Your Directors take pleasure in presenting their Twenty Seventh Annual Report and theaudited Statement of Accounts highlighting the business operations and financial resultsfor the financial year ended March 31 2020. Consolidated performance of the Company andits subsidiaries has been referred to wherever required.
1. FINANCIAL SUMMARY OR HIGHLIGHTS/ PERFORMANCE OF THE COMPANY:
The summarized standalone and consolidated results of your Company and its subsidiariesare given in the table below:
On the basis of standalone financial statements the performance of the Company appearsas
Amount in Lakhs
|Particulars ||2019-2020 ||2018-2019 |
|Revenue from Operations ||2699.54 ||1203.63 |
|Other Income ||13.62 ||287.41 |
|Total Income ||28.35 ||1491.04 |
|Total Expenditure ||2593.34 ||928.64 |
|Profit before Interest and Depreciation ||419.54 ||761.42 |
|Finance Cost ||115.39 ||124.68 |
|Depreciation ||61.73 ||74.34 |
|Profit before exceptional items and Tax ||242.42 ||562.40 |
|Exceptional Item ||0.00 ||0.00 |
|Profit/(Loss) Before Tax ||242.42 ||562.40 |
|Deferred Tax Asset ||-2.66 ||-6.56 |
|Current Tax ||71.90 ||165.24 |
|Less: Provision of MAT ||0 ||0 |
|Net Profit/ (loss) after Tax ||173.18 ||403.71 |
On the basis of consolidated financial statements the performance of the Companyappears as follows:
Amount in Lakhs
|Particulars ||2019-2020 ||2018-2019 |
|Revenue from Operations ||4680.23 ||2059.82 |
|Other Income ||137.14 ||288.35 |
|Total Income ||4817.37 ||2348.17 |
|Total Expenditure ||4593.25 ||1882.88 |
|Profit before Interest and Depreciation ||406.22 ||819.45 |
|Depreciation ||65.93 ||82.93 |
|Finance Cost ||116.17 ||271.24 |
|Profit before exceptional items and Tax ||224.12 ||465.28 |
|Exceptional Item ||0 ||0 |
|Profit/(Loss) Before Tax ||224.12 ||465.28 |
|Deferred Tax Asset ||-2.55 ||-7.65 |
|Current Tax ||71.90 ||165.24 |
|Less: Provision of MAT ||0 ||0 |
|Net Profit/ (loss) after Tax ||154.76 ||307.69 |
2. BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF
During the year under review the gross revenue of the Company increased to Rs.2699.54Lakhs as compared to Rs. 1203.63Lakhsin the previous year. The Profit after tax for theyear was Rs.173.18 Lakhs as compared to Rs. 403.71 Lakhs in the previous year.
3. CHANGE IN THE NATURE OF BUSINESS IF ANY:
Consolidation of Clients rationalization of market segments & expansion of Salesforce will be the Focused approach in Financial Year 2020-2021 to achieve the targetednumbers. During the Financial Year 2020-2021. The plan is to profitably balance out andintegrate Top line growth with reasonable bottom lines.
4. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OFTHE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TOWHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
There are no Material changes and commitments affecting the financial position of thecompany.
5. FUTURE OUTLOOK:
Renewed thrust with a larger Sales force to tap the growing market during Q 2 Q 3& Q 4 will take up the Top line under stand alone to a level of Rs.3000.00 lakhs upfrom the previous year's Rs.2699.54 Lakhs an estimated growth of around11.31 % YoY .
In the ISP segment there is immense competition in both the twin states of TelanganaState & Andhra Pradesh State. On one hand Home grown and dominant localized Statelevel A & B category ISPs are fighting for larger market shares with bigger brandpresence & reach. On the other side National TELCOs are also directly marketing alltheir Voice Data & Video service offerings in the same markets. Margins are shrinkingwith incremental fixed costs. Fall in Internet Bandwidth buying prices is getting negatedwith higher demand from end consumers from the point of view of both quality &quantity of bandwidth which poses a challenge in optimizing usage of Internet bandwidthmanage the band thus not. State Governments on both sides are exploring the possibilityof providing Free Wi-Fi in select Cities & principal towns. This may add to theexisting fierce competition. Additionally Reliance Jio Communications is expected to playhavoc in the market with their aggressive combo offerings and marketing campaigns. Againstthe above backdrop Nettlinx has strategically positioned itself in a niche market segmentcomprising of larger reliance on SMEs Educational Institutions & Business Broadbandthan relying on third party Cable Operators network as opposed to only the home broadbandsegment & whole sale bandwidth by most others. Under these circumstances Nettlinxwill be able to overcome competition and scale over all the hurdles and achieve thedesired and budgeted financial numbers.
NETTLINX TECHNOLOGIES PRIVATE LIMITED
Nettlinx Technologies Private Limited is a wholly owned subsidiary of Nettlinx RealtyPrivate Limited a global Information Technology company which provides InformationTechnology Support Services in field of System Administration System ArchitectDatacenter Support Business Continuity Disaster Recovery Storage Backup andVirtualization.
In the rapidly changing technology world Enterprises recognize that all of the newtechnology products they want to deploy IoT serverless containers hybrid cloudAI require a robust flexible secure self-healing software & hardware drivenhigh quality equipment & devices that can be integrated leading to a seamless hyperconverged technological advantage to achieve efficient productivity with commerciallyviable pricing and sustained after sales service extended model. We work 24/7. The supportincludes: Servers Routers & Networks Switches Cabling Wireless equipment &Wi-Fi devices Firewalls Projectors - DLP (Digital Light Processing) Projectors - LCD(Liquid Crystal Display) Mobile Jammers Printers / Photocopiers/ Scanners Internal LANprojects CCTV and security surveillance Biometric Technical Manpower Services WebHosting Services Co-location Services and Managed Data Center Services.
Nettlinx Realty Private Limited:
With an objective of profitable diversification under the Nettlinx Holding CompanyNettlinx Realty Private Limited has chalked out ambitious plans as the real estate sectoris booming across the principal cities in India and is poised to grow rapidly in the nextfew years. As a first step towards achieving this objective The Company several yearsback has acquired a land at Gachibowli at Hyderabad. Additionally it has bought anotherland at Nagpur identifying its potential and to take advantage of Nagpur becoming a majormulti modal cargo hub and this land is very close to the SEZ. The Company has initiatedthe process of considering -possible tieup with leading Companies to jointly leverage thisland bank for possible conversion into residential / commercial property developmentprojects.
The initial investments on these two lands got appreciated manifold owing to hugedemand and land rates going up north.In Both these specific locations where the land issituated exponential residential apartments are coming up from multiple developers. Weshould be able to monetize over a period of 2 3 years as we are going to enterdevelopment agreements with leading Companies.
Salion SE is a subsidiary of Nettlinx Limited. It has acquired 95% of Salion SE ofGermany.
Salion SE is an Management consultant company based out of Berlin Germany. TheCorporation manages more than Euro 1.70 Million investments. It has a specialized teamwhich advises on M&A and financing of M&A transactions.
This strategic investment will help Nettlinx build a war chest for future acquisitionsof High tech companies in the industrial space in Germany.
The Company derives advantage through this route on account of extended leverage itgets in a low interest country where in the current interest rates are lesser than 2% PAagainst the interest rates prevailing in India which hover around 10% PA.
Salion SE has excellent credit rating and presently can leverage this investment to thetune of around Euro 20 Million. For overseeing this new project Mr. Abraham Joy will beon the supervisory board of Salion SE to take care of the overall operations along withhis team.
Nettlinx Inc. is a 18-year-old US (registered office in NJ) corporation. We are intosoftware consulting network services application development and outsourcing andmanaged cloud services. Clients include big companies like IBM Microsoft Vanguard HCLto name a few.
Currently we are developing a micro ERP application framework. It is aimed at smallbusinesses which do not need the complex structure that a full-fledged ERP provides. Thetarget market small businesses which do not have the need or utilize their own ITdepartment. Currently it is in production with two pharmaceutical distributors.
SRI VENKATESWARA GREEN POWER PROJECTS LIMITED:
Sri Venkateswara Green Power Projects Limited (SVGPPL) was incorporated in the year1999 to establish power projects in the non renewable energy sector. "12 MW Waste toEnergy Power Plant Based on RDF" facility at Yacharam Village & Mandal RangeReddy District Telangana State utilizing the MSW from GHMC.
SVGreen has entered into a Concession Agreement with GHMC on 10th November 2010 for thesupply of 700 TPD Hyderabad MSW to the project site Re Ratified vide G.O. No. 448date 26.07.2017. (MA&UD Govt. Of Telangana).
With all the required permissions in place the present project envisages developingand implementing a viable and environmentally sustainable 12 MW Energy from Waste whichwould scientifically process and dispose the MSW. The project facility covers processingand treatment of MSW which includes:
- 700 TPD MSW receipt and processing plant
- 12 MW Waste to Energy Plant for combustible component
- Leachate collection and Treatment system
- Inert management facility
The company has already acquired land admeasuring about 25 Acres in Yacharam Villagenear Hyderabad. The project site is about 2kms. From SH-19 Nagarjunasagar Highway 55 kmfrom city center 22 km from ORR.
- The project has received consent for Establishment from state Pollution controlboard.
Company has Three wholly owned subsidiaries namely Nettlinx Inc.SalionSEand NettlinxRealty Private Limited One Subsidiary namely Sri Venkateswara Green Power ProjectsLimited and one step down subsidiary Nettlinx Technologies Private Limited. There are noassociate companies within the meaning of Section 2(6) of the Companies Act 2013("Act").
The details of financial performance of Subsidiary/ Joint Venture/Associate Company isfurnished in Annexure-A.
The Directors do not propose to transfer any amount to the General Reserves. Rs.173.19/- Lakhs has been transferred to the Reserves during the financial year 2019-20being the surplus for the year end 31st March 2020.
8. SHARE CAPITAL:
The Authorized Share Capital of the company is Rs. 345000000 divided into34500000 equity shares of Rs. 10 (Rupees Ten Only) each.
The Issued Subscribed and Paid up Capital of the Company as on March 31 2019 is Rs.114633120 divided into 11463312 equity shares of Rs. 10 (Rupees Ten Only) each.
A. BUY BACK OF SECURITIES:
The Company has not bought back any of its securities during the year under review.
B. SWEAT EQUITY:
The Company has not issued any Sweat Equity Shares during the year under review.
C. BONUS SHARES:
No Bonus Shares were issued during the year under review.
D. EMPLOYEES STOCK OPTION PLAN:
The Company has not provided any Stock Option Scheme to the employees.
Due to conservation of Profits your Board could not recommend any dividend for thefinancial year 2019-2020.
The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was outstanding as on the date of thebalance sheet.
11. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Mr. Kothuri Kameswara Rao (Holding DIN: 00271944) was appointed as an independentdirector at the 26th Annual General Meeting (AGM) held on September 252019 for a periodof five years.
Mr. Venkata Hanumantha Rao Joginapally (holding DIN 02682027)was appointed as anindependent director at the 26th Annual General Meeting (AGM) held on September 2 5 2019for a period of five years.
The Board of Directors of the Company in its meeting held on 20 May 2020 approved theappointment and payment of remuneration to Dr. Manohar Loka Reddy Managing Director forthe period of 5 (Five) years of his tenure w.e.f. 05 June 2020 as recommended by theNomination and Remuneration Committee in its meeting held on 20 May 2020 in terms ofSection 197 198 Schedule V and any other applicable provisions of the Companies Act2013.
Based on the recommendation of the Nomination and Remuneration Committee hisre-appointment for a term of five years is proposed at the ensuing AGM for the approval ofthe Members by way of Ordinary resolution.
The Board recommends the resolution as set forth in item No.3 of the notice forapproval of the members. For the perusal of the shareholders a brief resume of theDirector being re-appointed along with necessary particulars are given in the Explanatorystatement of the notice.
In accordance with the provisions of Companies Act 2013 Ms. Radhika Kundur Directorof the company would retire by rotation and being eligible offer herself forre-appointment. The Board recommends her reappointment at the ensuing Annual generalMeeting of the company.
Mr. Kothuri Kameswara Rao (Holding DIN: 00271944) resigned as director of the companywith effect from 07.02.2020. due to health reasons. The Board places on record itsappreciation for his invaluable contribution and guidance.
Mr. Chandra Sekhar Pogula resigned as CEO & WTD of the company with effect from05.06.2020.The Board places on record its appreciation for his invaluable contribution andguidance.
Mr. Sanku Mahaganesh has resigned as CFO of the company with effect from 22.7.2020.
STATEMENT ON THE DECLARATION GIVEN BY THE INDEPENDENT DIRECTORS AS PER SECTION 149(6)OF COMPANIES ACT 2013:
The company has received necessary declarations from the Independent Directors undersection 149(7) of Companies Act 2013 that they meet the criteria of independence as laiddown under section 149 (6) of the Companies Act 2013 and Regulation 25 of Securities AndExchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations2015.
DETAILS OF KEY MANAGERIAL PERSONAL (KMP):
Pursuant to the provisions of section 203 of the Act the key managerial personnel ofthe Company are Mr. Chandra Sekhar Pogula Chief Executive Officer and Whole TimeDirector Mr. S. Mahaganesh Chief Financial Officer and Mr. Sai Ram Gandikota CompanySecretary as on 31.03.2020.
Dr. Manohar Loka Reddy Managing Director designated as key managerial personnel of theCompany with effect from 05.06.2020.
NUMBER OF MEETINGS OF THE BOARD:
Four meetings of the board were held during the year. For details of the meetings ofthe board please refer to the corporate governance report which forms part of thisreport.
No Extraordinary General Meetings of the company during the Financial Year.
Meeting of Independent directors meeting held on 07.02.2020.
The intervening gap between the Meetings was within the period prescribed under theCompanies Act 2013.
The board of directors has carried out an annual evaluation of its own performanceboard committees and individual directors pursuant to the provisions of the Act and thecorporate governance requirements as prescribed by Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations 2015 ("SEBIListing Regulations").
The performance of the board was evaluated by the board after seeking inputs from allthe directors on the basis of the criteria such as the board composition and structureeffectiveness of board processes information and functioning etc.
The performance of the committees was evaluated by the board after seeking inputs fromthe committee members on the basis of the criteria such as the composition of committeeseffectiveness of committee meetings etc.
The board and the nomination and remuneration committee reviewed the performance of theindividual directors on the basis of the criteria such as the contribution of theindividual director to the board and committee meetings like preparedness on the issues tobe discussed meaningful and constructive contribution and inputs in meetings etc. Inaddition the chairman was also evaluated on the key aspects of his role.
In a separate meeting of independent directors performance of non-independentdirectors performance of the board as a whole and performance of the chairman wasevaluated taking into account the views of executive directors and non-executivedirectors. The same was discussed in the board meeting that followed the meeting of theindependent directors at which the performance of the board its committees andindividual directors was also discussed. Performance evaluation of independent directorswas done by the entire board excluding the independent director being evaluated.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS:
The Company's policy on directors' appointment and remuneration and other mattersprovided in section 178(3) of the Act has been disclosed in the corporate governancereport which forms part of this report.
12. DIRECTORS' RESPONSIBILITY STATEMENT:
In pursuance of Section 134(5) of the Companies Act 2013 your directors confirm:
(a) That the directors in the preparation of the annual accounts the applicableaccounting standards have been followed along with proper explanations relating tomaterial departures.
(b) That the directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of thefinancial year and of the profit and loss of the Company for that period.
(c) That the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and deleting fraud and otherirregularities.
(d) That the directors had prepared the annual accounts on the going concern basis.
(e) That the directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively.
(f) That the directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.
13. AUDITORS AND AUDITOR's REPORT:
M/s. C. Ramachandram& Co Chartered Accountants (Firm Registration No. 002864S)allotted by The Institute of Chartered Accountants of India (ICAI) was appointed asAuditors of the
company for a term of consecutive five years at the 24 Annual
General Meeting held on 27 September 2017.
They have confirmed that they are not disqualified from continuing as auditors of thecompany.
The notes on financial statements referred to in the Auditor's report areself-explanatory and do not call for any further comments. The auditor's report does notcontain any qualification reservation adverse remark or disclaimer.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board hadappointed M/s VCSR & Associates Company Secretaries to carry out Secretarial Auditfor the financial year 2019-2020.
SECRETARIAL AUDITORS' REPORT:
The auditors' report and secretarial auditors' report does not contain anyqualifications reservations or adverse remarks. The Secretarial Audit report is annexedherewith as "(Annexure B)" & "(Annexure B1)". The report isself-explanatory and do not call for any further comments.
AUDITORS CERTIFICATE ON CORPORATE GOVERNANCE:
As required by Securities and Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 ("SEBI Listing Regulations") theAuditor's Certificate on Corporate Governance is enclosed as Annexure-C to the Board'sReport. The Auditors certificate for Financial Year 2019-2020 does not contain anyqualifications reservations or adverse remarks.
14. EXTRACT OF ANNUAL RETURN:
As provided under section 92(3) of the Act the extract of annual return is given inAnnexure-D in the prescribed Form MGT-9 which forms part of this report.
15. PARTICULARS OF EMPLOYEES:
a) The information required under section 197 of the Companies Act 2013 read with rule5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014is annexed as Annexure-E to this report.
b) Pursuant to Rule 5(2) of Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 during the Year under review None of the employees of the companyemployed throughout the financial year was in receipt of remuneration for that yearwhich in the aggregate was not less than sixty lakh rupees; None of the employees of thecompany employed for a part of the financial year was in receipt of remuneration for anypart of that year at a rate which in the aggregate was not less than five lakh rupeesper month; None of the employees of the company employed throughout the financial year orpart thereof was in receipt of remuneration in that year which in the aggregate or asthe case may be at a rate which in the aggregate is in excess of that drawn by themanaging director or whole-time director or manager and holds by himself or along with hisspouse and dependent children not less than two percent of the equity shares of thecompany.
16. CORPORATE GOVERNANCE AND MANAGEMENT
DISCUSSION &ANALYSIS REPORTS:
The Corporate Governance and Management Discussion & Analysis Report which form anintegral part of this Report are set out as Annexure-F and Annexure-G respectivelytogether with the Certificate from the auditors of the Company regarding compliance withthe requirements of Corporate Governance as per SEBI Listing Regulations.
17. TRANSACTIONS WITH RELATED PARTIES:
All contracts / arrangements / transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on an arm's lengthbasis.
There are no materially significant related party transactions made by the Company withPromoters Directors or Key Managerial Personnel etc which may have potential conflictwith the interest of the Company at large. Hence no disclosure in Form AOC-2 is required.All related party transactions are presented to the Audit Committee and the Board for itsapproval.
The Related Party Transaction Policy has been devised by your company for determiningthe materiality of transactions with related parties and dealings with them.
18. INTERNAL CONTROL SYSTEMS AND THEIR
The details in respect of internal financial control and their adequacy are included inthe management discussion& analysis which forms part of this report.
19. AUDIT COMMITTEE:
The details pertaining to composition of audit committee are included in the CorporateGovernance Report which forms part of this report.
20. VIGIL MECHANISM:
In pursuant to the provisions of section 177(9) & (10) of the Companies Act 2013a Vigil Mechanism for directors and employees to report genuine concerns has beenestablished. The Vigil Mechanism Policy has been uploaded on the website of the Company atwww.nettlinx.com
21. RISK MANAGEMENT:
The board of directors of the Company has formed a risk management committee to frameimplement and monitor the risk management plan for the Company. The committee isresponsible for reviewing the risk management plan and ensuring its effectiveness. Theaudit committee has additional oversight in the area of financial risks and controls.Major risks identified by the businesses and functions are systematically addressedthrough mitigating actions on a continuing basis.
The development and implementation of risk management policy has been covered in themanagement discussion and analysis which forms part of this report.
22. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS ANDCOMPANY'S OPERATIONS IN FUTURE:
No significant and material order has been passed by the regulators courts tribunalsimpacting the going concern status and Company's operations in future.
23. PARTICULARS OF LOANS GUARANTEES OR
INVESTMENTS UNDER SECTION 186:
The particulars of loans guarantees or investments made under section 186 of theCompanies Act 2013 are covered in the notes of the Financial Statement for the year ended31st March 2020.
24. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF
WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT 2013
The Company has in place an Anti Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at workplace (Prevention Prohibition and Redressal)Act 2013. Internal Complaint Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment. All employees are covered under this policy.
The following is the summary of sexual harassment complaints received and disposedduring the calendar year.
No. of complaints received: Nil
No. of complaints disposed off: Nil
25. CONSERVATION OF ENERGY TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
(A) Conservation Of Energy:
The operations of the company involve low energy consumption. However adequate measureshave been taken to conserve energy wherever practicable.
(B) Technology absorption adaptation and innovation:
The company continues to use the latest technologies for improving the quality of itsoperations. Provision of state of the Art communication facilities to all softwaredevelopment centers and total technology solutions to its clients contribute to technologyabsorption and innovation.
(C) Foreign exchange earnings and Outgo:
The Foreign Exchange earned in terms of actual inflows during the year and the ForeignExchange outgo during the year in terms of actual outflows is as follows:
Foreign Exchange Inflows : Rs. 53156389/-
Foreign Exchange Outflows : Rs. 189171/-
26. CORPORATE SOCIAL RESPONSIBILITY (CSR):
Even though the provisions of Companies Act 2013 regarding Corporate SocialResponsibility are not attracted to the company yet the Company has been over the yearspursuing as part of its corporate philosophy an unwritten CSR policy voluntarily whichgoes much beyond mere philanthropic gestures and integrates interest welfare andaspirations of the community with those of the Company itself in an environment ofpartnership for inclusive development.
27. HEALTH AND SAFETY/ INDUSTRIAL RELATIONS:
The company continues to accord high priority to health and safety of employees atmanufacturing locations. During the year under review the company conducted safetytraining programmes for increasing disaster preparedness and awareness among all employeesat the plants. Training programmes and mock drills for safety awareness were alsoconducted for all employees at the plants. Safety Day was observed with safety competitionprogrammes with aim to imbibe safety awareness among the employees at the plant.
During the year under review your Company enjoyed cordial relationship with workersand employees at all levels.
28. LISTING WITH STOCK EXCHANGES:
The Company confirms that it has paid the Annual Listing Fees for the year 2019-2020 toBSE and MSEI where the Company's Shares are listed.
29. PREVENTION OF INSIDER TRADING:
The Company has adopted a Code of Conduct for Prevention of Insider Trading with a viewto regulate trading in securities by the Directors and designated employees of theCompany. The Code prohibits the purchase or sale of Company shares by the Directors andthe designated employees while in possession of unpublished price sensitive information inrelation to the Company during the period (the Trading Window is closed). The Board isresponsible for implementation of the Code.
All Board Directors and the designated employees have confirmed compliance with theCode.
Your Directors wish to place on record their appreciation of the contribution made bythe employees at all levels to the continued growth and prosperity of your Company.
Your Directors also wish to place on record their appreciation of businessconstituents banks and other financial institutions and shareholders of the Company fortheir continued support.
| || ||By order of the Board of Directors |
| || ||For Netttlinx Limited |
| ||Sd/- ||Sd/- |
| ||Dr. Manohar Loka Reddy ||Venkata Hanumantha Rao Joginapally |
| ||Managing Director ||Independent Director |
| ||DIN: 00140229 ||DIN: 02682027 |
| || ||Sd/- |
|Date : 28.08.2020 || ||Mr.Sai Ram Gandikota |
|Place : Hyderabad || ||Company Secretary & Compliance Officer |