If you look at the MODIFICATION_NUM it will always increase by one each time the record is saved. I believe this is how Siebel detects if another user has modified the record. You can try this: Start updating a record, but don't save it yet. Log in as a different user from a different computer or just a separate browser window and update the exact same record, and save it. Now go back to the first user and try to save the record. You'll get an error message.
Anyways, if you create a new record, set MODIFICATION_NUM to 0. If you update a record, increase MODIFICATION_NUM by 1.
In general it would be advisable, though, to either use EIM or other officially supported means (Java Data Bean for instance) to update Siebel records.