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Auditors’ Report 123 Auditors’ Report to the Members We have audited the annexed balance sheet of Siemens (Pakistan) Engineering Company Limited (“the Company”) as at 30 September 2008 and the related profit and loss account, cash flow statement and statement of changes in equity together with the notes forming part thereof, for the year then ended and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit. It is the responsibility of the Company’s management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report that: a) in our opinion, proper books of account have been kept by the Company as required by the Companies Ordinance, 1984; b) in our opinion: i) the balance sheet and profit and loss account together with the notes thereon have been drawn up in conformity with the Companies Ordinance, 1984 and are in agreement with the books of account and are further in accordance with accounting policies consistently applied; ii) iii) the expenditure incurred during the year was for the purpose of the Company’s business; and the business conducted, investments made and the expenditure incurred during the year were in accordance with the objects of the Company; c) in our opinion and to the best of our information and according to the explanations given to us, the balance sheet, profit and loss account, cash flow statement and statement of changes in equity together with the notes forming part thereof conform with approved accounting standards as applicable in Pakistan, and, give the information required by the Companies Ordinance, 1984, in the manner so required and respectively give a true and fair view of the state of the Company’s affairs as at 30 September 2008 and of the profit, its cash flows and changes in equity for the year then ended; and d) in our opinion, Zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the Company and deposited in the Central Zakat Fund established under section 7 of that Ordinance. Date: October 31, 2008 Karachi KPMG Taseer Hadi & Co. Chartered Accountants
124 Balance Sheet Siemens (Pakistan) Engineering Company Limited Balance Sheet As at September 30, 2008 Share capital and reserves 2008 2007 Note (Rupees in ‘000) Share capital - Authorised 20,000,000 (2007: 20,000,000) ordinary shares of Rs 10 each 200,000 200,000 - Issued, subscribed and fully paid-up 5 82,470 82,470 Reserves 6 3,647,218 2,647,218 Retained earnings 2,558,569 2,621,734 Total equity 6,288,257 5,351,422 Retention money payable 87,010 104,279 Other non-current liabilities 19,081 9,401 Total non-current liabilities 106,091 113,680 Trade and other payables 8 13,974,641 7,058,499 Provisions 9 2,031,788 1,139,496 Short-term borrowings 10 907,909 2,687,826 Provision for taxation 1,466,696 1,230,093 Total current liabilities 18,381,034 12,115,914 Total liabilities 18,487,125 12,229,594 Total equity and liabilities 24,775,382 17,581,016 Contingencies and commitments 11
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1 Annual Report 2008 Pakistan Answe
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Mission 3 Mission To realize our vi
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Contents 5 Corporate Governance At
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Corporate Strategies 7 Overall Corp
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Our Values 9 Our values Highest per
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Code of conduct and ethics 11 We ar
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14 Board of Directors Board of Dire
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16 Board of Directors Mr. Klaus Ste
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18 Committees Board Committees Mana
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20 Information to Stakeholders Key
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22 Information to Stakeholders Vert
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24 Directors’ Report Dear Shareho
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26 Directors’ Report Performance
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28 Directors’ Report Industry Sec
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30 Directors’ Report Within Count
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32 Directors’ Report Corporate Go
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34 Directors’ Report Board of Dir
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36 Directors’ Report Changes in t
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38 Directors’ Report Reviewed aud
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40 Directors’ Report Enterprise R
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42 Directors’ Report Corporate Co
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44 Directors’ Report
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46 Directors’ Report 2,500 Nation
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48 Directors’ Report Human Excell
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50 Directors’ Report Investment i
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52 Directors’ Report 3i Program S
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54 Directors’ Report Cash Flow Ma
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56 Directors’ Report Acknowledgem
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58 Fit4 2010 Fit4 2010 - Tapping th
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60 Fit4 2010 Operational Excellence
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62 Fit4 2010 We succeed through our
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64 Fit4 2010 Leadership Excellence
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66 Innovation at Siemens "Companies
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68 Power Transmission & Distributio
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Page 74 and 75: 74 Power Transmission & Distributio
Page 82 and 83: 82 Industry, Infrastructure & Power
Page 94 and 95: 94 Automation & Drives
Page 96 and 97: 96 Automation & Drives Generating S
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Page 100 and 101: 100 Medical, OEM Onshore, Transport
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Page 122 and 123: Statement of Compliance 121 16. All
Page 126 and 127: Balance Sheet 125 Siemens (Pakistan
Page 128 and 129: Cash Flow Statement 127 Siemens (Pa
Page 130 and 131: Notes to the Financial Statements 1
Page 156 and 157: Investors Relations 155 Notice of M
Page 158 and 159: Investors Relations 157 Siemens (Pa
Page 160 and 161: Investors Relations 159 Registrar a
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