 | Chartered Accountants | |||
| 12, Dr. Annie Besant Road | ||||
| Opp. Shiv Sagar Estate | ||||
WorLi, Mumbai - 400 018 India | ||||
| Tel: +91 (022) 6667 9000 | ||||
| Fax:+91 (022) 6667 9100 | ||||
AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA COMMUNICATIONS LIMITED
ON LIMITED REVIEW OF UNAUDITED FINANCIAL RESULTS
| 1. | We have reviewed the accompanying statement of Unaudited Financial Results ofTATA COMMUNICATIONS LIMITED (“the Company”) for the quarter ended June 30, 2012 (“the Statement”). This Statement is the responsibility of the Company’s management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review. |
| 2. | We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410,Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial results are free of material misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. |
| 3. | Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited financial results prepared in accordance with the accounting standards referred to in Section 211 (3C) of the Companies Act, 1956 and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreement with stock exchanges including the manner in which it is to be disclosed, or that it contains any material misstatement. |
| 4. | Further, we also report that the particulars relating to the number of shares as well as the percentage shareholding in respect of aggregate of public shareholding and pledged/encumbered shares and non-encumbered shares of promoters and promoter group shareholders, in terms of Clause 35 of the Listing Agreement and the particulars relating to the undisputed investor complaints have been traced from the details furnished by the Registrars. |
For S. B. BILLIMORIA & CO.
Chartered Accountants
(Registration No. 101496W)
Saira Nainar
Partner
(Membership No. 040081)
MUMBAI, July 26, 2012
| Chartered Accountants | |||
| 12. Dr. Annie Besant Road | ||||
| Opp. Shiv Sagar Estate | ||||
| Worli, Mumbai - 400 018 | ||||
| India | ||||
| Tel: +91 (022) 6667 9000 | ||||
| Fax: +91 (022) 6667 9100 | ||||
AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF TATA COMMUNICATIONS LIMITED
ON LIMITED REVIEW OF UNAUDITED FINANCIAL RESULTS
| 1. | We have reviewed the accompanying statement of Unaudited Consolidated Financial Results (“the Statement”) ofTATA COMMUNICATIONS LIMITED (“the Company”), its subsidiaries and jointly controlled entities (the Company, its subsidiaries and jointly controlled entities constitute “the Group”) and its share of the loss of the associate company for the quarter ended June 30, 2012. This Statement is the responsibility of the Company’s Management and has been approved by the Board of Directors. Our responsibility is to issue a report on these financial results based on our review. |
| 2. | We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410,Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatements. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus, provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an opinion. |
| 3. | The Statement includes the results of subsidiaries and a joint venture as given in the Annexure to this report. |
| 4. | The Statement reflect the Group’s share of Revenues of Rs. 45,860 lakhs and Net Loss of Rs. 8,790 lakhs for the quarter ended June 30, 2012, in relation to a subsidiary whose consolidated results have been reviewed by other auditor. Accordingly, our assurance on the Statement in so far as it relates to the amounts included in respect of this subsidiary is based solely on the report of such other auditor which has been famished to us. |
| 5. | The financial results of four subsidiaries and one joint venture which reflect the Group’s share of revenue of Rs. 1,830 lakhs and the Group’s share of loss of Rs. 3,127 lakhs for the quarter ended June 30, 2012 respectively have not been reviewed by their auditors. |
| 6. | Based on our review and read with our comment in paragraph 4 and subject to our comments in paragraph 5 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the Accounting Standards referred to in Section 211 (3C) of the Companies Act, 1956 and other recognised accounting practices and policies, has not disclosed the information required to be disclosed in terms of Clause 41 of the Listing Agreements with the stock exchanges, including the manner in which it is to be disclosed, or that it contains any material misstatement. |
For S. B. BILLIMORIA & CO.
Chartered Accountants
(Registration No. - 01496W)
Saira Nainar
Partner
(Membership No. 040081)
MUMBAI, July 26, 2012
ANNEXURE TO AUDITOR’S REPORT
List of Subsidiaries:
| 1 | Tata Communications International Pte Ltd | |
| 2 | Tata Communications Transformations Services Limited | |
| 3 | Tata Communications Lanka Limited | |
| 4 | S&A Internet Services Pvt Ltd. | |
| 5 | Tata Communications Banking InfraSolutions Limited | |
| 6 | VSNL SNO SPV Pte Ltd | |
| 7 | Tata Communications (America) Inc | |
| 8 | Tata Communications (Australia) Pty Limited | |
| 9 | Tata Communications Services (International) Pte. Ltd. | |
| 10 | Tata Communications (Taiwan) Limited | |
| 11 | Bit Gravity Inc. | |
| 12 | Neotel (Pty) Ltd | |
| 13 | SEPCO Communications Pty Ltd. | |
| 14 | Tata Communications (Belguim) SPRL | |
| 15 | Tata Communications (Bermuda) Limited | |
| 16 | Tata Communications Services (Bermuda) Limited | |
| 17 | Tata Communications (Canada) ULC | |
| 18 | Tata Communications (France) SAS | |
| 19 | Tata Communications Deutschland GmbH | |
| 20 | Tata Communications (Guam) LLC | |
| 21 | Tata Communications (Hong kong) Limited | |
| 22 | Tata Communications (Hungary) LLC | |
| 23 | Tata Communications (Ireland) Limited | |
| 24 | Tata Communications (Italy) Srl | |
| 25 | Tata Communications (Japan) KK | |
| 26 | ITXC IP Holdings Sarl | |
| 27 | Tata Communications (Netherlands) B.V. | |
| 28 | Tata Communications (Nordic) AS | |
| 29 | Tata Communications (Poland) Spz oo | |
| 30 | Tata Communications (Portugal) Unipessoal LDA | |
| 31 | Tata Communications (Portugal) Instalacao E Manutencao De Redes LDA | |
| 32 | Tata Communications (Puerto Rico) Inc. | |
| 33 | Tata Communications (Russia) LLC | |
| 34 | Tata Communications (Spain) S.L | |
| 35 | Tata Communications (Sweden) AB | |
| 36 | Tata Communications (Switzerland) GmbH | |
| 37 | Tata Communications (UK) Limited | |
| 38 | Tata Communications (Middle East) FZ-LLC | |
| 39 | TCPoP Communication GmbH | |
| 40 | Neotel Business Support Services (Pty) Ltd | |
| 41 | TCNL 1 B.V | |
| 42 | TCNL 2 B.V | |
| 43 | Tata Communications (Malaysia) Sdn.Bhd. | |
| 44 | Tata Communications (New Zealand) Limited |
List of Joint Venture:
| 1 | United Telecom Limited |
List of Associate:
| 1 | Number Portability Company (Pty) Ltd |