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A New World of Communications™ A New World of Communications™ Annual Report 2013-2014 www.tatacommunications.com | @tata_comm http://tatacommunications-newworld.com | www.youtube.com/tatacomms Being part of Tata Communications is being part of... A global workforce 7,700 30% 40 36 Employees Outside India Nationalities Average age A global vision Emerging markets INDIA, CHINA, AFRICA, MIDDLE EAST A NEW WORLD OF COMMUNICATIONS™ Tata Communications creates A New World of Converged Communications™ to drive Managed IP solutions our customers’ leadership, Services leveraging IP technology in future markets A global position #1 Enterprise data in India #1 Wholesale connectivity globally #1 International wholesale voice www.tatacommunications.com | @tata_comm http://tatacommunications-newworld.com | www.youtube.com/tatacomms © 2014 Tata Communications. All rights reserved. TATA COMMUNICATIONS and TATA are trademarks of Tata Sons Limited in certain countries. Tata Communications Limited TWENTY EIGHTH ANNUAL REPORT 2013-14 CONTENTS Corporate Details ................................................................................................................................................................................... 2 Notice ......................................................................................................................................................................................................... 3 Directors’ Report ..................................................................................................................................................................................... 11 Report on Corporate Governance .................................................................................................................................................... 32 Secretary Responsibility Statement ................................................................................................................................................. 44 Declaration by CEO regarding Company’s Code of Conduct and CEO/CFO Certificate ............................................... 45 Auditors’ Certificate ............................................................................................................................................................................... 46 Business Responsibility Statement .................................................................................................................................................. 47 Sustained profitable growth over the years ................................................................................................................................. 55 Corporate Structure as at 31 March 2014 ...................................................................................................................................... 56 Auditors’ Report ...................................................................................................................................................................................... 58 Balance Sheet .......................................................................................................................................................................................... 62 Profit & Loss Account ............................................................................................................................................................................ 63 Cash Flow Statement ............................................................................................................................................................................ 64 Notes to the Financial Statements ................................................................................................................................................... 65 Consolidated Accounts Auditors’ Report on Consolidated Financial Statements ......................................................................................................... 111 Consolidated Balance Sheet ............................................................................................................................................................... 112 Consolidated Profit & Loss Account ................................................................................................................................................. 113 Consolidated Cash Flow Statement ................................................................................................................................................. 114 Notes to the Consolidated Financial Statements ....................................................................................................................... 115 Section 212 of the Companies Act, 1956, related to Subsidiary Companies .................................................................... 158 Board of Directors .................................................................................................................................................................................. 159 COMMUNICATIONS Twenty Eighth Annual Report 2013-2014 Tata Communications Limited CORPORATE DETAILS BOARD OF DIRECTORS Mr. Subodh Bhargava (Chairman) (Independent) Mr. Vinod Kumar (Managing Director and Group CEO) Mr. N. Srinath Mr. Kishor A. Chaukar Mr. Amal Ganguli (Independent) Mr. S. Ramadorai Dr. Ashok Jhunjhunwala Dr. Uday B. Desai (Independent) Mr. Ajay Kumar Mittal Mr. Saurabh Kumar Tiwari Mr. Bharat Vasani Mr. Satish Ranade Company Secretary & Legal Advisor Mr. Sanjay Baweja Chief Financial Officer REGISTERED OFFICE VSB, Mahatma Gandhi Road, Fort,Mumbai – 400 001, Tel : +91 22 6657 8765, Fax : +9122 6639 5162, Email : [email protected], Website : www.tatacommunications.com. CORPORATE OFFICE Plot No. C21& C36, ‘G’ Block, Bandra Kurla Complex, Mumbai – 400 098. BANKERS ANZ Bank Hongkong & Shanghai Banking Corporation (HSBC) Axis Bank ICICI Bank Ltd. Bank of America Indian Overseas Bank Bank of Baroda Indusind Bank Ltd. Bank of India ING Vysya Bank Citibank Inc. Kotak Mahindra Bank Ltd. Deustche Bank Royal Bank of Scotland (RBS) Development Bank of Singapore (DBS) Standard Chartered Bank Federal Bank State Bank of India HDFC Bank Ltd. Syndicate Bank Yes Bank Ltd LEGAL ADVISORS ANS Law Associates, Mumbai Khaitan & Co., Mumbai Mulla & Mulla and Craigie Blunt & Caroe, Mumbai STATUTORY AUDITORS S.B. Billimoria & Co., Chartered Accountants REGISTRARS & Sharepro Services (India) Pvt. Ltd. TRANSFER AGENTS 13 AB, Samhita Warehousing Complex, 2nd Floor, Near Sakinaka Telephone Exchange, Andheri Kurla Road Andheri (East), Mumbai - 400 072. Tel : (022) 67720300/400. Fax : (022) 26591586, 28508927. E-mail : [email protected] 2 NOTICE NOTICE is hereby given that the Twenty Eighth Annual General Meeting of Tata Communications Limited will be held at 1100 hours on Monday, 4 August 2014, at NSE Auditorium, Ground Floor, The National Stock Exchange of India Ltd., Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051 to transact the following business: Ordinary Business 1. To receive, consider and adopt the Balance Sheet of the Company as on 31 March 2014, the audited Profit and Loss Account for the year ended on that date, the Auditors’ Report thereon and the Report of the Board of Directors. 2. To declare dividend for the financial year 2013-2014. 3. To appoint a Director in place of Mr. Saurabh Tiwari who retires by rotation at this Annual General Meeting and being eligible offers himself for re-appointment. 4. To appoint a Director in place of Mr. S. Ramadorai who retires by rotation at this Annual General Meeting and being eligible offers himself for re-appointment. 5. To consider and, if thought fit, to pass with or without modification the following Resolution as anOrdinary Resolution: “RESOLVED THAT pursuant to the provisions of Sections 139,142 and other applicable provisions, if any, of the Companies Act, 2013 and the Rules framed thereunder, as amended from time to time, M/s. S.B. Billimoria & Co., Chartered Accountants be and are hereby appointed Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting (AGM) till the conclusion of the thirty-first AGM of the Company to be held in the year 2017 (subject to ratification of their appointment at every AGM), on such remuneration as may be mutually agreed upon between the Board of Directors and the Auditors, plus reimbursement of service tax, travelling and out of pocket expenses.” 6. To appoint a Director liable to retire by rotation in place of Mr. Bharat Vasani (DIN 00040243) who holds office only up to date of the forthcoming Annual General Meeting and in respect of whom a notice under the provisions of Section 160 of the Companies Act, 2013 has been received by the Company from a member signifying the candidature of Mr. Bharat Vasani for the office of a director. 7. To appoint Mr. Subodh Bhargava as an Independent Director and in this regard to consider and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED that pursuant to the provisions of sections 149, 152 and other applicable provisions, if any, of the Companies Act, 2013 (Act) and the Rules framed thereunder, read with Schedule IV to the Act, as amended from time to time, Mr. Subodh Bhargava (DIN 00035672), a non-executive Director of the Company, who has submitted a declaration that he meets the criteria for independence as provided in section
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