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Objectone Information Systems Ltd.

BSE: 535657 Sector: IT
NSE: N.A. ISIN Code: INE860E01011
BSE 00:00 | 20 May 8.06 0.28
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NSE 05:30 | 01 Jan Objectone Information Systems Ltd
OPEN 7.98
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VOLUME 6670
52-Week high 17.35
52-Week low 3.50
P/E 20.67
Mkt Cap.(Rs cr) 8
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Sell Price 0.00
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OPEN 7.98
CLOSE 7.78
VOLUME 6670
52-Week high 17.35
52-Week low 3.50
P/E 20.67
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Objectone Information Systems Ltd. (OBJECTONEINFORM) - Director Report

Company director report

Dear Members

It gives us immense pleasure to present to you the 25th Annual Report on the operationsof Object One Information Systems Limited together with the audited financial statementsfor the year ended March 312021. The financial results of the Company are as follows:

1 Financial Results

(Rs. In lakhs)

Particulars

Consolidated

Standalone

2020-21 2019-20 2020-21 2019-20
Total income 2878.41 2807 55 145364 857.59
Operating profit (PBDIT) 77.90 63.56 125.91 47.23
Depreciation 16.41 1673 15.46 16 49
Profit before tax (PBT) 52.31 26 19 101.95 13.85
Income Tax and Deferred Tax 32 0.84 32 (1.01)
Profit after tax (PAT) 20.31 25.35 69.95 14.86

2 State of affairs of Company CONSOFIDATED

The Company has generated a Consolidated income of Rs. 2878.41 lakhs during the yearagainst previous year income of Rs 2807 55 laskhs and Net profit of Rs. 20.31 lakhs duringthe year against previous year Net profit of Rs 25 35 lakhs.

STANDALONE

The Standalone income of the Compary during the year was Rs 1453.64 lakhs as againstprevious year income of Rs. 857.59 lakhs and Net proft was Rs. 69.95 lakhsduring the year against previous year Net Profit of Rs. 14.86 lakhs.

BUSINESS OVERVIEW

Pandemic has thrown in opportunities for p ayers in digital space with increase inviewership as most of the people were confined to names and Digital space one major sourceof entertainment. From streaming video to downloading music to social networking contenton the Internet and the means through which it is distributed across the Globe is evofvingat a rapid pace

Your company is operating in internet space with most cf the dependency on Youtube andon monetary terms where in monetization's based on advertisement revenue Your companiessurvival and thrive depends on an ability to adapt reorganize and implement digitaltechnofogies Undisputediy many traditional media companies are reeling under the effectsof pandemic. We are successfully wading through acute challenges though the space hasbecome highly competitive with all major media players entering this field of digitalmedia

We are living in the midst of a thriving and expanding video economy - one which isdriven by innovation competition and the emergence of alternatives to traditionalbroadcast and distribution models while the pay-TV industry continues to grow on a globalscale particularly in emerging markets a multitude of over- the-top (OTT) options andthe explosion of Web-ready mobile devices and tablets are fuelling consumer expectationfor instant media access from any device. Video is going mobile at an astonishing rateand the compelling multi-screen experience has consumers exploring all varieties ofoptions for gaining access to the content they want anytime and anywhere.

Owing to shift in the options of video consumption we are aligning to change the waythe content is produced packaged and distributed. We are creating platform and supplychain infrastructure from production through delivery that enables content providers andservice providers alike to engage and prosper in today's video economy is being definedand redefined where change has become the constant. Object One offers its content throughan integrated solution which provides the performance versatility and reliabilityessential in the delivery of high-value goods and services in the multi-screen environmentit is the biggest shift in television history Be at the heart of this once-in-a-generationopportunity to completely reinvent the TV - this will be the slogan of your company fornext three years to consofidate ourselves in this growing horizon.

It s very acceptable fact that entire world is resolving around Digital Media which isthe fastest way to connect with world Object One being pioneers of Digital Media Contentdevelopment and publications now taking a step forward to partner with youngsters ofIndia by providing them required training and knowledge building activities in terms ofDigital Technology By identifying the right candidates and providing extensive trainingwill produce the skilled staff to meet the growing demand m the digital media market Toachieve this Telugu one has chose to be a platform to show case every individual'screativity by providing guidance and assistance sc that they are placed in suitableposition commensurate to their talent

Teluguone proposes to take the initiative of taking the rural youth 'with relevantknowledge on Digital Media into stride to create strong technological base to meet theexponential demand. In turn obviously creating job opportunities.

International web portals' contribution to the commercialization of new professionalonline video would be easy to miss amid the billions of videos on the internet were itnot only shows the strengths of their brands but the Digital Media Marketing strategy too.

The portals are able to use the myriad content genres on their platforms from emailservices breaking news financial markets horoscopes sports news to dating services todirect their shows to the audience's attention. We have the biggest reach among youthaudiences who by their very nature are predicting future trends and we actively tapinto that to gain insight into changing viewer behaviors." Numerous internationalanalytics and research services claim to be able to assess viewing habits on websitesmobile apps and social media to help content creators and brands deliver and cater theaudiences choice. They even measure "individuality'' to enable clients to delivermore effective personalized content to customers' screens.

Content creation is an ongoing activity and though content creation and acquisitioncosts have increased enormously due to increase in competition Your company has created arevenue model on the emerging media prospects and influenced the cinema industry byencouraging emerging film makers through short film contests and workshops

Your Company has been building lot of in house content which is exclusive and unique toyour company which include short comedy clips and animated content Along with this yourcompany is creating alternative content in health lifestyle Fashion and Spiritualdomains. Your company's association with youtube for both short form and long form videosis generating good revenues

Your company has recorded a Turnover growth of 67% over the previous financial year andhopes to surpass the same in coming years.

3 Share Capital

The paid up equity share capital as on 31st March 2021 was Rs105119000 comprising of10511 900 (One Crore Five Lakh Eleven Thousand Nine Hundred) equity shares of Rs.10-each

4 Issue of Equity Shares with Differential Rights or stock options

The Company has not made any issue of equity shares with Differential Rights under theprovision of Section 43 read with Rule 4(4) of the Companies (Share Capital andDebentures) Rules 2014 during the Financial Year under review nor has made any issue ofequity shares via Employee stock options during the Financial Year under review

5 Material Changes and Commitments If any affecting the financial position of thecompany which have occured between the end of the financial year of the company to whichthe financial statements relate and the date of the report

There are no material changes and commitments affecting the financial position of theCompany

6 Transfer to Reserves

The company had transferred an amount of Rs 69 95 Lakhs to the General Reserve duringthe financial year 2020-21.

7 Dividend

The Board of directors do not propose any dividend for the year ended 31.03.2021.

8 Particulars of Loans Guarantees or Investments

The company has not given any loans or guarantees covered under the provisions ofsection 186 of the Companies Act 2013 (Act). The details of the investments made by thecompany are given in the notes to the financial statements.

9 Internal Financial Control Systems and their adequacy

The Company has adequate system of internal controls to safeguard and protect fromloss unauthorised use or disposition of its assets. All the transactions are properlyauthorised recorded and reported to the Management. The Company is following all theapplicable Accounting Standards for proper maintenance of books of accounts and forfinancial reporting.

10 Related Party Transactions

All The transactions with related parties are at arm's length and they fall outside thescope of Section 1B8(1) of the Act except as otherwise mentioned in AOC 2 annexed to thisreport. Information on Transactions with related parties pursuant to Section 134(3)(h) ofthe Act read with rule 8(2) of the Companies (Accounts) Rules 2014 is given in Annexure-Iin Form AOC 2 and the same forms part of this report.

The policy on Related Party Transactions is hosted on the website of the Company underthe web linkhttp7/www.objectinfo.com/images/investors/poficies/R0lated-Party-Tran$actk>n-Policypdf.

11 Deposits

Your Company has not accepted any deposits and as such no amount of principal orinterest was outstanding as of the Balance Sheet date

12 Change in the Nature of Business If Any

There is no material change in the nature of business affecting the financial positionof the Company for the year ended March 31 2021

13 Joint Venture

information on Joint Venture pursuant to Section 129(3) of the Ac: read with rule 5 ofthe Companies (Accounts) Rules 2014 is not applicable to the Company as the Company hasnot entered any Joint Venture contracts

14 Subsidiary Company

The Company has a whofly owned subsidiary Company Stiaos Technofogies Inc. thedetails of which are as foflows*

Form No. AOC - 1

(Pursuant to the first provision to sub-section 3 of Section 129. read with Rule 5 ofCompanies (Accounts) Rules 2014); Salient Features of Financial Statements ofSubsidiary/associate companies/joint ventures

as per Companies Act 2013

Part "A": Subsidiaries

Amount in Rs. Lakhs

1. Name of Subsidiary Stiaos Technofogies Inc. USA
Reporting period for the subsidiary concerned if different from the hofding company's reporting period Accounting year of the Subsidiary Company - Calendar Year. Following data related to FY 2020-21
Reporting currency and Exchange rate as on the last 3. date of the relevant Financial year in the case of foreign subsidiaries USD @ Rs.73/-
4 Share Capital 0 66
5 Reserves & Surplus 109 61
6 Total Assets 67456
7 Total Liabilities 674.56
3 investments 0.00
9 Turnover 1424.77
10 Profit Before Taxation -49.64
11 Provision for Taxation 0.00
12 Profit after Taxation -49.64
13 Proposed Dividend 0
14. % of Sharehofding 100

Pursuant to the provisions of Section 136 of the Act the financial statements includingconsofidated financial statements are being made available on the website of the Companywww.objectinfo.com The financial statements of subsidiary companies will be available forinspection during business hours at the registered office of the Company and also on thewebsite of the Company.

15 Directors and Key Managerial Personnel

During the year under review Ms. Ramya Inala has resigned from the post of CompanySecretary and Compliance Officer of the Company w e f. 02.11.2020 due to personal reasonsand Mr. Vikram was appointed as the Company Secretary and Compliance Officer of theCompany w e f 02.11.2020 and Mr Ravi Shankar Kantamneni was re-appointed as the ManagingDirector of the Company lor a period of three years w e f. 01.07 2020.

In accordance with the provisions of Section 152(6) of the Companies Act. 2013 Mrs.Himabindu Kantamneni retires by rotation at the forthcoming Annual General Meeting andbeing eligible offered herself for re-appointment Your Board recommends her appointment asExecutive director liable to retire by rotation.

Mr Jayaprakash Narayana Valluru and Mrs Earneni Kavitha are being re-appointed as theindependent Director of the Company for a period of five years w.e.f. 30.07.2021 subjectto the approval of the members.

As required under Regulation 36 (3) of the SEBI (LOOR) Regulations. 2016 briefparticulars of the Directors seeking appointment/re-appointment and Directors resigningare given as under;-

Name of the Director Mrs. Kimabindu Kantamneni Jayaprakash Narayana Valluru Earneni Kavitha
Director identification No 00497060 02266152 03108656
Date of Birth 30/12/1974 05/03/1975 17/11/1972
Date of appointment 01/10/2012 30/07/2016 30/07/2016
Occupation Business Business Business
Qualification Bachelors Degree in Science B. Tech B.tech
Profile Mrs Himabndu Kantamnen is the Promoter Director of the Company possesses Bachelors Degree in Science Mr. Jayaprakash Narayana Valluru has vast experience in Information Technofogy Mr. Earneni Kavitha has vast experiance in Information Technofogy
Relationship between directors inter-se Wife of Mr. Ravi Shankar Kantamneni Managing Director of the Company Nil Nil
Nature of expertise in specific functional area Management & Administration IT IT
Directorship in other Listed Entities Nil Nil Nil
Membership of Committees of other Listed Companies Nil Nil Nil
Sharehofding in the Company 763956 constituting 7.27% of the total paid- up share capital Nil Nil

16 Statement on the Declaration Given by The Independent Directors As Per Section149(6)

The company has received necessary declaration from each independent director underSection 149(7) of the Companies Act 2013 that he /she meets the criteria of independencelaid down in Section 149(6) of the Companies Act 2013 and Regulation 25 of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015

17 Policy on Directors' Appointment and Remuneration and Other Details

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and fixingtheir remuneration pursuant to the provisions of Section 178 of the Act and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 and the same is placed on theCompany's website www.objectinfo.com.

18 Number of Meetings of the Board

During the Financial Year 2020- 21 eight meetings of the Board of Directors of thecompany were held and in respect of which meetings proper notices were given and theproceedings were properly recorded and signed in the Minutes Book maintained for thepurpose. The dates of the Meetings are as foflows:

1St May 2020 30th June 2020; 30th July 2020; 5th September 2020; 22ndSeptember 2020 2nd November. 2020 13th November 2020 and 13th February2021

19 Board Evaluation

Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Board carried out an annual performanceevaluation of its own performance the directors as well as the evaluation of the workingof its Audit Nomination and Remuneration and Shareholders' Relationship CommitteesIndependent Directors carried out a separate evaluation on the performance of Chairman andnon-independent directors In a separate meeting of independent directors performance ofron independent directors performance of the Board as a whofe performance of theChairman and quality quantity and timeliness of flow of information between the Companymanagement and the Board was evaluaied

20 Report on corporate governance and management discussion and analysis report

Pursuant to the Regulation 15(2} of Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 compliance with the CorporateGovernance provisions as specified in Regulations 17 to 27 and 46 (2) and para C D and Eof Schedule V are not applicable to the Company because neither the paid-up share capitalexceeds Rs. 10 Crore nor the net-worth exceeds Rs 25 Crore as on the last day of previousfinancial year e 31st March 2021.

Accordingly for the year under review the reports stating compliance with the Code ofCorporate Governance and the Management Discussion and Analysis have not been annexed tothis report

21 Committees of the Board

a) Audit Committee:

The Audit Committee of the Company constituted in terms of Section 177(l) of the Actand as per SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015. 'liveAudit Committee comprises of Ms.

E. Kavitha as Chairman and Mr BS.N. Kumar and V. Jayaprakash Narayana (all being theIndependent Directors on the Board of the Company) as the members of the Audit CommitteeThe Audit Committee continues to provide valuable advice and guidance in the areas ofcosting finance and internal controls.

During the year under review the Committee met four times on 30th July 2020; 22ndSeptember. 2020; 13th November 2020; 13th February 2021

b) Nomination and Remuneration Committee

In terms of the provisions of Section 178(3) of the Act and Regulation 19 read withSchedule II Part D of Listing Regulations the Nomination and Remuneration Committee isresponsible for formulating the criteria for determining qualifications positive-attributes and independence of a Director. The Nomination and Remuneration Committeecomprises of Mr. V. Jayaprakash Narayana as Chairman and Mr. B.S.N. Kumar and Ms L.Kavitha (all being the Independent Directors on the Board of the Company). The Nomination& Remuneration policy is placed on the Company's website at www.objectinfo.com

During the year under review the Committee met on 30.06.2020 &02.11.2020.

c) Shareholders Relationship Committee:

A Committee of the Board designated as Shareholders relationship committee tospecifically look into the redressal of Sharehofder/investor complaints anc to strengtheninvestors relations. The Shareholders Relationship Committee ("SRC") comprisesof Mr. V. Jaya Prakash Narayana Independent Director as the Chairman Mr K. Ravi Shankar.Managing Director and Mrs. K. Hima Bindu Executive Director as the members of [lie SRC.The composition of the Committee is as per the requirements ot the provisions of Section178 of the Companies Act 2013 and the SEBl (Listing Obligation and DisclosureRequirements) Regulations 2015

During tne year under review the Committee met four times on 301'1June 2020 15lh September 2020 13m November 2020 and 13*February 2021.

22 Auditors Statutory Auditors

At the Annual General Meeting (AGM) held on September. 29 2017. M/s PCN &Associates (formerly known as Chandrababu Naidu & Co). Chartered AccountantsHyderabad were appointed as Statutory Auditors of the company to hofd office tillconclusion of the ACM to be held in the calendar year 2022 In terms of the first provisoto Section 139 of the Companies Act 2013

The Auditors' Report forms part of tha Annual report and dues not contain anyqualification or adverse remarks.

Secretarial Audit

Mr. S Chidambaram Company Secretary in Practice Hyderabad was appointed to undertakethe Secretarial Audit of the Company for the Financial Year 2020-21. The Secretarial AuditReport is given in Annexure-il.

Explanation/ comments by the Board on Qualifications Reservations Adverse Remarks orDisclaimers made by the Statutory Auditors & the Practicing Company Secretary in their

Reports:

The Notes or financial statements referred to in the Auditors' Report areself-explanatory and do not cal! for any further comments. The Auditors' Report &Secretarial Audit Report does not contain any qualification reservation or adverseremark

23 Directors' Responsibility Statement

In terms of Section 134{5j of the Companies Act 2013 your Directors would like lostate that

a. In the preparation of the Annual Accounts the applicable accounting standards havebeen foflowed along with proper exptanat on relating lo material departures;

b The Directors have selected such accounting poficies and applied them consistentlyand made judgments and estimates that are reasonaofe and prudent so as to give a true andfair view of The state of affairs of the Company at the end of the financial year endedMarch 31 2021 and The profit of the Company for that financial year;

c The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d The Directors have prepared the Annual Accounts on a going concern basis

e. The d rectors had laic down internal financial controls to be foflowed by thecompany and that such internal financial controls are adequate and operating effectively

f the directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

24 Conservation Of Energy Technofogy Absorption Foreign Exchange Earnings and OutgoConservation of Energy

The nature at the Company's operations requires a low level of energy consumptionResearch and Development (R&D):

The Company continues to look at opportunities in the areas of research and developmentin its present range of activities

Technofogy Absorption:

The Company continues to use the latest technofog y for improving the productivity andquality of its services and products. The Company has nof imported any technofogy duringthe year.

Foreign Exchange Earnings and Outgo:

S No Purpose of 2020-21 Amount in Rs 2019-20 Amount in Rs
1 Inflow - against IT IT enabled Services and other income Rs.517.58871/- Rs. 49623786/-
2 Inflow - Advance against cancellation of Share Purchase Agreement - Stiaos Technofogies Inc. Foreign Subsidiary Rs 5474.757/-
3 Outflow - For Expenses Paid through Credit Card Rs 21.54.533/- Rs 352.697/-

25 Particulars of Employees

(a) The information required under section 197 of the Companies Act 2013 read withrule 5(1) of the Companies {Appointment and Remuneration of Managerial Personnel) Rules.2014 are given in Annexure-lll.

b) Pursuant to Rule 5(2) of the 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 the year whichin the aggregate in excess of sixty lakh rupees; none of the employees of the Companyemployed for a part of the financial year was in receipt of remuneration for any part ofthe year at a rate which in the aggregate in excess of five lakh rupees per month.

None of the employees of the Company employed throughout the financial year or partthereof was in receipt of remuneration in the year which in the aggregate or as thecase may be at a rate which in the aggregate is in excess of that drawn by the managingdirector or whofe-time director or manager and hofds by himself or along with his spouseand dependent children not less than two percent of the equity shares of the company.

26 Annual Return

As required pursuant to section 92(3) of the Companies Act. 2013 and rule 12(1) of theCompanies (Management and Administration) Rules 2014 an annual return is uploaded onwebsite ot the Company www.objectinfo.com.

27 Risk Management

Pursuant to section 134 (3) (n) of the Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the company has formulated apolicy on risk management At present the company has not identified any element of riskwhich may threaten The existence of the company

28 Vigil Mechanism I Whistle Blower Policy

Trie Company has formulated a Whistle Blower Policy and has established a VigilMechanism for employees including Directors of the Company to report genuine concerns. Theprovisions of this policy are in line with the provisions of Section 177(9) of the Act andRegulation 22 of Listing Regulations. The whistle blower policy is available on theCompany's website at www objectinfo com

29 Corporate Social Responsibility (CSR)

The provisions relating to Corporate Social Responsibility under the Companies Act.2013 do not apply to the company.

30 Disclosure under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013

The Company has in place a Policy on Prevention of Sexual Harassment in line with therequirements of The Sexual Harassment of Women at the Workplace (Prevention. Prohibition& Redressal) Act. 2013. Internal Complaints Committee (ICC) has been set up to redresscomplaints received regarding sexual harassment. All employees (permanent contractualtemporary trainees) arc covered under this policy.

Your Directors further state that during the year under review there were no casesfiled pursuant to tne Sexual Harassment of Women at Workplace (Prevention. Prohibition andRedressal) Act 2013

31 The details of significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and company's operations in future

In terms of sub rule 5(vii) of Rule 8 of Companies (Accounts) Rules 2014 there are nosignificant material orders passed by the Regulators I Couds which would mpact the goingconcern status of the Company and its future operations

32 Details in respect of frauds reported by Auditors under Sub Section (12) of Section143 other than those which are reportable to the central government

There have been no frauds reported by the auditors u/s 143(12).

33 Cost Audit:

Cost Audit is not applicao.e to the Company.

34 Code of conduct for the prevention of insider Trading

The Board of Directors has adopted the Insider Trading Policy in accordance with therequirements of the SFBl (Prohibition of Insider Trading) Regulation. 2015 and theapplicable Securities laws. The Insider Trading Policy of the Company lays down quideiinesand procedures to be foflowed and disclosures to be made white dealing wtlh shares of theCompany as well as the consequences of viofation The pokey has been formulated toregulate monitor and ensure reporting of deals by employees and to maintain the highestethical standards of dealing in Company securities.

The Insider Trading Policy of the Company covering code of practices and procedures forfair disclosure of unpublished price sensitive information and code of conduct lor theprevention of insider traci ng is available on our website www objectinfo com.

35 Familiarisation Programmes

the Company familiarises its Independent Directors on their appointment as such on theBoard wth the Company their 'ofes. rights responsibilities in the Company nature of theindustry in which the Company operates etc through familiarisation programme. The Companyalso conducts orientation programme upon induction of new Directors as well as otherinitiatives to update the Directors on a continuing basis. The familiarisation programmefor Independent Directors rs disclosed on the Company's website www cbjectinfo.com

36 Secretarial Standards

Pursuant to the provisions of Section 118 of die Companies Act 2013 the Company hascomplied with the applicable provisions of the Secretarial Standards issued by the

Institute of Company Secretaries at India and notified by Ministry of CorporateAffairs.

37 internal Auditors

Pursuant to provisions of Section 138 read with Rule 13 of the Companies (Accounts)Rules 2014 and Sect on 179 read with Rule 8(4) of the Companies (Meetings ot Board andits Powers) Rules 2014 during the year under review the Internal Audit of the functionsand activities of the Company was undertaken by the Internal Auditor of the Company onquarterly basis by M/s. DSNV Prasad & Associates. the Internal Auditor of theCompany.

Devotions are reviewed periodically and due compliance ensured. Summary of SignificantAudit Observations along with recommendations and its implementations are reviewed by theAud't Commttee and concerns if any. are reported to Board There were no adverse remarksor qualification on accounts of the Company from the Internal Auditor.

The Board has re-appoinlec by M/s. DSNV & Associates Chartered .AccountantsHyderabad as Internal Auditors for the Financial Year 2021-22

38 Acknowledgments

Your Directors would like to place on record (heir grateful appreciation for theassistance and co-operation received from the Financial Institutions. Banks Government ofIndia. State Governments Government Authorities. Customers and Sharehofders. YourDirectors place on record their appreciation of the valuable contribution made by theemployees at all levels

FOR OBJECTONE INFORMATION SYSTEMS LIMITED

Sd/-
Place : Hyderabad Date : 06 092021 K. RAVI SHANKAR (OIN 00272407) Managing Director

.