDQFLDODVVHWV 390
'HIHUUHGWD[DVVHWVQHW 2,697
,QFRPHWD[DVVHWVQHW 6,372
2WKHUQRQFXUUHQWDVVHWV 11 3,222
33,184
Current assets
,QYHQWRULHV 11,504
Financial assets
7UDGHUHFHLYDEOHV 36,711
&DVKDQGFDVKHTXLYDOHQWV 25,563
2WKHUEDQNEDODQFHV 15 11,353
/RDQV 3,425
2WKHUƉQDQFLDODVVHWV 17,736
2WKHUFXUUHQWDVVHWV 3,887
110,179
TOTAL 143,363
EQUITY AND LIABILITIES
Equity
(TXLW\VKDUHFDSLWDO 712
2WKHUHTXLW\ 82,277
82,989
Liabilities
Non-current liabilities
7UDGHSD\DEOHV
7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV 2
2WKHUƉQDQFLDOOLDELOLWLHV 458
/RQJWHUPSURYLVLRQV 2,153
2WKHUQRQFXUUHQWOLDELOLWLHV 146
2,759
Current liabilities
7UDGHSD\DEOHV
7RWDORXWVWDQGLQJGXHVRIPLFURDQGVPDOOHQWHUSULVHV 1,249
7RWDORXWVWDQGLQJGXHVRIFUHGLWRUVRWKHUWKDQPLFURDQGVPDOOHQWHUSULVHV 29,333
2WKHUƉQDQFLDOOLDELOLWLHV 4,057
6KRUWWHUPSURYLVLRQV 8,881
&XUUHQWWD[OLDELOLWLHVQHW 1,194
2WKHUFXUUHQWOLDELOLWLHV 12,901
57,615
TOTAL 143,363
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai Goa
&RQVROLGDWHG6WDWHPHQWRI3URƊWDQG/RVV
Income
5HYHQXHIURPRSHUDWLRQV 127,953
2WKHULQFRPH 2,801
Total income 130,754
Expenses
5DZPDWHULDOVFRQVXPHG 29,237
3XUFKDVHRIWUDGHGJRRGV 28,757
,QFUHDVHGHFUHDVHLQLQYHQWRULHVRIƉQLVKHGJRRGVZRUNLQSURJUHVVDQG
WUDGHGJRRGV (922)
3URMHFWERXJKWRXWVDQGRWKHUGLUHFWFRVWV 29,204
([FLVHGXW\ -
(PSOR\HHEHQHƉWVH[SHQVH 14,573
Finance costs 82
2WKHUH[SHQVHV 13,831
Total expenses 116,739
3URƊWEHIRUHH[FHSWLRQDOLWHPVDQGWD[ 14,015
([FHSWLRQDOLWHPV -
Tax expense
&XUUHQWWD[ (5,291)
'HIHUUHGWD[FKDUJHFUHGLW 288
Total tax expense (5,003)
3URƊWIRUWKH\HDUHQGHG 9,012

&RQVROLGDWHG6WDWHPHQWRI3URƊWDQG/RVV(Continued)
Other comprehensive income
,WHPVWKDWZLOOQRWEHUHFODVVLƊHGWRSURƊWRUORVV
5HPHDVXUHPHQWJDLQVORVVHVRQGHƉQHGEHQHƉWSODQV 95
,QFRPHWD[HIIHFW (33)
,WHPVWKDWZLOOEHUHFODVVLƊHGWRSURƊWRUORVV
)DLUYDOXHFKDQJHVRQGHULYDWLYHGHVLJQDWHGDVFDVKƋRZKHGJHUHVHUYHQHW 11
,QFRPHWD[HIIHFW (4)
Total other comprehensive income for the year, net of tax 69
7RWDOFRPSUHKHQVLYHLQFRPHIRUWKH\HDU&RPSULVLQJSURƊWDQGRWKHU
comprehensive income for the year) 9,081
Basic and diluted earnings per share (in `)
(TXLW\VKDUHVRIIDFHYDOXHRI`HDFK
L (DUQLQJVSHUVKDUHEHIRUHH[FHSWLRQDOLWHPV 25.31
LL(DUQLQJVSHUVKDUHDIWHUH[FHSWLRQDOLWHPV 25.31
The accompanying notes are an integral part of the Consolidated Financial Statements.
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai Goa

Consolidated Cash Flow Statement
&DVKƌRZIURPRSHUDWLQJDFWLYLWLHV
3URƉWEHIRUHWD[ 14,015

Adjustments for:
Finance costs 82
%DGGHEWV 101
3URYLVLRQIRUGRXEWIXOGHEWVDGYDQFHVQHW 257
/RVV3URƉWRQVDOHRIDVVHWVQHW (10)
3URƉWRQVDOHRIEXVLQHVV -
/LDELOLWLHVZULWWHQEDFN (136)
2WKHUSURYLVLRQV 108
8QUHDOLVHGIRUHLJQH[FKDQJHORVVJDLQQHW 1,109
,QWHUHVWLQFRPH (2,774)
2SHUDWLQJSURƊWEHIRUHZRUNLQJFDSLWDOFKDQJHV 14,729
Working capital adjustments

,QFUHDVHGHFUHDVHLQLQYHQWRULHV (1,289)
,QFUHDVHGHFUHDVHLQWUDGHDQGRWKHUUHFHLYDEOHV (11,127)
,QFUHDVHGHFUHDVHLQWUDGHSD\DEOHVDQGRWKHUOLDELOLWLHV 3,673
,QFUHDVHGHFUHDVHLQSURYLVLRQV 858
Net change in working capital (7,885)
Cash generated from operations 6,844

'LUHFWWD[HVSDLGQHW (5,846)
Net cash generated from operating activities 998
&DVKƌRZIURPLQYHVWLQJDFWLYLWLHV
3XUFKDVHRISURSHUW\SODQWDQGHTXLSPHQWDQGLQYHVWPHQWSURSHUW\ (1,906)
3URFHHGVIURPVDOHRISURSHUW\SODQWDQGHTXLSPHQWLQYHVWPHQWSURSHUW\DQG
capital advances 115
3URFHHGVIURPVDOHRIEXVLQHVV>QHWRIWD[RI1LODQGWUDQVDFWLRQFRVW
RI1LO1LO@ -
,QWHUHVWUHFHLYHG 2,690
,QWHUFRUSRUDWHGHSRVLWVJLYHQ (11,057)
5HIXQGRILQWHUFRUSRUDWHGHSRVLWVJLYHQ 8,372
'HSRVLWVZLWKPDWXULW\PRUHWKDQPRQWKVZLWKEDQNVPDWXUHGSODFHG 1,019
Net cash generated from investing activities (767)

Consolidated Cash Flow Statement (Continued)
&DVKƌRZIURPƊQDQFLQJDFWLYLWLHV
,QWHUHVWSDLG (53)
'LYLGHQGSDLGLQFOXGLQJWD[WKHUHRQ (3,000)
5HSD\PHQWRIVKRUWWHUPERUURZLQJV -
1HWFDVKXVHGLQƊQDQFLQJDFWLYLWLHV (3,053)
Net increase / (decrease) in cash and bank balance (2,822)

Cash and cash equivalents at beginning of the year 28,377
Effect of exchange (loss) / gain on cash and cash equivalents 8
Cash and cash equivalents at the end of the year (Refer note 14) 25,563
The accompanying notes are an integral part of the Consolidated Financial Statements.
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai Goa

Statement of Changes in Equity
A Equity share capital
Amount
$VDW6HSWHPEHU
$VDW6HSWHPEHU
As at 30 September 2018 712
B Other equity
Reserves and Surplus Other
comprehensive
income
Total
Securities Capital Amalgamation Capital General Retained &DVKƌRZ
Premium reserve reserve redemption Reserve earnings hedging reserve
reserve
Balance at
30 September 2016 1,567 538 56 * 31,503 33,661 1 67,325
3URƉWIRUWKH\HDU 11,365
2WKHUFRPSUHKHQVLYH
income 76
Total comprehensive
income for the year - - - - - 11,436 5 11,441
Final dividend paid (2,137)
7D[RQGLYLGHQGSDLG (435)
Balance at
30 September 2017 1,567 538 56 * 31,503 42,525 6 76,194
3URƉWIRUWKH\HDU - - - - - 9,012 **
2WKHUFRPSUHKHQVLYH
income - - - - - 70
Total comprehensive
income for the year - - - - - 9,075 1 9,082 **
'LYLGHQGSDLG - - - - - (2,493)
7D[RQGLYLGHQGSDLG - - - - - (507)
Balance at
30 September 2018 1,567 538 56 * 31,503 48,600 7 82,277
7UDQVIHUUHGWRH[FKDQJHORVVJDLQVLQ6WDWHPHQWRI3URƉW /RVV
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai Goa

Notes to the Consolidated Financial Statements
Corporate information
6LHPHQV/LPLWHG´7KH&RPSDQ\µLVDSXEOLFFRPSDQ\GRPLFLOHGLQ,QGLDZLWKLWVUHJLVWHUHGRIƉFHDW%LUOD$XURUD/HYHO3ORW
1R'U$QQLH%HVDQW5RDG:RUOL0XPEDLƔ7KH&RPSDQ\LVOLVWHGRQ1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG
16(DQG%RPED\6WRFN([FKDQJH/LPLWHG%6(
7KH *URXS RIIHUV SURGXFWV LQWHJUDWHG VROXWLRQV IRU LQGXVWULDO DSSOLFDWLRQV IRU PDQXIDFWXULQJ LQGXVWULHV GULYHV IRU SURFHVV
LQGXVWULHV LQWHOOLJHQW LQIUDVWUXFWXUH DQG EXLOGLQJV HIƉFLHQW DQG FOHDQ SRZHU JHQHUDWLRQ IURP IRVVLO IXHOV DQG RLO DQG JDV
DSSOLFDWLRQV WUDQVPLVVLRQ DQG GLVWULEXWLRQ RI HOHFWULFDO HQHUJ\ DQG IRU SDVVHQJHU DQG IUHLJKW WUDQVSRUWDWLRQ LQFOXGLQJ UDLO
YHKLFOHVUDLODXWRPDWLRQDQGUDLOHOHFWULƉFDWLRQV\VWHPV
6LJQLƊFDQWDFFRXQWLQJSROLFLHV
1.1 Basis of preparation of Consolidated Financial Statements
7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVRIWKH*URXSKDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWK,QGLDQ$FFRXQWLQJ6WDQGDUGV
,QG$6QRWLƉHGSXUVXDQWWRVHFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK5XOHRIWKH&RPSDQLHV,QGLDQ$FFRXQWLQJ
6WDQGDUGV5XOHVDVDPHQGHGIURPWLPHWRWLPH
7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVKDYHEHHQSUHSDUHGDQGSUHVHQWHGXQGHUWKHKLVWRULFDOFRVWFRQYHQWLRQH[FHSW
IRUGHULYDWLYHLQVWUXPHQWVDQGFHUWDLQRWKHUƉQDQFLDODVVHWVDQGOLDELOLWLHVZKLFKKDYHEHHQPHDVXUHGDWIDLUYDOXHUHIHU
DFFRXQWLQJSROLF\UHJDUGLQJƉQDQFLDOLQVWUXPHQWV
7KHDFFRXQWLQJSROLFLHVDGRSWHGLQWKHSUHSDUDWLRQRI&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVDUHFRQVLVWHQWIRUDOOWKHSHULRGV
SUHVHQWHG
7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVDUHSUHVHQWHGLQ,15ZKLFKLVWKHIXQFWLRQDOFXUUHQF\DQGDOOYDOXHVDUHURXQGHG
WRWKHQHDUHVWPLOOLRQV,15H[FHSWZKHQRWKHUZLVHLQGLFDWHG
7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVZHUHDXWKRULVHGIRULVVXHLQDFFRUGDQFHZLWKDUHVROXWLRQRI%RDUGRIGLUHFWRUVRQ
1RYHPEHU
Principles of consolidation
7KH &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV FRPSULVH WKH ƉQDQFLDO VWDWHPHQWV RI 6LHPHQV /LPLWHG ¶WKH &RPSDQ\· RU ¶WKH
SDUHQWFRPSDQ\·DQGLWVZKROO\RZQHGVXEVLGLDU\6LHPHQV5DLO$XWRPDWLRQ3ULYDWH/WG¶WKHVXEVLGLDU\·7KH&RPSDQ\
DQGWKHVXEVLGLDU\FRQVWLWXWHWKH6LHPHQV*URXS¶WKH*URXS·
7KHOLVWRIVXEVLGLDU\LVVHWRXWEHORZ
Entity Country of % Holding % Holding

incorporation 2018 2017
6LHPHQV5DLO$XWRPDWLRQ3ULYDWH/WG India
7KH &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV FRPSULVH WKH ƉQDQFLDO VWDWHPHQWV RI 6LHPHQV /WG ¶7KH &RPSDQ\· DQG LWV
VXEVLGLDULHVDVDW6HSWHPEHU&RQWUROLVDFKLHYHGZKHQWKH*URXSLVH[SRVHGRUKDVULJKWVWRYDULDEOHUHWXUQV
IURPLWVLQYROYHPHQWZLWKWKHLQYHVWHHDQGKDVWKHDELOLW\WRDIIHFWWKRVHUHWXUQVWKURXJKLWVSRZHURYHUWKHLQYHVWHH
6SHFLƉFDOO\WKH*URXSFRQWUROVDQLQYHVWHHLIDQGRQO\LIWKH*URXSKDV
3RZHURYHUWKHLQYHVWHHLHH[LVWLQJULJKWVWKDWJLYHLWWKHFXUUHQWDELOLW\WRGLUHFWWKHUHOHYDQWDFWLYLWLHVRIWKH
investee)
([SRVXUHRUULJKWVWRYDULDEOHUHWXUQVIURPLWVLQYROYHPHQWZLWKWKHLQYHVWHHDQG
7KHDELOLW\WRXVHLWVSRZHURYHUWKHLQYHVWHHWRDIIHFWLWVUHWXUQV
6XEVLGLDU\ LV FRQVROLGDWHG IURP WKH GDWH RQ ZKLFK HIIHFWLYH FRQWURO LV WUDQVIHUUHG WR WKH &RPSDQ\ DQG LV QR ORQJHU
FRQVROLGDWHGIURPWKHGDWHRIGLVSRVDO
0LQRULW\LQWHUHVW·VVKDUHRIQHWSURƉWLVDGMXVWHGDJDLQVWWKHLQFRPHWRDUULYHDWWKHQHWLQFRPHDWWULEXWDEOHWRRZQHUVRI
WKHSDUHQW0LQRULW\LQWHUHVW·VVKDUHRIQHWDVVHWVLVSUHVHQWHGVHSDUDWHO\LQWKHEDODQFHVKHHW
&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVDUHSUHSDUHGXVLQJXQLIRUPDFFRXQWLQJSROLFLHVIRUWUDQVDFWLRQVDQGRWKHUHYHQWVLQ
VLPLODUFLUFXPVWDQFH
7KH H[FHVVGHƉFLW RI FRVW WR WKH SDUHQW FRPSDQ\ RI LWV LQYHVWPHQW LQ WKH VXEVLGLDU\ RYHU LWV SRUWLRQ RI HTXLW\ LQ WKH
VXEVLGLDU\DWWKHUHVSHFWLYHGDWHVRQZKLFKLQYHVWPHQWLQVXFKVXEVLGLDU\ZDVPDGHLVUHFRJQLVHGLQWKH&RQVROLGDWHG
)LQDQFLDO6WDWHPHQWVDVJRRGZLOOFDSLWDOUHVHUYH7KHSDUHQWFRPSDQ\·VSRUWLRQRIHTXLW\LQVXFKVXEVLGLDU\LVGHWHUPLQHG

1.1 Basis of preparation of Consolidated Financial Statements &RQWLQXHG
Principles of consolidation &RQWLQXHG
RQWKHEDVLVRIERRNYDOXHVRIDVVHWVDQGOLDELOLWLHVDVSHUWKHƉQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDU\DVRQWKHGDWHRI
LQYHVWPHQWDQGLIQRWDYDLODEOHWKHƉQDQFLDOVWDWHPHQWVIRUWKHLPPHGLDWHO\SUHFHGLQJSHULRGDGMXVWHGIRUWKHHIIHFWVRI
VLJQLƉFDQWWUDQVDFWLRQV*RRGZLOOLVWHVWHGIRULPSDLUPHQWDQQXDOO\
7KH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVKDYHEHHQSUHSDUHGRQWKHIROORZLQJEDVLV
Consolidation procedure:
D ,WHPVRIDVVHWVOLDELOLWLHVHTXLW\LQFRPHH[SHQVHVDQGFDVKƋRZVRIWKHSDUHQWDUHFRPELQHGZLWKWKRVHRILWV
VXEVLGLDULHVRQDOLQHEDVLV)RUWKLVSXUSRVHLQFRPHDQGH[SHQVHVRIWKHVXEVLGLDU\DUHEDVHGRQWKHDPRXQWVRI
WKHDVVHWVDQGOLDELOLWLHVUHFRJQLVHGLQWKHƉQDQFLDOVWDWHPHQWVDWWKHDFTXLVLWLRQGDWH
E 7KH FDUU\LQJ DPRXQW RI WKH SDUHQW·V LQYHVWPHQW LQ HDFK VXEVLGLDU\ DQG WKH SDUHQW·V SRUWLRQ RI HTXLW\ RI HDFK
VXEVLGLDU\DUHHOLPLQDWHG
F ,QWUDFRPSDQ\DVVHWVDQGOLDELOLWLHVHTXLW\LQFRPHH[SHQVHVDQGFDVKƋRZVUHODWLQJWRWUDQVDFWLRQVEHWZHHQHQWLWLHV
RIWKH*URXSDUHHOLPLQDWHGLQIXOOSURƉWVRUORVVHVUHVXOWLQJIURPLQWUD*URXSWUDQVDFWLRQVWKDWDUHUHFRJQLVHGLQ
DVVHWVVXFKDVLQYHQWRU\DQGƉ[HGDVVHWVDUHHOLPLQDWHGLQIXOO,QWUD*URXSORVVHVPD\LQGLFDWHDQLPSDLUPHQW
WKDWUHTXLUHVUHFRJQLWLRQLQWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV,QG$6,QFRPH7D[HVDSSOLHVWRWHPSRUDU\
GLIIHUHQFHVWKDWDULVHIURPWKHHOLPLQDWLRQRISURƉWVDQGORVVHVUHVXOWLQJIURPLQWUDFRPSDQ\WUDQVDFWLRQV
$FKDQJHLQWKHRZQHUVKLSLQWHUHVWRIDVXEVLGLDU\ZLWKRXWDORVVRIFRQWUROLVDFFRXQWHGIRUDVDQHTXLW\WUDQVDFWLRQ,I
WKH*URXSORVHVFRQWURORYHUDVXEVLGLDU\LW
'HUHFRJQLVHVWKHDVVHWVLQFOXGLQJJRRGZLOODQGOLDELOLWLHVRIWKHVXEVLGLDU\
5HFRJQLVHVWKHIDLUYDOXHRIWKHFRQVLGHUDWLRQUHFHLYHG
5HFRJQLVHVWKHIDLUYDOXHRIDQ\LQYHVWPHQWUHWDLQHG
5HFRJQLVHVDQ\VXUSOXVRUGHƉFLWLQSURƉWRUORVV
5HFODVVLƉHVWKHSDUHQW·VVKDUHRIFRPSRQHQWVSUHYLRXVO\UHFRJQLVHGLQ2&,WRSURƉWRUORVVRUUHWDLQHGHDUQLQJVDV
DSSURSULDWHDVZRXOGEHUHTXLUHGLIWKH*URXSKDGGLUHFWO\GLVSRVHGRIWKHUHODWHGDVVHWVRUOLDELOLWLHV
&XUUHQWYHUVXVQRQFXUUHQWFODVVLƊFDWLRQ
$OODVVHWVDQGOLDELOLWLHVKDYHEHHQFODVVLƉHGDVFXUUHQWRUQRQFXUUHQWDVSHUWKH*URXS·VRSHUDWLQJF\FOH%DVHGRQWKH
QDWXUH RI EXVLQHVV DQG WKH WLPH EHWZHHQ DFTXLVLWLRQ RI DVVHWV IRU SURFHVVLQJ DQG WKHLU UHDOLVDWLRQ LQ FDVK DQG FDVK
HTXLYDOHQWV WKH *URXS KDV DVFHUWDLQHG LWV RSHUDWLQJ F\FOH DV PRQWKV IRU WKH SXUSRVH RI FXUUHQW RU QRQFXUUHQW
FODVVLƉFDWLRQRIDVVHWVDQGOLDELOLWLHV
'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVLƉHGDVQRQFXUUHQWDVVHWVDQGOLDELOLWLHV
1.3 Property, plant and equipment
3URSHUW\SODQWDQGHTXLSPHQWDUHVWDWHGDWFRVWRIDFTXLVLWLRQOHVVDFFXPXODWHGGHSUHFLDWLRQDQGLPSDLUPHQWORVVHVLI
DQ\7KHFRVWLQFOXGHVWD[HVGXWLHVIUHLJKWDQGRWKHULQFLGHQWDOH[SHQVHVUHODWHGWRWKHDFTXLVLWLRQDQGLQVWDOODWLRQRI
WKHUHVSHFWLYHDVVHWV6XEVHTXHQWH[SHQGLWXUHUHODWHGWRDQLWHPRISURSHUW\SODQWDQGHTXLSPHQWLVDGGHGWRLWVERRN
YDOXHRQO\LILWLQFUHDVHVWKHIXWXUHHFRQRPLFEHQHƉWVIURPWKHH[LVWLQJDVVHWVEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRI
SHUIRUPDQFH
'HSUHFLDWLRQRQSURSHUW\SODQWDQGHTXLSPHQWLVSURYLGHGRQDVWUDLJKWOLQHEDVLVRYHUWKHXVHIXOOLYHVRIDVVHWVHVWLPDWHG
E\WKHPDQDJHPHQWWDNLQJLQWRDFFRXQWWKHQDWXUHRIWKHDVVHWRQWHFKQLFDOHYDOXDWLRQRIWKHXVHIXOOLIHZKLFKPD\
QRWQHFHVVDULO\EHLQDOLJQPHQWZLWKWKHLQGLFDWLYHXVHIXOOLYHVSUHVFULEHGE\6FKHGXOH,,WRWKH&RPSDQLHV$FW7KH
IROORZLQJXVHIXOOLYHVDUHDVVXPHG

Land
)UHHKROG
/HDVHKROG 2YHUWKHOHDVHSHULRG
Buildings
)DFWRU\EXLOGLQJV \HDUV

Notes to the Consolidated Financial Statements (Continued)
1.3 Property, plant and equipment &RQWLQXHG
2WKHUEXLOGLQJV \HDUV
5RDGV \HDUV
/HDVHKROGLPSURYHPHQWV 2YHUWKHOHDVHSHULRG
Plant and equipment Ɣ\HDUV
)XUQLWXUHDQGƊ[WXUHV \HDUV
2IƊFHHTXLSPHQW
&RPSXWHUV \HDUV
+DUGZDUHPDLQIUDPHVDQGVHUYHUV \HDUV
2WKHURIƉFHHTXLSPHQW \HDUV
Vehicles \HDUV
,WHPVRISURSHUW\SODQWDQGHTXLSPHQWWKDWKDYHEHHQUHWLUHGIURPDFWLYHXVHDQGDUHKHOGIRUGLVSRVDODUHVWDWHGDWWKH
ORZHURIWKHLUFDUU\LQJYDOXHDQGHVWLPDWHGQHWUHDOL]DEOHYDOXHDQGDUHGLVFORVHGVHSDUDWHO\LQWKH&RQVROLGDWHG)LQDQFLDO
6WDWHPHQWV
&DSLWDOZRUNLQSURJUHVVLQFOXGHVWKHFRVWRISURSHUW\SODQWDQGHTXLSPHQWWKDWDUHQRWUHDG\IRULQWHQGHGXVHDWWKH
EDODQFHVKHHWGDWH
1.4 Intangible assets
,QWDQJLEOHDVVHWVFRPSULVHVRIVRIWZDUHDQGWHFKQLFDONQRZKRZ,QWDQJLEOHDVVHWVDUHVWDWHGDWFRVWRIDFTXLVLWLRQOHVV
DFFXPXODWHG DPRUWLVDWLRQ DQG LPSDLUPHQW ORVVHV LI DQ\ 7KHVH LQWDQJLEOH DVVHWV DUH DPRUWLVHG RQ VWUDLJKWOLQH EDVLV
EDVHG RQ WKH IROORZLQJ XVHIXO OLYHV ZKLFK LQ PDQDJHPHQW·V HVWLPDWH UHSUHVHQWV WKH SHULRG GXULQJ ZKLFK HFRQRPLF
EHQHƉWVZLOOEHGHULYHGIURPWKHLUXVH

6RIWZDUH \HDUV
7HFKQLFDONQRZKRZ \HDUV
1.5 Investment property
,QYHVWPHQWV LQ ODQG RU EXLOGLQJV LQFOXGLQJ SURSHUW\ XQGHU FRQVWUXFWLRQ ZKLFK DUH KHOG WR HDUQ UHQWDOV DQGRU IRU
FDSLWDODSSUHFLDWLRQDUHFODVVLƉHGDVLQYHVWPHQWSURSHUW\,QYHVWPHQWSURSHUWLHVDUHLQLWLDOO\PHDVXUHGDWFRVWLQFOXGLQJ
WUDQVDFWLRQ FRVWV 6XEVHTXHQW WR LQLWLDO UHFRJQLWLRQ LQYHVWPHQW SURSHUWLHV DUH VWDWHG DW FRVW QHW RI DFFXPXODWHG
GHSUHFLDWLRQDQGDFFXPXODWHGLPSDLUPHQWORVVHVLIDQ\
7KHFRVWFRPSULVHVSXUFKDVHSULFHDQGERUURZLQJFRVWVLIFDSLWDOLVDWLRQFULWHULDDUHPHWDQGGLUHFWO\DWWULEXWDEOHFRVWRI
EULQJLQJWKHLQYHVWPHQWSURSHUW\WRLWVZRUNLQJFRQGLWLRQIRUWKHLQWHQGHGXVH
'HSUHFLDWLRQRQLQYHVWPHQWSURSHUW\LVSURYLGHGRQDVWUDLJKWOLQHEDVLVRYHUWKHXVHIXOOLYHVRIDVVHWVHVWLPDWHGE\WKH
PDQDJHPHQW6XFKFODVVHVRILQYHVWPHQWSURSHUWLHVDQGWKHLUHVWLPDWHGXVHIXOOLYHVDUHDVXQGHU

Land
)UHHKROGODQG
/HDVHKROGODQG 2YHUWKHOHDVHSHULRG
Factory Buildings \HDUV
,QYHVWPHQWSURSHUWLHVDUHGHUHFRJQLVHGHLWKHUZKHQWKH\KDYHEHHQGLVSRVHGRIRUZKHQWKH\DUHSHUPDQHQWO\ZLWKGUDZQ
IURPXVHDQGQRIXWXUHHFRQRPLFEHQHƉWLVH[SHFWHGIURPWKHLUGLVSRVDO2QGLVSRVDORIDQLQYHVWPHQWSURSHUW\WKH
GLIIHUHQFHEHWZHHQLWVFDUU\LQJDPRXQWDQGQHWGLVSRVDOSURFHHGVLVUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVV
1.6 Revenue recognition
5HYHQXHLVUHFRJQLVHGWRWKHH[WHQWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQHƉWVZLOOƋRZWRWKH&RPSDQ\DQGWKHUHYHQXH
FDQEHUHOLDEO\PHDVXUHG5HYHQXHLVPHDVXUHGDWWKHIDLUYDOXHRIWKHFRQVLGHUDWLRQUHFHLYHGRUUHFHLYDEOHWDNLQJLQWR

1.6 Revenue recognition &RQWLQXHG
DFFRXQWFRQWUDFWXDOO\GHƉQHGWHUPVRISD\PHQW5HYHQXHDUHVWDWHGH[FOXVLYHRIVDOHVWD[YDOXHDGGHGWD[JRRGVDQG
VHUYLFHWD[DQGQHWRIWUDGHDQGTXDQWLW\GLVFRXQW
5HYHQXHIURPVDOHRISURGXFWVLVUHFRJQLVHGRQWUDQVIHURIVLJQLƉFDQWULVNDQGUHZDUGVRIRZQHUVKLSRIWKHSURGXFWVWRWKH
FXVWRPHUVZKLFKLVXVXDOO\RQGLVSDWFKRIJRRGV
:KHQ WKH RXWFRPH RI D FRQVWUXFWLRQ FRQWUDFW FDQ EH HVWLPDWHG UHOLDEO\ UHYHQXH IURP FRQVWUXFWLRQ FRQWUDFWV DUH
UHFRJQL]HGXQGHUWKHSHUFHQWDJHRIFRPSOHWLRQPHWKRGEDVHGRQWKHSHUFHQWDJHRIFRVWVLQFXUUHGWRGDWHFRPSDUHGWR
WKHWRWDOHVWLPDWHGFRQWUDFWFRVWV$QH[SHFWHGORVVRQWKHFRQVWUXFWLRQFRQWUDFWLVUHFRJQL]HGDVDQH[SHQVHLPPHGLDWHO\
&RQWUDFWUHYHQXHHDUQHGLQH[FHVVRIELOOLQJKDVEHHQUHƋHFWHGDV´3URMHFWH[FHVVFRVWµXQGHU´2WKHUƉQDQFLDODVVHWVµDQG
´%LOOLQJLQH[FHVVµRIFRQWUDFWUHYHQXHKDVEHHQUHƋHFWHGXQGHU´2WKHUFXUUHQWOLDELOLWLHVµLQWKHEDODQFHVKHHW
5HYHQXHIURPVHUYLFHVUHSUHVHQWVVHUYLFHLQFRPHRWKHUWKDQIURPVHUYLFHVZKLFKDUHLQFLGHQWDOWRVDOHRISURGXFWVDQG
SURMHFWV5HYHQXHIURPVHUYLFHVLVUHFRJQLVHGDVSHUWKHWHUPVRIWKHFRQWUDFWZLWKWKHFXVWRPHUXVLQJWKHSURSRUWLRQDWH
FRPSOHWLRQPHWKRG
([SRUWLQFHQWLYHVUHFHLYDEOHDUHDFFUXHGIRUZKHQWKHULJKWWRUHFHLYHWKHFUHGLWLVHVWDEOLVKHGDQGWKHUHLVQRVLJQLƉFDQW
XQFHUWDLQW\UHJDUGLQJWKHUHDOLVDELOLW\RIWKHLQFHQWLYHV
&RPPLVVLRQLQFRPHLVUHFRJQLVHGZKHQSURRIRIVKLSPHQWLVUHFHLYHGIURPWKHVXSSOLHU
5HQWDOLQFRPHDULVLQJIURPRSHUDWLQJOHDVHVLVDFFRXQWHGRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUPVDQGLVLQFOXGHGLQ
UHYHQXHLQWKH6WDWHPHQWRI3URƉWDQG/RVVGXHWRLWVRSHUDWLQJQDWXUH
1.7 Inventories
,QYHQWRULHVFRPSULVHDOOFRVWVRISXUFKDVHFRQYHUVLRQDQGRWKHUFRVWVLQFXUUHGLQEULQJLQJWKHLQYHQWRULHVWRWKHLUSUHVHQW
ORFDWLRQDQGFRQGLWLRQ
5DZPDWHULDOVZRUNLQSURJUHVVƉQLVKHGJRRGVDQGWUDGHGJRRGVDUHFDUULHGDWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
&RVWLVGHWHUPLQHGRQWKHEDVLVRIWKHZHLJKWHGDYHUDJHPHWKRG
7KHQHWUHDOLVDEOHYDOXHRIZRUNLQSURJUHVVLVGHWHUPLQHGZLWKUHIHUHQFHWRWKHHVWLPDWHGVHOOLQJSULFHOHVVHVWLPDWHG
FRVWRIFRPSOHWLRQDQGHVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOHRIUHODWHGƉQLVKHGJRRGV5DZPDWHULDOVKHOGIRUWKH
SURGXFWLRQRIƉQLVKHGJRRGVDUHQRWZULWWHQGRZQEHORZFRVWH[FHSWLQFDVHZKHUHPDWHULDOSULFHVKDYHGHFOLQHGDQGLW
LVHVWLPDWHGWKDWWKHFRVWRIWKHƉQLVKHGSURGXFWZLOOH[FHHGLWVQHWUHDOLVDEOHYDOXH
1.8 Leases
7KHGHWHUPLQDWLRQRIZKHWKHUDQDUUDQJHPHQWLVRUFRQWDLQVDOHDVHLVEDVHGRQWKHVXEVWDQFHRIWKHDUUDQJHPHQWDW
WKHLQFHSWLRQRIWKHOHDVH7KHDUUDQJHPHQWLVRUFRQWDLQVDOHDVHLIIXOƉOPHQWRIWKHDUUDQJHPHQWLVGHSHQGHQWRQWKH
XVHRIWKHVSHFLƉFDVVHWRUDVVHWVDQGWKHDUUDQJHPHQWFRQYH\VDULJKWWRXVHWKHDVVHWRUDVVHWVHYHQLIWKDWULJKWLVQRW
H[SOLFLWO\VSHFLƉHGLQDUUDQJHPHQW
Where the Group is the lessee:
/HDVHV ZKHUH WKH OHVVRU HIIHFWLYHO\ UHWDLQV VXEVWDQWLDOO\ DOO WKH ULVN DQG EHQHƉWV RI RZQHUVKLS RI WKH OHDVHG LWHPV DUH
FODVVLƉHGDVRSHUDWLQJOHDVHV/HDVHSD\PHQWVXQGHUDQRSHUDWLQJOHDVHDUHUHFRJQLVHGDVDQH[SHQVHLQWKH6WDWHPHQWRI
3URƉWDQG/RVVRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP&RQWLQJHQWUHQWDOVDUHUHFRJQLVHGDVDQH[SHQVHLQWKHSHULRG
ZKLFKWKH\DUHLQFXUUHG
Where the Group is the lessor:
$VVHWVVXEMHFWWRRSHUDWLQJOHDVHVDUHLQFOXGHGLQSURSHUW\SODQWDQGHTXLSPHQWDQGLQYHVWPHQWSURSHUW\/HDVHLQFRPH
LVUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVVRQDVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUP&RVWVLQFOXGLQJGHSUHFLDWLRQ
DUHUHFRJQLVHGDVDQH[SHQVHLQWKH6WDWHPHQWRI3URƉWDQG/RVV,QLWLDOGLUHFWFRVWVVXFKDVOHJDOFRVWVEURNHUDJHFRVWV
HWFDUHUHFRJQLVHGLPPHGLDWHO\LQWKH6WDWHPHQWRI3URƉWDQG/RVV
(PSOR\HHEHQHƊWV
D 6KRUWWHUPHPSOR\HHEHQHƊWV
$OOHPSOR\HHEHQHƉWVSD\DEOHZKROO\ZLWKLQWZHOYHPRQWKVRIUHQGHULQJWKHVHUYLFHDUHFODVVLƉHGDVVKRUWWHUP
HPSOR\HHEHQHƉWV%HQHƉWVVXFKDVVDODULHVZDJHVDQGVKRUWWHUPFRPSHQVDWHGDEVHQFHVHWFDQGWKHH[SHFWHG
FRVWRIH[JUDWLDDUHUHFRJQLVHGLQWKHSHULRGLQZKLFKWKHHPSOR\HHUHQGHUVWKHUHODWHGVHUYLFH
(PSOR\HHEHQHƊWV&RQWLQXHG
E 3RVWHPSOR\PHQWDQGRWKHUORQJWHUPEHQHƊWV
L 'HƊQHG&RQWULEXWLRQ3ODQV7KH*URXS·VDSSURYHGVXSHUDQQXDWLRQVFKHPHDQGHPSOR\HHVWDWHLQVXUDQFH
VFKHPHDUHGHƉQHGFRQWULEXWLRQSODQV7KH*URXS·VFRQWULEXWLRQSD\DEOHXQGHUWKHVFKHPHVLVUHFRJQLVHG
DVH[SHQVHLQWKH6WDWHPHQWRI3URƉWDQG/RVVGXULQJWKHSHULRGLQZKLFKWKHHPSOR\HHUHQGHUVWKHUHODWHG
VHUYLFH
LL 'HƊQHG%HQHƊW3ODQVDQGRWKHU/RQJ7HUP%HQHƊWV7KH*URXS·VJUDWXLW\SHQVLRQDQGPHGLFDOEHQHƉW
VFKHPHVDUHGHƉQHGEHQHƉWSODQV/HDYHZDJHVUHWHQWLRQERQXVVLOYHUMXELOHHDQGVWDUDZDUGVDUHRWKHU
ORQJ WHUP EHQHƉWV 7KH SUHVHQW YDOXH RI WKH REOLJDWLRQ XQGHU VXFK GHƉQHG EHQHƉW SODQV DQG RWKHU ORQJ
WHUP EHQHƉWV DUH GHWHUPLQHG EDVHG RQ DFWXDULDO YDOXDWLRQ XVLQJ WKH 3URMHFWHG 8QLW &UHGLW 0HWKRG ZKLFK
UHFRJQLVHV HDFK SHULRG RI VHUYLFH DV JLYLQJ ULVH WR DGGLWLRQDO XQLW RI HPSOR\HH EHQHƉW HQWLWOHPHQW DQG
PHDVXUHVHDFKXQLWVHSDUDWHO\WREXLOGXSWKHƉQDOREOLJDWLRQ,QFDVHRIIXQGHGSODQVWKHIDLUYDOXHRIWKH
SODQDVVHWVLVUHGXFHGIURPWKHJURVVREOLJDWLRQXQGHUWKHGHƉQHGEHQHƉWSODQVWRUHFRJQL]HWKHREOLJDWLRQ
RQDQHWEDVLV
3URYLGHQW IXQG KDV EHHQ FRQVLGHUHG DV D GHƉQHG EHQHƉW SODQ VLQFH DQ\ DGGLWLRQDO REOLJDWLRQV RQ DFFRXQW RI
LQYHVWPHQWULVNDQGLQWHUHVWUDWHULVNDUHUHTXLUHGWREHPHWE\WKH*URXS
,QFDVHRIGHƉQHGEHQHƉWSODQVUHPHDVXUHPHQWFRPSULVLQJRIDFWXDULDOJDLQVDQGORVVHVWKHUHWXUQRQSODQDVVHWV
H[FOXGLQJ DPRXQWV LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GHƉQHG EHQHƉW OLDELOLW\ RU DVVHW DQG DQ\ FKDQJH LQ WKH
HIIHFWRIDVVHWFHLOLQJZKHUHYHUDSSOLFDEOHLVUHFRJQL]HGLQRWKHUFRPSUHKHQVLYHLQFRPH2&,DQGLVUHƋHFWHG
LQUHWDLQHGHDUQLQJVDQGLVQRWHOLJLEOHWREHUHFODVVLƉHGWRSURƉWRUORVV,QFDVHRIRWKHUORQJWHUPEHQHƉWVDOO
UHPHDVXUHPHQWVLQFOXGLQJDFWXDULDOJDLQRUORVVDUHFKDUJHGWR6WDWHPHQWRI3URƉWDQG/RVV
7KH*URXSUHFRJQLVHVIROORZLQJLWHPVLQWKHQHWGHƉQHGEHQHƉWREOLJDWLRQDVDQH[SHQVHLQ6WDWHPHQWRI3URƉWDQG
/RVV
6HUYLFH FRVW LQFOXGLQJ FXUUHQW VHUYLFH FRVW SDVW VHUYLFH FRVW DQG JDLQV DQG ORVVHV RQ FXUWDLOPHQWV DQG
VHWWOHPHQWVDQG
1HWLQWHUHVWH[SHQVHRULQFRPH
3URYLVLRQIRUOHDYHZDJHVSHQVLRQPHGLFDOEHQHƉWUHWHQWLRQERQXVVLOYHUMXELOHHDQGVWDUDZDUGVZKLFKLVH[SHFWHG
WREHXWLOL]HGZLWKLQWKHQH[WPRQWKVLVWUHDWHGDV6KRUWWHUPHPSOR\HHEHQHƉWVDQGEH\RQGPRQWKVDVORQJ
WHUPHPSOR\HHEHQHƉWV)RUWKHSXUSRVHRISUHVHQWDWLRQWKHDOORFDWLRQEHWZHHQVKRUWDQGORQJWHUPSURYLVLRQV
KDVEHHQPDGHDVGHWHUPLQHGE\DQDFWXDU\
7KH FRQWULEXWLRQ WR JUDWXLW\ WUXVW LV H[SHFWHG WR EH PDGH ZLWKLQ QH[W PRQWKV $FFRUGLQJO\ WKH SURYLVLRQ IRU
JUDWXLW\LVFODVVLƉHGDVFXUUHQW
1.10 Share-based payments
6KDUHEDVHGSD\PHQWVFRQVLVWVRIVKDUHDZDUGVRIWKHKROGLQJFRPSDQ\LH6KDUHPDWFKLQJSODQ603DQG6LHPHQV
6WRFN$ZDUG66$WRWKHHPSOR\HHVRIWKHJURXS7KHVHDZDUGVDUHSUHGRPLQDQWO\GHVLJQHGDVFDVKVHWWOHGWUDQVDFWLRQV
7KHHPSOR\HHVRIWKH*URXSDUHHOLJLEOHIRUWKH+ROGLQJ&RPSDQ\·VVKDUHDZDUGVLH603DQG66$7KHIDLUYDOXHRIWKH
DPRXQWSD\DEOHLVUHPHDVXUHGDWWKHHQGRIHDFKUHSRUWLQJSHULRGXSWRWKHVHWWOHPHQWGDWHZLWKWKHFKDQJHVLQWKHIDLU
YDOXHUHFRJQLVHGDVHPSOR\HHEHQHƉWVH[SHQVHVZLWKDFRUUHVSRQGLQJLQFUHDVHLQOLDELOLWLHV
1.11 Financial instruments
$ƉQDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRDƉQDQFLDODVVHWRIRQHHQWLW\DQGDƉQDQFLDOOLDELOLW\RUHTXLW\
LQVWUXPHQWRIDQRWKHUHQWLW\
Financial assets
$OO ƉQDQFLDO DVVHWV DUH UHFRJQLVHG LQLWLDOO\ DW IDLU YDOXH SOXV LQ WKH FDVH RI ƉQDQFLDO DVVHWV QRW UHFRUGHG DW IDLU YDOXH
WKURXJKSURƉWDQGORVVWUDQVDFWLRQFRVWVWKDWDUHDWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKHƉQDQFLDODVVHW

1.11 Financial instruments &RQWLQXHG
)RUSXUSRVHVRIVXEVHTXHQWPHDVXUHPHQWƉQDQFLDODVVHWVDUHFODVVLƉHGLQWKHEHORZFDWHJRULHV
D )LQDQFLDODVVHWVDWDPRUWLVHGFRVW
E )LQDQFLDODVVHWVLQFOXGLQJGHULYDWLYHVDWIDLUYDOXHWKURXJKSURƉWRUORVV)973/
F )LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH)972&,
(a) Financial assets at amortised cost
)LQDQFLDODVVHWVDUHVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWLIWKHVHƉQDQFLDODVVHWVDUHKHOGZLWKLQDEXVLQHVV
ZKHUHWKHREMHFWLYHLVWRKROGWKHVHDVVHWVLQRUGHUWRFROOHFWFRQWUDFWXDOFDVKƋRZVDQGWKHFRQWUDFWXDOWHUPVRI
WKHƉQDQFLDODVVHWJLYHULVHRQVSHFLƉHGGDWHVWRFDVKƋRZVWKDWDUHVROHO\SD\PHQWVRISULQFLSDODQGLQWHUHVWRQWKH
SULQFLSDODPRXQWRXWVWDQGLQJ
$IWHULQLWLDOPHDVXUHPHQWVXFKƉQDQFLDODVVHWVDUHVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWXVLQJWKH(,5PHWKRG
$PRUWLVHGFRVWLVFDOFXODWHGE\WDNLQJLQWRDFFRXQWDQ\GLVFRXQWRUSUHPLXPRQDFTXLVLWLRQDQGIHHVRUFRVWVWKDW
DUHDQLQWHJUDOSDUWRIWKH(,57KH(,5DPRUWLVDWLRQLVLQFOXGHGLQƉQDQFHLQFRPHLQWKH6WDWHPHQWRI3URƉWDQG
/RVV7KHORVVHVDULVLQJIURPLPSDLUPHQWDUHUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVV7KLVFDWHJRU\JHQHUDOO\
DSSOLHVWRWUDGHDQGRWKHUUHFHLYDEOHVORDQVDQGRWKHUƉQDQFLDODVVHWV
E )LQDQFLDO$VVHWVLQFOXGLQJGHULYDWLYHVDWIDLUYDOXHWKURXJKSURƊWRUORVV)973/
)LQDQFLDODVVHWVDUHPHDVXUHGDWIDLUYDOXHWKURXJKSURƉWDQGORVVXQOHVVLWLVPHDVXUHGDWDPRUWLVHGFRVWRUDWIDLU
YDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPHRQLQLWLDOUHFRJQLWLRQ7KHWUDQVDFWLRQFRVWVGLUHFWO\DWWULEXWDEOHWRWKH
DFTXLVLWLRQRIƉQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURƉWDQGORVVDUHLPPHGLDWHO\UHFRJQLVHGLQWKH6WDWHPHQWRI
3URƉWDQG/RVV
(c) Financial Assets at fair value through other comprehensive income (FVTOCI)
'HULYDWLYHLQVWUXPHQWVLQFOXGHGLQ)972&,FDWHJRU\DUHPHDVXUHGLQLWLDOO\DVZHOODVDWHDFKUHSRUWLQJGDWHDWIDLU
YDOXH0RYHPHQWLQIDLUYDOXHLVUHFRJQLVHGLQ2&,
Derecognition
$ƉQDQFLDODVVHWLVSULPDULO\GHUHFRJQLVHGZKHQ
D WKHULJKWWRUHFHLYHFDVKƋRZVIURPWKHDVVHWKDVH[SLUHGRU
E WKH*URXSKDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKƋRZVIURPWKHDVVHWRUKDVDVVXPHGDQREOLJDWLRQWRSD\WKH
UHFHLYHGFDVKƋRZVLQIXOOZLWKRXWPDWHULDOGHOD\WRDWKLUGSDUW\XQGHUDSDVVWKURXJKDUUDQJHPHQWDQGDWKH
*URXSKDVWUDQVIHUUHGVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIWKHDVVHWRUEWKH*URXSKDVQHLWKHUWUDQVIHUUHGQRU
UHWDLQHGVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIWKHDVVHWEXWKDVWUDQVIHUUHGFRQWURORIWKHDVVHW
2QGHUHFRJQLWLRQRIDƉQDQFLDODVVHWLQLWVHQWLUHW\WKHGLIIHUHQFHVEHWZHHQWKHFDUU\LQJDPRXQWVPHDVXUHGDWWKHGDWH
RIGHUHFRJQLWLRQDQGWKHFRQVLGHUDWLRQUHFHLYHGLVUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVV
7KH*URXSDSSOLHVWKHH[SHFWHGFUHGLWORVV(&/PRGHOIRUPHDVXUHPHQWDQGUHFRJQLWLRQRILPSDLUPHQWORVVHVRQWKH
IROORZLQJƉQDQFLDODVVHWVDQGFUHGLWULVNH[SRVXUH
D )LQDQFLDODVVHWVWKDWDUHPHDVXUHGDWDPRUWLVHGFRVWHJGHSRVLWV
E 7UDGHUHFHLYDEOHVSURMHFWH[FHVVFRVWRUDQ\DQRWKHUƉQDQFLDODVVHWWKDWUHVXOWIURPWUDQVDFWLRQVWKDWDUHZLWKLQWKH
VFRSHRI,QG$6DQG,QG$6
7KH *URXS IROORZV WKH VLPSOLƉHG DSSURDFK IRU UHFRJQLWLRQ RI LPSDLUPHQW ORVV DOORZDQFH RQ WUDGH UHFHLYDEOHV QHW RI
ELOOLQJLQH[FHVVDQGSURMHFWH[FHVVFRVW7KHDSSOLFDWLRQRIWKHVLPSOLƉHGDSSURDFKGRHVQRWUHTXLUHWKH*URXSWRWUDFN
FKDQJHVLQFUHGLWULVN5DWKHULWUHFRJQL]HVLPSDLUPHQWORVVDOORZDQFHEDVHGRQOLIHWLPH(&/VDWHDFKUHSRUWLQJGDWHULJKW
IURPLWVLQLWLDOUHFRJQLWLRQ
)RUUHFRJQLWLRQRILPSDLUPHQWORVVRQRWKHUƉQDQFLDODVVHWVDQGULVNH[SRVXUHWKH*URXSGHWHUPLQHVZKHWKHUWKHUHKDVEHHQ
DVLJQLƉFDQWLQFUHDVHLQWKHFUHGLWULVNVLQFHLQLWLDOUHFRJQLWLRQ,IFUHGLWULVNKDVQRWLQFUHDVHGVLJQLƉFDQWO\WZHOYHPRQWK
(&/LVXVHGWRSURYLGHIRULPSDLUPHQWORVV+RZHYHULIFUHGLWULVNKDVLQFUHDVHGVLJQLƉFDQWO\OLIHWLPH(&/LVXVHG,ILQD
VXEVHTXHQWSHULRGFUHGLWTXDOLW\RIWKHLQVWUXPHQWLPSURYHVVXFKWKDWWKHUHLVQRORQJHUDVLJQLƉFDQWLQFUHDVHLQFUHGLWULVN
VLQFHLQLWLDOUHFRJQLWLRQWKHQWKHHQWLW\UHYHUWVWRUHFRJQLVLQJLPSDLUPHQWORVVDOORZDQFHEDVHGRQWZHOYHPRQWK(&/
1.11 Financial instruments &RQWLQXHG
,PSDLUPHQWRIƊQDQFLDODVVHWV&RQWLQXHG
/LIHWLPH(&/DUHWKHH[SHFWHGFUHGLWORVVHVUHVXOWLQJIURPDOOSRVVLEOHGHIDXOWHYHQWVRYHUWKHH[SHFWHGOLIHRIDƉQDQFLDO
LQVWUXPHQW7KHWZHOYHPRQWK(&/LVDSRUWLRQRIWKHOLIHWLPH(&/ZKLFKUHVXOWVIURPGHIDXOWHYHQWVWKDWDUHSRVVLEOH
ZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJGDWH
(&/LVWKHGLIIHUHQFHEHWZHHQQHWRIDOOFRQWUDFWXDOFDVKƋRZVWKDWDUHGXHWRWKH*URXSLQDFFRUGDQFHZLWKWKHFRQWUDFW
DQGDOOWKHFDVKƋRZVWKDWWKHHQWLW\H[SHFWVWRUHFHLYHLHDOOFDVKVKRUWIDOOVGLVFRXQWHGDWWKHRULJLQDO(,5
:KHQHVWLPDWLQJWKHFDVKƋRZVDQHQWLW\LVUHTXLUHGWRFRQVLGHU
$OOFRQWUDFWXDOWHUPVRIWKHƉQDQFLDOLQVWUXPHQWLQFOXGLQJSUHSD\PHQWH[WHQVLRQFDOODQGVLPLODURSWLRQVRYHUWKH
H[SHFWHGOLIHRIWKHƉQDQFLDOLQVWUXPHQW+RZHYHULQUDUHFDVHVZKHQWKHH[SHFWHGOLIHRIWKHƉQDQFLDOLQVWUXPHQW
FDQQRW EH HVWLPDWHG UHOLDEO\ WKHQ WKH HQWLW\ LV UHTXLUHG WR XVH WKH UHPDLQLQJ FRQWUDFWXDO WHUP RI WKH ƉQDQFLDO
LQVWUXPHQW
&DVKƋRZVIURPWKHVDOHRIFROODWHUDOKHOGRURWKHUFUHGLWHQKDQFHPHQWVWKDWDUHLQWHJUDOWRWKHFRQWUDFWXDOWHUPV
$VDSUDFWLFDOH[SHGLHQWWKH*URXSXVHVDSURYLVLRQPDWUL[WRGHWHUPLQHLPSDLUPHQWORVVDOORZDQFHRQWUDGHUHFHLYDEOHV
QHWRIELOOLQJLQH[FHVVDQGSURMHFWH[FHVVFRVW
7KH *URXS GRHV QRW KDYH DQ\ SXUFKDVHG RU RULJLQDWHG FUHGLWLPSDLUHG ƉQDQFLDO DVVHWV LH ƉQDQFLDO DVVHWV ZKLFK DUH
FUHGLWLPSDLUHGRQSXUFKDVHRULJLQDWLRQ
(&/LPSDLUPHQWORVVDOORZDQFHRUUHYHUVDOUHFRJQL]HGGXULQJWKHSHULRGLVUHFRJQL]HGLQWKH6WDWHPHQWRI3URƉWDQG
/RVV7KLVDPRXQWLVUHƋHFWHGXQGHUWKHKHDG¶RWKHUH[SHQVHV·LQWKH6WDWHPHQWRI3URƉWDQG/RVV
)LQDQFLDOOLDELOLWLHVDUHFODVVLƉHGDWLQLWLDOUHFRJQLWLRQDVƉQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSURƉWRUORVV)973/
SD\DEOHVRUDVGHULYDWLYHVGHVLJQDWHGDVKHGJLQJLQVWUXPHQWVLQDQHIIHFWLYHKHGJHDVDSSURSULDWH
$OOƉQDQFLDOOLDELOLWLHVDUHUHFRJQLVHGLQLWLDOO\DWIDLUYDOXHDQGLQWKHFDVHRISD\DEOHVQHWRIGLUHFWO\DWWULEXWDEOHWUDQVDFWLRQ
FRVWV
7KH*URXS·VƉQDQFLDOOLDELOLWLHVLQFOXGHWUDGHDQGRWKHUSD\DEOHVDQGGHULYDWLYHƉQDQFLDOLQVWUXPHQWV
)LQDQFLDOOLDELOLWLHVLQFOXGLQJGHULYDWLYHVDQGHPEHGGHGGHULYDWLYHVZKLFKDUHGHVLJQDWHGIRUPHDVXUHPHQWDW)973/DUH
VXEVHTXHQWO\PHDVXUHGDWIDLUYDOXH$OORWKHUƉQDQFLDOOLDELOLWLHVVXFKDVGHSRVLWVDUHPHDVXUHGDWDPRUWLVHGFRVWXVLQJ
(,5PHWKRG
)RUWUDGHDQGRWKHUSD\DEOHVPDWXULQJZLWKLQRQH\HDUIURPWKH%DODQFH6KHHWGDWHWKHFDUU\LQJDPRXQWVDSSUR[LPDWH
IDLUYDOXHLVXVHGGXHWRWKHVKRUWPDWXULW\RIWKHVHLQVWUXPHQWV
Derecognition
$ƉQDQFLDOOLDELOLW\LVGHUHFRJQLVHGZKHQWKHREOLJDWLRQXQGHUWKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHG:KHQ
DQH[LVWLQJƉQDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLIIHUHQWWHUPVRUWKHWHUPV
RIDQH[LVWLQJOLDELOLW\DUHVXEVWDQWLDOO\PRGLƉHGVXFKDQH[FKDQJHRUPRGLƉFDWLRQLVWUHDWHGDVWKHGHUHFRJQLWLRQRIWKH
RULJLQDOOLDELOLW\DQGWKHUHFRJQLWLRQRIDQHZOLDELOLW\7KHGLIIHUHQFHLQWKHUHVSHFWLYHFDUU\LQJDPRXQWVLVUHFRJQLVHGLQ
WKH6WDWHPHQWRI3URƉWDQG/RVV
2IIVHWWLQJRIƊQDQFLDOLQVWUXPHQWV
)LQDQFLDODVVHWVDQGƉQDQFLDOOLDELOLWLHVDUHRIIVHWDQGWKHQHWDPRXQWLVUHSRUWHGLQWKHEDODQFHVKHHWLIWKHUHLVDFXUUHQWO\
HQIRUFHDEOHOHJDOULJKWWRRIIVHWWKHUHFRJQLVHGDPRXQWVDQGWKHUHLVDQLQWHQWLRQWRVHWWOHRQDQHWEDVLVWRUHDOLVHWKH
DVVHWVDQGVHWWOHWKHOLDELOLWLHVVLPXOWDQHRXVO\
1.12 Foreign currency transactions
7KH *URXS LV H[SRVHG WR FXUUHQF\ ƋXFWXDWLRQV RQ IRUHLJQ FXUUHQF\ WUDQVDFWLRQV 7UDQVDFWLRQV GHQRPLQDWHG LQ IRUHLJQ
FXUUHQF\DUHUHFRUGHGDWWKHH[FKDQJHUDWHSUHYDLOLQJRQWKHGDWHRIWUDQVDFWLRQV
([FKDQJHGLIIHUHQFHVDULVLQJRQIRUHLJQH[FKDQJHWUDQVDFWLRQVVHWWOHGGXULQJWKH\HDUDUHUHFRJQL]HGLQWKH6WDWHPHQWRI
3URƉWDQG/RVVRIWKH\HDU

1.12 Foreign currency transactions &RQWLQXHG
Translation
0RQHWDU\DVVHWVDQGOLDELOLWLHVLQIRUHLJQFXUUHQF\ZKLFKDUHRXWVWDQGLQJDVDWWKH\HDUHQGDUHWUDQVODWHGDWWKH\HDUHQG
DWWKHFORVLQJH[FKDQJHUDWHDQGWKHUHVXOWDQWH[FKDQJHGLIIHUHQFHVDUHUHFRJQL]HGLQWKH6WDWHPHQWRI3URƉWDQG/RVV
1RQPRQHWDU\LWHPVDUHVWDWHGLQWKHEDODQFHVKHHWXVLQJWKHH[FKDQJHUDWHDWWKHGDWHRIWKHWUDQVDFWLRQ
Derivative instruments and hedge accounting
7KH*URXS·VH[SRVXUHWRIRUHLJQFXUUHQF\ƋXFWXDWLRQVUHODWHVWRIRUHLJQFXUUHQF\DVVHWVOLDELOLWLHVDQGIRUHFDVWHGFDVK
ƋRZV7KH*URXSOLPLWVWKHHIIHFWVRIIRUHLJQH[FKDQJHUDWHƋXFWXDWLRQVE\IROORZLQJHVWDEOLVKHGULVNPDQDJHPHQWSROLFLHV
LQFOXGLQJWKHXVHRIGHULYDWLYHVOLNHIRUZDUGFRQWUDFWVDQGRSWLRQV7KH*URXSHQWHUVLQWRIRUZDUGH[FKDQJHFRQWUDFWVDQG
RSWLRQVZKHUHWKHFRXQWHUSDUW\LVDEDQN7KHKHGJLQJVWUDWHJ\LVXVHGIRUPLWLJDWLQJWKHFXUUHQF\ƋXFWXDWLRQULVNDQG
WKH*URXSGRHVQRWXVHWKHIRUZDUGH[FKDQJHDQGRSWLRQVFRQWUDFWVIRUWUDGLQJRUVSHFXODWLYHSXUSRVH
7KHIRUZDUGH[FKDQJHDQGRSWLRQVFRQWUDFWVDUHUHPHDVXUHGDWIDLUYDOXHDWHDFKUHSRUWLQJGDWHZLWKWKHUHVXOWDQWJDLQV
ORVVHVWKHUHRQEHLQJUHFRUGHGLQ6WDWHPHQWRI3URƉWDQG/RVV
&RPPRGLW\ULVNLVPLWLJDWHGE\HQWHULQJLQWRIXWXUHFRQWUDFWVWRKHGJHDJDLQVWƋXFWXDWLRQLQFRPPRGLW\SULFHV
7KH*URXSGHVLJQDWHVVRPHRIWKHIRUZDUGFRQWUDFWVLQDFDVKƋRZKHGJLQJUHODWLRQVKLSE\DSSO\LQJWKHKHGJHDFFRXQWLQJ
SULQFLSOHV
7KHVHIRUZDUGFRQWUDFWVDUHVWDWHGDWIDLUYDOXHDWHDFKUHSRUWLQJGDWH&KDQJHVLQWKHIDLUYDOXHRIWKHVHIRUZDUGFRQWUDFWV
WKDWDUHGHVLJQDWHGDVKHGJHVIRUIXWXUHFDVKƋRZVDUHUHFRJQLVHGLQ2&,DQGUHƋHFWHGLQWKHFDVKƋRZKHGJHUHVHUYHQHW
RIDSSOLFDEOHGHIHUUHGLQFRPHWD[HV7KHLQHIIHFWLYHSRUWLRQLVUHFRJQLVHGLPPHGLDWHO\LQWKH6WDWHPHQWRI3URƉWDQG/RVV
$PRXQWV DFFXPXODWHG LQ FDVK ƋRZ KHGJH UHVHUYH DUH UHFODVVLƉHG WR SURƉW DQG ORVV LQ WKH SHULRG GXULQJ ZKLFK WKH
IRUHFDVWHGWUDQVDFWLRQPDWHULDOLVHV
+HGJHDFFRXQWLQJLVGLVFRQWLQXHGZKHQWKHKHGJLQJLQVWUXPHQWH[SLUHVRULVVROGWHUPLQDWHGRUH[HUFLVHGRUQRORQJHU
TXDOLƉHV IRU KHGJH DFFRXQWLQJ )RU IRUHFDVWHG WUDQVDFWLRQV DQ\ FXPXODWLYH JDLQ RU ORVV RQ WKH KHGJLQJ LQVWUXPHQW
UHFRJQLVHGLQFDVKƋRZKHGJHUHVHUYHLVUHWDLQHGWKHUHXQWLOWKHIRUHFDVWHGWUDQVDFWLRQRFFXUV
,IWKHIRUHFDVWHGWUDQVDFWLRQLVQRORQJHUH[SHFWHGWRRFFXUWKHQHWFXPXODWLYHJDLQRUORVVUHFRJQLVHGLQFDVKƋRZKHGJH
UHVHUYHLVLPPHGLDWHO\WUDQVIHUUHGWRWKH6WDWHPHQWRI3URƉWDQG/RVVIRUWKHSHULRG
1.13 Fair value measurement
)DLUYDOXHLVWKHSULFHWKDWZRXOGEHUHFHLYHGWRVHOODQDVVHWRUSDLGWRWUDQVIHUDOLDELOLW\LQDQRUGHUO\WUDQVDFWLRQEHWZHHQ
PDUNHWSDUWLFLSDQWVDWWKHPHDVXUHPHQWGDWH
$OO DVVHWV DQG OLDELOLWLHV IRU ZKLFK IDLU YDOXH LV PHDVXUHG RU GLVFORVHG LQ WKH &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV DUH
FDWHJRULVHGZLWKLQWKHIDLUYDOXHKLHUDUFK\GHVFULEHGDVIROORZVEDVHGRQWKHORZHVWOHYHOLQSXWWKDWLVVLJQLƉFDQWWRWKH
IDLUYDOXHPHDVXUHPHQWDVDZKROH
á /HYHO4XRWHGXQDGMXVWHGPDUNHWSULFHVLQDFWLYHPDUNHWVIRULGHQWLFDODVVHWVRUOLDELOLWLHV
GLUHFWO\RULQGLUHFWO\REVHUYDEOH
XQREVHUYDEOH
)RU DVVHWV DQG OLDELOLWLHV WKDW DUH UHFRJQLVHG LQ WKH &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV RQ D UHFXUULQJ EDVLV WKH *URXS
GHWHUPLQHVZKHWKHUWUDQVIHUVKDYHRFFXUUHGEHWZHHQOHYHOVLQWKHKLHUDUFK\E\UHDVVHVVLQJFDWHJRULVDWLRQEDVHGRQWKH
ORZHVWOHYHOLQSXWWKDWLVVLJQLƉFDQWWRWKHIDLUYDOXHPHDVXUHPHQWDVDZKROHDWWKHHQGRIHDFKUHSRUWLQJSHULRG
)RUWKHSXUSRVHRIIDLUYDOXHGLVFORVXUHVWKH*URXSKDVGHWHUPLQHGFODVVHVRIDVVHWVDQGOLDELOLWLHVRQWKHEDVLVRIWKH
QDWXUHFKDUDFWHULVWLFVDQGULVNVRIWKHDVVHWRUOLDELOLW\DQGWKHOHYHORIWKHIDLUYDOXHKLHUDUFK\DVH[SODLQHGDERYH
,QGHWHUPLQLQJWKHIDLUYDOXHRILWVƉQDQFLDOLQVWUXPHQWVWKH*URXSXVHVDYDULHW\RIPHWKRGVDQGDVVXPSWLRQVWKDWDUH
EDVHGRQPDUNHWFRQGLWLRQVDQGULVNVH[LVWLQJDWHDFKUHSRUWLQJGDWH7KHPHWKRGVXVHGWRGHWHUPLQHIDLUYDOXHLQFOXGHV
GLVFRXQWHGFDVKƋRZDQDO\VLVDYDLODEOHTXRWHGPDUNHWSULFHVDQGGHDOHUTXRWHV$OOPHWKRGVRIDVVHVVLQJIDLUYDOXHUHVXOW
IURPJHQHUDODSSUR[LPDWLRQRIYDOXHDQGWKHVDPHPD\GLIIHUIURPWKHDFWXDOUHDOLVHGYDOXH
1.14 Taxation
,QFRPHWD[H[SHQVHFRPSULVHVFXUUHQWWD[LHDPRXQWRIWD[IRUWKH\HDUGHWHUPLQHGLQDFFRUGDQFHZLWKWKHLQFRPHWD[
ODZDQGGHIHUUHGWD[FKDUJHRUFUHGLWUHƋHFWLQJWKHWD[HIIHFWRIWHPSRUDU\GLIIHUHQFHVEHWZHHQDFFRXQWLQJLQFRPHDQG
WD[DEOHLQFRPHIRUWKH\HDUFRPSXWHGLQDFFRUGDQFHZLWKWKHUHOHYDQWSURYLVLRQVRIWKH,QFRPH7D[$FW&XUUHQWWD[
DQGGHIHUUHGWD[DUHUHFRJQLVHGLQWKH6WDWHPHQWRI3URƉWDQG/RVVH[FHSWZKHQWKH\UHODWHWRLWHPVWKDWDUHUHFRJQLVHG
LQ2&,RUGLUHFWO\LQHTXLW\LQZKLFKFDVHWKHFXUUHQWDQGGHIHUUHGWD[DUHDOVRUHFRJQLVHGLQRWKHUFRPSUHKHQVLYHLQFRPH
RUGLUHFWO\LQHTXLW\UHVSHFWLYHO\
7KHFXUUHQWWD[SD\DEOHLVEDVHGRQWD[DEOHSURƉWIRUWKH\HDU7KH*URXS·VFXUUHQWWD[LVFDOFXODWHGXVLQJWD[UDWHVWKDW
KDYHEHHQHQDFWHGRUVXEVWDQWLYHO\HQDFWHGE\WKHHQGRIWKHUHSRUWLQJSHULRG$GYDQFHWD[HVDQGSURYLVLRQVIRUFXUUHQW
LQFRPHWD[HVDUHSUHVHQWHGLQWKHEDODQFHVKHHWDIWHURIIVHWWLQJDGYDQFHWD[SDLGDQGLQFRPHWD[SURYLVLRQDULVLQJLQWKH
VDPHWD[MXULVGLFWLRQDQGZKHUHWKHUHOHYDQWWD[SD\LQJXQLWVLQWHQGWRVHWWOHWKHDVVHWDQGOLDELOLW\RQDQHWEDVLV
'HIHUUHGWD[LVSURYLGHGXVLQJWKHEDODQFHVKHHWPHWKRGRQWHPSRUDU\GLIIHUHQFHVEHWZHHQWKHWD[EDVHVRIDVVHWVDQG
OLDELOLWLHVDQGWKHLUFDUU\LQJDPRXQWVIRUƉQDQFLDOUHSRUWLQJSXUSRVHVDWWKHUHSRUWLQJGDWH
7KHGHIHUUHGWD[FKDUJHRUFUHGLWDQGWKHFRUUHVSRQGLQJGHIHUUHGWD[OLDELOLWLHVRUDVVHWVDUHUHFRJQLVHGXVLQJWKHWD[UDWHV
WKDWKDYHEHHQHQDFWHGRUVXEVWDQWLYHO\HQDFWHGE\WKHEDODQFHVKHHWGDWH'HIHUUHGWD[DVVHWVDUHJHQHUDOO\UHFRJQLVHG
IRUDOOGHGXFWLEOHWHPSRUDU\GLIIHUHQFHVWRWKHH[WHQWLWLVSUREDEOHWKDWWD[DEOHSURƉWVZLOOEHDYDLODEOHDJDLQVWWKRVH
GHGXFWLEOHWHPSRUDU\GLIIHUHQFHVFDQEHUHDOLVHG'HIHUUHGWD[DVVHWVDUHUHYLHZHGDVDWHDFKEDODQFHVKHHWGDWHDQG
ZULWWHQGRZQWRWKHH[WHQWLWLVQRORQJHUSUREDEOHWKDWVXIƉFLHQWWD[DEOHSURƉWVZLOOEHDYDLODEOHWRDOORZDOORUSDUWRIWKH
DVVHWWREHUHFRYHUHG
'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHRIIVHWZKHQWKH\UHODWHWRLQFRPHWD[HVOHYLHGE\WKHVDPHWD[DWLRQDXWKRULW\DQG
WKHUHOHYDQWHQWLW\LQWHQGVWRVHWWOHLWVFXUUHQWWD[DVVHWVDQGOLDELOLWLHVRQDQHWEDVLV
'HIHUUHG WD[ UHODWLQJ WR LWHPV UHFRJQLVHG RXWVLGH SURƉW RU ORVV LV UHFRJQLVHG RXWVLGH SURƉW RU ORVV HLWKHU LQ RWKHU
FRPSUHKHQVLYHLQFRPHRULQHTXLW\'HIHUUHGWD[LWHPVDUHUHFRJQLVHGLQFRUUHODWLRQWRWKHXQGHUO\LQJWUDQVDFWLRQHLWKHU
LQ2&,RUGLUHFWO\LQHTXLW\
1.15 Earnings per share
%DVLFHDUQLQJVSHUVKDUHDUHFRPSXWHGE\GLYLGLQJWKHQHWSURƉWDWWULEXWDEOHWRHTXLW\VKDUHKROGHUVIRUWKH\HDUE\WKH
ZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU
)RU WKH SXUSRVH RI FDOFXODWLQJ GLOXWHG HDUQLQJV SHU VKDUH WKH QHW SURƉW RU ORVV IRU WKH \HDU DWWULEXWDEOH WR HTXLW\
VKDUHKROGHUVDQGWKHZHLJKWHGDYHUDJHQXPEHURIVKDUHVRXWVWDQGLQJGXULQJWKH\HDUDUHDGMXVWHGIRUWKHHIIHFWVRIDOO
GLOXWLYHSRWHQWLDOHTXLW\VKDUHV
1.16 Provisions and contingencies
3URYLVLRQV DUH UHFRJQL]HG ZKHQ WKH *URXS UHFRJQLVHV LW KDV D SUHVHQW REOLJDWLRQ OHJDO RU FRQVWUXFWLYH DV D UHVXOW RI
SDVWHYHQWVDQGLWLVSUREDEOHWKDWDQRXWƋRZRIUHVRXUFHVHPERG\LQJHFRQRPLFEHQHƉWVZLOOEHUHTXLUHGWRVHWWOHWKH
REOLJDWLRQDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ,IWKHHIIHFWLVPDWHULDOSURYLVLRQVDUH
UHFRJQLVHGDWSUHVHQWYDOXHE\GLVFRXQWLQJWKHH[SHFWHGIXWXUHFDVKƋRZVDWDSUHWD[UDWHWKDWUHƋHFWVFXUUHQWPDUNHW
DVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\:KHQDFRQWUDFWEHFRPHVRQHURXVWKHSUHVHQWREOLJDWLRQXQGHUWKHFRQWUDFWLV
UHFRJQL]HGDVDSURYLVLRQ7KHVHDUHUHYLHZHGDWHDFKEDODQFHVKHHWGDWHDQGDGMXVWHGWRUHƋHFWFXUUHQWEHVWHVWLPDWHV
'LVFORVXUHVIRUFRQWLQJHQWOLDELOLW\DUHPDGHZKHQWKHUHLVDSRVVLEOHDQGSUHVHQWREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWV
ZKLFKLVQRWUHFRJQLVHGVLQFHLWLVQRWSUREDEOHWKDWWKHUHZLOOEHDQRXWƋRZRIUHVRXUFHV:KHQWKHUHLVDSRVVLEOHDQG
SUHVHQWREOLJDWLRQLQUHVSHFWRIZKLFKWKHOLNHOLKRRGRIRXWƋRZRIUHVRXUFHVLVUHPRWHQRGLVFORVXUHLVPDGH
/RVVFRQWLQJHQFLHVDULVLQJIURPFODLPVOLWLJDWLRQDVVHVVPHQWƉQHVSHQDOWLHVHWFDUHUHFRUGHGZKHQLWLVSUREDEOHWKDW
DOLDELOLW\KDVEHHQLQFXUUHGDQGWKHDPRXQWFDQEHUHDVRQDEO\HVWLPDWHG
3URYLVLRQVIRUZDUUDQW\UHODWHGFRVWDUHUHFRJQLVHGZKHQWKHSURGXFWLVVROGRUVHUYLFHLVSURYLGHGWRWKHFXVWRPHU,QLWLDO
UHFRJQLWLRQLVEDVHGRQSDVWH[SHULHQFH
&RQWLQJHQWDVVHWVDUHQRWUHFRJQLVHGLQWKH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
1.17 Cash and Cash equivalents
&DVKDQGFDVKHTXLYDOHQWVLQFOXGHFDVKFKHTXHVLQKDQGFDVKDWEDQNDQGGHSRVLWVZLWKEDQNVKDYLQJPDWXULW\RIWKUHH
PRQWKVRUOHVV%DQNGHSRVLWVZLWKRULJLQDOPDWXULW\RIXSWRWKUHHPRQWKVDUHFODVVLƉHGDV¶&DVKDQGFDVKHTXLYDOHQWV·
DQGZLWKRULJLQDOPDWXULW\RIPRUHWKDQWKUHHPRQWKVDUHFODVVLƉHGDV¶2WKHUEDQNEDODQFHV·

1.18 Government grants and subsidies
*UDQWVDQGVXEVLGLHVIURPWKHJRYHUQPHQWDUHUHFRJQL]HGZKHQWKHUHLVUHDVRQDEOHDVVXUDQFHWKDWLWKH*URXSZLOOFRPSO\
ZLWKWKHFRQGLWLRQVDWWDFKHGWRWKHPDQGLLWKHJUDQWVXEVLG\ZLOOEHUHFHLYHG
:KHQWKHJUDQWRUVXEVLG\UHODWHVWRUHYHQXHLWLVUHFRJQL]HGDVLQFRPHRQDV\VWHPDWLFEDVLVLQWKH6WDWHPHQWRI3URƉWDQG
/RVVRYHUWKHSHULRGVQHFHVVDU\WRPDWFKWKHPZLWKWKHUHODWHGFRVWVIRUZKLFKWKH\DUHLQWHQGHGWRFRPSHQVDWH:KHUHWKH
JUDQWUHODWHVWRDQDVVHWWKHVDPHLVSUHVHQWHGLQWKHEDODQFHVKHHWE\GHGXFWLQJWKHJUDQWLQDUULYLQJDWWKHFDUU\LQJDPRXQW
RIWKHDVVHW
6LJQLƊFDQWDFFRXQWLQJMXGJHPHQWVHVWLPDWHVDQGDVVXPSWLRQV
7KHSUHSDUDWLRQRI&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVLQFRQIRUPLW\ZLWK,QG$6UHTXLUHVPDQDJHPHQWWRPDNHHVWLPDWHV
DQGDVVXPSWLRQVWKDWDIIHFWWKHUHSRUWHGDPRXQWVRIUHYHQXHH[SHQVHVDVVHWVDQGOLDELOLWLHV$FWXDOUHVXOWVFRXOGGLIIHU
IURPWKRVHHVWLPDWHV$Q\UHYLVLRQWRDFFRXQWLQJHVWLPDWHVLVUHFRJQLVHGSURVSHFWLYHO\
7KH NH\ DVVXPSWLRQV FRQFHUQLQJ WKH IXWXUH DQG RWKHU NH\ VRXUFHV RI HVWLPDWLQJ XQFHUWDLQW\ DW WKH UHSRUWLQJ GDWH WKDW
KDYHDVLJQLƉFDQWULVNRIFDXVLQJDPDWHULDODGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQWKHQH[W
ƉQDQFLDO\HDUDUHGHVFULEHGEHORZ7KH*URXSKDVEDVHGLWVDVVXPSWLRQVDQGHVWLPDWHVRQSDUDPHWHUVDYDLODEOHZKHQWKH
&RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV ZHUH SUHSDUHG ([LVWLQJ FLUFXPVWDQFHV DQG DVVXPSWLRQV DERXW IXWXUH GHYHORSPHQWV
KRZHYHU PD\ FKDQJH GXH WR PDUNHW FKDQJHV RU FLUFXPVWDQFHV DULVLQJ WKDW DUH EH\RQG WKH FRQWURO RI WKH *URXS 6XFK
FKDQJHVDUHUHƋHFWHGLQWKHDVVXPSWLRQVZKHQWKH\RFFXU
2.1 Project revenue and costs
7KHSHUFHQWDJHRIFRPSOHWLRQ32&PHWKRGSODFHVFRQVLGHUDEOHLPSRUWDQFHRQDFFXUDWHHVWLPDWHVWRWKHH[WHQWRISURJUHVV
WRZDUGVFRPSOHWLRQDQGPD\LQYROYHHVWLPDWHVRQWKHVFRSHRIGHOLYHULHVDQGVHUYLFHVUHTXLUHGIRUIXOƉOOLQJWKHFRQWUDFWXDOO\
GHƉQHGREOLJDWLRQV7KHVHVLJQLƉFDQWHVWLPDWHVLQFOXGHWRWDOFRQWUDFWFRVWVWRWDOFRQWUDFWUHYHQXHVFRQWUDFWULVNVLQFOXGLQJ
WHFKQLFDOSROLWLFDODQGUHJXODWRU\ULVNVDQGRWKHUMXGJPHQWV7KH*URXSUHDVVHVVHVWKHVHHVWLPDWHVRQSHULRGLFEDVLVDQG
PDNHVDSSURSULDWHUHYLVLRQVDFFRUGLQJO\
2.2 Taxes
6LJQLƉFDQWPDQDJHPHQWMXGJPHQWLVUHTXLUHGWRGHWHUPLQHWKHDPRXQWRIGHIHUUHGWD[DVVHWVWKDWFDQEHUHFRJQLVHGEDVHG
XSRQWKHOLNHO\WLPLQJDQGWKHOHYHORIIXWXUHWD[DEOHSURƉWVWRJHWKHUZLWKIXWXUHWD[SODQQLQJVWUDWHJLHV
2.3 Property, plant and equipment and intangible assets
7KHFKDUJHLQUHVSHFWRISHULRGLFGHSUHFLDWLRQLVGHULYHGDIWHUGHWHUPLQLQJDQHVWLPDWHRIDQDVVHW·VH[SHFWHGXVHIXOOLIHDQG
WKHH[SHFWHGUHVLGXDOYDOXHDWWKHHQGRILWVOLIH7KHXVHIXOOLYHVDQGUHVLGXDOYDOXHVRIWKH*URXS·VDVVHWVDUHGHWHUPLQHGE\
PDQDJHPHQWDWWKHWLPHWKHDVVHWLVDFTXLUHGDQGUHYLHZHGSHULRGLFDOO\LQFOXGLQJDWHDFKƉQDQFLDO\HDUHQG7KHOLYHVDUH
EDVHGRQKLVWRULFDOH[SHULHQFHZLWKVLPLODUDVVHWVDVZHOODVDQWLFLSDWLRQRIIXWXUHHYHQWVZKLFKPD\LPSDFWWKHLUOLIHVXFK
DVFKDQJHVLQWHFKQRORJ\
,PSDLUPHQWRIQRQƊQDQFLDODVVHWV
7KH *URXS DVVHVVHV DW HDFK EDODQFH VKHHW GDWH ZKHWKHU WKHUH LV DQ\ LQGLFDWLRQ WKDW DQ DVVHW RU D JURXS RI DVVHWV FDVK
JHQHUDWLQJXQLWPD\EHLPSDLUHG,IDQ\VXFKLQGLFDWLRQH[LVWVWKH*URXSHVWLPDWHVWKHUHFRYHUDEOHDPRXQWRIWKHDVVHWRU
FDVKJHQHUDWLQJXQLW
7KHUHFRYHUDEOHDPRXQWLVWKHJUHDWHURIWKHDVVHW·VQHWVHOOLQJSULFHDQGYDOXHLQXVH,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHG
IXWXUHFDVKƋRZVDUHGLVFRXQWHGWRWKHSUHVHQWYDOXHXVLQJDSUHWD[GLVFRXQWUDWHWKDWUHƋHFWVFXUUHQWPDUNHWDVVHVVPHQWV
RIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFLƉFWRWKHDVVHW,QGHWHUPLQLQJQHWVHOOLQJSULFHUHFHQWPDUNHWWUDQVDFWLRQV
DUH WDNHQ LQWR DFFRXQW LI DYDLODEOH ,I QR VXFK WUDQVDFWLRQV FDQ EH LGHQWLƉHG DQ DSSURSULDWH YDOXDWLRQ PRGHO LV XVHG ,I
VXFKUHFRYHUDEOHDPRXQWRIWKHDVVHWRUWKHUHFRYHUDEOHDPRXQWRIWKHFDVKJHQHUDWLQJXQLWWRZKLFKWKHDVVHWEHORQJV
LVOHVVWKDQLWVFDUU\LQJDPRXQWWKHFDUU\LQJDPRXQWLVUHGXFHGWRLWVUHFRYHUDEOHDPRXQW7KHUHGXFWLRQLVWUHDWHGDVDQ
LPSDLUPHQWORVVDQGLVUHFRJQL]HGLQWKH6WDWHPHQWRI3URƉWDQG/RVV,IDWWKHEDODQFHVKHHWGDWHWKHUHLVDQLQGLFDWLRQWKDW
DSUHYLRXVO\DVVHVVHGLPSDLUPHQWORVVQRORQJHUH[LVWVWKHUHFRYHUDEOHDPRXQWLVUHDVVHVVHGDQGWKHDVVHWLVUHƋHFWHGDWWKH
UHFRYHUDEOHDPRXQWVXEMHFWWRDPD[LPXPRIGHSUHFLDEOHKLVWRULFDOFRVWKDGQRLPSDLUPHQWEHHQUHFRJQLVHG
(PSOR\HHEHQHƊWV
7KH*URXS·VREOLJDWLRQIRUHPSOR\HHEHQHƉWVLVGHWHUPLQHGEDVHGRQDFWXDULDOYDOXDWLRQV$QDFWXDULDOYDOXDWLRQLQYROYHVPDNLQJ
YDULRXVDVVXPSWLRQVWKDWPD\GLIIHUIURPDFWXDOGHYHORSPHQWVLQWKHIXWXUH7KHVHLQFOXGHWKHGHWHUPLQDWLRQRIWKHGLVFRXQW
UDWHIXWXUHVDODU\LQFUHDVHVDQGPRUWDOLW\UDWHV'XHWRWKHFRPSOH[LWLHVLQYROYHGLQWKHYDOXDWLRQDQGLWVORQJWHUPQDWXUHWKHVH
OLDELOLWLHVDUHKLJKO\VHQVLWLYHWRFKDQJHVLQWKHVHDVVXPSWLRQV$OODVVXPSWLRQVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWH
5HIHUQRWHIRUGHWDLOVRIWKHNH\DVVXPSWLRQVXVHGLQGHWHUPLQLQJWKHDFFRXQWLQJRIWKHVHSODQV
7KHSDUDPHWHUPRVWVXEMHFWWRFKDQJHLVWKHGLVFRXQWUDWH,QGHWHUPLQLQJWKHDSSURSULDWHGLVFRXQWUDWHIRUSODQVRSHUDWHG
LQ,QGLDWKH$FWXDU\FRQVLGHUVWKHLQWHUHVWUDWHVRIJRYHUQPHQWERQGVLQFXUUHQFLHVFRQVLVWHQWZLWKWKHFXUUHQFLHVRIWKH
SRVWHPSOR\PHQWEHQHƉWREOLJDWLRQ
(PSOR\HHEHQHƊWV &RQWLQXHG
7KHPRUWDOLW\UDWHLVEDVHGRQSXEOLFO\DYDLODEOHPRUWDOLW\WDEOHVIRU,QGLD7KRVHPRUWDOLW\WDEOHVWHQGWRFKDQJHRQO\DW
LQWHUYDOLQUHVSRQVHWRGHPRJUDSKLFFKDQJHV)XWXUHVDODU\LQFUHDVHVDQGJUDWXLW\LQFUHDVHVDUHEDVHGRQH[SHFWHGIXWXUH
LQƋDWLRQUDWHVIRUWKHUHVSHFWLYHFRXQWULHV
7KH *URXS DVVHVVHV LPSDLUPHQW RQ ƉQDQFLDO DVVHWV EDVHG RQ ([SHFWHG &UHGLW /RVV (&/ PRGHO 7KH SURYLVLRQ PDWUL[ LV
EDVHG RQ LWV KLVWRULFDOO\ REVHUYHG GHIDXOW UDWHV RYHU WKH H[SHFWHG OLIH RI WKH ƉQDQFLDO DVVHWV DQG LV DGMXVWHG IRU IRUZDUG
ORRNLQJHVWLPDWHV$WHYHU\UHSRUWLQJGDWHWKHKLVWRULFDOREVHUYHGGHIDXOWUDWHVDUHXSGDWHGDQGFKDQJHVLQIRUZDUGORRNLQJ
HVWLPDWHVDUHDQDO\VHG
2.7 Provisions
6LJQLƉFDQW HVWLPDWHV DUH LQYROYHG LQ WKH GHWHUPLQDWLRQ RI SURYLVLRQV UHODWHG WR OLTXLGDWHG GDPDJHV RQHURXV FRQWUDFWV
ZDUUDQW\ FRVWV DVVHW UHWLUHPHQW REOLJDWLRQV OHJDO DQG UHJXODWRU\ SURFHHGLQJV /HJDO 3URFHHGLQJV 7KH *URXS UHFRUGV D
SURYLVLRQIRURQHURXVVDOHVFRQWUDFWVZKHQFXUUHQWHVWLPDWHVRIWRWDOFRQWUDFWFRVWVH[FHHGH[SHFWHGFRQWUDFWUHYHQXH7KH
SURYLVLRQIRUZDUUDQW\OLTXLGDWHGGDPDJHVRQHURXVFRQWUDFWVLVEDVHGRQWKHEHVWHVWLPDWHUHTXLUHGWRVHWWOHWKHSUHVHQW
REOLJDWLRQDWWKHHQGRIUHSRUWLQJSHULRG
/HJDO3URFHHGLQJVRIWHQLQYROYHFRPSOH[OHJDOLVVXHVDQGDUHVXEMHFWWRVXEVWDQWLDOXQFHUWDLQWLHV$FFRUGLQJO\FRQVLGHUDEOH
MXGJPHQWLVSDUWRIGHWHUPLQLQJZKHWKHULWLVSUREDEOHWKDWWKHUHLVDSUHVHQWREOLJDWLRQDVDUHVXOWRIDSDVWHYHQWDWWKH
HQGRIWKHUHSRUWLQJSHULRGZKHWKHULWLVSUREDEOHWKDWVXFKD/HJDO3URFHHGLQJZLOOUHVXOWLQDQRXWƋRZRIUHVRXUFHVDQG
ZKHWKHUWKHDPRXQWRIWKHREOLJDWLRQFDQEHUHOLDEO\HVWLPDWHG,QWHUQDODQGH[WHUQDOFRXQVHOVDUHJHQHUDOO\SDUWRIWKH
GHWHUPLQDWLRQSURFHVV
$OOWKHHVWLPDWHVDUHUHYLVHGSHULRGLFDOO\
6WDQGDUGLVVXHGWKDWDUHQRW\HWHIIHFWLYH
0LQLVWU\ RI &RUSRUDWH $IIDLUV ´0&$µ WKURXJK &RPSDQLHV ,QGLDQ $FFRXQWLQJ 6WDQGDUGV $PHQGPHQW 5XOHV KDV
QRWLƉHGWKHIROORZLQJQHZDQGDPHQGPHQWVWR,QG$6VZKLFKWKH*URXSKDVQRWDSSOLHGDVWKH\DUHHIIHFWLYHIRUDQQXDO
SHULRGVEHJLQQLQJRQRUDIWHU$SULO
Ind AS 115 - Revenue from Contracts with Customers
7KHQHZVWDQGDUGUHSODFHVH[LVWLQJUHYHQXHUHFRJQLWLRQVWDQGDUGV,QG$6&RQVWUXFWLRQFRQWUDFWVDQG,QG$65HYHQXH
7KHFRUHSULQFLSOHRIWKHQHZVWDQGDUGLVWKDWUHYHQXHVKRXOGEHUHFRJQL]HGZKHQRUDVDQHQWLW\WUDQVIHUVFRQWURORIJRRGV
RUVHUYLFHVWRDFXVWRPHUDWWKHDPRXQWWRZKLFKWKHHQWLW\H[SHFWVWREHHQWLWOHG
(VVHQWLDOFRQFHSWVLQ,QG$6KDYHEHHQDQDO\VHGRQUHYHQXHVWUHDPOHYHO7KH*URXS·VUHYHQXHVWUHDPVPDLQO\FRQVLVWRI
UHYHQXHIURPSURMHFWVSURGXFWVDQGVHUYLFHVDULVLQJIURPYDULHGVHJPHQWV([LVWLQJUHYHQXHUHFRJQLWLRQLQFDVHRIUHYHQXH
IURPSURMHFWVLVEDVHGRQSHUFHQWDJHRIFRPSOHWLRQPHWKRGLQFOXGLQJDQ\DGMXVWPHQWVDULVLQJRIYDULDEOHFRQVLGHUDWLRQV
DQGSHQDOWLHVUHYHQXHIURPVDOHRISURGXFWVLVEDVHGRQWUDQVIHURIULVNVDQGUHZDUGVWRFXVWRPHUDQGUHYHQXHIURPVHUYLFHV
LVDVSHUSURSRUWLRQDWHFRPSOHWLRQPHWKRG
Ind AS 40 - Transfers of Investment Property
7KHDPHQGPHQWVFODULI\ZKHQDQHQWLW\VKRXOGWUDQVIHUSURSHUW\LQFOXGLQJSURSHUW\XQGHUFRQVWUXFWLRQRUGHYHORSPHQW
LQWRRURXWRILQYHVWPHQWSURSHUW\7KHDPHQGPHQWVVWDWHWKDWDFKDQJHLQXVHRFFXUVZKHQWKHSURSHUW\PHHWVRUFHDVHV
WRPHHWWKHGHƉQLWLRQRILQYHVWPHQWSURSHUW\DQGWKHUHLVHYLGHQFHRIWKHFKDQJHLQXVH$PHUHFKDQJHLQPDQDJHPHQW·V
LQWHQWLRQVIRUWKHXVHRIDSURSHUW\GRHVQRWSURYLGHHYLGHQFHRIDFKDQJHLQXVH
Ind AS 21 - The Effect of Changes in Foreign Exchange Rates
7KH $SSHQGL[ % FODULƉHV WKDW LQ GHWHUPLQLQJ WKH VSRW H[FKDQJH UDWH WR XVH RQ LQLWLDO UHFRJQLWLRQ RI WKH UHODWHG DVVHW
H[SHQVHRULQFRPHRUSDUWRILWRQWKHGHUHFRJQLWLRQRIDQRQPRQHWDU\DVVHWRUQRQPRQHWDU\OLDELOLW\UHODWLQJWRDGYDQFH
FRQVLGHUDWLRQWKHGDWHRIWKHWUDQVDFWLRQLVWKHGDWHRQZKLFKDQHQWLW\LQLWLDOO\UHFRJQLVHVWKHQRQPRQHWDU\DVVHWRUQRQ
PRQHWDU\OLDELOLW\DULVLQJIURPWKHDGYDQFHFRQVLGHUDWLRQ,IWKHUHDUHPXOWLSOHSD\PHQWVRUUHFHLSWVLQDGYDQFHWKHQWKH
HQWLW\PXVWGHWHUPLQHWKHWUDQVDFWLRQGDWHIRUHDFKSD\PHQWRUUHFHLSWRIDGYDQFHFRQVLGHUDWLRQ
:KLOH DQ LQLWLDO DVVHVVPHQW RI WKH DERYH VWDQGDUGV GRHV QRW LQGLFDWH D VLJQLƉFDQW LPSDFW H[FHSW IRU WKH GLVFORVXUH
UHTXLUHPHQWVRI,1'$65HYHQXHIURP&RQWUDFWVZLWK&XVWRPHUVDUHOLDEOHHVWLPDWHRIWKHLPSDFWFDQEHFRQFOXGHG
RQO\XSRQFRPSOHWLRQRIWKHRQJRLQJHYDOXDWLRQSURFHVV7KH*URXSGRHVQRWH[SHFWDQ\PDWHULDOHIIHFWRQLWV&RQVROLGDWHG
)LQDQFLDO6WDWHPHQWV

3 Property, plant and equipment

Annual Report 2018

$W2FWREHU 14,141
Additions 1 2,827
At 30 September 2017 560 325 5,378 9,060 294 668 3 16,288
impairment
$W2FWREHU 111 1 2,220
&KDUJHIRUWKH\HDU 1,918
At 30 September 2017 - 8 439 3,100 132 374 1 4,054
Net block
At 30 September 2017 560 317 4,939 5,960 162 294 2 12,234

$W2FWREHU 16,288
Additions 2,245
5HIHUQRWHLY (171)
At 30 September 2018 560 325 5,580 10,786 307 802 3 18,362
impairment
$W2FWREHU 1 4,054
&KDUJHIRUWKH\HDU 1,919
At 30 September 2018 - 14 678 4,517 184 514 1 5,908
Net block
At 30 September 2018 560 311 4,902 6,269 123 288 2 12,454
Siemens Limited

3 Property, plant and equipment &RQWLQXHG
Notes:-
Annual Report 2018

L %XLOGLQJVLQFOXGHVJURVVEORFNRI`ÙHSUHVHQWLQJVKDUHVRI`HDFKDQGVKDUHVRI`HDFKVKDUHVRI
`HDFKDQGVKDUHVRI`HDFKLQYDULRXVFRRSHUDWLYHKRXVLQJVRFLHWLHVUHVSHFWLYHO\
ii) Assets include assets given on operating lease
Particulars Buildings Plant and Furniture and 2IƊFH
equipments Ɗ[WXUHV equipments
*URVVFDUU\LQJYDOXHDVDW6HSWHPEHU
$FFXPXODWHGGHSUHFLDWLRQDVDW6HSWHPEHU
'HSUHFLDWLRQFKDUJHIRUWKH\HDU
*URVVFDUU\LQJYDOXHDVDW6HSWHPEHU 430 442 7 29
'HSUHFLDWLRQFKDUJHIRUWKH\HDU 58 36 2 23
LLL 3ODQWDQGHTXLSPHQWLQFOXGHVJURVVEORFNRI``DQG1HWEORFNRI1LO`ZKLFKUHSUHVHQWVFRVWLQFXUUHGE\WKH&RPSDQ\RQ
FHUWDLQDVVHWVRZQHUVKLSRIZKLFKYHVWVZLWKWKH:HVW%HQJDO6WDWH(OHFWULFLW\%RDUG
LY ,QFOXGHVJRYHUQPHQWJUDQWDPRXQWLQJWR`SHUWDLQLQJWRLQYHVWPHQWLQTXDOLI\LQJDVVHWVZKLFKKDVEHHQQHWWHGRIIZLWKSURSHUW\SODQWDQG
HTXLSPHQW
Y )RUFRQWUDFWXDOFRPPLWPHQWZLWKUHVSHFWWRSURSHUW\SODQWDQGHTXLSPHQWUHIHUQRWHD
YL 7KH*URXSKDVHOHFWHGWRFRQWLQXHZLWKWKHFDUU\LQJYDOXHIRUDOORILWVSURSHUW\SODQWDQGHTXLSPHQWDVUHFRJQLVHGLQWKHƉQDQFLDOVWDWHPHQWV
RQWUDQVLWLRQWR,QG$6PHDVXUHGDVSHUWKHSUHYLRXV*$$3DQGXVHWKDWDVLWVGHHPHGFRVWDVDWWKHGDWHRIWUDQVLWLRQ
Siemens Limited
4 Investment Property
Land and Total

Buildings
$W2FWREHU 1,136
Additions 18
At 30 September 2017 1,154 1,154
$W2FWREHU 39
&KDUJHIRUWKH\HDU 36
At 30 September 2017 75 75
Net block
At 30 September 2017 1,079 1,079
Land and Total

Buildings
$W2FWREHU 1,154
Additions -
At 30 September 2018 1,154 1,154
$W2FWREHU 75
&KDUJHIRUWKH\HDU 37
At 30 September 2018 112 112
Net block
At 30 September 2018 1,042 1,042
Notes:
i) Information regarding income and expenditure on investment properties
Sep 2018 6HS

5HQWDOLQFRPHGHULYHGIURPLQYHVWPHQWSURSHUWLHV 273
'LUHFW RSHUDWLQJ H[SHQVHV LQFOXGLQJ UHSDLUV DQG PDLQWHQDQFH JHQHUDWLQJ
UHQWDOLQFRPH (27)
3URƉW DULVLQJ IURP LQYHVWPHQW SURSHUWLHV EHIRUH GHSUHFLDWLRQ DQG LQGLUHFW
H[SHQVHV 246
/HVV'HSUHFLDWLRQ (37)
3URƉWDULVLQJIURPLQYHVWPHQWSURSHUWLHVEHIRUHLQGLUHFWH[SHQVHV 209

4 Investment Property &RQWLQXHG
ii) Fair value disclosure
'HVFULSWLRQRIYDOXDWLRQWHFKQLTXHVXVHGDQGNH\LQSXWVWRYDOXDWLRQRQLQYHVWPHQWSURSHUWLHV
Particulars Valuation technique Fair Value

Sept 2018 6HSW
/DQGDQGEXLOGLQJ 6WDPSGXW\UHFNRQHUUDWH 1,788
9DOXDWLRQ5HSRUW
7KH YDOXDWLRQ RI FHUWDLQ LQYHVWPHQW SURSHUWLHV LV LQ DFFRUGDQFH ZLWK WKH 5HDG\ 5HFNRQHU UDWHV SUHVFULEHG E\
IRU WKH SXUSRVH RI OHY\LQJ VWDPS GXW\ 7KH *URXS KDV UHIHUUHG WR WKH SXEOLFDWLRQV DQG JRYHUQPHQW ZHEVLWH IRU
5HDG\5HFNRQHUUDWHV)XUWKHUWKHIDLUYDOXHRIFHUWDLQLQYHVWPHQWSURSHUW\KDVEHHQGHWHUPLQHGZLWKWKHKHOSRI
,QGHSHQGHQWYDOXHU)DLUYDOXHRISURSHUW\LVEDVHGRQ'LUHFW&RPSDULVRQ$SSURDFKDQG'HSUHFLDWHG5HSODFHPHQW
&RVW$SSURDFK
iii) 7KH*URXSKDVHOHFWHGWRFRQWLQXHZLWKWKHFDUU\LQJYDOXHIRUDOORILWVLQYHVWPHQWSURSHUW\DVUHFRJQLVHGLQWKH
5 Intangible assets
Intangible assets
know-how
$W2FWREHU 98
Additions 10
At 30 September 2017 66 42 108

$W2FWREHU 30
&KDUJHIRUWKH\HDU 23
At 30 September 2017 36 17 53
1HWEORFN
At 30 September 2017 30 25 55

5 Intangible assets &RQWLQXHG
Intangible assets
know-how
$W2FWREHU 108
Additions -
At 30 September 2018 66 42 108

$W2FWREHU 53
&KDUJHIRUWKH\HDU 21
At 30 September 2018 49 25 74
Net block
At 30 September 2018 17 17 34
Note:
L 7KH *URXS KDV HOHFWHG WR FRQWLQXH ZLWK WKH FDUU\LQJ YDOXH IRU DOO RI LWV LQWDQJLEOH DVVHWV DV UHFRJQLVHG LQ WKH
Sept 2018 6HSW
6 Trade receivables - Non - current (unsecured)
/RQJWHUPWUDGHUHFHLYDEOHV 758
2IZKLFK
FRQVLGHUHGJRRG 764
,PSDLUPHQW$OORZDQFH (6)
758
7 Loans - Non - current (unsecured, considered good)

/RDQWRHPSOR\HHV 18
/RDQVWRUHODWHGSDUWLHV5HIHUQRWHDQGEHORZ 5,290
5,308
/RDQVWRUHODWHGSDUWLHVDUHJLYHQIRUWKHSXUSRVHRIPHHWLQJWKHZRUNLQJFDSLWDOUHTXLUHPHQWVDQGIRUJHQHUDOFRUSRUDWH
SXUSRVHVVXFKDVDVVHWEDFNORDQVOHDVHV

Sept 2018 6HSW
8 2WKHUƊQDQFLDODVVHWV1RQFXUUHQW
6HFXULW\GHSRVLWV 289
%DQNGHSRVLWVZLWKPDWXULW\RIPRUHWKDQPRQWKV - *
([SRUW,QFHQWLYH 80
390
9 Income tax disclosure

(a) Income tax expense
Current tax:
&XUUHQW,QFRPHWD[FKDUJH 5,244
$GMXVWPHQWVLQUHVSHFWRISULRU\HDUV7UXHXS 47
Deferred tax
,QUHVSHFWRIFXUUHQW\HDURULJLQDWLRQDQGUHYHUVDORIWHPSRUDU\GLIIHUHQFHV (261)
,QUHVSHFWRISULRU\HDUV7UXHXS (47)
'HIHUUHGWD[DVVHWVQRWUHFRYHUDEOH 44
&KDQJHLQVWDWXWRU\WD[UDWH (24)
7RWDOWD[H[SHQVHUHFRJQLVHGLQ6WDWHPHQWRI3URƊWDQG/RVV 5,003
(b) Income Tax on Other Comprehensive Income
5HPHDVXUHPHQWVRIGHƉQHGEHQHƉWSODQV 33
)DLUYDOXHFKDQJHVRQGHULYDWLYHGHVLJQDWHGDVFDVKƋRZKHGJHUHVHUYH 4
Total tax expense recognised in Other Comprehensive Income 37
(c) 5HFRQFLOLDWLRQ RI WD[ H[SHQVH DQG WKH DFFRXQWLQJ SURƊW PXOWLSOLHG E\ ,QGLD·V GRPHVWLF WD[ UDWH IRU
30 September 2018 and 30 September 2017
3URƉW%HIRUHWD[ 14,015
2WKHU&RPSUHKHQVLYHLWHPV 106 115
Total 14,121
Tax at statutory average income tax rate 4,906
7D[HIIHFWRIH[SHQVHVWKDWDUHQRWGHGXFWLEOHIRUWD[SXUSRVHV
WD[HIIHFWRQORVVHVFDUULHGIRUZDUG 113
7D[HIIHFWRIDGGLWLRQDODOORZDQFHVIRUWD[SXUSRVHV -
7D[HIIHFWRI&DSLWDOJDLQ WD[SDLGDWORZHUUDWH -
7D[HIIHFWRIFKDQJHLQVWDWXWRU\UDWH (23)
'HIHUUHGWD[DVVHWVQRWUHFRYHUDEOH 44
Total (B) 134
At the effective income tax rate of 35.73% (2017: 32.10%) (A+B) 5,040
,QFRPHWD[UHSRUWHGLQVWDWHPHQWRISURƉWDQGORVV 5,003

,QFRPHWD[H[SHQVHRI2WKHU&RPSUHKHQVLYHLQFRPH 37
Total 5,040

9 Income tax disclosure &RQWLQXHG
(d) Movement of Deferred tax
Balance Sheet 3URƊW /RVV
Deferred tax assets
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHV 757 (101)
3URYLVLRQIRUORVVDOORZDQFH 417 91
3URYLVLRQVPDGHGLVDOORZHGDQGDOORZHGRQO\
on payment basis 1,545 69
3URYLVLRQIRU,QYHQWRU\DOORZDQFH 558 (6)
2WKHUWHPSRUDU\GLIIHUHQFHV 514 324
Less - Deferred tax liability

$FFHOHUDWHG'HSUHFLDWLRQIRUWD[SXUSRVHV (1,1 04) (91)
Deferred tax assets (net) 2,687 286
'HIHUUHG WD[ UHFRJQLVHG GLUHFWO\ LQ 2WKHU
&RPSUHKHQVLYHLQFRPH 10 (71)
Total Deferred tax as shown in Balance sheet
DQG3URƊWDQG/RVV 2,697 215
(e) Reconciliation of deferred tax assets, net Sept 2018 6HSW

Opening balance 2,482
7D[LQFRPHH[SHQVHGXULQJWKHSHULRGUHFRJQLVHGLQSURƉWRUORVV 286
7D[ LQFRPHH[SHQVH GXULQJ WKH SHULRG UHFRJQLVHG LQ 2WKHU FRPSUHKHQVLYH
income (71)
Deferred tax assets (net) 2,697
10 Income tax assets (net)

$GYDQFH SD\PHQWV RI LQFRPH WD[ >QHW RI SURYLVLRQ IRU WD[ ` `
LQFOXGLQJSD\PHQWVPDGHXQGHUSURWHVWRI``@ 6,372
6,372
11 Other non-current assets

Capital advances 134
%DODQFHVZLWKVWDWXWRU\JRYHUQPHQWDXWKRULWLHV>LQFOXGHVSD\PHQWVPDGHXQGHUSURWHVWRI
``@ 2,954
3UHSDLGOHDVH 62
2WKHUV 72
3,222

Sept 2018 6HSW
12 Inventories (valued at lower of cost and net realisable value)
5DZPDWHULDOV>LQFOXGHV*RRGVLQ7UDQVLW``@ 4,912
:RUNLQSURJUHVV 3,165
Finished goods 691
7UDGHGJRRGV>LQFOXGHV*RRGVLQ7UDQVLW``@ 2,736
11,504
13 Trade receivables - Current (unsecured)

7UDGHUHFHLYDEOHV 35,533
5HFHLYDEOHVIURPUHODWHGSDUWLHV5HIHUQRWH 2,822
38,355
2IZKLFK
ZKLFKKDYHVLJQLƉFDQWLQFUHDVHLQFUHGLWULVN 36
FUHGLWLPSDLUHG 1,011
38,355
,PSDLUPHQWDOORZDQFH (1,644)
36,711
L 7UDGHUHFHLYDEOHGRHVQRWFRQVLVWDQ\DPRXQWVGXHIURPGLUHFWRUVRURWKHURIƉFHUVRIWKH&RPSDQ\HLWKHUVHYHUDOO\
RU MRLQWO\ ZLWK DQ\ RWKHU SHUVRQ 1RU DQ\ WUDGH RU RWKHU UHFHLYDEOH DUH GXH IURP ƉUPV RU SULYDWH FRPSDQLHV
UHVSHFWLYHO\LQZKLFKDQ\GLUHFWRULVDSDUWQHUDGLUHFWRURUDPHPEHU
LL )RUWHUPVDQGFRQGLWLRQVUHODWLQJWRUHODWHGSDUW\UHFHLYDEOHVUHIHUQRWH
LLL 7UDGHUHFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGDUHJHQHUDOO\RQWHUPVRIWRGD\VRIFUHGLWSHULRG
14 Cash and cash equivalents (Refer note below)
Balances with banks

2QFXUUHQWDFFRXQWV 1,969
%DQNGHSRVLWVZLWKRULJLQDOPDWXULW\RIOHVVWKDQPRQWKV 23,528
Cash on hand 2
&KHTXHVGUDIWVRQKDQG 64
25,563
&KDQJHVLQOLDELOLWLHVDULVLQJIURPƊQDQFLQJDFWLYLWLHV
7KHFKDQJHVLQOLDELOLWLHVDULVLQJIURPƉQDQFLQJDFWLYLWLHVLVRQDFFRXQWRIFDVKƋRZFKDQJHVRQO\DQGWKHUHDUHQRQRQ
FDVKFKDQJHV
15 Other bank balances
%DQNGHSRVLWVZLWKUHPDLQLQJPDWXULW\RIOHVVWKDQPRQWKV 11,298
8QSDLGGLYLGHQGDFFRXQW5HIHUQRWHEHORZ 55
11,353
7KHEDODQFHLQXQSDLGGLYLGHQGLVXVHGRQO\IRUSD\PHQWRIGLYLGHQG

16 Loans - Current (unsecured, considered good) Sept 2018 6HSW
,QWHUFRUSRUDWHGHSRVLWVWRUHODWHGSDUWLHV5HIHUQRWHEHORZDQGQRWH 3,375
/RDQWRHPSOR\HHV 50
3,425
,QWHUFRUSRUDWHGHSRVLWWRUHODWHGSDUWLHVDUHJLYHQIRUWKHSXUSRVHRIPHHWLQJWKHZRUNLQJFDSLWDOUHTXLUHPHQWV
17 2WKHUƊQDQFLDODVVHWV&XUUHQW
6HFXULW\GHSRVLWV
FRQVLGHUHGJRRG 163
188
,PSDLUPHQWDOORZDQFH (25)
163
,QWHUHVWDFFUXHGRQLQWHUFRUSRUDWHGHSRVLWV 65
,QWHUHVWDFFUXHGRQEDQNGHSRVLWV 428
3URMHFWH[FHVVFRVWDQGXQELOOHGUHYHQXH
FRQVLGHUHGGRXEWIXO 181
15,171
,PSDLUPHQWDOORZDQFH (181)
14,990
([SRUWLQFHQWLYH*RYHUQPHQWJUDQW 1,045
2WKHUV 438
iii) Financial assets at fair value through Other Comprehensive Income

17,736
18 Other current assets

$GYDQFHWRVXSSOLHUV 821
3UHSDLGH[SHQVHV 84 51
%DODQFHVZLWKVWDWXWRU\JRYHUQPHQWDXWKRULWLHVQHW 2,981
2WKHUV 1
3,887

Sept 2018 6HSW
19 Share capital
Authorised
(TXLW\VKDUHVRI`HDFK(TXLW\VKDUHVRI` 2,000
each)
2,000
Issued
(TXLW\VKDUHVRI`HDFK(TXLW\VKDUHVRI`HDFK 714
Subscribed and fully paid-up

(TXLW\VKDUHVRI`HDFKIXOO\SDLGXS(TXLW\VKDUHV 712
RI`HDFKIXOO\SDLGXS
712
a) Shares held by holding company and subsidiary of holding company:

(TXLW\ VKDUHV RI ` HDFK IXOO\ SDLGXS DUH KHOG E\ WKH +ROGLQJ &RPSDQ\
6LHPHQV$**HUPDQ\
(TXLW\VKDUHVRI`HDFKIXOO\SDLGXSDUHKHOGE\6LHPHQV0HWDOV7HFKQRORJLHV
9HUP|JHQVYHUZDOWXQJV*PE+IRUPHUO\NQRZQDV6LHPHQV9$,0HWDOV7HFKQRORJLHV*PE+DVXEVLGLDU\RI
6LHPHQV$**HUPDQ\
b) Reconciliation of the number of shares outstanding at the beginning and at the end of the year:
Sept 2018 6HSW
Number Amount 1XPEHU Amount
6KDUHVRXWVWDQGLQJDWWKHEHJLQQLQJRIWKH\HDU 356,120,255 712
6KDUHVLVVXHGVXEVFULEHGGXULQJWKH\HDU - -
6KDUHVRXWVWDQGLQJDWWKHHQGRIWKH\HDU 356,120,255 712
c) Details of shareholders holding more than 5% shares in the Company as on 30 September:

Sept 2018 6HSW
Name of shareholder No. of shares % of Holding 1RRIVKDUHV RI+ROGLQJ
held held
6LHPHQV$NWLHQJHVHOOVFKDIW*HUPDQ\ 255,351,805
$VSHUUHFRUGVRIWKH&RPSDQ\LQFOXGLQJLWVUHJLVWHURIVKDUHKROGHUVPHPEHUVDQGRWKHUGHFODUDWLRQVUHFHLYHG
IURP VKDUHKROGHUV UHJDUGLQJ EHQHƉFLDO LQWHUHVW WKH DERYH VKDUHKROGLQJ UHSUHVHQWV ERWK OHJDO DQG EHQHƉFLDO
RZQHUVKLSVRIVKDUHV

19 Share capital &RQWLQXHG
d) Details of aggregate number of shares issued for consideration other than cash and bonus shares issued
GXULQJWKHSHULRGRIƊYH\HDUVLPPHGLDWHO\SUHFHGLQJ6HSWHPEHU
Equity shares allotted as Sept 2018 6HSW
)XOO\SDLGXSWRWKHVKDUHKROGHUVRI6LHPHQV9$,0HWDOV7HFKQRORJLHV3YW/WG69$,
LQDFFRUGDQFHZLWKWKHVFKHPHRIDPDOJDPDWLRQ 11,738,108
)XOO\SDLGXSWRWKHVKDUHKROGHUVRI6LHPHQV3RZHU(QJLQHHULQJ3YW/WG63(/LQ
DFFRUGDQFHZLWKWKHVFKHPHRIDPDOJDPDWLRQ 3,461,538
)XOO\SDLGXSWRWKHVKDUHKROGHUVRI:LQHUJ\'ULYH6\VWHPV,QGLD3YW/WG:LQHUJ\
LQDFFRUGDQFHZLWKWKHVFKHPHRIDPDOJDPDWLRQ 625,139
e) Terms / rights attached to equity shares
7KH3DUHQW&RPSDQ\KDVRQO\RQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRI`SHUVKDUH(DFKKROGHURIHTXLW\
VKDUHVLVHQWLWOHGWRRQHYRWHSHUVKDUH7KH3DUHQW&RPSDQ\GHFODUHVDQGSD\VGLYLGHQGVLQ,QGLDQUXSHHV
,QWKHHYHQWRIOLTXLGDWLRQRIWKH&RPSDQ\WKHKROGHURIHTXLW\VKDUHVZLOOEHHQWLWOHGWRUHFHLYHUHPDLQLQJDVVHWV
RIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLIDQ\7KHGLVWULEXWLRQZLOOEHLQSURSRUWLRQWRWKH
QXPEHURIHTXLW\VKDUHVKHOGE\WKHVKDUHKROGHUV
20 Other equity
Nature and purpose of reserve
D &DSLWDOUHVHUYHZDVFUHDWHGRQDFFRXQWRIPHUJHURIJURXSFRPSDQLHVLQHDUOLHU\HDUV
E $PDOJDPDWLRQUHVHUYHSHUWDLQVWRDPDOJDPDWLRQRI6LHPHQV9'2$XWRPRWLYH/LPLWHGLQ
F &DSLWDOUHGHPSWLRQUHVHUYHSHUWDLQVWRHQWLW\DFFRXQWHGDVEXVLQHVVFRPELQDWLRQXQGHUFRPPRQFRQWURO
G 6HFXULWLHVSUHPLXPDFFRXQWUHSUHVHQWVWKHVXUSOXVRISURFHHGVUHFHLYHGRYHUWKHIDFHYDOXHRIVKDUHVDWWKHWLPH
RILVVXHRIVKDUHV
H *HQHUDOUHVHUYHLVFUHDWHGRXWRISURƉWVHDUQHGE\WKH*URXSE\ZD\RIWUDQVIHUIURPVXUSOXVLQWKH6WDWHPHQWRI
3URƉWDQG/RVV7KH*URXSFDQXVHWKLVUHVHUYHIRUSD\PHQWRIGLYLGHQGDQGLVVXHRIIXOO\SDLGXSVKDUHV$V*HQHUDO
UHVHUYHLVFUHDWHGE\WUDQVIHURQRQHFRPSRQHQWRIHTXLW\WRDQRWKHUDQGLVQRWDQLWHPRIRWKHUFRPSUHKHQVLYH
LQFRPHLWHPVLQFOXGHGLQWKH*HQHUDOUHVHUYHZLOOQRWEHVXEVHTXHQWO\UHFODVVLƉHGWR6WDWHPHQWRI3URƉWDQG/RVV
I &DVKƋRZKHGJHUHVHUYHUHSUHVHQWVPDUNWRPDUNHWYDOXDWLRQRIHIIHFWLYHKHGJHVDVUHTXLUHGE\,QG$6
J 5HWDLQHG HDUQLQJV DUH WKH SURƉWV WKDW WKH *URXS KDV HDUQHG WLOO GDWH OHVV DQ\ WUDQVIHUV WR *HQHUDO UHVHUYH DQG
SD\PHQWRIGLYLGHQG
7KHDERYHUHVHUYHVZLOOEHXWLOLVHGLQDFFRUGDQFHZLWKWKHSURYLVLRQRIWKH&RPSDQLHV$FW

Sept 2018 6HSW
21 Dividend distribution made and proposed
Cash dividend on equity shares declared and paid:
)LQDOGLYLGHQGIRUWKH\HDUHQGHG`SHUVKDUH` SHUVKDUH 2,493
'LYLGHQGGLVWULEXWLRQWD[RQƉQDOGLYLGHQG 507
3,000
Proposed dividend on equity shares:
)LQDOFDVKGLYLGHQGIRUWKH\HDUHQGHG`SHUVKDUH`SHUVKDUH 2,493
'LYLGHQGGLVWULEXWLRQWD[RQSURSRVHGGLYLGHQG 512
3,005
22 2WKHUƊQDQFLDOOLDELOLWLHV1RQFXUUHQW
6HFXULW\GHSRVLWV 79
/LDELOLWLHVUHODWHGWRVKDUHEDVHGSD\PHQWV5HIHUQRWH 328
458
23 Long-term provisions
3HQVLRQ5HIHUQRWH 120
/HDYHZDJHV 669
6LOYHUMXELOHHDQGVWDUDZDUGV 480
2,128
b) Others
2WKHUPDWWHUV5HIHUQRWH 25
25
2,153
24 Other non-current liabilities

/RQJWHUPHPSOR\HHLQFHQWLYHVEHQHƉWV -
2WKHUV 146
146

Sept 2018 6HSW
25 2WKHUƊQDQFLDOOLDELOLWLHV&XUUHQW
6HFXULW\GHSRVLWV 157
Unclaimed dividend 55
/LDELOLW\IRUFDSLWDOJRRGV 420
2WKHUV 2,050
'HULYDWLYHFRQWUDFWV 1,214
/LDELOLWLHVUHODWHGWRVKDUHEDVHGSD\PHQWV5HIHUQRWH 154
iii) Financial liabilities at fair value through Other Comprehensive Income
4,057
26 Short-term provisions
3HQVLRQ5HIHUQRWH 32
/HDYHZDJHV 67
*UDWXLW\5HIHUQRWH 562
6LOYHUMXELOHHDQGVWDUDZDUGV 33
5HWHQWLRQERQXV -
757
b) Others
:DUUDQW\5HIHUQRWHV 2,789
/RVVRUGHU5HIHUQRWHV 1,199
/LTXLGDWHGGDPDJHV5HIHUQRWHV 1,056
2WKHUPDWWHUV5HIHUQRWHV 3,080
8,124
8,881
27 Current Tax liabilities

3URYLVLRQIRUWD[>QHWRIDGYDQFHWD[``@ 1,194

Sept 2018 6HSW
28 Other current liabilities
$GYDQFHVIURPFXVWRPHUV 8,159
%LOOLQJLQH[FHVVDGYDQFHELOOLQJV 3,742
$FFUXHGVDODULHVDQGEHQHƉWV 392
,QWHUHVWDFFUXHGDQGGXH 153
2WKHUOLDELOLWLHV
:LWKKROGLQJDQGRWKHUWD[HVSD\DEOH 182
2WKHUV 273
12,901
29 Revenue from operations (gross) (Refer note 54)
6DOHRISURGXFWV 69,292

5HYHQXHIURPSURMHFWV 42,004
6DOHRIVHUYLFHV 12,111
Commission income 233
123,640
2WKHURSHUDWLQJUHYHQXH
([SRUWLQFHQWLYHV5HIHU1RWH 1,658
5HFRYHULHVIURPJURXSFRPSDQLHV 1,587
5HQWDOLQFRPH 655
/LDELOLWLHVZULWWHQEDFN 136
2WKHUV 277
4,313
127,953
30 Other income
,QWHUHVWLQFRPH 2,774
3URƉWRQVDOHRIDVVHWVQHW 10
2WKHUV 17
2,801
31 Project bought outs and other direct costs

6SDUHVDQGVWRUHVFRQVXPHG 328
3URMHFWERXJKWRXWV 24,470
2WKHUGLUHFWFRVWV 4,406
29,204
,QFOXGHGLQRWKHUGLUHFWFRVWVFKDQJHLQH[FLVHGXW\RQFORVLQJVWRFNRIƉQLVKHGJRRGV -

Sept 2018 6HSW
32 (PSOR\HHEHQHƊWVH[SHQVH
6DODULHVZDJHVDQGERQXVQHW 12,579
&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV 1,018
6KDUHEDVHGSD\PHQWVWRHPSOR\HHV 284
6WDIIZHOIDUHH[SHQVHV 692
14,573
33 Finance costs
,QWHUHVW2WKHUV 82
82
34 Other expenses
([FKDQJHORVVJDLQVQHW 1,191
7UDYHODQGFRQYH\DQFH 1,248
6RIWZDUHOLFHQVHIHHVDQGRWKHULQIRUPDWLRQWHFKQRORJ\UHODWHGFRVWV 1,597
5DWHVDQGWD[HV 629
Communications 284
3DFNLQJDQGIRUZDUGLQJ 1,689
3RZHUDQGIXHO 539
,QVXUDQFH 318
5HQW 777
5HSDLUV
RQEXLOGLQJ 205
RQPDFKLQHU\ 740
RWKHUV 239
/HJDODQGSURIHVVLRQDO>LQFOXGHVDXGLWRUV
UHPXQHUDWLRQ5HIHUQRWH@ 1,545
$GYHUWLVLQJDQGSXEOLFLW\ 238
2IƉFHVXSSOLHVSULQWLQJDQGVWDWLRQHU\ 93
5HVHDUFKDQGGHYHORSPHQWH[SHQGLWXUH 147
%DQNJXDUDQWHHFRPPLVVLRQEDQNFKDUJHV 274
&RPPLVVLRQWRGLUHFWRUV 16 15
'LUHFWRUV
IHHV 3
%DGGHEWV>QHWRIUHYHUVDORISURYLVLRQIRUGRXEWIXOGHEWVRI``@ 101
&65H[SHQGLWXUH 195
3URYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHVQHW 257
/RVVRQVDOHRISURSHUW\SODQWDQGHTXLSPHQWQHW -
0LVFHOODQHRXVH[SHQVHV 1,506
13,831
,QFOXGHVDPRXQWWUDQVIHUUHGIURPFDVKƋRZKHGJHUHVHUYHWRH[FKDQJHORVVJDLQVDPRXQWLQJWR``

Sept 2018 6HSW
35 Commitments and contingent liabilities
(a) Commitments
(VWLPDWHGDPRXQWRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQW
DQGQRWSURYLGHGIRUQHWRIDGYDQFHV 638
)RUFRPPLWPHQWVUHODWLQJWROHDVHDUUDQJHPHQWV5HIHUQRWH
(b) Contingent liabilities (to the extent not provided for)

,QFRPHWD[H[FOXGLQJLQWHUHVW 5,075
([FLVHVHUYLFHWD[DQGVDOHVWD[OLDELOLWLHVXQGHUGLVSXWH 10,191
&XVWRPVOLDELOLWLHVXQGHUGLVSXWH 120
Claims against the Company not acknowledged as debts 262
,QUHVSHFWRIDERYHFRQWLQJHQWOLDELOLWLHVWKHIXWXUHFDVKRXWƋRZVDUHGHWHUPLQDEOHRQO\RQUHFHLSWRIMXGJHPHQWV
SHQGLQJDWYDULRXVIRUXPVDXWKRULWLHV
7KH *URXS KDV DVVHVVHG WKDW LW LV RQO\ SRVVLEOH EXW QRW SUREDEOH WKDW RXWƋRZ RI HFRQRPLF UHVRXUFHV ZLOO EH
UHTXLUHG
36 Auditors' remuneration (for audit services exclusive of service tax / GST)
$VDXGLWRU
$XGLWIHHV 22
7D[DXGLWIHHV 6
,QRWKHUFDSDFLW\
2WKHUDXGLWUHODWHGVHUYLFHV 16
5HLPEXUVHPHQWRIH[SHQVHV 4
48
37 Disclosure relating to Provisions

3URYLVLRQIRUZDUUDQW\
:DUUDQW\FRVWVDUHSURYLGHGEDVHGRQDWHFKQLFDOHVWLPDWHRIWKHFRVWVUHTXLUHGWREHLQFXUUHGIRUUHSDLUVUHSODFHPHQW
PDWHULDO FRVW VHUYLFLQJ DQG SDVW H[SHULHQFH LQ UHVSHFW RI ZDUUDQW\ FRVWV ,W LV H[SHFWHG WKDW WKLV H[SHQGLWXUH ZLOO EH
LQFXUUHGRYHUWKHFRQWUDFWXDOZDUUDQW\SHULRG
3URYLVLRQIRUOLTXLGDWHGGDPDJHV
/LTXLGDWHGGDPDJHVDUHSURYLGHGEDVHGRQFRQWUDFWXDOWHUPVZKHQWKHGHOLYHU\FRPPLVVLRQLQJGDWHVRIDQLQGLYLGXDO
SURMHFW KDYH H[FHHGHG RU DUH OLNHO\ WR H[FHHG WKH GHOLYHU\ FRPPLVVLRQLQJ GDWHV DV SHU WKH UHVSHFWLYH FRQWUDFWV 7KLV
H[SHQGLWXUH LV H[SHFWHG WR EH LQFXUUHG RYHU WKH UHVSHFWLYH FRQWUDFWXDO WHUPV XSWR FORVXUH RI WKH FRQWUDFW LQFOXGLQJ
ZDUUDQW\SHULRG
3URYLVLRQIRUORVVRUGHUV
$ SURYLVLRQ IRU H[SHFWHG ORVV RQ FRQVWUXFWLRQ FRQWUDFWV LV UHFRJQLVHG ZKHQ LW LV SUREDEOH WKDW WKH FRQWUDFW FRVWV ZLOO
H[FHHG WRWDO FRQWUDFW UHYHQXH )RU DOO RWKHU FRQWUDFWV ORVV RUGHU SURYLVLRQV DUH PDGH ZKHQ WKH XQDYRLGDEOH FRVWV RI
PHHWLQJWKHREOLJDWLRQXQGHUWKHFRQWUDFWH[FHHGWKHFXUUHQWO\HVWLPDWHGHFRQRPLFEHQHƉWV
3URYLVLRQIRURWKHUPDWWHUV
7KH*URXSKDVPDGHSURYLVLRQVIRUNQRZQFRQWUDFWXDOULVNVOLWLJDWLRQFDVHVDQGSHQGLQJDVVHVVPHQWVLQUHVSHFWRIWD[HV
GXWLHVDQGRWKHUOHYLHVWKHRXWƋRZRIZKLFKZRXOGGHSHQGRQWKHFHVVDWLRQRIWKHUHVSHFWLYHHYHQWV

37 Disclosure relating to Provisions &RQWLQXHG
7KHPRYHPHQWVLQWKHDERYHSURYLVLRQVDUHVXPPDULVHGEHORZ
Warranty Liquidated damages Loss orders Other matters

Sept 2018 6HSW Sept 2018 6HSW Sept 2018 6HSW Sept 2018 6HSW
%DODQFHDVDW
2FWREHU 2,788 1,050 892 2,521
3URYLVLRQV
&UHDWHG 949 483 1,191 1,234
8WLOLVHG (316) (218) (742) (267)
5HYHUVHG (632) (258) (142) (383)
%DODQFHDVDW
6HSWHPEHU 2,789 1,057 1,199 3,105
&XUUHQW 2,789 1,057 1,199 3,080
1RQFXUUHQW - - - 25
Sept 2018 6HSW

38 Disclosure pursuant to Indian Accounting Standard - 11 ‘Construction Contracts’ :
L &RQWUDFWUHYHQXHUHFRJQLVHGIRUWKH\HDUHQGHG6HSWHPEHU 42,004

LL $JJUHJDWHDPRXQWRIFRQWUDFWFRVWVLQFXUUHGDQGUHFRJQLVHGSURƉWV
OHVVUHFRJQLVHGORVVHVIRUDOOFRQWUDFWVLQSURJUHVVDVDW6HSWHPEHU 114,598
LLL $PRXQWRIDGYDQFHVUHFHLYHG 6,486
LY $PRXQWRIUHWHQWLRQV 5,893
Y $PRXQWVGXHIURPFXVWRPHUV 13,972
YL $PRXQWVGXHWRFXVWRPHUV 3,113
39 Disclosure pursuant to Indian Accounting Standard - 17 'Leases' :
a) Where the Company is the lessee:

/HDVHSD\PHQWVRQQRQFDQFHOODEOHOHDVHDUUDQJHPHQWGHELWHGWRWKHVWDWHPHQWRISURƉWDQGORVVDQGWKHIXWXUH
OHDVHSD\PHQWVLQUHVSHFWRIQRQFDQFHOODEOHRSHUDWLQJOHDVHDUHVXPPDULVHGEHORZ
Sept 2018 6HSW
LLL /DWHUWKDQƉYH\HDUV - 5
770
/HDVHUHQWGHELWHGWRWKHVWDWHPHQWRISURƉWDQGORVV``
6XEOHDVHSD\PHQWVUHFRJQLVHGLQWKHVWDWHPHQWRISURƉWDQGORVV``

39 Disclosure pursuant to Indian Accounting Standard - 17 'Leases' &RQWLQXHG
a) Where the Company is the lessee: &RQWLQXHG
7KHIXWXUHVXEOHDVHSD\PHQWVH[SHFWHGWREHUHFHLYHGXQGHUQRQFDQFHOODEOHVXEOHDVHDVDW6HSWHPEHU
DUHDVIROORZV
Sept 2018 6HSW
687
L 7KH &RPSDQ\ KDV HQWHUHG LQWR RSHUDWLQJ OHDVH DUUDQJHPHQWV IRU LWV RIƉFH SUHPLVHV VWRUDJH ORFDWLRQV
PDFKLQHU\UHVLGHQWLDOSUHPLVHVFRPSXWHUHTXLSPHQWDQGPRWRUFDUVIRULWVHPSOR\HHV
LL 7KHIXWXUHOHDVHUHQWDOSD\PHQWVDUHGHWHUPLQHGRQWKHEDVLVRIWKHPRQWKO\OHDVHSD\PHQWWHUPVDVSHU
WKHDJUHHPHQWV
LLL $WWKHH[SLU\RIWKHQRQFDQFHOODEOHOHDVHSHULRGWKHRSWLRQRIUHQHZDOUHVWVZLWKWKH&RPSDQ\
LY 6RPHRIWKHOHDVHDJUHHPHQWVKDYHHVFDODWLRQFODXVHUDQJLQJIURPWRSD7KHUHDUHQRH[FHSWLRQDO
UHVWULFWLYHFRYHQDQWVLQWKHOHDVHDJUHHPHQWV
b) Where the Company is the lessor:

/HDVHLQFRPHIURPQRQFDQFHOODEOHOHDVHDUUDQJHPHQWFUHGLWHGWRWKHVWDWHPHQWRISURƉWDQGORVVDQGWKHIXWXUH
OHDVHLQFRPHLQUHVSHFWRIQRQFDQFHOODEOHRSHUDWLQJOHDVHDUHVXPPDULVHGEHORZ
Sept 2018 6HSW
687
/HDVHLQFRPHUHFRJQLVHGGXULQJWKH\HDULQVWDWHPHQWRISURƉWDQGORVV``
L 7KH &RPSDQ\ KDV HQWHUHG LQWR RSHUDWLQJ OHDVH DUUDQJHPHQWV RI LWV IDFWRU\ SUHPLVHV RIƉFH SUHPLVHV
PDFKLQHU\DQGUHVLGHQWLDOSUHPLVHV
LL 7KHIXWXUHOHDVHUHQWDOLQFRPHLVGHWHUPLQHGRQWKHEDVLVRIWKHPRQWKO\OHDVHWHUPVDVSHUWKHDJUHHPHQWV
LLL $WWKHH[SLU\RIWKHQRQFDQFHOODEOHOHDVHSHULRGWKHRSWLRQRIUHQHZDOUHVWVZLWKERWKSDUWLHV
LY 7KH OHDVH DJUHHPHQWV KDYH HVFDODWLRQ FODXVH RI WR SD 7KHUH DUH QR H[FHSWLRQDO UHVWULFWLYH
FRYHQDQWVLQWKHOHDVHDJUHHPHQWV

40 (i) Information about business segments
Revenue Results
External revenue Inter segmental Total
revenue
2018 2018 2018 2018
3RZHUDQG*DV 15,432 41 15,473 2,460
(QHUJ\0DQDJHPHQW 52,905 1,723 54,628 4,203
%XLOGLQJ7HFKQRORJLHV 4,913 269 151 5,182 444
0RELOLW\5HIHUQRWH 10,516 - 10,516 1,087
'LJLWDO)DFWRU\ 23,261 1,087 24,348 1,962
3URFHVV,QGXVWULHVDQG 19,540 2,586 22,126 769
'ULYHV5HIHUQRWH
2WKHUV 1,386 - 1,386 371
Eliminations - (5,706) (5,706) -
Total 127,953 - 127,953 11,296
/HVV,QWHUHVWH[SHQVHV 82
$GG,QWHUHVWLQFRPH 2,774
$GG2WKHU,QFRPH 27
3URƊWEHIRUHH[FHSWLRQDO 14,015
items and tax
([FHSWLRQDOLWHPV -
UHIHUQRWH
,QFRPHWD[ (5,291)
'HIHUUHGWD[ 288
3URƊWDIWHUWD[ 9,012
Total 127,953 - 127,953 9,012

40 (i) Information about business segments &RQWLQXHG
Assets Liabilities Capital Non-cash expenditure

Expenditure Depreciation & Others
amortisation
/ Impairment
(Refer note 3, 4
& 5)
2018 2018 2018 2018 2018
3RZHUDQG*DV 9,587 9,246 184 226 237
(QHUJ\
Management 41,906 23,484 521 881 899
%XLOGLQJ
Technologies 2,374 2,161 16 45 111
0RELOLW\5HIHU
QRWH 8,259 6,378 25 55 (5)
'LJLWDO)DFWRU\ 7,857 5,654 211 248 232
3URFHVV
,QGXVWULHVDQG
'ULYHV5HIHU
QRWH 12,903 8,190 304 410 101
2WKHUV 3,138 1,042 187 112 -
86,024 56,155 1,448 1,977 1,575
Unallocated
FRUSRUDWHLWHPV 57,339 4,219 113 - -
Total 143,363 60,374 1,561 1,977 1,575
40 (ii) Information about geographical areas
Revenue based on location of Non-Current assets

customers
2018 2018
Within India 101,308 23,749
Outside India 26,645 -
Total 127,953 23,749

40 (iii) Revenue from major customers:
'XULQJFXUUHQW\HDUUHYHQXHIURPRQHRIWKHFXVWRPHULVPRUHWKDQRIWKHWRWDOUHYHQXH7KHVDPHLVIRUPLQJ
SDUWRI(QHUJ\0DQDJHPHQW%XLOGLQJ7HFKQRORJLHV'LJLWDO)DFWRU\DQG3URFHVV,QGXVWULHVDQG'ULYHVVHJPHQW
(iv) Other disclosures :
7KH &KLHI 2SHUDWLQJ 'HFLVLRQ 0DNHU ´&2'0µ HYDOXDWHV WKH *URXS·V SHUIRUPDQFH DQG DOORFDWHV UHVRXUFHV
EDVHGRQDQDQDO\VLVRIYDULRXVSHUIRUPDQFHLQGLFDWRUVE\RSHUDWLQJVHJPHQWV7KH&2'0UHYLHZVUHYHQXH
DQGSURƉWIURPRSHUDWLRQVDVWKHSHUIRUPDQFHLQGLFDWRUIRUDOORIWKHRSHUDWLQJVHJPHQWV7KH&KLHI([HFXWLYH
2IƉFHU&KLHI)LQDQFLDO2IƉFHUDQG'LYLVLRQ&(2 &)2·VDUHWKH&2'0RIWKH&RPSDQ\
,QWHUVHJPHQWSULFHVDUHQRUPDOO\QHJRWLDWHGDPRQJVWWKHVHJPHQWVZLWKUHIHUHQFHWRWKHFRVWVPDUNHWSULFH
DQGEXVLQHVVULVNV7UDQVIHUSULFHVEHWZHHQRSHUDWLQJVHJPHQWVDUHRQDUP·VOHQJWKEDVLVLQDPDQQHUVLPLODU
WRWKHWUDQVDFWLRQVZLWKWKLUGSDUWLHV
1RRSHUDWLQJVHJPHQWVKDYHEHHQDJJUHJDWHGWRIRUPWKHDERYHUHSRUWDEOHRSHUDWLQJVHJPHQWV
)LQDQFHLQFRPHDQGFRVWVDUHQRWDOORFDWHGWRLQGLYLGXDOVHJPHQWVDVWKHXQGHUO\LQJLQVWUXPHQWVDUHPDQDJHG
RQDJURXSEDVLV
&XUUHQWWD[HVGHIHUUHGWD[HVDQGFHUWDLQƉQDQFLDODVVHWVDQGOLDELOLWLHVDUHQRWDOORFDWHGWRWKRVHVHJPHQWVDV
WKH\DUHDOVRPDQDJHGRQDJURXSEDVLV
&DSLWDOH[SHQGLWXUHFRQVLVWVRIDGGLWLRQVRISURSHUW\SODQWDQGHTXLSPHQWLQWDQJLEOHDVVHWVDQGLQYHVWPHQW
SURSHUWLHVLQFOXGLQJDVVHWVIURPWKHDFTXLVLWLRQRIVXEVLGLDULHV
3URƉWVORVVHVRQLQWHUVHJPHQWWUDQVIHUVDUHHOLPLQDWHGDWWKH*URXSOHYHO
(v) Segment information :

Business Segments:7KHEXVLQHVVRIWKH*URXSLVGLYLGHGLQWRVHYHQVHJPHQWV7KHVHVHJPHQWVDUHWKHEDVLVIRU
PDQDJHPHQWFRQWURODQGKHQFHIRUPWKHEDVLVIRUUHSRUWLQJ7KHEXVLQHVVRIHDFKVHJPHQWFRPSULVHVRI
Power and Gas :- 3URYLGHVSURGXFWVDQGVROXWLRQVIRUJHQHUDWLRQRIHOHFWULFLW\IURPIRVVLODQGUHQHZDEOHIXHOV
IRUXWLOLWLHVLQGHSHQGHQWSRZHUSURGXFHUVDQGHQJLQHHULQJSURFXUHPHQWDQGFRQVWUXFWLRQ(3&FRPSDQLHV
DQGWKHUHOLDEOHWUDQVSRUWRIRLODQGQDWXUDOJDV
Energy Management :-6XSSOLHURISURGXFWVV\VWHPVVROXWLRQVDQGVHUYLFHVIRUWUDQVPLVVLRQDQGGLVWULEXWLRQ
RIHOHFWULFDOHQHUJ\IRUSRZHUXWLOLWLHVDQGLQGXVWULDOFRPSDQLHV3RUWIROLRUDQJHVIURPV\VWHPVIRUORZYROWDJH
JULGV DQG GLVWULEXWLRQ JULGV WR VROXWLRQV IRU VPDUW JULGV DQG HQHUJ\ DXWRPDWLRQ V\VWHPV WR SRZHU VXSSO\
V\VWHPVIRULQGXVWULDOSODQWVDQGKLJKYROWDJHWUDQVPLVVLRQV\VWHPV
Building Technologies :-3URYLGHURIVDIHVHFXUHHQHUJ\HIƉFLHQWDQGHFRIULHQGO\EXLOGLQJLQIUDVWUXFWXUHV
$VDWHFKQRORJ\SDUWQHUFRQVXOWDQWVHUYLFHSURYLGHUV\VWHPVLQWHJUDWRUDQGSURGXFWYHQGRURIIHULQJVUDQJH
IURPƉUHVDIHW\VHFXULW\EXLOGLQJDXWRPDWLRQKHDWLQJYHQWLODWLRQDLUFRQGLWLRQLQJDQGHQHUJ\PDQDJHPHQW
Mobility :- 6XSSOLHU RI VROXWLRQV IRU SDVVHQJHU DQG IUHLJKW WUDQVSRUWDWLRQƔLQFOXGLQJ UDLO YHKLFOHV UDLO
DXWRPDWLRQV\VWHPVUDLOHOHFWULƉFDWLRQV\VWHPVURDGWUDIƉFWHFKQRORJ\DQG,7VROXWLRQV
Digital Factory :- &RQWDLQV SRUWIROLR RI OHDGLQJ HGJH VRIWZDUH VROXWLRQV DQG DXWRPDWLRQ WHFKQRORJLHV
FRYHULQJWKHFRPSOHWHOLIHF\FOHIURPSURGXFWGHVLJQDQGSURGXFWLRQH[HFXWLRQWRVHUYLFHVIRUPDQXIDFWXULQJ
FRPSDQLHV
Process Industries and Drives :-3URYLGHVSURGXFWVV\VWHPVVROXWLRQVDQGVHUYLFHVDFURVVHQWLUHOLIHF\FOHV
IRUDOOLQGXVWU\VHFWRUV
Others :-6HUYLFHVSURYLGHGWRRWKHUJURXSFRPSDQLHVDQGOHDVHUHQWDOVKDYHEHHQFODVVLƉHGDV´2WKHUVµ
Geographical areas:7KHEXVLQHVVLVRUJDQLVHGLQWZRJHRJUDSKLFDODUHDVLHZLWKLQ,QGLDDQGRXWVLGH,QGLD
Allocation of common costs
&RPPRQDOORFDEOHFRVWVDUHDOORFDWHGWRHDFKVHJPHQWDFFRUGLQJWRWKHUHODWLYHFRQWULEXWLRQRIHDFKVHJPHQWWR
WKHWRWDOFRPPRQFRVWV
Unallocated corporate items
8QDOORFDWHGLWHPVLQFOXGHJHQHUDOFRUSRUDWHLWHPVZKLFKDUHQRWDOORFDWHGWRDQ\EXVLQHVVVHJPHQW

41 Related party transactions
41.1 Parties where control exists

Siemens AG Holding company
41.2 Other related parties where transactions have taken place during the year

Siemens Spa $OJHULD
6LHPHQV6$ Angola
6LHPHQV6$ $UJHQWLQD
6LHPHQV/WG $XVWUDOLD
6LHPHQV5DLO$XWRPDWLRQ3W\/WG $XVWUDOLD
)OHQGHU3W\/WG $XVWUDOLD
-5%(QJLQHHULQJ3W\/WG $XVWUDOLD
6LHPHQV$NWLHQJHVHOOVFKDIWgVWHUUHLFK $XVWULD
6LHPHQV$*gVWHUUHLFK7UDQVIRUPHUV $XVWULD
)OHQGHU*PE+ $XVWULD
7UHQFK$XVWULD*PE+ $XVWULD
6LHPHQV0HWDOV7HFKQRORJLHV9HUP|JHQVYHUZDOWXQJV*PE+ $XVWULD
(70SURIHVVLRQDOFRQWURO*PE+ $XVWULD
6LHPHQV0RELOLW\*PE+3ODQW5DLO6\VWHPV $XVWULD
6LHPHQV&RQYHUJHQFH&UHDWRUV*PE+XSWR $XVWULD
6LHPHQV:// %DKUDLQ
6LHPHQV%DQJODGHVK/WG %DQJODGHVK
6LHPHQV+HDOWKFDUH/WG %DQJODGHVK
6LHPHQV6$19 %HOJLXP
6LHPHQV0RELOLW\6$19 %HOJLXP
6LHPHQV+HDOWKFDUH6$19 %HOJLXP
6LHPHQV/WGD %UD]LO
6LHPHQV(OHWURHOHWURQLFD/WGD %UD]LO
6LHPHQV3WH/WG%UXQHL%UDQFK %UXQHL
6LHPHQV&DQDGD/WG Canada
6LHPHQV&DQDGD/WG5XJJHG&RP Canada
6LHPHQV&DQDGD/WG3URFHVV,QVWUXPHQWV%XVLQHVV8QLW Canada
7UHQFK/WG Canada
6LHPHQV+HDOWKFDUH'LDJQRVWLFV0DQXIDFWXULQJ/WG Cayman Islands
6LHPHQV6$ Chile
6LHPHQV3RZHU$XWRPDWLRQ/WG China
6LHPHQV(OHFWULFDO$SSDUDWXV/WG6X]KRX China
6LHPHQV6ZLWFKJHDU/WG6KDQJKDL China
6LHPHQV/WG&KLQD China
)OHQGHU/WG&KLQD China

6LHPHQV)DFWRU\$XWRPDWLRQ(QJLQHHULQJ/WG China
6LHPHQV+LJK9ROWDJH6ZLWFKJHDU&R/WG6KDQJKDL China
6LHPHQV&LUFXLW3URWHFWLRQ6\VWHPV/WG6KDQJKDL China
6LHPHQV(OHFWULFDO'ULYHV/WG China
6LHPHQV+LJK9ROWDJH&LUFXLW%UHDNHU&R/WG+DQJ]KRX China
6LHPHQV1XPHULFDO&RQWURO/WG1DQMLQJ China
6LHPHQV(OHFWULFDO'ULYHV6KDQJKDL/WG China
6LHPHQV3RZHU3ODQW$XWRPDWLRQ/WG China
7UHQFK+LJK9ROWDJH3URGXFWV/WG6KHQ\DQJ China
<DQJW]H'HOWD0DQXIDFWXULQJ&R/WG+DQJ]KRX China
6LHPHQV0HGLXP9ROWDJH6ZLWFKLQJ7HFKQRORJLHV:X[L/WG China
%HLMLQJ6LHPHQV&HUEHUXV(OHFWURQLFV/WG China
6LHPHQV6KDQJKDL0HGLFDO(TXLSPHQW/WG China
6LHPHQV7UDQVIRUPHU*XDQJ]KRX&R/WG China
6LHPHQV,QWHUQDWLRQDO7UDGLQJ/WG6KDQJKDL China
6LHPHQV,QGXVWULDO$XWRPDWLRQ3URGXFWV/WG&KHQJGX China
6LHPHQV+HDOWKFDUH'LDJQRVWLFV6KDQJKDL&R/WG China
6LHPHQV:LULQJ$FFHVVRULHV6KDQGRQJ/WG China
6LHPHQV6KHQ]KHQ0DJQHWLF5HVRQDQFH/WG China
0:%6KDQJKDL&R/WG China
6LHPHQV,QGXVWU\6RIWZDUH6KDQJKDL&R/WG China
6LHPHQV,QGXVWULDO7XUERPDFKLQHU\+XOXGDR&R/WG China
6LHPHQV6$ Colombia
6LHPHQV6$ &RVWD5LFD
.RQFDU(QHUJHWVNL7UDQVIRUPDWRULGRR &URDWLD
6LHPHQVVUR &]HFK5HSXEOLF
6LHPHQVVURRGVWHSQ\]DYRG,QGXVWULDO7XUERPDFKLQHU\ &]HFK5HSXEOLF
6LHPHQV(OHFWULF0DFKLQHVVUR &]HFK5HSXEOLF
2(=VUR &]HFK5HSXEOLF
6LHPHQV*DPHVD5HQHZDEOH(QHUJ\$6 'HQPDUN
6LHPHQV$6 'HQPDUN
6LHPHQV65/ 'RPLQLFDQ
5HSXEOLF
6LHPHQV7HFKQRORJLHV6$( Egypt
6LHPHQV6$ (O6DOYDGRU
6LHPHQV2VDNH\KWL| Finland
Siemens SAS )UDQFH
7UHQFK)UDQFH6$6 )UDQFH
)OHQGHU*UDIIHQVWDGHQ6$6 )UDQFH

6LHPHQV 6$6 'LYLVLRQ SURGXFWLRQ 3URFHVV $XWRPDWLRQ 8VLQH GH )UDQFH
Haguenau
6LHPHQV,QGXVWU\6RIWZDUH6$6 )UDQFH
Siemens Mobility SAS )UDQFH
6LHPHQV&RPSUHVVRU6\VWHPV*PE+ *HUPDQ\
)OHQGHU,QGXVWULHJHWULHEH*PE+ *HUPDQ\
6LHPHQV+HDW7UDQVIHU7HFKQRORJ\%91LHGHUODVVXQJ'HXWVFKODQG *HUPDQ\
)OHQGHU*PE+ *HUPDQ\
Siemens Mobility GmbH *HUPDQ\
6LHPHQV0RELOLW\*PE+G$5( *HUPDQ\
6<.$7(&6\VWHPH.RPSRQHQWHQ$QZHQGXQJVWHFKQRORJLH*PE+ *HUPDQ\
Weiss Spindeltechnologie GmbH *HUPDQ\
6LHPHQV+HDOWKFDUH'LDJQRVWLFV+ROGLQJ*PE+ *HUPDQ\
7UHQFK*HUPDQ\*PE+ *HUPDQ\
6LHPHQV%DQN*PE+ *HUPDQ\
+63+RFKVSDQQXQJVJHUlWH*PE+ *HUPDQ\
6LHPHQV+HDOWKFDUH*PE+ *HUPDQ\
6LHPHQV,QGXVWU\6RIWZDUH*PE+ *HUPDQ\
6LHPHQV)LQDQFLDO6HUYLFHV*PE+ *HUPDQ\
6LHPHQV+HDOWKFDUH'LDJQRVWLFV3URGXFWV*PE+ *HUPDQ\
6LHPHQV%HWHLOLJXQJHQ,QODQG*PE+ *HUPDQ\
HYRVRIW*PE+ *HUPDQ\
6LHPHQV3RZHU&RQWURO*PE+ *HUPDQ\
6LHPHQV3URMHFW9HQWXUHV*PE+ *HUPDQ\
6LHPHQV7XUERPDFKLQHU\(TXLSPHQW*PE+XSWR *HUPDQ\
6LHPHQV6$ Guatemala
6LHPHQV/WG Hongkong
6LHPHQV,QGXVWU\6RIWZDUH/WG Hongkong
6LHPHQV0RELOLW\.IW +XQJDU\
6LHPHQV=UW +XQJDU\
6LHPHQV=UW3ODQW3*68%XGDSHVW +XQJDU\
6LHPHQV3RVWDO3DUFHO $LUSRUW/RJLVWLFV3YW/WG India
6LHPHQV)LQDQFLDO6HUYLFHV3YW/WG India
6LHPHQV7HFKQRORJ\DQG6HUYLFHV3YW/WG India
6LHPHQV,QGXVWU\6RIWZDUH,QGLD3YW/WG India
6LHPHQV+HDOWKFDUH3YW/WG India
'UHVVHU5DQG,QGLD3YW/WG India
6LHPHQV*DPHVD5HQHZDEOH(QHUJ\(QJLQHHULQJ&HQWUH3YW/WG India
0HQWRU*UDSKLFV,QGLD3YW/WG India

6LHPHQV,QGXVWU\6RIWZDUH&RPSXWDWLRQDO'\QDPLFV,QGLD3YW/WG India
6LHPHQV)DFWRULQJ3YW/WG India
3(71(75DGLRSKDUPDFHXWLFDO6ROXWLRQV3YW/WG India
3UHDFWRU6RIWZDUH,QGLD3YW/WG India
0HQWRU*UDSKLFV6DOHVDQG6HUYLFHV3YW/WG India
&DO\SWR'HVLJQ6\VWHPV,QGLD3YW/WG India
6LHPHQV&RQYHUJHQFH&UHDWRUV3YW/WGXSWR India
376LHPHQV,QGRQHVLD Indonesia
376LHPHQV,QGXVWULDO3RZHU Indonesia
37'UHVVHU5DQG6HUYLFHV,QGRQHVLD Indonesia
6LHPHQV,VUDHO/WG ,VUDHO
6LHPHQV6S$ Italy
7UHQFK,WDOLD6UO Italy
6LHPHQV7UDQVIRUPHUV6UO Italy
Siemens TOO .D]DNKVWDQ
6LHPHQV(OHFWULFDO (OHFWURQLF6HUYLFHV.6&& Kuwait
6LHPHQV0DOD\VLD6GQ%KG Malaysia
'UHVVHU5DQG$VLD3DFLƉF6GQ%KG Malaysia
6LHPHQV6$GH&9 0H[LFR
6LHPHQV6HUYLFLRV6$GH&9 0H[LFR
6LHPHQV6$ 0RURFFR
6LHPHQV3ODQW2SHUDWLRQV7DKDGGDUW6$5/ 0RURFFR
6LHPHQV*DPHVD5HQHZDEOH(QHUJ\%ODGHV6$5/$8 0RURFFR
6LHPHQV1HGHUODQG19 1HWKHUODQGV
6LHPHQV1HGHUODQG19GHSHQGHQW$5(E 1HWKHUODQGV
6LHPHQV+HDW7UDQVIHU7HFKQRORJ\%9 1HWKHUODQGV
6LHPHQV,QGXVWU\6RIWZDUH%9 1HWKHUODQGV
6LHPHQV/WG 1LJHULD
Siemens AS 1RUZD\
6LHPHQV//& Oman
6LHPHQV3DNLVWDQ(QJLQHHULQJ&R/WG 3DNLVWDQ
6LHPHQV6$& 3HUX
6LHPHQV,QF 3KLOLSSLQHV
6LHPHQV3RZHU2SHUDWLRQV,QF 3KLOLSSLQHV
6LHPHQV6S]RR 3RODQG
6LHPHQV6$ 3RUWXJDO
6LHPHQV:// 4DWDU
6LHPHQV65/ 5RPDQLD

6,0($65/3ODQ6(,76LELX 5RPDQLD
OOO Siemens 5XVVLD
2226LHPHQV*DV7XUELQH7HFKQRORJLHV 5XVVLD
6LHPHQV/WG 6DXGL$UDELD
$UDELD(OHFWULF/WG(TXLSPHQW 6DXGL$UDELD
'UHVVHU5DQG$UDELD//& 6DXGL$UDELD
,6&26$,QGXVWULHVDQG0DLQWHQDQFH/WG 6DXGL$UDELD
6LHPHQVGRR%HRJUDG 6HUELD
6LHPHQV3WH/WG 6LQJDSRUH
3RZHU$XWRPDWLRQ3WH/WG 6LQJDSRUH
6LHPHQV0RELOLW\3WH/WG 6LQJDSRUH
6LHPHQV+HDOWKFDUH3WH/WG 6LQJDSRUH
6LHPHQVVUR Slovakia
6LHPHQVGRR Slovenia
6LHPHQV3URSULHWDU\/WG 6RXWK$IULFD
)OHQGHU3W\/WG 6RXWK$IULFD
6LHPHQV/WG6HRXO 6RXWK.RUHD
6LHPHQV6$ Spain
)iEULFD(OHFWURWpFQLFD-RVD6$ Spain
6,(0(1602%,/,7<6/8 Spain
6LHPHQV,QGXVWULDO7XUERPDFKLQHU\$% Sweden
6LHPHQV$% Sweden
6LHPHQV6FKZHL]$* 6ZLW]HUODQG
6LHPHQV6FKZHL]$*%XLOGLQJ7HFKQRORJLHV'LYLVLRQ,QWHUQDWLRQDO 6ZLW]HUODQG
+HDGTXDUWHUV
6LHPHQV/WG Taiwan
6LHPHQV/WG Thailand
6LHPHQV0RELOLW\/WG Thailand
6LHPHQV6$ Tunisia
6LHPHQV6DQD\LYH7LFDUHW$QRQLP6LUNHWL 7XUNH\
)OHQGHU0HNDQLN*F$NWDUPD6LVWHPOHUL6DQD\LYH7LFDUHW$QRQLP 7XUNH\
6LUNHWL
6LHPHQV//& UAE
6'0LGGOH(DVW//& UAE
6LHPHQV,QGXVWULDO7XUERPDFKLQHU\/WG UK
Siemens plc UK
6LHPHQV7UDQVPLVVLRQ 'LVWULEXWLRQ/WG UK
,QGXVWULDO7XUELQH&RPSDQ\8./WG UK
6LHPHQV5DLO$XWRPDWLRQ+ROGLQJV/WG UK

,'7)DFWRU\&RQJOHWRQ UK
6LHPHQV3URWHFWLRQ'HYLFHV/WG UK
6LHPHQV+&/WG050DJQHW7HFKQRORJ\ UK
IRUHLJQRZQHGVXEVLGLDU\´6LHPHQV8NUDLQHµ 8NUDLQH
6LHPHQV6$ 8UXJXD\
6LHPHQV,QGXVWU\,QF USA
6LHPHQV(QHUJ\,QF USA
6LHPHQV(QHUJ\,QF86)RVVLO3URGXFWV233 USA
6LHPHQV(QHUJ\,QF862LO *DV37 USA
)OHQGHU&RUSRUDWLRQ USA
6LHPHQV(QHUJ\,QF86'LVW*HQ36 USA
'UHVVHU5DQG&RPSDQ\ USA
H0HWHU&RUSRUDWLRQ USA
6LHPHQV&RUSRUDWLRQ USA
6LHPHQV0RELOLW\,QF USA
6LHPHQV3URGXFW/LIHF\FOH0DQDJHPHQW6RIWZDUH,QF USA
6LHPHQV'HPDJ'HODYDO7XUERPDFKLQHU\,QF USA
6LHPHQV3RZHU*HQHUDWLRQ6HUYLFH&RPSDQ\/WG USA
6LHPHQV+HDOWKFDUH'LDJQRVWLFV,QF USA
6LHPHQV0HGLFDO6ROXWLRQV86$,QF USA
6LHPHQV+HDW7UDQVIHU7HFKQRORJ\&RUS USA
6LHPHQV*DPHVD5HQHZDEOH(QHUJ\,QF USA
6LHPHQV/WG Vietnam
41.3 Key Managerial Personnel
Whole-Time Directors 0U6XQLO0DWKXU
0U&KULVWLDQ5XPPHO
&RPSDQ\6HFUHWDU\ 0U.HWDQ7KDNHU
1RQ([HFXWLYH'LUHFWRUV 0U-RVHI.DHVHU
0U&HGULN1HLNH
0U-RKDQQHV$SLW]VFK
0V0DULHOYRQ6FKXPDQQ
,QGHSHQGHQW'LUHFWRUV 0U'HHSDN3DUHNK
0U<H]GL0DOHJDP
0U'DULXV6KURII
0U.HNL'DGLVHWK
0U0HKHUQRVK.DSDGLDZHInd0D\

41.3 Key Managerial Personnel &RQWLQXHG
0DQDJLQJERDUGRI6$* 0U-RVHI.DHVHU
'U5RODQG%XVFK
0V/LVD'DYLV
0U.ODXV+HOPULFK
0V-DQLQD.XJHO
0U&HGULN1HLNH
0U0LFKDHO6HQ
0U5DOI37KRPDV
41.4 Others 6LHPHQV,QGLD/WG,QGLDQ6WDII3URYLGHQW)XQG
6LHPHQV,QGLD/WG*UDWXLW\)XQG
,QGLDQ6FKRRORIEXVLQHVV&RPPRQGLUHFWRU
%UHDFK&DQG\+RVS7UXVW&RPPRQGLUHFWRU
2PQLFRP,QGLD0DUNHWLQJ$GYLVRU\6HUYLFHV3YW/WG
%KDUDWL\D5HVHUYH%DQN1RWH0XGUDQ3YW/WG
41.5 Related party transactions

Holding Fellow Key Others Holding Fellow Key 2WKHUV
Company Subsidiaries managerial Company 6XEVLGLDULHV PDQDJHULDO
personnel SHUVRQQHO
Revenue (net of taxes)
6LHPHQV$* 7,199 - - -
6LHPHQV:// - 2,370 - -
6LHPHQV0DOD\VLD6GQ%KG - - - -
2WKHUV - 5,656 - 3
Commission income
6LHPHQV$* 100 - - -
6LHPHQV,QGXVWULDO7XUERPDFKLQHU\/WG - 24 - -
,QGXVWULDO7XUELQH&RPSDQ\8./WG - 43 - -
7UHQFK+LJK9ROWDJH3URGXFWV/WG
Shenyang - 20 - -
6LHPHQV(QHUJ\,QF86'LVW*HQ
36 - 34 - -
2WKHUV - 12 - -
Recoveries from group companies

6LHPHQV$* 1,094 - - -
6LHPHQV7HFKQRORJ\DQG6HUYLFHV3YW
/WG676 - 172 - -
6LHPHQV+HDOWKFDUH3YW/WG - 70 - -
2WKHUV - 242 - -


personnel SHUVRQQHO
Reimbursement of expenses received
6LHPHQV$* 888 - - -
6LHPHQV(QHUJ\,QF - 11 - -
6LHPHQV3WH/WG - 3 - -
6LHPHQV/WG6HRXO - 10 - -
6LHPHQV3URSULHWDU\/WG - 25 - -
2WKHUV - 128 - -
Other income
6LHPHQV+HDOWKFDUH*PE+ - - - -
Purchase of goods and services

6LHPHQV$* 29,999 - - -
6LHPHQV0HGLXP9ROWDJH6ZLWFKLQJ
7HFKQRORJLHV:X[L/WG - 780 - -
/WG - 767 - -
)OHQGHU*PE+ - 1,100 - -
2WKHUV - 7,852 - -
Rent income
/WG676 - 73 - -
6LHPHQV)LQDQFLDO6HUYLFHV3YW/WG - 76 - -
6LHPHQV+HDOWKFDUH3YW/WG - 149 - -
2WKHUV - 57 - -
Interest income
2WKHUV - 14 - -
Interest expenses
6LHPHQV$* - - - -
6LHPHQV,QGXVWU\6RIWZDUH,QGLD3YW
/WG - - - -
Bank guarantee charges
6LHPHQV$* 111 - - - 111
2WKHUV - * - - *


personnel SHUVRQQHO
Dividend paid (on payment basis)
6LHPHQV$* 1,787 - - -
6LHPHQV0HWDOV7HFKQRORJLHV
9HUP|JHQVYHUZDOWXQJV*PE+ - 82 - -
3XUFKDVHRIƊ[HGDVVHWVLQYHVWPHQW
property / capital work in progress
6LHPHQV$* 43 - - -
0:%6KDQJKDL&R/WG - - - -
6LHPHQV(OHWURHOHWURQLFD/LPLWDGD - 13 - -
)OHQGHU*PE+ - 35 - -
2WKHUV - 1 - - 11
6DOHRIƊ[HGDVVHWVLQYHVWPHQW
property
6LHPHQV$* - - - -
6LHPHQV2VDNH\KWL| - 10 - -
2WKHUV - - - - *
Sale of SWP business

6LHPHQV:LQG3RZHU3YW/WG - - - -
KMP Remuneration **
0U6XQLO0DWKXU
6KRUWWHUPHPSOR\HHEHQHƉWV - - 122 -
3RVWHPSOR\PHQWEHQHƉWV - - 5 - 5
6KDUHEDVHGSD\PHQWV - - 29 -
0U&KULVWLDQ5XPPHO
6KRUWWHUPHPSOR\HHEHQHƉWV - - 59 -
3RVWHPSOR\PHQWEHQHƉWV - - - -
6KDUHEDVHGSD\PHQWV - - 16 -
0U.HWDQ7KDNHU
6KRUWWHUPHPSOR\HHEHQHƉWV - - 5 - 5
3RVWHPSOR\PHQWEHQHƉWV - - * - *
6KDUHEDVHGSD\PHQWV - - * - *
5HPXQHUDWLRQGRHVQRWLQFOXGHWKHSURYLVLRQVPDGHIRUJUDWXLW\OHDYHDQGPHGLFDOEHQHƉWVDVWKH\DUHGHWHUPLQHG


personnel SHUVRQQHO
Payment to Trusts
6LHPHQV,QGLD/WG,QGLDQ6WDII3URYLGHQW
Fund - - - 390
6LHPHQV,QGLD/WG*UDWXLW\)XQG - - - 344
Sitting fees to Independent Directors/

Non-executive Directors - - 3 -
Commission to Independent Directors/

Non-executive Directors - - 16 - 15
Inter corporate deposits given

6LHPHQV)LQDQFLDO6HUYLFHV3YW/WG - 5,560 - -
/WG676 - 2,122 - -
2WKHUV - 545 - -
Repayment of inter corporate deposits

given
/WG676 - 2,122 - -
2WKHUV - 200 - -
Term Loans given

Inter corporate deposit repaid

6LHPHQV,QGXVWU\6RIWZDUH,QGLD3YW
/WG - - - -
Factoring of Trade Receivables ***

6LHPHQV)DFWRULQJ3YW/WG - 431 - -
Outstanding Balances
Receivables
6LHPHQV$* 1,093 - - -
6LHPHQV:// - 443 - -
2WKHUV - 1,285 - -
7KH*URXSKDVHQWHUHGLQWRIDFWRULQJDUUDQJHPHQWIRUFHUWDLQWUDGHUHFHLYDEOHVRQDQRQUHFRXUVHEDVLV&ROOHFWLRQV
DULVLQJRIWKHVDLGDUUDQJHPHQWDPRXQWLQJWR``KDYHEHHQDGMXVWHG


personnel SHUVRQQHO
Payables
6LHPHQV$* 6,466 - - -
6LHPHQV:// - 610 - -
6LHPHQV(QHUJ\,QF86'LVW*HQ - 680 - -
36
2WKHUV - 2,742 - -
Inter corporate deposits to related

parties
2WKHUV - - - -
Term Loan given to Related parties

Interest receivable on inter corporate

deposits
6LHPHQV&RQYHUJHQFH&UHDWRUV3YW/WG - - - -
Interest receivable on Term Loan given

KMP remuneration payable **

0U6XQLO0DWKXU - - 61 -
0U&KULVWLDQ5XPPHO - - 26 -
0U.HWDQ7KDNHU - - * - *
5
HPXQHUDWLRQGRHVQRWLQFOXGHWKHSURYLVLRQVPDGHIRUJUDWXLW\OHDYHDQGPHGLFDOEHQHƉWVDVWKH\DUHGHWHUPLQHG
$OOWUDQVDFWLRQVHQWHUHGLQWRZLWKUHODWHGSDUWLHVDVGHƉQHGXQGHUWKH&RPSDQLHV$FWGXULQJWKHƉQDQFLDO\HDU
ZHUHRQDQDUP·VOHQJWKSULFLQJEDVLV

'LVFORVXUHSXUVXDQWWR,QGLDQ$FFRXQWLQJ6WDQGDUG¶(PSOR\HH%HQHƊWV·
L 'HƊQHG&RQWULEXWLRQ3ODQV
$PRXQWRI``LVUHFRJQLVHGDVDQH[SHQVHDQGLQFOXGHGLQ´HPSOR\HHEHQHƉWVH[SHQVHµ5HIHUQRWH
LQWKH6WDWHPHQWRI3URƉWDQG/RVV
LL 'HƊQHG%HQHƊW3ODQV
D $PRXQWVIRUWKHFXUUHQWSHULRGDUHDVIROORZV

2018 2018 2018
I &KDQJHLQGHƊQHGEHQHƊWREOLJDWLRQ
/LDELOLW\DWWKHEHJLQQLQJRIWKH\HDU 2,366 191 764
,QWHUHVWFRVW 164 13 11 54
&XUUHQWVHUYLFHFRVW 215 - 31
2WKHUV7UDQVIHUSXUVXDQWWRVDOHRIEXVLQHVV - - - *
5HFRJQLVHGLQ2WKHU&RPSUHKHQVLYH,QFRPH
$FWXDULDOJDLQORVVDULVLQJIURP
L &KDQJHLQGHPRJUDSKLFDVVXPSWLRQV - - -
LL &KDQJHLQƉQDQFLDODVVXPSWLRQV (315) (8) (167)
LLL ([SHULHQFHYDULDQFH 65 (7) 262
%HQHƉWVSDLG (221) (37) (51)
/LDELOLW\DWWKHHQGRIWKH\HDU 2,274 152 922
II Fair value of plan assets
)DLUYDOXHRISODQDVVHWVDWWKHEHJLQQLQJRIWKH
\HDU 1,549 - -
2WKHUV7UDQVIHUSXUVXDQWWRVDOHRIEXVLQHVV - - -
&RQWULEXWLRQV 345 - -
%HQHƉWVSDLG (220) - -


2018 2018 2018
III Actual return on plan assets
$FWXDOUHWXUQRQSODQDVVHWV 38 - -
IV Amount recognised in the balance sheet

'HƉQHGEHQHƉWREOLJDWLRQDWWKHHQGRIWKH
\HDU 2,274 152 922
6XUSOXV'HƉFLW 562 152 922
(IIHFW2I$VVHW&HLOLQJ - - -
&XUUHQWSRUWLRQRIWKHDERYH 562 32 63
1RQ&XUUHQWSRUWLRQRIWKHDERYH - 120 859
V.a ([SHQVHVUHFRJQLVHGLQWKHVWDWHPHQWRISURƊWDQGORVV
1HW,QWHUHVW([SHQVH 52 13 11 54
&XUUHQWVHUYLFHFRVW 215 - 31
([SHQVHUHFRJQLVHGLQVWDWHPHQWRISURƉWDQGORVV 267 13 11 113
V.b Included in Other Comprehensive Income

5HWXUQRQSODQDVVHWVH[FOXGLQJQHWLQWHUHVW 74 - -
1HWDFWXDULDOJDLQORVVUHFRJQLVHG (250) (15) 95
$FWXDULDO*DLQRU/RVVUHFRJQLVHGLQ2&, (176) (15) 95


2018 2018 2018
VI Actuarial Assumptions
'LVFRXQW5DWH 8.51% 8.51% 8.51%
$WWULWLRQUDWH
XSWR\HDUV 15.00% - 15.00%
\HDUV 3.00% - 3.00%
DERYH\HDUV 2.00% - 2.00%
6DODU\(VFDODWLRQ3HQVLRQLQFUHDVHUDWH
0HGLFDOFRVWLQFUHDVHUDWH 8.00% 5.00% 3.50%
VII Sensitivity
&KDQJHLQ/LDELOLW\IRUGHFUHDVHLQ
GLVFRXQWUDWH 117 3 5 60 51
&KDQJHLQ/LDELOLW\IRULQFUHDVHLQGLVFRXQW
UDWH (107) (3) (54)
&KDQJHLQ/LDELOLW\IRUGHFUHDVHLQVDODU\
PHGLFDOLQƋDWLRQUDWH (108) (3) (31)
&KDQJHLQ/LDELOLW\IRULQFUHDVHLQVDODU\
PHGLFDOLQƋDWLRQUDWH 117 3 5 34
VIII 0DWXULW\3URƊOHRI'HƊQHG%HQHƊW
Obligation (Undiscounted amount)
<HDU 125 32 63
<HDU 180 155 29 63
<HDU 193 25 65
<HDU 172 22 66 51
<HDU 206 19 67
<HDUVWR 926 63 376
IX :HLJKWHG$YHUDJH'XUDWLRQRI'HƊQHG
%HQHƊW2EOLJDWLRQ
'XUDWLRQ<HDUV 14.45 4.09 13.36

b) 7KH VHQVLWLYLW\ DQDO\VLV DERYH KDYH EHHQ GHWHUPLQHG EDVHG RQ D PHWKRG WKDW H[WUDSRODWHV WKH LPSDFW RQ GHƉQHG
EHQHƉWREOLJDWLRQVDUHVXOWRIUHDVRQDEOHFKDQJHVLQNH\DVVXPSWLRQVRFFXUULQJDWWKHHQGRIWKHUHSRUWLQJ\HDU
DQGWKHPHWKRGRIDVVXPSWLRQXVHGLQSUHSDULQJVHQVLWLYLW\DQDO\VLVGLGQRWFKDQJHFRPSDUHGWRSUHYLRXV\HDU
F 7KHIXQGIRUPHGE\WKH*URXSPDQDJHVWKHLQYHVWPHQWVRIWKH*UDWXLW\IXQG([SHFWHGUDWHRIUHWXUQRQLQYHVWPHQWV
LVGHWHUPLQHGEDVHGRQWKHDVVHVVPHQWPDGHE\WKH*URXSDWWKHEHJLQQLQJRIWKH\HDURQWKHUHWXUQH[SHFWHG
RQLWVH[LVWLQJSRUWIROLRDORQJZLWKWKHHVWLPDWHGLQFUHPHQWDOLQYHVWPHQWVWREHPDGHGXULQJWKH\HDU<LHOGRQ
SRUWIROLRLVFDOFXODWHGEDVHGRQDVXLWDEOHPDUNXSRYHUWKHEHQFKPDUN*RYHUQPHQWVHFXULWLHVRIVLPLODUPDWXULWLHV
*URXSH[SHFWVWRFRQWULEXWH``WRJUDWXLW\IXQGLQ
7KH LQYHVWPHQW VWUDWHJ\ LQ UHVSHFW RI LWV IXQGHG SODQV LV LPSOHPHQWHG ZLWKLQ WKH IUDPHZRUN RI WKH DSSOLFDEOH
VWDWXWRU\UHTXLUHPHQWV(DFK\HDUWKH%RDUGRI7UXVWHHVUHYLHZVWKHOHYHORIIXQGLQJLQWKHJUDWXLW\SODQ6XFKD
UHYLHZLQFOXGHVWKHDVVHWOLDELOLW\PDWFKLQJVWUDWHJ\DQGLQYHVWPHQWULVNPDQDJHPHQWSROLF\7KLVLQFOXGHVHPSOR\LQJ
WKHXVHRIDQQXLWLHVDQGORQJHYLW\VZDSVWRPDQDJHWKHULVNV7KH%RDUGRI7UXVWHHVGHFLGHVLWVFRQWULEXWLRQEDVHG
RQ WKH UHVXOWV RI WKLV DQQXDO UHYLHZ *HQHUDOO\ LW DLPV WR KDYH D SRUWIROLR PL[ RI HTXLW\ LQVWUXPHQWV DQG GHEW
LQVWUXPHQWVWRPLQLPLVHWKHULVNH[SRVHGWRLQYHVWPHQW
G 7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHLQWRDFFRXQWLQƋDWLRQVHQLRULW\
SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW
H 7KH*URXSKDVFRQWULEXWHG``WRZDUGVSURYLGHQWIXQGGXULQJWKH\HDUHQGHG6HSWHPEHU
7KH*XLGDQFHQRWHLVVXHGE\WKH,QVWLWXWHRI$FWXDULHVRI,QGLDVWDWHVWKDWEHQHƉWVLQYROYLQJHPSOR\HUHVWDEOLVKHG
SURYLGHQWIXQGVZKLFKUHTXLUHLQWHUHVWVKRUWIDOOVWREHUHFRPSHQVHGDUHWREHFRQVLGHUHGDVGHƉQHGEHQHƉWSODQV
7KH$FWXDU\KDVDFFRUGLQJO\SURYLGHGDYDOXDWLRQDQGEDVHGRQWKHDVVXPSWLRQVSURYLGHGEHORZWKHUHLVQRVKRUWIDOO
DVDW6HSWHPEHU
The details of the fund and plan asset position as at 30 September are as follows:
Sept 2018 6HSW
3UHVHQWYDOXHRIEHQHƉWREOLJDWLRQDW\HDUHQG 10,451
)DLUYDOXHRISODQDVVHWVDW\HDUHQG 10,874
6KRUWIDOO6XUSOXV (423)
(IIHFWGXHWR$VVHW&HLOLQJ 423
Assumptions used in determining the present value obligation of the interest rate guarantee under the
Deterministic Approach:
Sept 2018 6HSW
*RYHUQPHQWRI,QGLDVHFXULWLHV*2,ERQG\LHOG 8.51%
5HPDLQLQJWHUPRIPDWXULW\LQ\HDUV 14.45
([SHFWHGJXDUDQWHHGLQWHUHVWUDWH 8.55%
LLL *HQHUDOGHVFULSWLRQVRIVLJQLƊFDQWGHƊQHGSODQV
I Gratuity Plan
*UDWXLW\LVSD\DEOHWRDOOHOLJLEOHHPSOR\HHVRIWKH*URXSRQVXSHUDQQXDWLRQGHDWKDQGSHUPDQHQWGLVDEOHPHQW
LQWHUPVRIWKHSURYLVLRQVRIWKH3D\PHQWRI*UDWXLW\$FWRUDVSHUWKH*URXS·V6FKHPHZKLFKHYHULVPRUH
EHQHƉFLDO8QGHUWKHDFWHPSOR\HHZKRKDVFRPSOHWHGƉYH\HDUVRIVHUYLFHLVHQWLWOHGWRWKHEHQHƉW7KHOHYHORI
EHQHƉWVSURYLGHGGHSHQGVRQWKHPHPEHUVOHQJWKRIVHUYLFHDQGVDODU\DWUHWLUHPHQWDJH
II Medical
3RVWUHWLUHPHQWPHGLFDOEHQHƉWLVSDLGWRWKHUHWLUHGHPSOR\HHVDQGWKHLUVSRXVHWLOOWKHLUVXUYLYDODQGDIWHUWKHLU
GHDWK EHQHƉWV DUH DYDLODEOH WR WKH HPSOR\HH·V VSRXVH ,W FRQVLVWV RI FRPSRQHQWV ZKLFK LV KHDOWK LQVXUDQFH
'RPLFLOLDU\PHGLFDODOORZDQFHDQG*URXSVXSSRUWLQFDVHWKHH[SHQVHVLQFXUUHGDUHPRUHWKDQWKHKHDOWKLQVXUDQFH
FRYHUDJHVXEMHFWWRWKHFHLOLQJOLPLWDVSHUWKHJUDGHV

LLL *HQHUDOGHVFULSWLRQVRIVLJQLƊFDQWGHƊQHGSODQV&RQWLQXHG
III Pension
3HQVLRQLVSDLGWRPDQDJHPHQWFDGUHHPSOR\HHVRIWKH*URXSZKRUHWLUHGEHIRUH0DUFK3HQVLRQLVSDLG
RQPRQWKO\EDVLV,QFDVHRIGHDWKLQUHWLUHPHQWSHUFHQWSHQVLRQLVSDLGWRWKHVSRXVHIRUƉUVWVL[PRQWKVDQG
WKHQSHUFHQWWKHUHDIWHU
(iv) Broad category of Fair value of plan assets & as a percentage of total plan assets of the Gratuity plan
Sept 2018 6HSW

Particulars (Unquoted) Amount % Amount
(TXLW\,QVWUXPHQWV 23 1.34%
'HEW,QVWUXPHQWV 1,688 98.66%
Total Plan Assets 1,711 100.00%
43 Earnings per share: Sept 2018 6HSW
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU 356,120,255

3URƉWDIWHUWD[EHIRUHH[FHSWLRQDOLWHPV 9,012
Basic and diluted earnings per share before exceptional items 25.31
3URƉWDIWHUWD[DIWHUH[FHSWLRQDOLWHPV 9,012

Basic and diluted earnings per share after exceptional items 25.31
'HWDLOVRIGXHVWR0LFUR6PDOODQG0HGLXP(QWHUSULVHVDVGHƊQHGXQGHUWKH060('$FW
7KH&RPSDQ\KDVDPRXQWVGXHWRVXSSOLHUVXQGHU060('DVDW6HSWHPEHU7KHGLVFORVXUHSXUVXDQWWRWKHVDLG$FW
LVDVXQGHU
Sept 2018 6HSW
3ULQFLSDODPRXQWGXHWRVXSSOLHUVXQGHU060('$FW 1,249
,QWHUHVWDFFUXHGDQGGXHWRVXSSOLHUVXQGHU6HFWLRQRI060('$FWRQWKH
DERYHDPRXQWXQSDLG 2
3D\PHQWPDGHWRVXSSOLHUVRWKHUWKDQLQWHUHVWEH\RQGWKHDSSRLQWHGGD\GXULQJ
WKH\HDU 10,531
,QWHUHVW GXH DQG SD\DEOH WRZDUGV VXSSOLHUV XQGHU 060(' $FW WRZDUGV SD\PHQWV
DOUHDG\PDGH 151
,QWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRIWKHDFFRXQWLQJ\HDU 153
7KHLQIRUPDWLRQKDVEHHQJLYHQLQUHVSHFWRIVXFKYHQGRUVWRWKHH[WHQWWKH\FRXOGEHLGHQWLƉHGDV¶PLFURDQGVPDOO
HQWHUSULVHV·RQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\
,QWHUHVWDFFUXHGLVFRQVLGHUHGGXHXSRQFODLPIURPYHQGRUV

45 Share-based payment transactions
6KDUHPDWFKLQJSODQ603DQG6LHPHQV6WRFN$ZDUGV66$DW6LHPHQV/WGDUHFODVVLƉHGDVFDVKVHWWOHGWUDQVDFWLRQV
8QGHU603WKHHPSOR\HHPD\LQYHVWDVSHFLƉHGSDUWRIWKHLUFRPSHQVDWLRQLQWKH+ROGLQJ&RPSDQ\·VVKDUHVDQGDWWKH
HQGRI\HDUVYHVWLQJSHULRGHPSOR\HHJHWVRQHIUHHVKDUHIRUHYHU\WKUHHVKDUHVSXUFKDVHG
8QGHU66$WKH*URXSJUDQWVVWRFNDZDUGVRIWKH+ROGLQJ&RPSDQ\·VVKDUHVWRWKH&KLHI([HFXWLYH2IƉFHU&KLHI)LQDQFLDO
2IƉFHU PHPEHUV RI VHQLRU PDQDJHPHQW DQG RWKHU HOLJLEOH HPSOR\HHV 7KH YHVWLQJ SHULRG LV \HDUV DIWHU ZKLFK WKH
EHQHƉFLDU\ JHWV FHUWDLQ QXPEHU RI VKDUHV ZKLFK LV WLHG WR WKH SHUIRUPDQFH RI WKH HPSOR\HH LQ FDVH RI &(2 6SHFLDO
$OORFDWLRQVFKHPHDQGSHUIRUPDQFHRI+ROGLQJ&RPSDQ\LQFDVHRI3HUIRUPDQFH2ULHQWHG6LHPHQV6WRFN$ZDUGV
$W WKH HQG RI HDFK UHSRUWLQJ SHULRG WKH &RPSDQ\ UHFRJQLVHV WKH IDLU YDOXH RI WKH OLDELOLW\ DQG WKH H[SHQVH DW HDFK
UHSRUWLQJSHULRGDWWKHPDUNHWSULFHRIWKH+ROGLQJ&RPSDQ\·VVKDUH
8QGHU6LHPHQV3URƉW6KDULQJ636VKDUHVRI+ROGLQJ&RPSDQ\DUHJUDQWHGWRWKHHOLJLEOHHPSOR\HHVRQDFKLHYHPHQWRI
WKHWDUJHWVE\+ROGLQJ&RPSDQ\
Details of liabilities arising from the share-based payment transactions are as follows:
Sept 2018 6HSW

2WKHUFXUUHQWƉQDQFLDOOLDELOLWLHV 154
2WKHUQRQFXUUHQWƉQDQFLDOOLDELOLWLHV 328
Total carrying amount of the liabilities 482
(IIHFW RI 6KDUHEDVHG SD\PHQW WUDQVDFWLRQ RQ WKH SURƉW ORVV VKRZQ XQGHU WKH KHDG (PSOR\HH EHQHƉW H[SHQVH LV
``
46 Derivative Instruments
a) Forward Contracts and Option contracts

7KH*URXSXVHVIRUZDUGFRQWUDFWVDQGRSWLRQVWRPLWLJDWHLWVULVNVDVVRFLDWHGZLWKIRUHLJQFXUUHQF\ƋXFWXDWLRQV
KDYLQJXQGHUO\LQJWUDQVDFWLRQDQGUHODWLQJWRƉUPFRPPLWPHQWVRUKLJKO\SUREDEOHIRUHFDVWWUDQVDFWLRQV7KH*URXS
GRHVQRWHQWHULQWRDQ\IRUZDUGDQGRSWLRQVFRQWUDFWVZKLFKDUHLQWHQGHGIRUWUDGLQJRUVSHFXODWLYHSXUSRVHV
7KHIRUZDUGH[FKDQJHDQGRSWLRQVFRQWUDFWVDUHIDLUYDOXHGDWHDFKUHSRUWLQJGDWHZLWKWKHUHVXOWDQWJDLQVORVVHV
WKHUHRQEHLQJUHFRUGHGLQ6WDWHPHQWRI3URƉWDQG/RVV
7KHGHWDLOVRIIRUZDUGFRQWUDFWVRXWVWDQGLQJDWWKH\HDUHQGDUHDVIROORZV
Currency Buy Sell

Number of Amount Indian Number of Amount Indian
contracts rupees contracts rupees
equivalent equivalent
US Dollar
30 Sept 2018 394 132 9,587 385 268 19,445
6HSW
Euro
30 Sept 2018 626 180 15,148 289 146 12,279
6HSW
Qatari Riyal
30 Sept 2018 3 2 34 3 72 1,441
6HSW 1

46 Derivative Instruments &RQWLQXHG
E 6LJQLƊFDQWXQKHGJHGH[SRVXUHVLQYDULRXVIRUHLJQFXUUHQFLHVDVDWWKH\HDUHQG
Payables
%DQJODGHVK7DND 11 9
6UL/DQNDQ5XSHH 189 81
4DWDUL5L\DO 2 5 37
Receivables and bank balances

4DWDUL5L\DO 34 680
6UL/DQNDQ5XSHH 90 39
%DQJODGHVK7DND 96 83
7KHIRUZDUGFRQWUDFWVKDYHEHHQFRQYHUWHGLQ,QGLDQUXSHHVDWWKHVSRWUDWHVDVDW6HSWHPEHUWRIDFLOLWDWH
UHDGLQJSXUSRVHVRQO\
7KH*URXSKDVDSROLF\RIKHGJLQJLWVIRUHLJQFXUUHQF\H[SRVXUHRQDQHWEDVLV
c) Commodity Contracts
7KH&RPSDQ\XVHV&RPPRGLW\)XWXUH&RQWUDFWVWRKHGJHDJDLQVWƋXFWXDWLRQLQFRPPRGLW\SULFHV7KHIROORZLQJ
DUHRXWVWDQGLQJIXWXUHFRQWUDFWVHQWHUHGLQWRE\WKH&RPSDQ\DVDWWKH\HDUHQG
Year Commodity Number of Contracts Buy / Sell

Sept 2018 Copper 3,739 Buy
Aluminium 482 Buy
Silver 177 Buy
6HSW &RSSHU %X\
6LOYHU %X\
Note:(DFKFRQWUDFWRIFRSSHU $OXPLQLXPLVRINJDQGVLOYHULVRINJ
47 Capital management
)RUWKHSXUSRVHRIWKH*URXS·VFDSLWDOPDQDJHPHQWHTXLW\LQFOXGHVHTXLW\VKDUHFDSLWDODQGDOORWKHUHTXLW\UHVHUYHV
DWWULEXWDEOHWRWKHHTXLW\KROGHUVRIWKH*URXS7KH*URXSPDQDJHVLWVFDSLWDOWRRSWLPLVHUHWXUQVWRWKHVKDUHKROGHUVDQG
PDNHVDGMXVWPHQWVWRLWLQOLJKWRIFKDQJHVLQHFRQRPLFFRQGLWLRQVRULWVEXVLQHVVUHTXLUHPHQWV7KH*URXS·VREMHFWLYHV
DUHWRVDIHJXDUGFRQWLQXLW\PDLQWDLQDVWURQJFUHGLWUDWLQJDQGKHDOWK\FDSLWDOUDWLRVLQRUGHUWRVXSSRUWLWVEXVLQHVVDQG
SURYLGHDGHTXDWHUHWXUQWRVKDUHKROGHUVWKURXJKFRQWLQXLQJJURZWKDQGPD[LPLVHWKHVKDUHKROGHUVYDOXH7KH*URXS
IXQGVLWVRSHUDWLRQVWKURXJKLQWHUQDODFFUXDOV7KHPDQDJHPHQWDQGWKH%RDUGRI'LUHFWRUVPRQLWRUWKHUHWXUQRQFDSLWDO
DVZHOODVWKHOHYHORIGLYLGHQGVWRVKDUHKROGHUV

48 Financial Instruments
$ $FFRXQWLQJ&ODVVLƊFDWLRQVDQG)DLU9DOXHV
i) &DWHJRU\ZLVHFODVVLƊFDWLRQIRUDSSOLFDEOHƊQDQFLDODVVHWV
Particulars Notes Carrying value / Fair value
Sept 2018 6HSW
Total I 610
D 7UDGH5HFHLYDEOHV 37,469
E /RDQV 8,732
F &DVKDQGFDVKHTXLYDOHQWVDQGRWKHUEDQNEDODQFHV 36,916
G 2WKHUDVVHWVH[FOXGLQJGHULYDWLYHFRQWUDFWV 17,498
Total II 100,615
Income (FVTOCI):
Total III 18
ii) &DWHJRU\ZLVHFODVVLƊFDWLRQIRUDSSOLFDEOHƊQDQFLDOOLDELOLWLHV
Particulars Notes Sept 2018 6HSW
Total I 1,747
D 7UDGHSD\DEOHV 30,584
E 2WKHUOLDELOLWLHVH[FOXGLQJGHULYDWLYHFRQWUDFWV 2,762
Total II 33,346
Income (FVTOCI):
Total III 7
7KHFDUU\LQJDPRXQWVRIƉQDQFLDOLQVWUXPHQWVVXFKDVFDVKDQGFDVKHTXLYDOHQWVRWKHUEDQNEDODQFHVVKRUWWHUPORDQV
WUDGH UHFHLYDEOHV WUDGH SD\DEOHV FXUUHQW VHFXULW\ GHSRVLWV DQG RWKHU FXUUHQW ƉQDQFLDO DVVHWV DQG OLDELOLWLHV H[FHSW
GHULYDWLYHƉQDQFLDOLQVWUXPHQWWKRVHEHLQJPHDVXUHGDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPHDUHFRQVLGHUHG
WREHVDPHDVWKHLUIDLUYDOXHVGXHWRWKHLUVKRUWWHUPQDWXUH

48 Financial Instruments &RQWLQXHG
B) Fair Value Hierarchy

7KHIROORZLQJWDEOHSURYLGHVIDLUYDOXHPHDVXUHPHQWKLHUDUFK\RIƉQDQFLDOLQVWUXPHQWVDVUHIHUUHGLQQRWH$DERYH

, )DLUYDOXHVWKURXJKSURƊWDQGORVV


7KH*URXSHQWHUVLQWRIRUHLJQH[FKDQJHIRUZDUGFRQWUDFWVZKLFKDUHYDOXHGXVLQJYDOXDWLRQWHFKQLTXHVWKDWHPSOR\V
WKHXVHRIPDUNHWREVHUYDEOHLQSXWV
7KHUHKDYHEHHQQRWUDQVIHUVEHWZHHQ/HYHODQG/HYHOGXULQJWKHSHULRG

49 Financial Risk Management

7KH*URXS·VSULQFLSDOƉQDQFLDOOLDELOLWLHVFRPSULVHRIWUDGHSD\DEOHVHFXULW\GHSRVLWVDQGRWKHUƉQDQFLDOOLDELOLWLHV7KH
*URXS·VSULQFLSDOƉQDQFLDODVVHWVLQFOXGHWUDGHDQGRWKHUUHFHLYDEOHVFDVKDQGFDVKHTXLYDOHQWVDQGRWKHUƉQDQFLDODVVHWV
WKDWDULVHIURPLWVRSHUDWLRQV7KH*URXSDOVRHQWHUVLQWRKHGJLQJWUDQVDFWLRQVWRFRYHUIRUHLJQH[FKDQJHH[SRVXUHULVN
7KH*URXS·VRSHUDWLQJEXVLQHVVLVH[SRVHGWRPDUNHWULVNFUHGLWULVNDQGOLTXLGLW\ULVN,QRUGHUWRRSWLPL]HWKHDOORFDWLRQ
RIWKHƉQDQFLDOUHVRXUFHVDFURVVWKHVHJPHQWVDVZHOODVWRDFKLHYHLWVDLPVWKH*URXSLGHQWLƉHVDQDO\VHVDQGPDQDJHV
WKHDVVRFLDWHGPDUNHWULVNV7KH*URXSVHHNVWRPDQDJHDQGFRQWUROWKHVHULVNVSULPDULO\WKURXJKLWVUHJXODURSHUDWLQJ
DFWLYLWLHVDQGXVHVGHULYDWLYHƉQDQFLDOLQVWUXPHQWVZKHQGHHPHGDSSURSULDWH$OOGHULYDWLYHDFWLYLWLHVIRUULVNPDQDJHPHQW
SXUSRVHV DUH FDUULHG RXW E\ WHDPV WKDW KDYH WKH DSSURSULDWH VNLOOV H[SHULHQFH DQG VXSHUYLVLRQ 7KH *URXS KDV D 5LVN
0DQDJHPHQW &RPPLWWHH ZKLFK HQVXUHV WKDW WKH *URXS·V ƉQDQFLDO ULVN WDNLQJ DFWLYLWLHV DUH JRYHUQHG E\ DSSURSULDWH
SROLFLHVDQGSURFHGXUHVDQGWKDWƉQDQFLDOULVNVDUHLGHQWLƉHGPHDVXUHGDQGPLWLJDWHGLQDFFRUGDQFHZLWKWKH*URXS·V
SROLFLHVDQGRYHUDOOULVNDSSHWLWH
A Market risk
0DUNHWULVNLVWKHULVNWKDWWKHIDLUYDOXHRIIXWXUHFDVKƋRZVRIDƉQDQFLDOLQVWUXPHQWZLOOƋXFWXDWHEHFDXVHRI
FKDQJHVLQPDUNHWSULFHV0DUNHWULVNFRPSULVHVRIFXUUHQF\UDWHULVNDQGLQWHUHVWUDWHULVN)LQDQFLDOLQVWUXPHQW
DIIHFWHGE\PDUNHWULVNVLQFOXGHVGHSRVLWVGHULYDWLYHƉQDQFLDOLQVWUXPHQWVWUDGHUHFHLYDEOHVWUDGHSD\DEOHVDQG
RWKHUƉQDQFLDOVDVVHWV
Foreign Currency risk
)RUHLJQFXUUHQF\ULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKƋRZVRIDƉQDQFLDOLQVWUXPHQWZLOOƋXFWXDWHEHFDXVH
RIFKDQJHVRQIRUHLJQH[FKDQJHUDWH7KH*URXSRSHUDWHVLQWHUQDWLRQDOO\DQGWUDQVDFWVLQVHYHUDOFXUUHQFLHVDQGKDV
IRUHLJQFXUUHQF\WUDGHUHFHLYDEOHVDQGWUDGHSD\DEOHV+HQFHWKH*URXSLVH[SRVHGWRIRUHLJQH[FKDQJHULVN7KH
*URXSKROGVGHULYDWLYHƉQDQFLDOLQVWUXPHQWVVXFKDVIRUHLJQH[FKDQJHIRUZDUGDQGRSWLRQFRQWUDFWVWRPLWLJDWHWKH
ULVNRIFKDQJHVLQH[FKDQJHUDWHVRQIRUHLJQFXUUHQF\H[SRVXUHV
Foreign currency sensitivity
7KHIROORZLQJWDEOHGHPRQVWUDWHWKHVHQVLWLYLW\WRDUHDVRQDEO\SRVVLEOHFKDQJHLQPDMRUFXUUHQFLHVOLNH86'ROODU
DQG(XURZLWKDOORWKHUYDULDEOHVKHOGFRQVWDQW7KHLPSDFWRQWKH*URXS·VSURƉWEHIRUHWD[LVGXHWRFKDQJHVLQWKH
IDLUYDOXHRIPRQHWDU\DVVHWVDQGOLDELOLWLHVLQFOXGLQJIRUHLJQFXUUHQF\GHULYDWLYHV7KH*URXS·VH[SRVXUHWRIRUHLJQ
FXUUHQF\FKDQJHVIRUDOORWKHUFXUUHQFLHVLVQRWPDWHULDO
Particulars (IIHFWRQSURƊWEHIRUHWD[ Effect on equity (net of tax)

86'ROODU 437 -
(437) -
(XUR 64 * *
(64) * *

Interest rate risk
,QWHUHVWUDWHULVNLVWKHULVNWKDWWKHIDLUYDOXHRUIXWXUHFDVKƋRZVRIDƉQDQFLDOLQVWUXPHQWZLOOƋXFWXDWHEHFDXVH
RIFKDQJHVLQPDUNHWLQWHUHVWUDWHV&RQVHTXHQWO\FRXOGKDYHXQIRUHVHHQLPSDFWRQ*URXS·VFRVWRIERUURZLQJRU
UHWXUQVWKXVLPSDFWLQJWKHSURƉWDQGORVV
6XUSOXVIXQGVDUHLQYHVWHGLQGHSRVLWVDWƉ[HGLQWHUHVWUDWHV7KHWHQXUHRIWKHGHSRVLWVLVPDQDJHGWRPDWFKZLWK
WKHOLTXLGLW\SURƉOHRIWKH*URXS
B Credit risk
&UHGLWULVNLVGHƉQHGDVDQXQH[SHFWHGORVVLQƉQDQFLDOLQVWUXPHQWVLIWKHFRQWUDFWXDOSDUWQHULVIDLOLQJWRGLVFKDUJH
LWVREOLJDWLRQVLQIXOODQGRQWLPH7KH*URXSLVH[SRVHGWRFUHGLWULVNIURPLWVRSHUDWLQJDQGƉQDQFLQJDFWLYLWLHVOLNH
WUDGHUHFHLYDEOHVGHSRVLWVZLWKEDQNVIRUHLJQH[FKDQJHWUDQVDFWLRQVDQGRWKHUƉQDQFLDOLQVWUXPHQWV
Receivables
7KHPDMRUH[SRVXUHWRFUHGLWULVNDWWKHUHSRUWLQJGDWHLVSULPDULO\IURPUHFHLYDEOHVFRPSULVLQJRIWUDGHDQGSURMHFW
XQELOOHGUHFHLYDEOHVQHW
&UHGLWULVNRQUHFHLYDEOHVLVOLPLWHGGXHWRWKH*URXS·VODUJHDQGGLYHUVHFXVWRPHUEDVHZKLFKLQFOXGHVSXEOLFVHFWRU
HQWHUSULVHVVWDWHRZQHGFRPSDQLHVDQGSULYDWHFRUSRUDWHV7KHHIIHFWLYHPRQLWRULQJDQGFRQWUROOLQJRIFUHGLWULVN
WKURXJKFUHGLWHYDOXDWLRQVDQGUDWLQJVLVDFRUHFRPSHWHQF\RIWKH*URXS·VULVNPDQDJHPHQWV\VWHP
)RUUHFHLYDEOHVDVDSUDFWLFDOH[SHGLHQWWKH*URXSFRPSXWHVH[SHFWHGFUHGLWORVVDOORZDQFHEDVHGRQDSURYLVLRQ
PDWUL[7KHSURYLVLRQPDWUL[LVSUHSDUHGEDVHGRQKLVWRULFDOO\REVHUYHGGHIDXOWUDWHVRYHUWKHH[SHFWHGOLIHRIWUDGH
UHFHLYDEOHVDQGLVDGMXVWHGIRUIRUZDUGORRNLQJHVWLPDWHV
7KHPD[LPXPH[SRVXUHWRFUHGLWULVNDWWKHUHSRUWLQJGDWHLVWKHFDUU\LQJYDOXHRIHDFKFODVVRIƉQDQFLDODVVHWV7KH
(&/LVFDOFXODWHGRQUDWLQJDQGGHIDXOWSUREDELOLW\SHUFHQWDJHDUULYHGIURPWKHKLVWRULFGHIDXOWWUHQG,QRUGHUWR
GHWHUPLQHWKHGHIDXOWSUREDELOLW\SHUFHQWDJHDVLPSOHDYHUDJHRIFXVWRPHUZLVHVSHFLƉFDOORZDQFHVRUDFWXDOEDG
GHEWVLQFXUUHGLQVXFFHHGLQJ\HDUGHULYHGUDWHVZKLFKHYHULVKLJKHUIRUWKHSUHFHGLQJWKUHH\HDUVLVFRQVLGHUHG
DV D SHUFHQWDJH RI JURVV UHFHLYDEOHV SRVLWLRQV IRU HDFK JUDGLQJ LH UDWLQJ DQG GLYLVLRQ RI HDFK FXVWRPHU DV DW
UHSRUWLQJGDWH
The reconciliation of ECL is as follows:

Particulars Sept 2018 6HSW
%DODQFHDWWKHEHJLQQLQJRIWKH\HDU (2,133)

/RVVDOORZDQFHEDVHGRQ(&/ 303
%DODQFHDWWKH\HDUHQG (1,830)
2WKHUƊQDQFLDODVVHWV
&UHGLWULVNIURPFDVKDQGFDVKHTXLYDOHQWVWHUPGHSRVLWVDQGGHULYDWLYHƉQDQFLDOLQVWUXPHQWVLVPDQDJHGE\WKH
*URXS·VWUHDVXU\GHSDUWPHQWLQDFFRUGDQFHZLWKWKH*URXS·VSROLF\,QYHVWPHQWVRIVXUSOXVIXQGVWHPSRUDULO\DUH
PDGHRQO\ZLWKDSSURYHGFRXQWHUSDUWLHVDQGZLWKLQFUHGLWOLPLWVDVVLJQHGWRHDFKFRXQWHUSDUW\7KHPD[LPXP
H[SRVXUHWRFUHGLWULVNDWWKHUHSRUWLQJGDWHLVWKHFDUU\LQJYDOXHRIHDFKFODVVRIƉQDQFLDODVVHWV

C Liquidity risk
7KH*URXS·VSULQFLSDOVRXUFHVRIOLTXLGLW\DUHFDVKDQGFDVKHTXLYDOHQWVDQGWKHFDVKƋRZWKDWLVJHQHUDWHGIURP
RSHUDWLRQV 7KH *URXS UHJXODUO\ PRQLWRUV WKH UROOLQJ IRUHFDVWV DQG DFWXDO FDVK ƋRZV WR HQVXUH LW KDV VXIƉFLHQW
IXQGVWRPHHWWKHRSHUDWLRQDOQHHGV
7KHWDEOHEHORZVXPPDULVHWKHPDWXULW\SURƉOHRIWKH*URXS·VƉQDQFLDOOLDELOLWLHVEDVHGRQFRQWUDFWXDOO\DJUHHG
XQGLVFRXQWHGFDVKƋRZV
Particulars Notes Total Payable within More than
1 year 1 year
As at 30 Sept 2018
7UDGH3D\DEOHV 30,584
'HULYDWLYHFRQWUDFWV 1,272 51
2WKHUƉQDQFLDOOLDELOLWLHV 3,244
35,100 34,640 460
As at 30 Sept 2017
7UDGH3D\DEOHV
'HULYDWLYHFRQWUDFWV
2WKHUƉQDQFLDOOLDELOLWLHV
31,048 30,630 418
50 Exceptional items Sept 2018 6HSW

3URƉWRQVDOHRI:LQGSRZHUEXVLQHVV>1RWHD@ -
3URƉWRQVDOHRI:RUOLSURSHUW\>1RWHE@ -
Total -
D 'XULQJWKHSUHYLRXV\HDUWKH*URXSVROGLWVZLQGSRZHUEXVLQHVVIRUPLQJSDUWRI3RZHUDQG*DVVHJPHQWRIWKH
*URXSIRUDFRQVLGHUDWLRQRI`DQGUHFRUGHGDSURƉWRI`RQVDLGWUDQVDFWLRQ&RUUHVSRQGLQJWD[H[SHQVHRQ
WKHVDLGWUDQVDFWLRQDPRXQWVWR`
E 'XULQJWKHSUHYLRXV\HDUYLGHDJUHHPHQWGDWHG6HSWHPEHUWKH*URXSVROGLWV3URSHUW\DVGHƉQHGLQWKH
DJUHHPHQWORFDWHGDW:RUOL0XPEDLIRUDFRQVLGHUDWLRQRI`ZLWKDSURƉWRI`7KHWD[LPSDFWRQWKH
same is `
51 7KH*URXSLVHOLJLEOHIRULQFHQWLYHVRQH[SRUWRIFHUWDLQJRRGVDQGVHUYLFHVXQGHUWKH0HUFKDQGLVH([SRUWVIURP,QGLD
6FKHPHDQG6HUYLFH([SRUWVIURP,QGLD6FKHPHUHVSHFWLYHO\XQGHUWKH)RUHLJQ7UDGH3ROLF\IRUWKHSHULRG
'XULQJWKH\HDUWKH*URXSKDVVWDUWHGUHFHLYLQJWKHOLFHQVHVXQGHUWKHVFKHPHVDQGFRQVHTXHQWO\UHFRJQLVHGDQDPRXQW
RI`LQFOXGLQJDQDPRXQWRIÌRUHDUOLHU\HDUVZKLFKLVUHƋHFWHGLQ´2WKHURSHUDWLQJLQFRPHµ

52 Information required for Consolidated Financial Statements pursuant to Schedule III of The Companies Act, 2013
Sept 2018 6HSW

Net Assets 6KDUHLQ3URƊW Share in Other Share in Total 1HW$VVHWV 6KDUHLQ3URƉWDQG 6KDUHLQ2WKHU 6KDUHLQ7RWDO
Name of the
and Loss Comprehensive Comprehensive /RVV &RPSUHKHQVLYH &RPSUHKHQVLYH
entity in the
Annual Report 2018

income income income income
% Amount % Amount % Amount % Amount Amount Amount Amount Amount
Parent
6LHPHQV/WG 99.8% 83,054 99.2% 8,939 98.1% 68 99.2% 9,007
Subsidiary
6LHPHQV5DLO
Automation
3YW/WG 0.2% 203 0.8% 73 1.9% 1 0.8% 74
Sub total 83,257 9,012 69 9,081
,QWHU&RPSDQ\
(OLPLQDWLRQ
Consolidation
Adjustments (268) - - -
GRAND TOTAL 100% 82,989 100% 9,012 100% 69 100% 9,081
1HW$VVHWVDQG6KDUHRI3URƉWDQG/RVVUHSRUWHGLQWKHDERYHWDEOHKDYHEHHQFRQVLGHUHGIURPWKHUHVSHFWLYHDXGLWHGƉQDQFLDOVWDWHPHQWVDIWHUPDNLQJ
QHFHVVDU\FKDQJHVIRUFRQVROLGDWLRQDGMXVWPHQWVKDYLQJLPSDFWRQWKHFRQVROLGDWHGQHWDVVHWVDQGQHWSURƉWV
Siemens Limited

53 7KHERDUGRIGLUHFWRUVDWLWVPHHWLQJKHOGRQ)HEUXDU\KDVDJUHHGLQSULQFLSOHVXEMHFWWRWHUPVDQGFRQGLWLRQV
WREHGHWHUPLQHGWRVHOO
L LWV 0RELOLW\ 'LYLVLRQ DQG 5DLO 7UDFWLRQ 'ULYHV EXVLQHVV LQFOXGHG LQ 3URFHVV ,QGXVWULHV DQG 'ULYHV 'LYLVLRQ ZKLFK
SURYLGHVSURGXFWVDQGVHUYLFHVWR0RELOLW\'LYLVLRQ
LL LWV0HFKDQLFDO'ULYHVEXVLQHVVLQFOXGHGLQ3URFHVV,QGXVWULHVDQG'ULYHV'LYLVLRQWR6$*RULWVVXEVLGLDU\
&RQVHTXHQWWRVXFKLQSULQFLSOHDSSURYDOWKH%RDUGRI'LUHFWRUVKDYHFRQVWLWXWHGD&RPPLWWHHRI'LUHFWRUVWRGHWHUPLQH
WKH FRQVLGHUDWLRQ WHUPV DQG FRQGLWLRQV DQG VXFK RWKHU PDWWHUV DV PD\ EH FRQVLGHUHG H[SHGLHQW ZLWK UHVSHFW WR WKH
DIRUHVDLGSURSRVHGWUDQVDFWLRQVDQGPDNHUHFRPPHQGDWLRQVWKHUHRQWRWKH%RDUGRI'LUHFWRUVIRULWVFRQVLGHUDWLRQ
54 7KHUHYHQXHIURPRSHUDWLRQVIRUWKH\HDUHQGHG6HSWHPEHUXSWRSHULRGHQGHG-XQHLVLQFOXVLYHRI
H[FLVHGXW\UHFRYHUHGDQGFRUUHVSRQGLQJH[FLVHGXW\H[SHQVHKDVEHHQGLVFORVHGVHSDUDWHO\7KH*RYHUQPHQWRI,QGLD
LQWURGXFHG*RRGVDQG6HUYLFH7D[¶*67·ZLWKHIIHFWIURP-XO\ZKLFKSDUWO\UHSODFHGH[FLVHGXW\DQGDFFRUGLQJO\
UHYHQXHIURPRSHUDWLRQVLVGLVFORVHGQHWRI*67&RUUHVSRQGLQJH[FLVHGXW\H[SHQVHKDVEHHQGLVFORVHGVHSDUDWHO\
55 3UHYLRXV\HDU·VƉJXUHVKDYHEHHQUHJURXSHGUHFODVVLƉHGZKHUHYHUQHFHVVDU\WRFRQIRUPWRFXUUHQW\HDU·VFODVVLƉFDWLRQ
2IƊFHU 2IƊFHU
',1 ',1
',1
Mumbai Goa

Siemens Limited
CIN : L28920MH1957PLC010839
5HJLVWHUHG2IƊFH%LUOD$XURUD/HYHO3ORW1R'U$QQLH%HVDQW5RDG:RUOL0XPEDLƔ
Phone:Fax:Website: ZZZVLHPHQVFRLQ
E-mail: &RUSRUDWH6HFUHWDULDWLQ#VLHPHQVFRP
'HDU0HPEHUV
Sub.: Green Initiative - Electronic mode of service of documents
7KH0LQLVWU\RI&RUSRUDWH$IIDLUV0&$KDVDOORZHGSDSHUOHVVFRPSOLDQFHVE\FRPSDQLHVWKURXJKHOHFWURQLFPRGHE\SURYLGLQJ
WKH VDPH XQGHU WKH &RPSDQLHV $FW DQG UXOHV IUDPHG WKHUH XQGHU 7KH 0HPEHUV FDQ UHFHLYH YDULRXV QRWLFHV DQG
FRUUHVSRQGHQFHVLQFOXGLQJ$QQXDO5HSRUWVLH$XGLWHG)LQDQFLDO6WDWHPHQWV'LUHFWRUV·5HSRUW$XGLWRUV·5HSRUWHWFWKURXJK
HOHFWURQLFPRGHHPDLO7KHLQLWLDWLYHWDNHQE\WKH0&$LVDZHOFRPHPRYHIRUWKHVRFLHW\DWODUJHDVWKLVZLOOUHGXFHSDSHU
FRQVXPSWLRQWRDJUHDWH[WHQWHQVXUHSURPSWUHFHLSWRIFRPPXQLFDWLRQDQGDYRLGORVVRIGRFXPHQWLQSRVWDOWUDQVLW
:HDUHVXUHWKDW\RXZLOOZKROHKHDUWHGO\VXSSRUWWKLVLQLWLDWLYHIRUDJUHHQHUHQYLURQPHQWDQGFRRSHUDWHZLWKWKH&RPSDQ\WR
PDNHLWDVXFFHVV:HWKHUHIRUHUHTXHVW\RXWRƉOOXSWKH(FRPPXQLFDWLRQ5HJLVWUDWLRQ)RUPEHORZIRUUHJLVWHULQJ\RXUHPDLO
,'DQGVHQGLW
L ,Q UHVSHFW RI VKDUHV KHOG LQ SK\VLFDO IRUP WR WKH 5HJLVWUDU DQG 6KDUH 7UDQVIHU $JHQW 57$ 765 'DUDVKDZ /LPLWHG DW
FVJDQQXDOUHSRUWV#WVUGDUDVKDZFRPRUWRWKH&RPSDQ\DW&RUSRUDWH6HFUHWDULDWLQ#VLHPHQVFRPDQG
LL ,QUHVSHFWRIVKDUHVKHOGLQGHPDWPRGHWR\RXUUHVSHFWLYH'HSRVLWRU\3DUWLFLSDQWV
3OHDVH QRWH WKDW WKH (&RPPXQLFDWLRQ 5HJLVWUDWLRQ )RUP VKRXOG EH VLJQHG E\ WKH VROH ƉUVW QDPHG 0HPEHU DV SHU WKH
VSHFLPHQVLJQDWXUHUHFRUGHGZLWKWKH57$(YHQDIWHUUHJLVWHULQJIRU(FRPPXQLFDWLRQWKH0HPEHUVDUHHQWLWOHGWRUHFHLYH
VXFK FRPPXQLFDWLRQ LQ SK\VLFDO IRUP XSRQ UHTXHVW 7KHVH GRFXPHQWV ZLOO DOVR EH DYDLODEOH RQ WKH &RPSDQ\·V ZHEVLWH
ZZZVLHPHQVFRLQIRU\RXUUHDG\UHIHUHQFHXQGHUWKH,QYHVWRU5HODWLRQVVHFWLRQ
/HW·VEHSDUWRIWKLV¶*UHHQ,QLWLDWLYH·
7KDQNLQJ<RX
<RXUVIDLWKIXOO\
)RUSiemens Limited
Ketan Thaker
&RPSDQ\6HFUHWDU\

E-COMMUNICATION REGISTRATION FORM
TSR Darashaw Limited
Unit: Siemens Limited
+DML0RRVD3DWUDZDODIQGXVWULDO(VWDWH
'U(0RVHV5RDG0DKDOD[PL0XPEDLƔ
)ROLRQR'3,' &OLHQW,'
1DPHRIVROHƉUVWQDPHG0HPEHU
1DPHRI-RLQW+ROGHUV
(PDLO,'DGGUHVVWREHUHJLVWHUHG
3KRQHQXPEHUDORQJZLWK67'&RGH0RELOHQR

LQFDVHWKHVKDUHVDUHKHOGLQSK\VLFDOIRUP
'DWH 6LJQDWXUHRIWKH0HPEHU
Note: 0HPEHUV KROGLQJ VKDUHV LQ GHPDW PRGH DUH UHTXHVWHG WR UHJLVWHU WKHLU HPDLO ,' ZLWK WKHLU UHVSHFWLYH 'HSRVLWRU\
3DUWLFLSDQW'30HPEHUVDUHUHTXHVWHGWRNHHS'357$&RPSDQ\LQIRUPHGDVDQGZKHQWKHUHLVDQ\FKDQJHLQWKHHPDLO
DGGUHVV8QOHVVWKHHPDLO,'JLYHQDERYHLVFKDQJHGE\\RXE\VHQGLQJDQRWKHUFRPPXQLFDWLRQLQZULWLQJHPDLOWKH&RPSDQ\
ZLOOFRQWLQXHWRVHQGWKHGRFXPHQWVWR\RXRQWKHDERYHPHQWLRQHGHPDLO,'
Siemens Limited
CIN: L28920MH1957PLC010839
Phone:Fax:
Website: ZZZVLHPHQVFRLQ

ATTENDANCE SLIP
3/($6(&203/(7(7+,6$77(1'$1&(6/,3$1'+$1',729(5$77+((175$1&(2)7+($8',725,80
'3,' 1$0($1'$''5(662)7+(5(*,67(5('0(0%(5
Client ,'
)ROLR1R
1RRI6KDUHV
, KHUHE\ UHFRUG P\ SUHVHQFH DW WKH st $QQXDO *HQHUDO 0HHWLQJ RI WKH &RPSDQ\ WR EH KHOG DW <DVKZDQWUDR &KDYDQ 3UDWLVKWKDQ
$XGLWRULXP < % &KDYDQ &HQWUH *HQHUDO -DJDQQDWKUDR %KRQVOH 0DUJ 1DULPDQ 3RLQW 0XPEDL Ɣ RQ :HGQHVGD\
th)HEUXDU\DWSP
Full name of the Proxy, if attending the Meeting:
Signature of the Member / Joint Member / Proxy attending the Meeting:
Note:
Persons attending the Meeting are requested to bring this Attendance Slip and Annual Report with them. Duplicate Attendance
Slip and Annual Reports will not be issued at the Annual General Meeting.

Siemens Limited
CIN : L28920MH1957PLC010839
Phone:Fax:
Website: ZZZVLHPHQVFRLQ
61st Annual General Meeting on Wednesday, 6th February 2019, at 3.00 p.m.
PROXY FORM
[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules, 2014]
&,1 /0+3/&
1DPHRIWKH&RPSDQ\ 6,(0(16/,0,7('
5HJLVWHUHG2IƉFH %LUOD$XURUD/HYHO3ORW1R'U$QQLH%HVDQW5RDG:RUOL0XPEDLƔ
1DPHRIWKH0HPEHUV
5HJLVWHUHG$GGUHVV
(PDLO,'
)ROLR1R'3,'&OLHQW,'

,:HEHLQJWKH0HPEHUVRIBBBBBBBBBBBBVKDUHVRIDERYHQDPHG&RPSDQ\KHUHE\DSSRLQW
1DPH $GGUHVV
(PDLO,' 6LJQDWXUH RUIDLOLQJKLPKHU
1DPH $GGUHVV
(PDLO,' 6LJQDWXUH RUIDLOLQJKLPKHU
1DPH $GGUHVV
(PDLO,' 6LJQDWXUH
&RQWLQXHG

$VP\RXUSUR[\WRDWWHQGDQGYRWHRQDSROOIRUPHXVDQGRQP\RXUEHKDOIDWWKHst$QQXDO*HQHUDO0HHWLQJRIWKH&RPSDQ\WREH
KHOGRQ:HGQHVGD\th)HEUXDU\DWSPDW<DVKZDQWUDR&KDYDQ3UDWLVKWKDQ$XGLWRULXP<%&KDYDQ&HQWUH*HQHUDO-DJDQQDWKUDR
%KRQVOH0DUJ1DULPDQ3RLQW0XPEDLƔDQGDWDQ\DGMRXUQPHQWWKHUHRILQUHVSHFWRIVXFKUHVROXWLRQVDVDUHLQGLFDWHGEHORZ
Item Description of the Resolutions as set out in the 61st AGM Notice dated 18th November 2018 No. of FOR AGAINST
No. shares held
ORDINARY BUSINESS
&RQVLGHUDWLRQDQGDGRSWLRQRI
D WKH$XGLWHG)LQDQFLDO6WDWHPHQWVRIWKH&RPSDQ\IRUWKH)LQDQFLDO<HDUHQGHGth6HSWHPEHU
WRJHWKHUZLWKWKH5HSRUWVRIWKH'LUHFWRUVDQGWKH$XGLWRUVWKHUHRQDQG
E WKH $XGLWHG &RQVROLGDWHG )LQDQFLDO 6WDWHPHQWV RI WKH &RPSDQ\ IRU WKH )LQDQFLDO <HDU HQGHG
th6HSWHPEHUDQGWKH5HSRUWRIWKH$XGLWRUVWKHUHRQ
7R GHFODUH D 'LYLGHQG RQ (TXLW\ 6KDUHV IRU WKH )LQDQFLDO <HDU HQGHG th 6HSWHPEHU ^7KH %RDUG RI
'LUHFWRUVKDVUHFRPPHQGHGD'LYLGHQGRI`SHU(TXLW\6KDUHRI`HDFK`
5HDSSRLQWPHQWRI0U-RVHI.DHVHU',1DVD'LUHFWRUZKRUHWLUHVE\URWDWLRQDQGEHLQJ
HOLJLEOHRIIHUVKLPVHOIIRUUHDSSRLQWPHQW
$SSRLQWPHQWRI0HVVUV%65 &R//3&KDUWHUHG$FFRXQWDQWV)LUP5HJLVWUDWLRQ1R::
DV6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IURPFRQFOXVLRQRIWKLV$QQXDO*HQHUDO0HHWLQJXQWLOWKHFRQFOXVLRQRI
th$QQXDO*HQHUDO0HHWLQJ
SPECIAL BUSINESS
5 $SSRLQWPHQWRI0U0HKHUQRVK%.DSDGLD',1DV,QGHSHQGHQW'LUHFWRURIWKH&RPSDQ\
5HDSSRLQWPHQWRI0U6XQLO0DWKXU',1DV0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IƉFHURIWKH
&RPSDQ\DQGSD\PHQWRIUHPXQHUDWLRQWRKLP
5HDSSRLQWPHQWRI0U&KULVWLDQ5XPPHO',1DV([HFXWLYH'LUHFWRUDQG&KLHI)LQDQFLDO2IƉFHURI
WKH&RPSDQ\DQGSD\PHQWRIUHPXQHUDWLRQWRKLP
&RQWLQXDWLRQRI'LUHFWRUVKLSRI0U'HHSDN63DUHNK',1
&RQWLQXDWLRQRI'LUHFWRUVKLSRI0U<H]GL+0DOHJDP',1
&RQWLQXDWLRQRI'LUHFWRUVKLSRI0U'DULXV&6KURII',1
11 $OWHUDWLRQRIWKH2EMHFW&ODXVHRIWKH0HPRUDQGXPRI$VVRFLDWLRQRIWKH&RPSDQ\
$GRSWLRQRIQHZ$UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\
3D\PHQWRIUHPXQHUDWLRQWR0HVVUV51DQDEKR\ &R&RVW$FFRXQWDQWV)LUP5HJLVWUDWLRQ1RWKH
&RVW$XGLWRUVRIWKH&RPSDQ\IRU)<
Signed this GD\RI

$IƉ[
6LJQDWXUHRI0HPEHUV
5HYHQXH
6LJQDWXUHRI3UR[\KROGHUV Stamp
Notes:
7KLVIRUPRISUR[\LQRUGHUWREHHIIHFWLYHVKRXOGEHGXO\FRPSOHWHGDQGGHSRVLWHGDWWKH5HJLVWHUHG2IƉFHRIWKH&RPSDQ\QRWOHVVWKDQ
KRXUVEHIRUHWKHFRPPHQFHPHQWRIWKH0HHWLQJ
)RUWKH5HVROXWLRQVVWDWHPHQWVHWWLQJRXWPDWHULDOIDFWVWKHUHRQDQGQRWHVSOHDVHUHIHUWRWKH1RWLFHRIWKHst$QQXDO*HQHUDO0HHWLQJ
$SHUVRQFDQDFWDVSUR[\RQEHKDOIRI0HPEHUVQRWH[FHHGLQJƉIW\DQGKROGLQJLQWKHDJJUHJDWHQRWPRUHWKDQRIWKHWRWDOVKDUH
FDSLWDORIWKH&RPSDQ\FDUU\LQJYRWLQJULJKWV,QFDVHDSUR[\LVSURSRVHGWREHDSSRLQWHGE\D0HPEHUKROGLQJPRUHWKDQRIWKHWRWDO
VKDUHFDSLWDORIWKH&RPSDQ\FDUU\LQJYRWLQJULJKWVWKHQVXFKSUR[\VKDOOQRWDFWDVDSUR[\IRUDQ\RWKHUSHUVRQRU0HPEHU
3OHDVHFRQYH\\RXUDVVHQWLQFROXPQ“FOR” and dissent in the column “AGAINST”E\SODFLQJDWLFN¾PDUNLQWKHDSSURSULDWHFROXPQ
DERYH
NOTES
NOTES
7KURXJKYDULRXVLQWHUYHQWLRQVXQGHU3URMHFW$VKDVXFKDVZLGHQLQJZDWHU 6LHPHQVFRPPLVVLRQHGWKHN96\QFKURQRXV&RPSHQVDWRU
FKDQQHOVDQGUHFKDUJLQJJURXQGZDWHUOHYHOVRYHUPLOOLRQOLWUHVRI 67$7&20VROXWLRQVDW3*&,/·VVXEVWDWLRQLQ5RXUNHOD7KH67$7&20
ZDWHUDQGDFUHVRIDJULFXOWXUDOODQGKDVEHHQPDGHDYDLODEOHWR VROXWLRQSURYLGHVRSWLPDOJULGVWDELOL]DWLRQWHFKQRORJ\7KHHTXLSPHQW
IDUPHUVOHDGLQJWRKLJKHULQFRPHOHYHOVDQGORZHUPLJUDWLRQ KDVEHHQPDQXIDFWXUHGDW6LHPHQV/WG·VPDQXIDFWXULQJSODQWLQ*RD
6LHPHQVVHWDQLQQRYDWLRQPLOHVWRQHZLWKƉUVW'SULQWHGSDUWVIRU
6LHPHQV7HFKQLFDO$FDGHP\LVDPDMRUVWHSWRZDUGVIDVWWUDFNLQJ
LQGXVWULDOVWHDPWXUELQHLQ,QGLDIRU-6:DW6DOHP7KH'SULQWHG
LQGXVWULDOGHYHORSPHQWE\SURPRWLQJVNLOOEDVHGOHDUQLQJDQG
SDUWVDUHWZRRLOVHDOLQJULQJVXVHGLQNHHSLQJRLOVHSDUDWHGIURP
LQGXVWU\UHDGLQHVVDPRQJWKH\RXWKLQWKHDJHRI'LJLWDOL]DWLRQ
VWHDPLQVLGHWKHVWHDPWXUELQHXVLQJSUHVVXUL]HGDLU
6LHPHQV/WGGHOLYHUHGUHOLDEOHXQLQWHUUXSWHGSRZHUZLWKWKH %DVHGRQWKH*HUPDQGXDOHGXFDWLRQSHGDJRJ\6LHPHQV6FKRODUVKLS
VXFFHVVIXOPDQXIDFWXULQJDQGGLVSDWFKRIWKHƉUVW+9'&3OXV 3URJUDPIRUHQJLQHHULQJVWXGHQWVH[SDQGHGWRFROOHJHVDQG
,QWHUIDFH7UDQVIRUPHUIRU3*&,/ 6WDWHVDQGQRZSURYLGHVKROLVWLFGHYHORSPHQWWR6FKRODUV
6LHPHQV/LPLWHGFRPSOHWHGWKHVXSSO\LQVWDOODWLRQDQG
6LHPHQVKDVVHWXSDPHGLXPYROWDJHODEDW,169DOVXUDWKH,QGLDQ
FRPPLVVLRQLQJRIDQ0:VWHDPWXUELQHJHDUER[DQGUHODWHG
1DY\·VROGHVWWUDLQLQJHVWDEOLVKPHQWQHDU-DPQDJDU
FRQWUROSDQHOVIRU6KDNDPEKDUL,VSDW 3RZHU/LPLWHG
Siemens Innovation Day was organized in Mumbai
Mumba ai to showcase innovative solutions – especially from the field of
digitalization. Customers across businesses
nesses have alreadyy experienced the benefits of digitalization in their operations. Among
the sessions was a panel discussion on ‘Make in India: Digital
D Story’. Dr Roland Busch, Chief Technology Officer, Siemens AG;
Deepak Parekh, Chairman, Siemens ns Limited; and Sunil
nil Mathur, Managing Director and Chief Executive Officer, Siemens
Sun
Limited, unveiled the vertical market report ‘Unloc
‘Unlocking
cking the Potential with Digitalization’
cking Digitalization during the Innovation Day.
Day
The Ingenuity Tour demonstrates a comprehensive

comprehensivvvee array of innovative products, solutions and services covering
Electrification, Automation and Digitalization for thee manufacturing segment. The Tour will cover over 23 States and
120 cities across India over a period of two years, travelling over 30,000 kilometers. Key verticals targeted include
Automotive, Food & Beverages, Packaging, Machine Tools Capital Goods, Power, Pharma, Cement, Minerals and Metals
Siemens Ltd.,
CIN: L28920MH1957PLC010839
Birla Aurora, Level 21, Plot No. 1080,

Toll-Free Helpline: 1800 209 1800
Website: http://www.siemens.co.in
Facebook: www.facebook.com/SiemensPayItForward
Twitter: www.twitter.com/siemensindia

Siemensltd 2018

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

Siemensltd 2018

Загружено:

Авторское право:

Доступные форматы

Financial Highlights - Siemens Limited

2017-18 2016-17 2015-16 2014-15 2013-14

Board of Directors vii

Annexure I - Form AOC – 1 27

Annexure II - Conservation of Energy, etc. 28

Annexure III - Management’s Discussion & Analysis 31

Annexure IV - Corporate Governance Report 35

Annexure V - General Shareholder Information 50

Annexure VI - Corporate Social Responsibility Report 59

Annexure VII - Statement of Disclosure of Remuneration 65

Annexure VIII - Extract of Annual Return 66

Annexure IX - Form AOC - 2 78

Annexure X - Particulars of Loans, Guarantees or Investments 79

Annexure XI - Secretarial Audit Report 80

Business Responsibility Report - Abstract 82

Independent Auditor‘s Report - Standalone Financial Statements 85

Standalone Financial Statements 90

Independent Auditor‘s Report - Consolidated Financial Statements 151

Consolidated Financial Statements 154

Attendance Slip and Proxy Form 219

Enduring partnership since 1867

2014 2015 2017 2018

50 years of 50th year of Corporate Technology Low-voltage

Healthcare equipment Manufacture of motors Lists on the Modern industrial

Siemens Engineering Siemens (India) Ltd. Construction of the Indo-European

customer- and Gas

Corporate Core and Corporate Services

Digital Factory Division Process Industries and Building Technologies

Power and Gas Division Energy Management Mobility Division

6HWXSD0HGLXP9ROWDJH 09 /DEDW,169DOVXUDDVSDUWRIWKH Four Mindsphere Application Centers for Digital Innovations

Deepak S Parekh Darius C. Shroff Yezdi H. Malegam Keki B. Dadiseth

Mehernosh B. Josef Kaeser Cedrik Neike Mariel von Schumann

Johannes Apitzsch Sunil Mathur Christian Rummel

Gerd Deusser Harald Griem Devidas Kulkarni Tilak Raj Seth

Ashish Bhat Bhaskar Mandal

Audit Committee Risk Management Committee

Mr. Yezdi H. Malegam - Chairman Mr. Yezdi H. Malegam - Chairman

Mr. Deepak S. Parekh Mr. Deepak S. Parekh

Mr. Keki B. Dadiseth Mr. Keki B. Dadiseth

Mr. Johannes Apitzsch Mr. Johannes Apitzsch

Mr. Mehernosh B. Kapadia Mr. Mehernosh B. Kapadia

Nomination and Remuneration Committee Corporate Governance Committee

Mr. Yezdi H. Malegam - Chairman Mr. Keki B. Dadiseth - Chairman

Mr. Darius C. Shroff Mr. Deepak S. Parekh

Mr. Deepak S. Parekh Mr. Yezdi H. Malegam

Mr. Josef Kaeser Mr. Darius C. Shroff

Ms. Mariel von Schumann Mr. Josef Kaeser

Mr. Cedrik Neike

Stakeholders Relationship Committee Mr. Johannes Apitzsch

Mr. Darius C. Shroff - Chairman Mr. Sunil Mathur

Mr. Sunil Mathur Mr. Mehernosh B. Kapadia

Corporate Social Responsibility Committee Share Transfer Committee

Mr. Deepak S. Parekh - Chairman Mr. Sunil Mathur - Chairman

Mr. Sunil Mathur Mr. Christian Rummel

Mr. Christian Rummel

Ms. Mariel von Schumann

Annual Report 2018 Siemens Limited 1

Mr. Ketan Thaker

Siemens Limited TSR Darashaw Limited

Details of 61st Annual General Meeting

7LPH  3.00 p.m.

2 Annual Report 2018 Siemens Limited

4 Annual Report 2018 Siemens Limited

6HWXSD0HGLXP9ROWDJH09/DEDW,169DOVXUDDVSDUWRIWKH Four Mindsphere Application Centers for Digital Innovations

7LPH 3.00 p.m.

Manner of holding shares i.e. Demat <RXU8VHU,'LV

V, &KLHI([HFXWLYH2IƊFHU&(2DQG&KLHI)LQDQFLDO2IƊFHU&)2FHUWLƊFDWLRQ

1stTXDUWHUHQGLQJst December 2018 First week of February 2019

1RRIVKDUHKROGHUVDVRQth September

Sr. Name of the Shareholder Category Number of % of total

Particulars of Equity Shares Equity Shares of `HDFK

;,, 5HJLVWUDUDQG6KDUH7UDQVIHU$JHQW57$