MIRA INFORM REPORT

Report Date :

13.09.2013

IDENTIFICATION DETAILS

Name :	TATA COMMUNICATIONS LIMITED (w.e.f. February 13, 2008)
Formerly Known As :	VIDESH SANCHAR NIGAM LIMITED
Registered Office :	V S B, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	19.03.1986
Com. Reg. No.:	11-039266
Capital Investment / Paid-up Capital :	Rs. 2850.000 Millions
CIN No.: [Company Identification No.]	L64200MH1986PLC039266
TAN No.: [Tax Deduction & Collection Account No.]	MUMV07840A
PAN No.: [Permanent Account No.]	AAACV2808C
Legal Form :	A Public Limited Liability company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of providing International Telecommunications Services.
No. of Employees :	9474 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (76)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 300650000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Tata group a premiere industrial house in India. It is a well established and reputed company having fine track record. The company has achieved a significant growth in its net profitability during 2013. Financial position appears to be sound. Trade relations are fair. Business is active. Payment terms are reported as regular and as per commitments. The company can be considered good for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Non convertible debenture AA+
Rating Explanation	High degree of safety and low credit risk.
Date	15.04.2013

Rating Agency Name	CARE
Rating	Short term debt A1+
Rating Explanation	Very strong degree of safety and low credit risk.
Date	15.04.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management Non – Cooperative (91-22-66578765)

LOCATIONS

Registered Office :	V S B, Mahatma Gandhi Road, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-66578765
Fax No.:	91-22-66395162
E-Mail :	help@tatacommunications.com
Website :	http://www.tatacommunications.com
Corporate Office :	Plot No. C21 and C36, “G” Block, Bandra Kurla Complex, Mumbai – 400098, Maharasahtra, India
Tel. No.:	91-22-66578765
Fax No.:	91-22-66395162
Overseas Office:	Singapore Hong Kong United Arab Emirates United States of America Canada United Kingdom France

DIRECTORS

As on : 31.03.2013

Name :	Mr. Subodh Bhargava
Designation :	Chairman (Independent)
Name :	Mr. Vinod Kumar
Designation :	Panatone Nominee
Name :	N. Srinath
Designation :	Managing Director and Chief Executive Officer
Name :	Mr. Kishor A. Chaukar
Designation :	Panatone Nominee
Name :	Mr. Amal Ganguli
Designation :	Director (Independent)
Name :	Mr. S. Ramadorai
Designation :	Panatone Nominee
Name :	Mr. S. Ramadorai
Designation :	Director (Panatone Nominee)
Name :	Mr. Arun Gandhi
Designation :	Director (Panatone Nominee)
Name :	Dr. Ashok Jhunjhunwala
Designation :	Director (Panatone Nominee)
Name :	Dr. Uday B. Desai
Designation :	Director (Independent)
Name :	Mr. Ajay Kumar Mittal
Designation :	Director (Government Nominee)
Name :	Mr. Saurabh Kumar Tiwari
Designation :	Director (Government Nominee)

KEY EXECUTIVES

Name :	Mr. Satish Ranade
Designation :	Company Secretary and Chief Legal Officer
Address :	Plot No. C-21 and C-36, G Block, Bandra Kurla Complex, Bandra (East) Mumbai – 400 098, Maharashtra, India
Tel. No.:	91-22-66578765
Fax No.:	91-22-67251962
E-Mail :	Satish.ranade@tatacommunications.com
Name :	Mr. Sanjay Baweja
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 05.07.2013

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Central Government / State Government(s)	74446885	27.19
Bodies Corporate	139286330	50.87
Sub Total	213733215	78.06
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	213733215	78.06
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	4212331	1.54
Financial Institutions / Banks	17005957	6.21
Insurance Companies	13288408	4.85
Foreign Institutional Investors	12918432	4.72
Sub Total	47425128	17.32
(2) Non-Institutions
Bodies Corporate	2551935	0.93
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7455549	2.72
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	2267749	0.83
Any Others (Specify)	381398	0.14
Trusts	10400	0.00
Overseas Corporate Bodies	7250	0.00
Non Resident Indians	363688	0.13
Foreign Nationals	60	0.00
Sub Total	12656631	4.62
Total Public shareholding (B)	60081759	21.94
Total (A)+(B)	273814974	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	11185026	0.00
Sub Total	11185026	0.00
Total (A)+(B)+(C)	285000000	0.00

SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"

Sl.No.	Name of the Shareholder	Details of Shares held		Encumbered shares (*)			Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		No. of Shares held	As a % of grand total (A)+(B)+(C)	No	As a percentage	As a % of grand total (A)+(B)+(C) of sub-clause (I)(a)
1	Panatone Finvest Limited	8,86,26,654	31.10	0	0.00	0.00	31.10
2	Tata Sons Limited	3,72,37,639	13.07	10000000	26.85	3.51	13.07
3	Tata Power Company Limited	1,34,22,037	4.71	0	0.00	0.00	4.71
4	President of India	7,44,46,885	26.12	0	0.00	0.00	26.12
	Total	21,37,33,215	74.99	10000000	4.68	3.51	74.99

SHAREHOLDING BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Life Insurance Corporation of India	10211714	3.58
2	LIC of India Market Plus Growth Fund	5702590	2.00
3	LIC of India Money Plus Growth Fund	5012658	1.76
4	Government Pension Fund Global	6057619	2.13
	Total	26984581	9.47

DETAILS OF DEPOSITORY RECEIPTS (DRS)

Sl. No.	Type of Outstanding DR (ADRs, GDRs, SDRs, etc.)	No. of Outstanding DRs	No. of Shares Underlying Outstanding DRs	Shares Underlying Outstanding DRs as % of Total No. of Shares
1	ADR	55,92,513	1,11,85,026	3.92
	Total	55,92,513	1,11,85,026	3.92

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing International Telecommunications Services.

GENERAL INFORMATION

No. of Employees :

9474 (Approximately)

Bankers :

· Axis Bank

· Indian Bank

· ANZ Bank

· ICICI Bank Limited

· Bank of America

· Indian Overseas Bank

· Citibank Inc.

· Indusind Bank Limited

· Deustche Bank

· Kotak Mahindra Bank Limited

· Development Bank of Singapore (DBS)

· Royal Bank of Scotland

· HDFC Bank Limited

· State Bank of India

· Hongkong and Shanghai Banking Corporation (HSBC)

· Standard Chartered Bank

· ING Vysya Bank

· Yes Bank Limited

Facilities :

Rs in Millions

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Debentures :
Taxable Rated Secured Non-Convertible Redeemable Debentures
50, 11.25% Rated Debentures of face value Rs. 1.000 Millions each	50.000	50.000
550, 11.20% Rated Debentures of face value Rs. 1.000 Millions each	550.000	550.000
1,900, 11.00% Rated Debentures of face value 1.000 Millions each	1900.000	1900.000
Nil (2012: 6,000), 11.70% Rated Debentures of face value Rs. 1.000 Millions each [Repayable Rs. Nil within one year (2012: Rs. 40.000 Millions )]	0.000	6000.000
Total	2500.000	8500.000

Note :

(i) Secured Debentures :

During the year 2008-09, the Company issued Taxable Rated Secured Non-convertible Redeemable Debentures in demat form for cash at par on private placement basis aggregating Rs. 0.001 Million, IDBI Trusteeship Services Limited has been appointed as trustee to the debenture issue.

Nature of Security

Rs. 10000.000 Millions, 11.70% debentures (face value of Rs. 1.000 Millions each) are secured by a first legal mortgage and charge on the Company’s immovable property being the free hold land at Mouje Maharajpura, Gujarat and Plant and machinery. The debenture has been fully redeemed during the year and the charge on assets is released.

Rs. 2500.000 Millions, debentures (interest ranging from 11.00% to 11.25%, face value of Rs. 1,000,000 each) are secured by a first legal mortgage and charge on the Company’s free hold land at Perambur Barracks, Chennai and Plant and machinery.

Redemption Terms

The outstanding debentures are due for redemption as given below :

Date of redemption as per terms of issue	1,900, 11.00% Debentures	550, 11.20% Debentures	50, 11.25% Debentures
23 January 2019	--	--	5
23 January 2016	--	55	--
23 July 2014	190	--	--
Total	190	55	5

For facilitating the above redemptions, the Company has created a debenture redemption reserve of Rs. 1796.000 Millions (2012: Rs. 6051.900 Millions ), and an amount of Rs. 1744.100 Millions (2012: Rs. 2705.500 Millions ) has been appropriated during the current year. During the year, 4,000 (2012: 4,000) 11.70% debentures aggregating Rs. 4000.000 Millions (2012: Rs. 4000.000 Millions ) were redeemed as per terms of issue and consequently debenture redemption reserve of Rs. 4000.000 Millions (2012: Rs. 4000.000 Millions ) created to facilitate the redemption of above debentures has been transferred to

General reserve.

In addition to the above, 2,000 11.70% debentures aggregating Rs. 2000.000 Millions were prepaid during the year and consequently debenture redemption reserve of Rs. 2000.000 Millions created to facilitate the redemption of above debentures has been transferred to General reserve

Auditors :
Name :	S.B. Billimoria and Company Chartered Accountants
Address:	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Tel No.:	91-22-66071000
Fax No.:	91-22-66071001
Subsidiaries (Held Directly)	· Tata Communications Payment Solutions Limited (formerly known as Tata Communications Banking Infra Solutions Limited) · Tata Communications Transformation Services Limited · Tata Communications International Pte. Limited · VSNL SNOSPV Pte. Limited · S and A Internet Services Private Limited · Tata Communications Lanka Limited
Subsidiaries (Held Indirectly)	· Tata Communications (Australia) Pty Limited · Tata Communications (Belgium) SPRL · Tata Communications Services (Bermuda) Limited · Tata Communications (Bermuda) Limited · Tata Communications (Canada) Limited · Tata Communications (America) Inc. · Tata Communications Services (America) Inc. · Tata Communications (Middle East) FZ-LLC · Tata Communications (UK) Limited · Tata Communications (France) SAS · Tata Communications Deutschland GmbH · Tata Communications (Guam) LLC · Tata Communications (Hong Kong) Limited · Tata Communications (Hungary) LLC · Tata Communications (Ireland) Limited · TCPoP Communication GmbH · Tata Communications (Malaysia) Sdn. Bhd. · Tata Communications (New Zealand) Limited · Tata Communications (Taiwan) Limited
Investing Parties (Promoters):	Panatone Finvest Limited Tata Sons Limited
Joint Venture :	United Telecom Limited
Joint Venture / Associate of wholly owned subsidiary	· SEPCO Communications Pty Limited · Neotel (Pty)Limited · Number Portability Company (Pty) Limited (Held through Neotel (Pty) Limited)
Other Related Parties :	· Tata Communications (Italy) S.r.l · Tata Communications (Japan) KK · ITXC IP Holdings S.a r.lz · Tata Communications (Nordic) AS · Tata Communications (Poland) Sp. Zoo · Tata Communications (Portugal) Unipessoal LDA · Tata Communications (Portugal) Instalacao E Manutencao De Redes LDA · Tata Communications (Puerto Rico) Inc · VSNL International (ITXC) Corp. (Merged with Tata Communications (America) Inc. on 30 March 2012) · Tata Communications (Russia) LLC · Tata Communications Services (International) Pte. Limited · Tata Communications (Spain) S.L · (Formerly known as Videsh Sanchar Nigam Spain Srl) · Tata Communications (Sweden) AB · Tata Communications (Switzerland) GmbH · Tata Communications (Netherlands) B.V. · BitGravity Inc. · Neotel (Pty) Limited (Subsidiary w.e.f 11 April 2011) · SEPCO Communications Pty Limited

CAPITAL STRUCTURE

As on : 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs.10/- each	Rs. 4000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
285000000	Equity Shares	Rs.10/- each	Rs. 2850.000 Millions

A. Authorized:

The authorized capital of the Company increased from Rs. 300.00 Millions to Rs. 400.00 Millions during financial year 2011-12 due to the Ministry of Corporate Affairs giving effect to the merger of 100% subsidiary VSNL Broadband Limited into the Company which was approved in December 2007 by the Company and the Bombay High Court in April 2009.

B. Issued, Subscribed and Paid up:

There was no movement in the issued, subscribed and paid up share capital of the Company during the current and past five financial years.

C. Terms/ rights attached to equity shares:

The Company has only one class of equity shares with a face value of Rs. 10 per share. Each shareholder of equity shares is entitled to one vote per share at any general meeting of shareholders. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The holders of American Depositary Receipts ("ADRs") do not have voting rights.

Subsequent to the year end the company announced its intention to delist its American Depositary Shares ("ADSs"), as evidenced by ADRs, from the New York Stock Exchange ("NYSE") and to terminate its ADR program.

The Board of Directors have recommended a dividend of Rs. 3 (2012: Rs. 2) per share for the year ended 31 March 2013.

D. Number of shares held by each shareholder holding more than 5% of the issued share capital:

As on 31.03.2013

Particulars	Nos. of Shares	% of Holding
Panatone Finvest Limited	88626654	31.10
Government of India	74446885	26.12
Tata Sons Limited	40533297	14.22
Bank of New York Mellon as depository to Company’s ADR issue	14107950	4.97

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2850.000	2850.000	2850.000
(b) Reserves & Surplus	72314.200	68519.700	67224.800
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	75164.200	71369.700	70074.800
(3) Non-Current Liabilities
(a) long-term borrowings	6250.000	8250.000	12311.400
(b) Deferred tax liabilities (Net)	0.000	164.200	1259.300
(c) Other long term liabilities	3915.600	3840.800	3363.800
(d) long-term provisions	1221.600	1276.800	951.400
Total Non-current Liabilities (3)	11387.200	13531.800	17885.900
(4) Current Liabilities
(a) Short term borrowings	1497.000	1258.300	1752.900
(b) Trade payables	12483.000	12021.400	10306.300
(c) Other current liabilities	5371.700	9526.900	13558.500
(d) Short-term provisions	1105.200	853.000	940.700
Total Current Liabilities (4)	20456.900	23659.600	26558.400
TOTAL	107008.300	108561.100	114519.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46949.100	46611.000	46967.100
(ii) Intangible Assets	1385.400	909.000	1084.800
(iii) Capital work-in-progress	1746.600	3033.400	2202.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	20305.100	17882.700	17881.100
(c) Deferred tax assets (net)	87.100	0.000	0.000
(d) Long-term Loan and Advances	16830.200	27619.400	30020.700
(e) Other Non-current assets	80.800	80.800	80.800
Total Non-Current Assets	87384.300	96136.300	98236.700
(2) Current assets
(a) Current investments	4624.100	0.000	447.100
(b) Inventories	42.000	4.500	53.400
(c) Trade receivables	8610.200	8457.700	6126.200
(d) Cash and cash equivalents	3286.200	533.200	4307.700
(e) Short-term loans and advances	2858.500	3183.100	3401.100
(f) Other current assets	203.000	246.300	1946.900
Total Current Assets	19624.000	12424.800	16282.400
TOTAL	107008.300	108561.100	114519.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	44161.200	40917.700	36117.700
		Other Income	3802.200	1791.000	1907.100
		TOTAL	47963.400	42708.700	38024.800
Less	EXPENSES
		Network and transmission	19632.000	17365.000	15483.600
		Employees Benefits Expenses	6394.600	6222.400	5204.600
		Operating and other expenses	8132.500	7450.600	6869.300
		TOTAL	34159.100	31038.000	27557.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13804.300	11670.700	10467.300
Less	FINANCIAL EXPENSES		1196.900	1948.700	2119.300
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)		12607.400	9722.000	8348.000
Less/ Add	DEPRECIATION/ AMORTISATION		7624.000	7070.800	6596.500
Add	EXCEPTIONAL ITEMS (LOSS) / GAIN		1583.500	0.000	(211.100)
	PROFIT BEFORE TAX		6566.900	2651.200	1540.400
Less	TAX		1814.500	937.800	(85.200)
	PROFIT AFTER TAX		4752.400	1713.400	1625.600
	EARNINGS IN FOREIGN CURRENCY
		Revenue from telecommunication services	11060.100	100858	8309.700
		Interest income	336.800	127.600	258.300
		Dividend income	261.600	47.600	16.800
		Other income	846.700	106.200	267.700
	TOTAL EARNINGS		12505.200	101139.400	8852.500
	IMPORTS
		Stores & Spares	14.200	16.600	13.500
		Capital Goods	2743.400	1508.400	1327.400
	TOTAL IMPORTS		2757.600	1525.000	1340.900
	Earnings Per Share (Rs.)		16.68	6.01	5.70

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	9.91	4.01	4.28
Net Profit Margin (PBT/Sales)	(%)	14.87	65.99	4.26
Return on Total Assets (PBT/Total Assets}	(%)	7.74	3.02	1.63
Return on Investment (ROI) (PBT/Networth)		0.09	0.04	0.02
Debt Equity Ratio (Total Debt /Networth)		0.10	0.13	0.20
Current Ratio (Current Asset/Current Liability)		0.96	0.53	0.61

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	------
26]	Buyer visit details	------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS :

(Rs in Millions)

PARTICULARS	31.03.2013	31.03.2012
Long term borrowings
Taxable Rated Unsecured Non-Convertible Redeemable Debentures
1500, 9.85% Rated Debentures of face value Rs. 1.000 Millions each	1500.000	1500.000
1500, 9.50% Rated Debentures of face value Rs. 1.000 Millions each	1500.000	1500.000
Term Loan
From Bank ((rate of interest 9% p.a, repayable by June 2014))	750.000	750.000
From Others (rate of interest 5.95% to 6.90% p.a, repayable by July 2012)	0.000	64.600
Less: Current maturities of long term borrowings		(4064.600)
Short term borrowings :
From banks (rate of interest – 1.09 % to 2.60 %)	1497.000	1258.300
Total	5247.000	1008.300

Note :

Unsecured Debentures

During the year 2009-10, the Company issued Taxable Rated Unsecured Non-Convertible Redeemable Debentures of face value Rs. 1,000,000 each, in demat form for cash at par on private placement basis aggregating Rs. 7000.000 Millions .

Redemption Terms:

The outstanding debentures are due for redemption as given below:

Date of redemption as per terms of issue	1500, 9.50% Debenture	1500, 9.85% Debentures
23 January 2019	--	150
23 January 2016	150	--
Total	150	150

For facilitating the above redemptions, the Company has created a debenture redemption reserve of Rs. 1705.300 Millions (2012: Rs. 1255.500 Millions ), an amount of Rs. 449.800 Millions (2012: Rs. 2420.800 Millions ) has been appropriated during the current year.

During the previous year 4,000, 7.74% debenture aggregating Rs. 4000.000 Millions were redeemed as per terms of issue and consequently debenture redemption reserve of Rs. 4000.000 Millions created to facilitate the redemption of above debenture has been transferred to General reserve.

OPERATIONS :

Geographical Presence

In recent years, the Company has established a strong presence not just in India, but globally. As a result, while 24% of the Company’s revenues in 2012-13 came from India, the rest of the world contributed 76%

Segment and Product Distribution

The Company’s revenues are now broadly diversified across its various products and segments. During 2012- 13, voice services contributed 50% to revenues, while 39% came from data services and 11% from Neotel. Within the data services segment, revenues are well distributed between its two segments of service providers and enterprises, which contributed 46% and 54% of the total respectively

Global Voice

In the voice business, the trend of the past few years continues, as overall volumes continue to grow, although margins are declining. During the year, the Company’s international long distance voice traffic grew 14% from 46.72 billion minutes in 2011-12 to 53.4 billion minutes in 2012-13. National long distance voice traffic in India decreased by 2.5% to 8.35 billion minutes in 2012-13. The gross margins from the voice business fell 11% to US cents 0.003 per minute, from US cents 0.0034 per minute in the previous year.

Global Data

The launch of cloud computing solutions in India and Asia enabled the Company to grow its data portfolio to build the presence in this high growth business. The global data business achieved a healthy revenue mix between India 51% and the rest of the world 49%; and between service providers 51% and enterprises 49%. The Company’s strategy of expanding into managed services continues to pay off, as managed services now contribute 29% to the global data services segment

Neotel

Neotel, a subsidiary of the Company in South Africa, though still in its gestation period, continues to achieve growth. During the course of 2012-13, Neotel, had several major achievements: its revenues grew 12% year-on-year growth and it turned profitable at the operating (EBIT) level. After achieving an EBITDA profit the year before, Neotel grew that profit 531% during the course of 2012-13. Neotel increased its business customers by 29% to just short of 3,000 and retail customers by 152% to about 152,000. Neotel today employs approximately 1,000 people.

Customer Satisfaction

The Company believes that providing an excellent customer experience generates a crucial sustainable advantage and has made this an important focus area. In 2012-13, the Company’s customer loyalty ratings stood at the 84th percentile of its global peer set. In order to create a customer-centric culture, the Company is improving existing processes for faster service deployment and support to customers, investing in a customer portal that enables customer interaction, initiating programmes around “Customer Voice” and acting on the feedback received, and strengthening its people through multi-skilling and leadership training.

MANAGEMENT DISCUSSION AND ANALYSIS

Macro Economic Situation

2012-13 was a challenging year for the Indian economy, which experienced its worst slowdown in nearly a decade on the back of global stagnation and domestic macro-economic fiscal imbalances. The year started with news that the expansion in the previous year’s fourth quarter GDP had dropped to 5.5%. That, coupled with low growth, a high fiscal and current account deficit, persistent high inflation, ballooning subsidies and pessimistic business sentiment added to the slowdown. About half way through the financial year, the Indian Government intervened with measures like reducing oil and fertilizer subsidies and steps to attract foreign direct investment (FDI) and strengthen the rupee. However, economic conditions and the business atmosphere remain largely unchanged due to uncertainty about the results of these reforms. Sources of funding continued to be scarce and

borrowing costs remained high during the year.

During last year, the global economy had recovered slightly from the crisis of the earlier year. Nevertheless, the International Monetary fund (IMF), in the update of its World Economic Outlook, lowered the world GDP growth projections for 2013 and 2014, given renewed setbacks in the Eurozone and the risk of excessive fiscal consolidation in the United States. In particular, the Eurozone faced considerable fiscal strain in the face of an austerity driven recession during 2012, and there was little respite from contraction in manufacturing activity. Indian exports to the Eurozone, which constitute around 17% of total exports, were also impacted due to the decreasing demand from that region. Moreover, although the US government was able to formulate a solution to mitigate a dreaded fiscal cliff, near-term risks persist. This makes the global environment in the coming years more uncertain and challenging for exporters

Telecom Industry Situation

The Indian telecom sector and subscriber base have witnessed tremendous growth over the past decade, catalysed by increasing fixed and mobile network coverage and a competition-induced decline in tariffs. Demand has surged, largely due to these factors, as well as the growth of broadband Internet access, a rapid proliferation of smart mobile devices and higher levels of video traffic on consumer and business networks. The key factors which are likely to fuel growth are a growing subscriber base, mobile applications and technologically advanced end-user devices that will drive exponential growth in Internet usage. However, the growth in traffic is accompanied by the countervailing pressure of severe price erosion, especially for basic voice and connectivity services. This has been further exacerbated by competition from next-generation service providers. The industry also witnessed consolidation, especially among business-to-business (B2B) players

Global Telecom Market

In 2012-13, the global telecom market grew marginally, by approximately 3% year-on-year, to USD 2.207 trillion.

Telecom services accounted for 78% of the total market while mobile devices accounted for 16% and telecom infrastructure for 6%. The low single-digit growth rate of the past fiscal year is expected to continue over the next four years as well, with the total telecom market expected to grow at a compounded annual growth rate (CAGR) of only 4%, largely due to on-going economic concerns. During 2012-13, the Company’s addressable market in voice services witnessed a slight decline because of declining call rates while the data market showed healthy growth. In the future, they expect the Company’s addressable market to continue to grow at an attractive

pace.

Indian Telecom Market

In 2012-13, the Indian telecom market grew to Rs. 1708540.000 Millions (USD 34 billion), of which Tata Communications’ addressable market was Rs. 649250.000 Millions (USD 13 billion). The major factors driving growth in the Indian market are increased penetration of mobile services, growth in consumer broadband services and increased adoption of network services by Indian businesses. The Company leads the market in several segments. In the financial year 2012-13, the Indian International Long Distance (ILD) voice market had eight major operators, a total inbound market size of 83 billion minutes and outbound market size of 6 billion minutes. The Company’s market share was 24% in inbound traffic and 18% in outbound traffic. The country’s National Long Distance (NLD) voice market size was 351 billion minutes during the year and consisted of 11 major operators. The Company’s NLD addressable market size was 15 billion minutes, of which its market share was 55%. In 2012-13, the Company had a 19% market share of the Rs. 78350.000 Millions Indian enterprise data market. The Company also had a 27% market share in the Rs. 22500.000 crore Indian data centre market.

SEGMENTWISE PERFORMANCE :

Company Segmentation

Tata Communications’ business and revenues are well-diversified across business segments, customer profiles and geographies. Being largely a B2B player, the Company serves two segments of customers: service providers and enterprise customers.

In the service provider segment, the Company provides an integrated set of services including wholesale voice, domestic and international data connectivity, Internet backbone connectivity (also known as IP transit), value added roaming services for mobile operators and carrier-specific business process outsourcing services.

In the enterprise segment, the Company’s main offering comprises a comprehensive suite of connectivity, IT infrastructure and managed communication and collaboration solutions for businesses seeking voice, data and video connectivity between their distributed offices, within India or globally. These services are aimed at improving the operational efficiencies of business through the adoption of the latest networking and IT technologies, on a managed solutions basis. Tata Communications also continues to build industry specific solutions, with a current focus on Banking & Financial Services and Media and Entertainment.

The Company classifies its operations into three main business segments – Global Voice Solutions, Global Data and Managed Services and Neotel (its subsidiary in South Africa).

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10158962	23/10/2012 *	2,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA LLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B61810099
2	90145554	10/12/2004	600,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI TED	52/60. MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	-
3	90228711	09/12/1993	1,000,000,000.00	BANK OF BARODA	INDUSTRIAL FINANCE BRANCH, 42; C.P. PATEL ROAD; FORT, BOMBAY, MAHARASHTRA - 400023, INDIA	-
4	90228397	16/03/1993 *	500,000,000.00	INDIAN OVERSEAS BANK	ELIPHINSTONE BLDG., 2/10 VEER NARIMAN ROAD; FORT, BOMBAY, MAHARASHTRA, INDIA	-

Note: * Date of charge modification

CONTINGENT LIABILITIES AND COMMITMENTS :

Rs in Millions

Particulars	31.03.2013
Guarantees given on behalf of subsidiaries	118366.900
Claims for taxes on income (Refer 1)
-- Income tax disputes where department is in appeal against the company	4570.800
-- Other disputes related to income tax	20672.700
Claims for other taxes	12.800
Other claims (Refer 2)	6918.300

1. Claims for taxes on income:

Significant claims by the revenue authorities in respect of income tax matters relate to disallowance of deductions claimed section 80 IA of the Income Tax Act, 1961 from Assessment years 1996-97 onwards and transfer pricing adjustments carried out by revenue authorities. The Company has contested the disallowances/ adjustments and has preferred appeals which are pending

2. Other claims:

i. Telecom Regulatory Authority of India (“TRAI”) reduced the Access Deficit Charge (“ADC”) rates effective 1 April 2007. All telecom services providers including National Long Distance (“NLD”) and International Long Distance (“ILD”) operators in India are bound by the TRAI regulations; accordingly the Company has recorded the cost relating to ADC at revised rates as directed by TRAI. However, BSNL continued to bill at the ADC rate applicable prior to 1 April 2007. BSNL had filed an appeal against the TRAI Interconnect Usage Charges (“IUC”) regulation of reduction in ADC and currently this matter is pending with the Supreme Court. The possible liability on Company is Rs. 3118.400 Millions (2012: Rs. 3118.400 Millions ).

ii. On 19 February 2013, DoT issued license fee demand for financial year 2006-07 and 2007-08, based on special audit reports of auditors appointed by DoT. The total demand is for Rs. 1930.500 Millions , being Rs. 928.600 Millions for financial year 2006-07 and Rs. 1001.900 Millions for financial year 2007-08, including Rs. 1020.600 Millions, being interest as on 28 February 2013. The Company has challenged the said demand notice in the Madras High Court which has vide its orders dated 1 March 2013, granted a stay-order against the said demand. Further, the Company is also contesting a license fee claim of Rs. 1012.400 Millions (2012: Rs. 834.000 Millions) (including interest and penalty) for financial year 2005-06. However, the said demand notice includes the items which are already the subject-matter of petitions/appeals, pending for hearing in the Supreme Court of India, for the previous years.

iii. Other claims of Rs. 857.000 Millions (2012: Rs. 306.500 Millions ) mainly pertains to routine suits for collection, commercial disputes, claims from customers and/or suppliers and claims from Employee State Insurance Corporation (ESIC).

3. The Company has taken appropriate professional advice in respect of the claims / appeals and has taken all necessary steps to protect its interest. Based on expert opinion, no provision is required in respect of these claims / appeals.

4. During the year 2008-09, in terms of the agreements entered into between Tata Teleservices Limited (“TTSL”), Tata Sons Limited (“TSL”) and NTT DoCoMo, Inc. of Japan (Strategic Partner - SP), TSL gave an option to the Company to sell 36,542,378 equity shares in TTSL to the SP, as part of a secondary sale of 253,163,941 equity shares effected along with a primary issue of 843,879,801 shares by TTSL to the SP. If certain performance parameters and other conditions are not met by TTSL by 31 March 2014 and should the SP decide to divest its entire shareholding in TTSL, and TSL is unable to find a buyer for such shares, the Company is obligated to acquire the shareholding of the SP, at the higher of fair value or 50 percent of the subscription purchase price in proportion of the number of shares sold by the company to the aggregate of the secondary shares sold to the SP, subject to compliance with applicable exchange control regulations, or should the SP decide to divest its entire shareholding in TTSL and TSL is unable to find a buyer for such shares and the SP divests the shares at a lower price, subject to compliance with applicable exchange control regulations, the Company is obliged to pay a compensation representing the difference between such lower sale price and the price referred to above in proportion of the number of shares sold by the company to the aggregate of the secondary shares sold to the SP.

Under the above mentioned agreements with SP, TSL and TTSL have jointly and severally agreed to indemnify SP within the agreed limits against claims arising on account of any failure of certain warranties provided by TSL and TTSL to be true and correct in all respects (amount not determinable) and in respect of specified contingent liabilities (Company’s share Rs. 417.000 Millions ). The Company is liable to reimburse TSL, on a pro-rata basis.

5. Future cash flows in respect of above matters are determinable only on receipt of judgements/ decisions pending at various forums/ authorities

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2013

(Rs. In Millions)

	Particulars	For the quarter ended
		June 30.2013
		(unaudited)
1	Income from Operations	11406.500
2	Expenses
	a. Network and transmission	4992.100
	b. Employee benefit	1563.000
	c. Depreciation and amortization	1905.900
	d. Other	2121.100
	e. Total Expenditure (2a to 2d)	10582.100
3	Profit / (Loss) from Operations before Other Income, Finance costs and Exceptional Items (1 - 2)	824.400
4	Other Income	644.600
5	Profit / (Loss) from Ordinary Activities before Finance costs and Exceptional Items (3 + 4)	1469.000
6	Finance Cost	158.600
7	Profit / (Loss) from Ordinary activities after Finance costs but before Exceptional Items (5-6)	1310.400
8	Exceptional Items loss/(gain)	(2162.200)
9	Profit / (Loss) from Ordinary Activities before Tax (7-8)	3472.600
10	Tax Expense	1155.500
11	Net Profit / (Loss) from Ordinary Activities after Tax (9-10)	2317.100
12	Extraordinary Items (net of Tax Expense)	-
13	Net Profit/(Loss) for the period (11 -12)	2317.100
14	Paid up Equity Share Capital (Face value of ^10 per share)	2850.000
15	Paid up Debt Capital
16	Reserves excluding Revaluation Reserve
17	Debenture Redemption Reserve
18	Earnings Per Share (EPS) Basic and diluted earnings per share before and after Extraordinary Items (Rs.)	8.13

Part II
	For the quarter ended
A) Particulars of Shareholding	June 30 2013
1. Public shareholding
a. Number of shares	58198109
b. Percentage of shareholding	21.28 %
2. Promoters and Promoter Group
Shareholding
a. Pledged / Encumbered
- Number of Shares	10000000
- Percentage of Shares (as a % of the total shareholding of promoters and promoter group)	4.64%
- Percentage of Shares (as a % of the total share capital of the Company)	3.51%
b. Non-encumbered
- Number of Shares	205333215
- Percentage of Shares (as a % of the total shareholding of promoters and promoter group)	95.36%
- Percentage of Shares (as a % of the total share capital of the Company)	72.05%
3. Shares held by custodian and
against which Depository
Receipts have been issued-
(I) Promoters and promoters group	-
(II) Public	11468676

Particulars	Quarter ended on 30.06.2013
B) Investor complaints
Pending at the beginning of the quarter	Nil
Received during the quarter	2
Resolved during the quarter	2
Remaining unresolved at the end of the quarter	Nil

Standalone Business Segment Information:

(Rs. In Millions)

Particulars	June 30 2013(unaudited)
Income from Operations
Global Voice Solutions	2985.600
Global Data and Managed Services	8420.900
Total	11406.500
Segment result
Global Voice Solutions	(360.400)
Global Data and Managed Services	6730.600
Total	6370.200
Less :
(i)Finance Cost	158.600
(ii) Other Unallocable Expenses (net	*2739.000
Profit / (Loss) before Taxes	3472.600

Includes Exceptional Items Rs. (2162.200)

Notes to Segments:

The Company's reportable business segments are Global Voice Solutions (GVS), Global Data and Managed Services (GDMS), South Africa Operations and others. The composition of the reportable segments is as follows:

GVS includes International and National Long Distance Voice services.

GDMS includes Corporate Data Transmission services, data center, virtual private network signalling and roaming services, television and other network and managed services.

South Africa Operations are carried out by the Company's subsidiary Neotel Pty Limited. and comprise wholesale international voice and data transit, enterprise business solution services for the wholesale and corporate market, telephony and data services for retail customers in South Africa.

Others primarily comprise a Joint venture business.

Revenues and interconnect charges are directly attributable to the segments. Space segment utilization charges, rent of landlines and other network and transmission costs are allocated based on utilization of satellite and landlines. License fee for GVS and GDMS have been allocated based on net adjusted gross revenues from these services. Segment result is segment revenues less segment expenses. Certain costs including depreciation which are not allocable to GVS and GDMS have been classified as "Other Unallocable Expenses (net)".

Telecommunication services are provided utilizing the Company's assets which do not generally make a distinction between the types of services. As a result, fixed assets are used interchangeably between segments. In the absence of a meaningful basis to allocate assets and liabilities between segments, no allocation has been made

Notes:

The above Standalone and Consolidated results of the Company for the quarter ended June 30, 2013 have been subjected to limited review by the statutory auditors, recommended by the audit committee and were taken on record and approved by the Board of Directors at their meeting held on July 26, 2013.

The figures for the quarter ended March 31, 2013 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2013 and the published figures for the nine months ended December 31, 2013.

Other Income includes:

Foreign exchange fluctuation

(Rs. In Millions)

Net foreign exchange loss/ (gain)	For the quarter ended June 30 2013 (unaudited)
- Standalone	(129.100)
- Consolidated	(155.700)

Results include exceptional items:

For the quarter ended June 30, 2013, Input credits against certain statutory obligations relating to earlier periods have been accounted for during the quarter on crystallization of the entitlements to such credits.

For the quarter and the financial year ended March 31, 2013, in respect of Standalone financials, Employee cost optimization expenses amounting to Rs. 62.600 Millions and Rs.312.700 v respectively and gain on sale of fixed asset of Rs. 1896.200 Millions and in respect of Consolidated financials, employee cost optimization expenses amounting to Rs. 63.000 Millions and Rs. 854.400 Millions respectively and gain on sale of fixed asset of Rs. 1896.200 Millions.

During the year 2013, the Company has submitted to the Bombay and the National Stock Exchange the proposed "Scheme of Arrangement" between the Company and the S&A Internet Services Private Limited ("the Subsidiary Company"), for transfer of the IDC division (Colocation Service division of the Company) on going concern basis to the Subsidiary Company. The Scheme has been approved by the Board of Directors of the Company at its meeting held on March 1, 2013 and is subject to the approval of the shareholders and the Bombay High Court. The financial results do not include any adjustments that may arise on implementation of the Scheme

During the Quarter, the Company filed Form 25 with the U.S. Securities and Exchange Commission and consequent to the filing, the delisting of its American Depositary Shares ("ADRs"), as evidenced by American Depositary Receipts ("ADRs"), from the New York Stock Exchange has become effective at the close of business of June 7, 2013.

The previous period's figures have been rearranged wherever necessary to make them comparable with the current period's figures.

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Office Equipment
• Computers
• Motor Vehicles

PRESS RELEASES:

WORLD'S FIRST CROSS-BORDER SILICON VALLEY / BANGALORE HACKATHON UNVEILS 'THE FUTURE OF COLLABORATION'

New concept tool 'Interactive Place' enables users on the same webpage to share and gather information in real-time - changing the way we surf the net

San Francisco and Mumbai - July 18th 2013 - On the back of two days of intense innovation, Tata Communications unveils the winning entry entitled, ‘Interactive Place’, which represents the evolution of web browsing; it was created by a team of developers in Bangalore during the world’s first simultaneous Silicon Valley and Bangalore hackathon. The ‘Interactive Place’ concept took the winning spot at the Tata Communications hackathon giving a new dimension to web surfing by allowing users to easily interact with other users on the same web page using video and text through their browsers. This breakthrough has the potential to revolutionise the way we gather and consume information on the net, making searching the Internet a truly social and collaborative experience for all.

Hot on the heels of Tata Communications’ recent jamvee^™ launch (next generation global video collaboration), the hackathon was aimed at further developing the future of collaboration, using Web RTC. During the two-day hackfest nearly 200 developers in both countries worked together to innovate next-generation open-standard collaboration tools. Following an exciting pitch process ‘Interactive Place’ was chosen by the judges thanks to its creative use of WebRTC and its broad market potential. The program identifies the context of the webpage, instantly creating a collaborative platform for users to text and video chat while browsing. The applications for business in terms of customer interaction and supporting education are limitless. They will also bring significant benefits to the every-day user. The team behind the winning concept is Amitesh Madhur, Sathya Narayanan Nagarajan and Seetharamakrishna Madamsetti – who participated in the Bangalore side of the global hack. The team took on 40 other teams across Bangalore and Silicon Valley to fight it out for the wining spot. They receive a $15,000 cash reward and their idea will be incubated by Tata Communications and iAccelerator-CII through November 2013. Both companies will provide investment, mentoring and infrastructure support to bring the concept to reality.

The winning team ('3 Collaborators'), says "This hackathon has allowed us to work together with people from Bangalore and Silicon Valley to help overcome a very prevalent challenge. Collaboration is the best way to innovate and they feel this hackathon did a great job of demonstrating that. We're very excited to be part of Tata Communications' and iAccelerator-CIIEs' incubation programme and can’t wait to see their concept hit the market."

Tata Communications' Future of Collaboration hackathon, co-sponsored by TiE, Media Network Services, vLine, Twilio, TCS, Tech Meetups, NestGSV and iAccelerator-CIIE saw an overwhelming response from the developer community, with leading-edge concepts being presented. The judging committee was made up of Tata Communications executives, hackathon partners and independent industry experts including Jack Hidary, Founder and former Chairman and CEO, Dice.com; Prashant Shah, Board Member and Head of TiE Angels, TiE Silicon Valley; Dan Gonzalez, Director of Strategic Partnerships, nestGSV; Tanvi Rangwala, Director, iAccelerator and ICT Initiatives, CIIE and Bill Haskins, Senior Analyst, Wainhouse Research.

The second place award ($10K) was given to a team from Silicon Valley for their app called 'DeMobo' and Neehraj N Joshi, Prince Jain and Nilabh Pandey from Bangalore received the third place award ($5k) for their collaborative tool called 'Dev+join'. Other awards include, Best Business Model ($10K), Best Collaboration between locations ($5K), Audience Favourite in Bangalore and Silicon Valley ($5K each), Best Tool for Education ($3K), as well as two on-the-spot Honourable Mention awards ($1K each) in Silicon Valley and Bangalore respectively. Tata Communications will continue to be in discussion with the participating teams.

Julie Woods-Moss, Chief Marketing Officer and CEO of Nextgen, Tata Communications, says "The Internet has become the go-to source of information worldwide, but they're only at the start of what's possible. They’ve already seen the advantages of crowd sourcing and this weekend, they saw innovation at scale and on a global level. Tata Communications has always believed in the benefits of co-creation and that if diverse talented teams are given the right framework to collaborate, then magical things happen."

Tata Communications has an open ecosystem approach to voice, mobility and business video solutions. Last week, the company launched jamvee^™ video conferencing, a self-service, cloud-based solution that lets virtually anyone, across any device, participate in a video meeting. Tata Communications has the largest interconnected ecosystem for business video and mobile network operators. Underpinning its robust collaboration offerings is its undersea cable network which is the world’s largest and includes the first wholly-owned fibre optic cable network ring around the world. Its network also enables 20% of the world’s internet routes today.

TATA COMMUNICATIONS LIMITED CONFIRMS ITS DELISTING FROM THE NEW YORK STOCK XCHANGE AND TERMINATION OF ADR PROGRAM

New York (NYSE) and Mumbai (NSE and BSE) June 7th 2013 - Tata Communications Limited (the “Company”) (NYSE: TCL) confirms that the delisting of its American Depositary Shares (“ADSs”), as evidenced by American Depositary Receipts (“ADRs”), from the New York Stock Exchange will become effective at the close of business today. This follows the filing by the Company of a Form 25 with the Securities and Exchange Commission on May 28th, 2013.

As a consequence of the delisting becoming effective, termination of the Deposit Agreement under which the ADRs were issued (the "Deposit Agreement") will become effective on July 14th, 2013. On and after this date, the Bank of New York Mellon, as depositary (the "Depositary") may (i) discontinue the registration of transfers of ADRs, (ii) suspend distribution of dividends, (iii) give no further notices, and (iv) subject to certain limited exceptions, cease performing any acts under the Deposit Agreement.

Holders of the Company's ADRs can surrender their ADRs to the Depositary in exchange for the underlying ordinary shares in the Company at any time prior to August 13th, 2013. As soon as practicable after that date, the Depositary will sell the shares underlying any outstanding ADRs and the ADRs will represent only the right to receive the cash proceeds from such sale.

The Company's equity shares will continue trading on the BSE Limited and the National Stock Exchange of India Limited in India. The Company will continue to be subject to reporting obligations under the U.S. Securities Exchange Act of 1934 until such time as it can terminate its registration under the Exchange Act.

About Tata Communications

Tata Communications Limited, along with its subsidiaries (Tata Communications), is a leading global provider of a new world of communications. With a leadership position in emerging markets, Tata Communications leverages its advanced solutions capabilities and domain expertise across its global and pan-India network to deliver managed solutions to multi-national enterprises, service providers and Indian consumers.

The Tata Communications global network includes one of the most advanced and largest submarine cable networks and a Tier-1 IP network with connectivity to more than 200 countries and territories across 400 PoPs, as well as nearly 1 million square feet of data centre and collocation space worldwide.

Tata Communications' depth and breadth of reach in emerging markets includes leadership in Indian enterprise data services, leadership in global international voice, and strategic investments in South Africa (Neotel), Sri Lanka (Tata Communications Lanka Limited) and Nepal (United Telecom Limited). Tata Communications Limited is listed on the Bombay Stock Exchange and the National Stock Exchange of India.

TATA COMMUNICATIONS LAUNCHES JAMVEE^™ AN EASY-TO-USE, ON-DEMAND BUSINESS VIDEO ERVICE FOR ENTERPRISES AND PROFESSIONALS THAT BRINGS TOGETHER ALL VIDEO PLATFORMS, DEVICES AND OPERATING SYSTEMS

Video conferencing service for a world without borders: for the first time anyone, anywhere¹, can instantly access a business video meeting with jamvee^™ on ANY device

London and Mumbai - July 9th 2013 -Ushering in an era of truly global video communications, Tata Communications today launches jamvee^™ conferencing, a multi-device compatible cloud-based video conferencing service that allows anyone to take part in a video meeting from any location via a desktop computer, laptop, tablet, smartphone or a dedicated Telepresence room.

Delivered through the world’s only fibre optic cable ring around the globe, jamvee^™ is a truly a global video conferencing tool for enterprises that makes video conferencing - both within and between companies - as easy as making a traditional audio conferencing call. Now making a multi-person business call from home, the office or even on route to the airport has never been so easy

With today's mobile workforce, video conferencing is becoming increasingly popular amongst organisations as a way to increase productivity. However, it hasn't yet realised its true potential due to quality and interoperability issues, especially with multi-user global video conferencing. This can often be seen with the over-the-top (OTT) video communication solutions that use only the Internet to connect users.

Jamvee^™ is different because every jamvee^™ video meeting is carried across the world's largest and furthest-reaching undersea cable network. This robust connectivity backbone from Tata Communications ensures consistent global access and reliability needed by enterprises and professionals for crisp, secure and hassle-free video collaboration - whether at the office, at home, or on the move.

John Hayduk, Tata Communications, President and CTO, says, "Lack of interoperability, consistency of experience per location, complicated price plans and the need for third-party reservations have stood in the way of truly global enterprise collaboration. Jamvee^™ overcomes these barriers by making video conferences easy and on-demand, while seamlessly bringing together all video platforms, room systems and endpoints in a simple, as-you-need it and elastic pre-packaged service. It's so easy to use, instant and affordable. It's what enterprises have been asking for."

The jamvee^™ software application is compatible with Windows, OSX software-based devices, iPhone and iPad devices - with Android^™ software support following in August 2013. Users of Lync and other video conferencing software, as well as those with access to standard video conferencing systems such as Immersive Telepresence, can also meet using jamvee^™. Up to 46 participants can join each conference at the touch of a button, bringing globally dispersed teams in fast-moving businesses closer together than ever before as the bring-the-own-device (BYOD) culture continues to gather pace.

So how does it work? Just like an audio conference you can access host and participant PINs on the jamvee^™ portal, and send the participant PIN to people you want to meet with. Participants can then use any existing video system or Telepresence room that they have access to, or they simply download the free jamvee^™ app from the Apple App Store or the jamvee^™ portal. Everyone taking part in the meeting just dials the same number (or in the case of the jamvee^™ app, presses the ‘Join Conference’ button) and enters their PIN to join the meeting - ensuring secure and private meetings both within the business and across multiple organisations / parties.

TATA COMMUNICATIONS LAUNCHES WORLD'S FIRST CLOUD-BASED

BROADCAST-QUALITY VIDEO TRANSCODING AND DELIVERY SERVICE

Viacom18 uses service to tackle piracy through faster transcoding and delivery of HD video, globally in the cloud

Mumbai (NSE and BSE) - July 2nd 2013 - Tata Communications, a leading provider of A New World of Communications, today announces that it has launched the world’s first cloud-based broadcast quality video transcoding and delivery service. The new content transformation service has already been selected by Viacom18, a joint venture between Viacom Inc. and the Network18 Group, to provide high-definition (HD) content transcoding and delivery via the cloud. Developed in partnership with Harmonic, the service allows Viacom18 to maximise its return on investments made in creative programming and to tackle piracy by enabling simultaneous syndication play-out anywhere in the world.

The new service offers content creators, service providers and media professionals an integrated end-to-end workflow for moving content files to the cloud and transcoding them into broadcast quality formats ready for immediate delivery and transmission globally. This drastically reduces the delivery time compared with traditional solutions that rely on the physical transport of media.

Viacom18 is currently using the service for the daily transcoding and delivery of HD Masters of leading Indian soap programmes to its customers in Pakistan for same-day syndicated play-out. Before, Viacom18's customers had to broadcast content from previous soap seasons, leaving a gap where some viewers could only obtain content from unauthorised sources to stay up-to-date with their favourite shows. Same-day distribution of play-out eliminates this problem, and maximises the value of the content for the broadcaster. In addition, this increases the value of the rights owned by Viacom18, allowing it to maximise the revenue generated from each show.

Rajasekharan Harikrishnan, Chief Technical Officer at Viacom18, says, "Tata Communications' cost-effective and intuitive service has meant that our shows are picked up and transcoded to formats as required by our international customers, all delivered in a seamless manner. Authorised content available for simulcast in HD format has resulted in more revenue for us while also discouraging piracy."

Viacom18 submits jobs to the content transformation service by using accelerated connections on Tata Communications' network, and monitors their status in real-time via a simple browser user interface. The agreed transcode uses the source file to create a TX-ready variant for Viacom18's broadcast partners in Pakistan who receive the file over another accelerated connection. Using this workflow, it is able to insert local advertising breaks and broadcast the content immediately.

Sameer Kanse, Business Head of Tata Communications' Media Services says, "Content creators, service providers and media professionals are under tremendous pressure to maximise the return on their investments, as pirated content can be so easily accessed on illegal websites. By speeding up monetisation of creative content through more efficient production and distribution of digital content globally, we are helping the industry to bridge the gap between broadcast and the Internet, and to remain competitive in the rapidly evolving digital media economy."

The cloud-based content transformation service has a pay-as-you-go pricing model, making it highly scalable, cost-effective and it eliminates the need for dedicated new hardware. Unlike many other cloud-based transcoding services - which can be used for transcoding video files into low-resolution versions for playback on devices such as smartphones, tablets and PCs only - Tata Communications' service makes it possible to transcode HD video for broadcast purposes. The service leverages Tata Communications' global data centre facilities and expert understanding of the media ecosystem requirements to deliver an optimal solution.

Q1 FY2014 CONSOLIDATED GROSS REVENUES, UP 10% YOY EBITDA GROWS 22% START-UP GROSS REVENUES INCREASE 4% EBITDA UP BY 70% YOY

Mumbai - July 26th 2013 - Tata Communications today announces its financial results for the quarter ended June 30th 2013.

Q1 FY2014

Tata Communications' consolidated gross revenues grew by 10% at Rs. 44,980.000 millions (USD 806 million @avg. Fx of INR/USD 55.83) in Q1 FY2014 compared to Rs. 41074.000 millions (USD 761 million @avg. Fx of INR/USD 53.98) in the same quarter last year. The gross revenues for the Core Business improved by 10% at Rs. 40188.000 millions (USD 720 million) from Rs. 36464.000 millions (USD 676 million) during Q1 FY2013.

Global Voice Services (GVS) maintained its growth trend in volume of International Long Distance (ILD) minutes. The ILD voice minutes carried in Q1 FY2014 were at 13.9 bn, up from 13.1 bn minutes in Q1 FY2013. GVS net revenues registered a 12% YoY growth in Q1 FY14. Global Data Services (GDS) gross revenues maintained its growth momentum at 12% with Rs. 17,958.000 millions (USD 322 million) during the reporting quarter, up from Rs. 15,980.000 millions (USD 296 million) last year in Q1 FY2013.

The Start-up Business, primarily Neotel, posted a further revenue improvement of 4% at Rs. 4791.000 millions (ZAR 813.000 millions @ avg. Fx of INR/ZAR 5.89), up from last year - which stood at Rs. 4610 million (ZAR 693 million @ avg. Fx of INR/ZAR 6.65). In local currency (ZAR) terms, Neotel's Q1 FY14 revenues were up by 17.7% YoY. The Start-up Business EBITDA margins were at 21.0% in Q1 FY2014 compared to 12.8% in Q1 FY2013. Neotel's performance benefitted from market-share gains, an evolving business mix in favour of recurring revenues and sustained cost optimisation efforts.

Commenting on the performance of Q1 FY2014, Vinod Kumar, MD and CEO, Tata Communications, says, "We've surpassed last year's performance on all financial parameters with strong revenue and EBITDA growth which sees us continue to outpace our peers in the market. Our focus on talent, service innovation and marketing is enabling our business with wider market appeal and allows us to offer greater value to our customers. Despite the continued softness in economic conditions, our business is pushing ahead with good momentum."

Q1 FY2014 business highlights

Tata Communications launches iamvee™, an easy-to-use, on-demand business video service for enterprises and professionals that brings together all video platforms, devices and operating systems. Jamvee™ is a multi-device compatible cloud-based video conferencing service that allows anyone to take part in a video meeting from any location via a desktop computer, laptop, tablet, Smartphone or a dedicated Telepresence room.

Tata Communications launches the world's first cloud-based broadcast-guality video transcoding and delivery service. The new content transformation service has been selected by Viacom 18, a joint venture between Viacom Inc. and the Network18 Group, to provide high-definition (HD) content transcoding and delivery via the cloud. Developed in partnership with Harmonic, the service allows Viacom18 to maximise its return on investments made in creative programming and to tackle piracy by enabling simultaneous syndication play-out anywhere in the world.

Tata Communications Payment Solutions Limited (TCPSU. a wholly-owned subsidiary of Tata Communications Limited unveils Indicash - India's first-ever network of white label automated teller machines (ATMs). The company plans to rollout 15,000 new white label ATMs over next three years -driving ATM penetration and accessibility for the Indian masses across urban, semi-urban and rural markets.

Tata Communications becomes the first carrier to launch Voice Business Apps to drive efficiency of international voice business management. Tata Communications' Voice Business Apps provides market-leading capabilities and covers all the critical aspects of the international voice business. The solution addresses the underlying network which carries calls from originating to terminating provider. The Best Value Routing™ engine identifies the optimal balance of cost and quality for each call, and the back office tools - including rate, billing invoice, provisioning and reporting tools, make it easy to track efficiency and costs.

Tata Communications launches its international HP voice termination service network taking HP voice mainstream. The new service enables MNOs to route international HP calls via end-to-end IP, without transcoding, ensuring that HP customers calling HP-compatible destinations internationally will receive the full HP experience. HP voice service ensures that calls are clearer and background noise is significantly reduced, leading to longer calls and increased revenues for MNOs.

Q1 FY2014 customer highlights

MERCEPES AMG PETRONAS selected Tata Communications to deliver world-class trackside connectivity at all of its Formula One® race locations using the Tata Communications global network. Through this implementation, Tata Communications enables the team to transfer vital real-time data from the Silver Arrow cars at any Grand Prix location to its headquarters in the UK, three times faster. The improved trackside connectivity will enable the team to react more quickly to developments at the track and help to increase car performance.

Tata Communications announces the world's first LTE™ roaming peering with Telecom Italia Sparkle. This industry-first peering extends the global community of interconnected LTE™ enabled mobile network operators (MNOs) as 4G adoption continues to grow.

Shanghai joins Tata Communications' global Telepresence network via partnership with China Mobile and JW Marriott. The new hotel facility located within the 5* luxury JW Marriott Hotel Shanghai Tomorrow Square, provides participants a life-sized, high definition and immersive virtual collaboration experience.

Tata Communications completes successful unified communications deployment for KPIT Cummins. The deployment provides KPIT Cummins with new levels of unified communication and enterprise mobility to meet the demands of an increasingly mobile and geographically dispersed workforce.

Ooredoo. Qatar, launches the first live IPX+ enabled network in the Middle East with Tata Communications. The implementation enables Ooredoo to capitalise on the latest technology innovations in mobile broadband service delivery and management. Thanks to the scalability of Tata Communications' IPX+ platform, Ooredoo is now able to rapidly support a full suite of services such as signalling, data roaming (GRX and IPX) and LTE Roaming.

iStreamPlanetand Tata Communications sign multiscreen, live, linear streaming services agreement. The agreement combines video transportation over Tata Communications' leading global network via its Video Connect and Satellite delivery services with iStreamPlanet's live video workflow service. This move enables both companies to provide multiscreen, live linear streaming services for content owners, aggregators and distributors around the world.

Vinci Park opts for high-speed network connectivity from Tata Communications to connect its 500 sites across France. Tata Communications has designed a bespoke, secure virtual private network (VPN) solution to meet Vinci Park's requirements across its multiple sites in the country. It is centrally managed from Vinci Park's headquarters to ensure cost-effectiveness, and mixes MPLS and IPSec VPNs on a per-site basis, allowing for tailored solutions for each site.

A presentation and fact sheet providing a detailed analysis of the results for the quarter ended June 30th 2013 has been uploaded on the Tata Communications

WORLD'S FIRST CROSS-BORDER SILICON VALLEY / BANGALORE HACKATHON UNVEILS 'THE FUTURE OF COLLABORATION'

New concept tool 'Interactive Place' enables users on the same webpage to share and gather information in real-time - changing the way we surf the net

San Francisco and Mumbai - July 18th 2013 -On the back of two days of intense innovation, Tata Communications unveils the winning entry entitled, ‘Interactive Place’, which represents the evolution of web browsing; it was created by a team of developers in Bangalore during the world’s first simultaneous Silicon Valley and Bangalore hackathon. The ‘Interactive Place’ concept took the winning spot at the Tata Communications hackathon giving a new dimension to web surfing by allowing users to easily interact with other users on the same web page using video and text through their browsers. This breakthrough has the potential to revolutionise the way we gather and consume information on the net, making searching the Internet a truly social and collaborative experience for all.

Hot on the heels of Tata Communications’ recent jamvee^™ launch (next generation global video collaboration), the hackathon was aimed at further developing the future of collaboration, using WebRTC. During the two-day hackfest nearly 200 developers in both countries worked together to innovate next-generation open-standard collaboration tools. Following an exciting pitch process ‘Interactive Place’ was chosen by the judges thanks to its creative use of WebRTC and its broad market potential. The program identifies the context of the webpage, instantly creating a collaborative platform for users to text and video chat while browsing. The applications for business in terms of customer interaction and supporting education are limitless. They will also bring significant benefits to the every-day user. The team behind the winning concept is Amitesh Madhur, Sathya Narayanan Nagarajan and Seetharamakrishna Madamsetti – who participated in the Bangalore side of the global hack. The team took on 40 other teams across Bangalore and Silicon Valley to fight it out for the wining spot. They receive a $15,000 cash reward and their idea will be incubated by Tata Communications and iAccelerator-CII through November 2013. Both companies will provide investment, mentoring and infrastructure support to bring the concept to reality.

The winning team ('3 Collaborators'), says "This hackathon has allowed us to work together with people from Bangalore and Silicon Valley to help overcome a very prevalent challenge. Collaboration is the best way to innovate and we feel this hackathon did a great job of demonstrating that. We're very excited to be part of Tata Communications' and iAccelerator-CIIEs' incubation programme and can’t wait to see our concept hit the market."

Tata Communications' Future of Collaboration hackathon, co-sponsored by TiE, Media Network Services, vLine, Twilio, TCS, Tech Meetups, NestGSV and iAccelerator-CIIE saw an overwhelming response from the developer community, with leading-edge concepts being presented. The judging committee was made up of Tata Communications executives, hackathon partners and independent industry experts including Jack Hidary, Founder and former Chairman and CEO, Dice.com; Prashant Shah, Board Member and Head of TiE Angels, TiE Silicon Valley; Dan Gonzalez, Director of Strategic Partnerships, nestGSV; Tanvi Rangwala, Director, iAccelerator and ICT Initiatives, CIIE and Bill Haskins, Senior Analyst, Wainhouse Research.

The second place award ($10K) was given to a team from Silicon Valley for their app called 'DeMobo' and Neehraj N Joshi, Prince Jain and Nilabh Pandey from Bangalore received the third place award ($5k) for their collaborative tool called 'Dev+join'. Other awards include, Best Business Model ($10K), Best Collaboration between locations ($5K), Audience Favourite in Bangalore and Silicon Valley ($5K each), Best Tool for Education ($3K), as well as two on-the-spot Honourable Mention awards ($1K each) in Silicon Valley and Bangalore respectively. Tata Communications will continue to be in discussion with the participating teams.

Julie Woods-Moss, Chief Marketing Officer and CEO of Nextgen, Tata Communications, says "The Internet has become the go-to source of information worldwide, but we're only at the start of what's possible. We’ve already seen the advantages of crowd sourcing and this weekend, we saw innovation at scale and on a global level. Tata Communications has always believed in the benefits of co-creation and that if diverse talented teams are given the right framework to collaborate, then magical things happen."

Tata Communications has an open ecosystem approach to voice, mobility and business video solutions. Last week, the company launched jamvee^™ video conferencing, a self-service, cloud-based solution that lets virtually anyone, across any device, participate in a video meeting. Tata Communications has the largest interconnected ecosystem for business video and mobile network operators. Underpinning its robust collaboration offerings is its undersea cable network which is the world’s largest and includes the first wholly-owned fibre optic cable network ring around the world. Its network also enables 20% of the world’s internet routes today.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.67
UK Pound	1	Rs. 100.71
Euro	1	Rs. 84.72

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	9
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		76

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.