CONDENSED AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

COMPREHENSIVE INCOME STATEMENT

(Amount in Rs.)

Particulars

NOTES:
1. The Condensed Audited Financial Statements for the year ended 31
March 2015 were approved by the Board of Directors in its meeting held
on 21 May 2015.

Mar-15
38,632,772
60,465,807

Mar-14
19,610,639
47,713,873

(21,833,035)

(28,103,234)

2. The Condensed Audited Financial Statements for the year ended 31

March 2015, have been prepared using the same accounting policies as
those adopted in the Financial Statements for the year ended 31 March
2014 and complied with IAS34.

62,741,578

50,208,959

3. The Company is involved in provision of Information, Communication,

Technology and Computer related activities.

(84,574,613)

(78,312,193)

(84,574,613)

(78,312,193)

19,142,000

19,142,000

(4.42)
(4.42)

(4.36)
(4.36)

Mar-15

Mar-14

162,988,243
13,704,602
176,692,845

213,598,033
11,321,410
224,919,443

EQUITY AND LIABILITIES

Stated capital
Other reserves
Revenue decit
Total equity

191,420,000
126,395,000
(203,102,952)
114,712,048

191,420,000
126,395,000
(118,528,339)
199,286,661

LIABILITIES
Non-Current liabilities
Current liabilities
Total liabilities
TOTAL EQUITY AND LIABILTIES

40,153,682
21,827,115
61,980,797
176,692,845

17,266,335
8,366,447
25,632,782
224,919,443

Revenue from operations

Operating expenses
Loss before depreciation, amortisation and
taxation expenses
Depreciation and amortisation expenses
Loss before taxation
Taxation
Total comprehensive loss
Number of shares
Earning per share
- Basic
- Diluted
STATEMENT OF FINANCIAL POSITION
Particulars
ASSETS
Non current assets
Current assets
TOTAL ASSETS

5. The last quarter of our Financial Year 2014-2015 was challenging due
to both economic and political impacts. We experienced a change in
political regime and for quite some time, the status quo prevailed. Our
priority was to jealously maintain our customer base, both retail and
corporate. In order to maintain the service level, we had no other option
than to exceed customer expectations. This meant that we went out of
our way to provide a better service than our main competitor who has
been constantly aggressive since October 2014 up to February 2015 with
different packages of higher capacity than ours.
Roll out has been quite slow as well due to adverse climatic conditions
prevailing during the rst two months of the last quarter. However, we
started doing some rectication works in the south prior to lighting up the
region. In parallel, we completed the survey in the north and started roll
out, which is still in progress.
In terms of Value Added Services, we successfully tested Video On
Demand (VOD). Same is on test at customer premises. Moreover, we
started testing Cloud Services for corporate customers. These services
will enhance the acquisition of subscriber base and will improve the
quality of service as well as serve as a retention strategy.
6. Despite of challenging conditions in the market, Company's Revenue
from Operations for the current Financial Year increased to Rs 38.633 Mn
from Rs 19.611 Mn due to increase in subscriber base. As the Operation
is growing day by day, Company's Operating Expenses for the current
Financial Year also increased to Rs.60.466 Mn as compared to Rs.
47.714 mn. Depreciation and Amortisation cost increased to Rs 62.742
Mn as compared to Rs 50.209 Mn in last Financial Year due to
Capitalisation. Consequently, the Company's total Comprehensive Loss
increased to Rs 84.575 Mn as compared to Rs 78.312 Mn in last Financial
Year.
7. Copies of the Condensed Audited Financial Statements of the
Company are available at the Registered Ofce of the Company at 8th
Floor, Ebene Mews, 57 Ebene Cybercity, Mauritius.
8. Previous year gures have been regrouped and rearranged whenever
necessary.
9. The above Condensed Audited Financial Statements are issued
pursuant to DEM Rule 17 and the Securities Act 2005.

STATEMENT OF CASH FLOWS

Mar-15

Mar-14

28,664,228

(18,309,426)

(54,352,324)
25,809,459
121,363
3,631,825
3,753,188

(64,107,066)
82,547,728
131,236
3,500,589
3,631,825

Particulars
Net cash generated from / (used in)
operating activities
Net cash used in investing activities
Net cash generated from nancing activities
Increase in cash and cash equivalents
Cash and cash equivalents at beginning
CASH AND CASH EQUIVALENTS AT THE END

4. The Condensed Audited Financial Statements for the Financial Year

ended 31 March 2015 are in compliance with International Financial
Reporting Standards (IFRS) and have been audited by Dhanjee
Associates & Cie.

10. Copies of the Condensed Audited Financial Statements and the

Statement of Direct and Indirect Interests of the Company, pursuant to
rule 8(2)(m) of the Securities (Disclosure Obligations of Reporting Issuers)
Rule 2007, are available to the public, free of charge, at the Registered
Ofce of the Company at 8th Floor, Ebene Mews, 57 Ebene Cybercity,
Mauritius.
By Order of the Board
Bharat Telecom Ltd
Place: Mauritius
Date : 21 May 2015

Secretary
St James Secretaries Limited

STATEMENT OF CHANGE IN EQUITY AND RESERVES

Particulars
At 01 April 2014
Issue of Ordinary Shares
Application for Shares
Allotment of Shares
Loss for the Year

Stated
Capital

Share
Premium

191,420,000
-

126,395,000
-

At 31 March 2015

191,420,000

126,395,000

At 01 April 2013

175,420,000

62,395,000

12,000,000
-

64,000,000
-

Issue of Ordinary Shares

Application for Shares
Allotment of Shares
Loss for the Year
At 31 March 2014

4,000,000
191,420,000

126,395,000

Application
for Shares
-

Revenue
Deficit

Total
Equity

(118,528,339)
-

199,286,661
-

(84,574,613)

(84,574,613)

(203,102,952)

114,712,048

(40,216,146)
-

201,598,854

4,000,000
(4,000,000)
-

76,000,000
-

(78,312,193)

(78,312,193)

(118,528,339)

199,286,661