OTHERS

Siemens

The `AAA' (triple A) rating assigned to the proposed Rs. 40 crore non convertible debenture issue of Siemens has been reaffirmed. The `P1 plus' (P one plus) rating assigned to Rs. 75 crore commercial paper programme of Siemens has also been reaffirmed.

The ratings reflect the sound financial position with negligible debt and large cash balances achieved by Siemens with sustained improvement in operational efficiency through systematic restructuring exercise, its diversified business portfolio and strong brand name. These strengths offset temporary slowdown in any of the businesses in which the company operates.

Siemens is engaged in the business of manufacturing and selling of a wide range of products and services across sectors such as electrical engineering, medical engineering and railway transportation. For the year ended September 30, 1999, the company had an operating income of Rs. 1,033 crores and net profit of Rs. 35 crores. Siemens AG (SAG) holds 51 per cent stake in Siemens and extends technical, managerial and financial support to Siemens.