The project includes brief analysis of the company along with its swot analysis. The financial statements for the 2014 and 2015 are presented along with its interpretation. A detailed analysis of the cash flow analysisis also present

1. INDEX
1. INTRODUCTION 1
2. MARKETING ANALYSIS OF THE COMPANY 4
3. FINANCIAL STATEMENTS OF THE COMPANY 7
4. INTERPRETATION OF DATA 9
5. CASH FLOW STATEMENT 16
6. REFERENCES 19

2. INTRODUCTION
Siemens is a German company headquartered in Berlin and Munich. The principal divisions of the
company are Industry, Energy, Healthcare, and Infrastructure & Cities, which represent the main
activities of the company.
It was founded on 12th October 1847, 168 years ago, in Berlin (then Kingdom of Prussia). It is
currently headquartered in Berlin and Munich. The company is a prominent maker of medical
diagnostics equipment and its medical health-care division, which generates about 12 percent of
the company's total sales, is its second-most profitable unit, after the industrial automation
division. Siemens and its subsidiaries employ approximately 362,000 people worldwide and
reported global revenue of around €71.9 billion in 2014 according to their annual report.
Siemens was founded by Werner von Siemens and Johann Georg Halskein in 1847. Currently Joe
Kaeser is the President & CEO of the Siemens group and Gerhard Cromme is the Chairman of the
Supervisory Board.
Siemens India
Siemens Ltd provides technology-enabled solutions operating in the core business segments of
industry, energy and healthcare. The company operates in eleven segments: Industry Automation,
Drive Technologies, Building Technologies, Industry Solutions, Mobility, Fossil Power
Generation, Oil & Gas, Power Transmission, Power Distribution, Healthcare and Real Estate.
Industry Automation provides automation products and systems, industrial automation systems
and low-voltage switchgears. Drive Technologies provides drives and motors, special purpose
motors, process and motion control systems. Building Technologies includes electrical installation
technologies. Mobility provides solutions for rail automation and railway electrification. The
Fossil Power Generation Division offers products and solutions for power generation-based on
fossil fuels.
Siemens Ltd was incorporated in the year 1957 as Siemens Engineering and Manufacturing
Company of India Pvt Ltd. In March 1957, the company entered into a collaboration agreement
with two foreign companies, viz., Siemens & Halske AG and Siemens Schuckertwerke AG of
West Germany.

3. The Chairman of Siemens India is Deepak S Parekh, its Managing Director is Sunil Mathur and
the Company Secretary is Ketan Thaker.
Siemens is a pioneer in infrastructure solutions and automation and software solutions for industry.
The company is also a leading supplier of medical imaging equipment – such as computed
tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as
well as clinical IT.
Siemens has 22 factories located across India, 8 Centres of Competence and 11 R&D Centres and
a nation-wide sales and service network. The factories manufacture Steam Turbines, Switchgear,
Remote Monitoring Systems (RMS), Motors and Generators, Relays and Smart Grid Systems,
Transformers, Railway Bogies and X-ray Machines. These have been set up replicating global,
best-in-class manufacturing systems and practices.
Siemens India is supporting skill development through Corporate Citizenship initiatives such as
ITI upgradation, faculty development and Technical Skills Development Centre. Siemens has also
signed Memorandums of Understanding with the Government of Gujarat, and with Steel Authority
of India Ltd. Additionally, Siemens has partnered with industrial bodies such as Automation
Industry Association, Indian Machine Tool Manufacturers Association and CII to impart technical
education.
With about 4,500 employees, Siemens Technology and Services Private Limited (STS) combines
five units: Corporate Technology India, Functional Shared Services, Corporate Finance, and
Corporate Finance.
Mission and Vision
Siemens is a global and innovative network of people.
1. Who use their knowledge in the field of electrical engineering and electronics and electrical
engineering to benefit customers throughout the world
2. Who learn continually
3. Who work together closely
4. Who have the courage to make quick decisions

4. 5. Who are proud of their efforts to contribute to the company’s success
Unique Selling Proposition
Innovation power and customer proximity
Products and Services
Siemens offers a wide range of electrical engineering- and electronics-related products and
services. Its products can be broadly divided into the following categories:
1. Buildings-related products
2. Drives
3. Automation and industrial plant-related products
4. Energy-related products
5. Lighting
6. medical products
7. Transportation and logistics-related products.
Competitors
Siemens primary competitors are following:
1. ABB Ltd
2. Alstom
3. Bombardier Inc.
4. Honeywell International
5. Emerson Electric
6. Rockwell Automation

5. MARKETING ANALYSIS OF THE COMPANY
STP Strategy
SEGMENT Infrastructure and Cities, Industry, Energy and Healthcare, Financial
Solution, Mobility,
TARGET GROUP Power generation, Oil & Gas, Metal & Mining and Automation
Industries, Locomotives, Turnkey projects, Metropolitan and Urban
Infrastructure, Diagnostic and radiography sectors of healthcare, data
centers
POSITIONING Company meet the needs of people with different interests, from
different cultures and with different aims and requirements
Shareholder’s Profile
Shareholders are the owners of companies. Shareholders play an important role in the financing,
operations, governance and control aspects of a business. The shareholder information of the
Siemens Ltd for the FY 2014 and FY 2015 are given below:
a) Market Price Data
The market price and volume of the Company’s Equity Shares traded on BSE and NSE of the
last Financial Year from 1st October, 2014 to 30th September, 2015 are as follows:
Face Value of ₹2 each
NSE BSE
High
₹
Low
₹
Volume
Nos.
High
₹
Low
₹
Volume
Nos.
October 2014 880.00 768.80 3,917,249 880.00 770.00 476,568
September 2015 1,340.15 1,137.05 6,998,777 1,340.00 1,135.65 895,315
Table 2.1 (Source- Annual Report 2015, Siemens Ltd.)

6. b) Shareholder Profile as on 30th September, 2015
Table 2.2 (Source- AnnualReport 2015, Siemens Ltd.)
Category %
Total
Capital
Promoter (Siemens AG, Germany, and its
subsidiary)
75
Public 10.52
Insurance Companies 5.61
Directors & their Relatives 0.01
Mutual Funds and UTI 3.35
Foreign Institutional Investors 3.96
Bodies Corporate 1.24
Non-Resident Indians and Overseas
Corporate Bodies
0.27
Banks & Indian Financial Institutions 0.04
Total 100

7. SWOT Analysis
STRENGTHS Pioneer of technology driven services
Market leadership through innovation and has presence
in industry, Energy, Healthcare, Infrastructure and Cities
Financial excellence and stability
Over 400,000 employees worldwide shows its
commanding global position
Operates in about 180 companies
It has operations in over 190 countries
WEAKNESSES
Dependence on third party providers can affect
operational efficiency
Few allegation of corruption in the corporate
environment by individuals hit the headlines
OPPORTUNITIES Expanding market share in emerging markets
Strategic acquisitions, partnerships and collaborations
Setting up of institutions worldwide for in-house
solutions
Increase in demand for electricity and related services
and products
THREATS Strict government policies and environmental regulation
affect operations
Economic fluctuations and currency devaluations affect
the financial performance as it is an international
company
Heavy dependence on few suppliers

8. FINANCIAL STATEMENTS OF THE COMPANY
Balance Sheet as at 30 September 2014 and 30 September 2015
(₹ in Millions)
30th
Sept, 2014 30th
Sept, 2015
Sources
Shareholders’ funds
Share Capital 712 712
Reserves and Surpluses 43,044 50,554
Total (a) 43,756 51,236
Non-current liabilities
Trade payables and other long term liabilities 522 1,217
Long term provisions 2,669 2,516
Total (b) 3,191 3,733
Current liabilities
Trade Payables:
Total outstanding dues of micro and small
enterprises
768 765
Total outstanding dues of creditors other than
micro and small enterprises
26,170 22,882
Other current liabilities 16,908 12,687
Short term provisions 12,110 13,944
Total (c) 55,956 50,278
Total Liabilities 102,903 105,277
Application of Funds
Non-current assets
Fixed Assets:
Tangible Assets 13,442 13,444
Intangible Assets 114 89
Capital work-in-progress 409 321
Non-Current investments 82 1,764
Deferred tax assets 3,738 3,175
Long-term loans and advances 6,671 7,260
Other non-current assets 4,183 1,761
Total (a) 28,639 27,814
Current assets
Inventories 10,472 9,509
Trade receivables 36,874 30,183
Cash and cash equivalents 11,210 20,959

9. Short term loans and advances 7,341 7,698
Other current assets 8,367 9,114
Total (b) 74,264 77,463
Total Assets 102,903 105,277
Table 3.1 (Source- Annual Report 2015, Siemens Ltd.)
Statement of Profit and Loss
for the Year ended 30 September 2014 and 30 September 2015
(₹ in Millions)
September 2015 September 2014
INCOME
Revenue From Operations (Gross) 108,486 109,701
Less: Excise Duty (3,362) (2,918)
Net Sales 105,124 106,783
Other Income 1,604 1039
Gross Revenue 106,728 107,822
EXPENDITURE
Raw Materials Consumed 24,219 25,870
Purchase of Traded Goods 24,802 24,413
Increase/Decrease in Inventory 1,062 (1,487)
Other Direct Costs 20,531 26,903
Employee Benefit Expense 13,942 14,118
Finance Cost 73 82
Other Expenses 10,607 11,023
Total Expenses 95,436 103,213
Operating Profit 11,292 4,609
Interest 281 313
Gross Profit 11,573 4,922
Depreciation 2,156 2,291
Profit Before Exceptional Items and Tax 13,729 7,283
Exceptional Items 3,235 1,156
Profit Before Tax 16,964 8,436
TAX EXPENSES
Current Tax (4,575) (1,845)
Deferred Tax Credit (556) (59)
Total Tax Expense (5,131) (2,404)
Profit After Tax 11,833 6,247
Table 3.2 (Source- Annual Report 2015, Siemens Ltd.)

10. INTERPRETATION OF DATA
Comparative Analysis of Balance Sheet
as at 30 September 2014 and 30 September 2015
(₹ in Millions)
31st
March,
2014
31st
March,
2015
Absolute
Change
% Change
Sources
Shareholders’ funds
Share Capital 712 712 0 0
Reserves and Surpluses 43,044 50,554 7510 17.44
Total (a) 43,756 51,236 7480 17.16
Non-current liabilities
Trade payables and other long term
liabilities
522 1,217 695 133.14
Long term provisions 2,669 2,516 (153) -5.73
Total (b) 3,191 3,733 542 16.98
Current liabilities
Trade Payables:
Total outstanding dues of micro and
small enterprises
768 765 (3) -0.39
Total outstanding dues of creditors
other than micro and small
enterprises
26,170 22,882 (3288) -12.56
Other current liabilities 16,908 12,687 (4221) -24.96
Short term provisions 12,110 13,944 1834 15.14
Total (c) 55,956 50,278 (5678) -10.15
Total Liabilities 102,903 105,277 2374 2.31
Application of Funds
Non-current assets
Fixed Assets:
Tangible Assets 13,442 13,444 2 0.02
Intangible Assets 114 89 (25) -0.22
Capital work-in-progress 409 321 (88) -21.52
Non-Current investments 82 1,764 1682 2051.22
Deferred tax assets 3,738 3,175 (563) -15.06
Long-term loans and advances 6,671 7,260 589 8.83
Other non-current assets 4,183 1,761 (2422) -57.90

11. Total (a) 28,639 27,814 (825) -2.88
Current assets
Inventories 10,472 9,509 963 9.19
Trade receivables 36,874 30,183 (6,691) -0.18
Cash and cash equivalents 11,210 20,959 9,749 86.96
Short term loans and advances 7,341 7,698 357 4.86
Other current assets 8,367 9,114 747 8.93
Total (b) 74,264 77,463 3,199 4.31
Total Assets 102,903 105,277 2374 2.31
Table 4.1 (Source- Annual Report 2015, Siemens Ltd.)
 Increase in Shareholder’s Funds: The Shareholder’s Funds of Siemen Ltd has increased
from ₹ 43,756 million to ₹ 51,236 million over FY2015 by 17.16%. It shows that the
shareholders are showing interest in the company’s operations and are investing more into it
rather than looking out for investing into its competitors.
 Increase in Non- Current Liabilities: There is a possibility that the company might be
planning to diversify its operations in India or is planning to buy long term assets. But with
16.98% increase in outsider’s funds to the company, the financial risk to the stakeholders may
also increase.
 Decrease inCurrent Liabilities: There has been a decline of 10.51% in the company’s current
liabilities and thus the company’s liquidity position has improved. The company is expected
to be currently in a position to pay its current liabilities through its current assets.
 Decrease in Non- Current Assets: The Company might be in need of funds to pay back its
debts and credit loans. The company has also started to heavily invest for long term and might
be needing more funds to continue investment for future returns.
 Increase in Current Assets: There has been massive increase in cash and cash equivalents
within the company by 86.96% which means there is idle cash in the business which needs to
be invested within a short span. Decrease in trade receivables show that the debtors are
returning the money to the business. Slight increase in inventory by 9.19% indicates that there
might be the possibility of overproduction or stock might be piling up, though it is not an
alarming state.

12. Ratio Analysis of the Company
(for the Financial Year 2014 and 2015)
Efficiency Ratio
Ratio: 2015 2014 % Change
Inventory Turnover Ratio 10.71 10.92 -1.92
Debtor Turnover Ratio 3.19 2.90 10.00
Creditor Turnover Ratio 3.47 3.55 -2.25
Fixed Assets Turnover Ratio 2.21 2.54 -13.00
Working Capital Turnover Ratio 3.99 5.99 -33.39
 Inventory Turnover Ratio: It indicates the number of times a year, the stock is converted into
sales. The ITR of Siemens Ltd for the last two years has been near about the same. The
company was able to rotate its inventory 10.71 times in the last financial year and the company
took near about 40 days to convert the inventory into stock.
 Debtor Turnover Ratio: It indicates the number of times a year, the debtors are converted
into cash. The DTR of the company has increased by 10% in the last financial year indicating
steady payment received from the debtors. The company was able to receive a return from its
debtors every 113 days.
 Creditor Turnover Ratio: It has declined slightly by 2.25% indicating that the creditors are
being repaid smoothly and liquid cash in the business can be used for slightly long term goals
rather than replaying the short term liabilities. The company’s average payment period for FY
2015 was 104 days.
 Fixed Assets Turnover Ratio: It has declined by 13% last year compared to its value in 2014
indicating that the company was not able to use its fixed assets for higher production as it did
in FY 2014.
 Working Capital Turnover Ratio: It is the ability of a business to pay its current liabilities
through its current assets. The current assets of the company were 3.99 times the current
liabilities in the FY 2015. Though it has declined largely b 33.39% compared to FY2014, its
value was greater than 2.00 indicating good short term liquidity position of the company.
Profitability Ratio

13. Ratio: 2015 2014 % Change
Gross Profit Ratio 7.23 3.42 111.40
Net Profit Ratio 11.25 5.60 100.89
Operating Ratio 9.28 5.57 66.60
Return on Capital Employed (ROCE) 36.60 20.82 75.79
Return on Assets (ROA) 8.70 5.33 63.23
Return on Equity (ROE) 24.91 14.36 7.35
 Gross Profit Ratio: The gross profit margin is used to analyze how efficiently a company is
using its raw materials, labor and manufacturing-related fixed assets to generate profits.
Siemens Ltd had 7.23% GPR in FY 2015 with a growth rate of 111.40% compared to FY 2014
indicating a favorable profit indicator.
 Net Profit Ratio: It gives the overall view of the company’s profit margin. There has been a
growth of 100.89% in the company’s NPR within an year indicating that the company made a
huge profit compared to last year and maybe very attractive to the shareholders.
 Operating Ratio: A company's operating income figure is often the preferred metric of
investment analysts, versus its net income figure, for making inter-company comparisons and
financial projections. Siemens Ltd had a growth in Operating Margin by 66.60% indicating an
increase in the operating expenses of the company. But, the Operating Profit Ratio of the
company in FY 2015 was still 90.72% indicating that the management had much more control
over operating expenses than its cost of sales outlays.
 Return on Capital Employed (ROCE): It is a measure of the returns that a business is
achieving from the capital employed, in other words all the long-term funds used by the
company. The ROCE of the company was 36.60%, which had increased 75.79 times compared
to FY 2014. It indicates profit in company’s capital investments.
 Return on Assets (ROA): It is a key profitability ratio which measures the amount of profit
made by a company per unit of its assets. It shows the company's ability to generate profits
before leverage, rather than by using leverage. A 63.23% increase in ROA in the FY 2015
compared to FY 2014 indicates that the management at Siemens Ltd is capable of skillfully
utilizing its assets to generate profits.

14.  Return on Equity (ROE): It is the amount of net income returned as a percentage of
shareholders equity. It reveals how much profit a company earned in comparison to the total
amount of shareholder equity found on the balance sheet. Siemens Ltd had a growth of 7.35%
in its ROE in FY 2015 compared to FY 2014 indicating 7.35% increase in the company’s profit
other than the shareholder’s contributions.
Ratio Analysis of the Company
(Comparison with Competitor)
Efficiency Ratio for the Financial Year 2015
Ratio: Siemens Ltd. Honeywell India Ltd.
Inventory Turnover Ratio 10.71 19.76
Debtor Turnover Ratio 3.19 6.88
Creditor Turnover Ratio 3.47 3.93
Fixed Assets Turnover Ratio 2.21 2.89
Working Capital Turnover Ratio 3.99 4.43
 Inventory Turnover Ratio: While Siemens Ltd was able to rotate its inventory 10.71 times a
fiscal year, Honeywell India Ltd was able to do so 1.76 times. Thus Siemens Ltd took 34 days
to convert its stock to sales while Honeywell India Ltd did that 18days. It can be concluded
that Honeywell India Ltd was more efficiently handle its inventory and generate sales from it
that Siemens Ltd.
 Debtor Turnover Ratio: Siemens Ltd was able to convert the debtors into cash 3.19 times a
year in FY2015 while Honeywell India Ltd achieved 6.88 times a year. Hence collection period
for Siemens Ltd was 113 days while that of Honeywell India Ltd was 52 days. Thus it can be
concluded that Honeywell India Ltd was able to recover the payments from its creditors more
efficiently than Siemens Ltd last year.
 Creditor Turnover Ratio: Siemens Ltd repaid its creditors 3.47 times a year in FY2015 while
Honeywell India Ltd did it 3.93 times a year. Hence average payment period for Siemens Ltd
was 104 days while that of Honeywell India Ltd was 92 days. Thus it can be concluded that
Siemens Ltd was able to retain more funds in the business for further investments than
Honeywell India Ltd last year.

15.  Fixed Assets Turnover Ratio: While FATR for Siemens Ltd was 2.21 last year, it was 2.89
for Honeywell India Ltd. Hence, Honeywell India Ltd was capable of having more production
efficiency from its fixed assets which in turn would have increased their sales, compared to
Siemens.
 Working Capital Turnover Ratio: WCTR for Siemens Ltd was 3.99 last fiscal year while it
was 4.43 for Honeywell India Ltd. It indicated that last year, the overall liquidity position of
Honeywell India Ltd was better than Siemens Ltd.
Profitability Ratio for the Financial Year 2015
Ratio: Siemens Ltd. Honeywell India Ltd.
Gross Profit Ratio 7.23 8.12
Net Profit Ratio 11.25 4.75
Operating Ratio 9.28 8.82
Return on Capital Employed (ROCE) 36.60 21.37
Return on Assets (ROA) 8.70 6.78
Return on Equity (ROE) 24.91 13.74
 Gross Profit Ratio: The GPR of Honeywell India Ltd for FY 2015 was 8.12% while that of
Siemens Ltd was 7.23% indicating that Honeywell India Ltd was able to efficiently use its raw
materials, labor and manufacturing-related fixed assets to generate profits last year compared
to Siemens Ltd.
 Net Profit Ratio: Honeywell India Ltd had NPR of 4.75% while Siemens Ltd had it for
11.25%, indicating that overall, the Siemens Ltd made more profits compared Honeywell India
Ltd in FY 2015, non-operating and operating incomes/expenses included.
 Operating Ratio: While Honeywell India Ltd has Operating Profit Ratio of 91.18% last year,
Siemens Ltd had it at 90.72%. This means that both companies were comparatively similar in
operations performance with Honeywell India Ltd performing slightly better that Siemens Ltd.
 Return on Capital Employed (ROCE): Siemens Ltd, at 36.60%, had a much higher ROCE
compared to Honeywell India Ltd, at 21.27%. This indicated that capital investments made by
Siemens Ltd were much profitable for the FY 2015 compared to Honeywell India Ltd.

16.  Return on Assets (ROA): The ROA of Siemens Ltd were higher than Honeywell India Ltd in
FY 2015 indicating that Siemens Ltd was in a position to derive higher profits from its assets
compared to Honeywell India Ltd despite it a having lower efficiency in fixed assets turnover.
 Return on Equity (ROE): The ROE for Siemens Ltd was 24.91 whereas it was 13.74 for
Honeywell India Ltd. Thus Siemens Ltd was more profitable for the shareholders from the
investment point of view. Also, the equity was well managed by the company that the
Honeywell India Ltd.

17. CASH FLOW STATEMENT
Cash Flow Statement for the year ended 30th September 2015
2015
Cash flow from Operating Activities
Profit Before Tax 16,964
Adjustments for:
Finance Cost 73
Bad Debts 162
Provisions for Doubtful Debts (net) (10)
Depreciation and Amortization Expense 2,156
Profit on Sales of Assets (net) (191)
Profit on Sales of Business (7,154)
Liabilities Written Back (152)
Reversal of Impairment Loss and other Provisions (1,067)
Unrealized Exchange Loss/Gain (net) (461)
Interest Income (1,327)
Operating Profit before Working Capital Changes 8,993
Working Capital Changes:
Decrease in Inventory 506
Increase in Trade and other Receivables (1,007)
Decrease in Trade Payables and other Liabilities (236)
Decrease in Provisions 241
Net Change in Working Capital (496)
Cash Generated from Operations 8,497
Direct Taxes Paid (net) (2,293)
Net Cash Generated from Operating Activities (A) 6,204
Cash Flow from Investing Activities
Purchase of Fixed Assets and Inventory Property (2,510)
Proceeds from Sales of Fixed Assets, Inventory Property 322
Proceeds from Sales of Business 8,726

18. Table 5.1 (Source- Annual Report 2015, Siemens Ltd.)
 Cash Flows from Operating Activities
Operations is the key source of a company's cash generation. This section shows how much
cash comes from sales of the company's goods and services, less the amount of cash needed
to make and sell those goods and services. The positive cash flow from operating activities
indicates that the company is having profits in its operations which in turn will result to
future income for the company.
 Cash Flow from Investing Activities
This section largely reflects the amount of cash the company has spent on capital
expenditures, such as new equipment or anything else that needed to keep the business
going. It also includes acquisitions of other businesses and monetary investments such as
money market funds.
The net positive cash flow from investing activities indicates that the company is making
profits from its investment decisions. The stakeholders may be finding the business
profitable and might be reinvesting in their business rather than investing in the market.
 Cash Flows from Financing Activities
Investment in Subsidiary Company (550)
Interest Received 1,278
Inter Corporate Deposits given (8,444)
Refund of Inter Corporate Deposits given 7,419
Net Cash Generated from Investing Activities (B) 6,241
Cash Flow from Financing Activities
Interest Paid (142)
Dividend Paid (2,561)
Net Cash Lost from Financing Activities (C) (2,703)
Net Increases in Cash and Cash Equivalents (A+B+C) 9,742
Cash and Cash Equivalents at beginning of the Year 11,210
Gain on Cash and Cash Equivalents 7
Cash and Cash Equivalents at the end of the Year 20,959

19. This section describes the goings-on of cash associated with outside financing activities.
Typical sources of cash inflow would be cash raised by selling stock and bonds or by bank
borrowings. Likewise, paying back a bank loan would show up as a use of cash
flow, dividend payments and common stock repurchases.
The negative cash flow from financing activities indicates that the company is in a
financially sound position and is paying back its loans and liabilities.

20. REFERENCES
1. Annual Report, 2015, Siemens Limited.
2. http://www.investopedia.com/university/fundamentalanalysis/fundanalysis8.asp
3. http://www.investopedia.com/articles/stocks/07/easycashflow.asp