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Notes to Accounts of Nettlinx Ltd.

Mar 31, 2014

Terms/rights attached to Equity Shares

The Company has only one class of Equity share having a par value of Rs 10/- each. Each holder of equity share is entitled to one vote per share.

1. During the year the Company has entered into an agreement with Interserver, Inc of New Jersey to sell the 100% Foreign subsidary-Host department LLC at the terms as mentioned in the agreement dated 28th March, 2014.

2. During the year company has sold LGI IT solutions pvt ltd''s shares to its 100% subsidary Netllinx Aquaculture Pvt Ltd

3. During the year the name of the subsidary company Nettlinx Channels Private limited has been changed to Nettlinx Aquaculture Private Limited effective from 20/03/2014

5. Contingent Liabilities :

As at 31st March, As at 31st March, 2014 Rs. 2013 Rs.

Unexpired Bank Guarantees 21,22,765 21,22,765

Provisional License fee 43,30,195 43,30,195 Assessment

Company has received Revised provisional license fee assessment notice from Department of Telecommunications-AP circle for the years 2005-06, 2006-07,2007-08and 2008-09 w.r.t ISP(IT) License for Rs.43,30,195/- which is disclosed as contingent liability for the year ended 31st March 2012.However the management feels that even this demand is not tenable and hence liability is not provided in the books of accounts.

6. In line with revised Schedule VI, figures for the previous year have been regrouped, recast and rearranged.


Mar 31, 2013

Note 1 Contingent Liabilities and Commitments

As at 31st March, 2013 As at 31st March, 2012

Contingent Liabilities :

Unexpired Bank Guarantees 21,22,765 21,10,942

Provisional License fee Assessment 43,30,195 43,30,195

Company has received Revised provisional license fee assessment notice from Department of Telecommunications-AP circle for the years 2005-06, 2006-07,2007-08and 2008-09 w.r.t ISP(IT) License for Rs. 43,30,195/- which is disclosed as contingent liability for the year ended 31st March 2012.However the management feels that even this demand is not tenable and hence liability is not provided in the books of accounts.

Note 2

In line with revised Schedule VI, figures for the previous year have been regrouped, recast and rearranged.


Mar 31, 2012

COMPANY BACKGROUND:

Nettlinx Limited is a Category B licensed ISP, with operations in Andhra Pradesh started in 1999. Currently Nettlinx has its operations across major cities in Andhra Pradesh.

Nettlinx Limited provides a portfolio of high quality Internet solutions for data voice and security, to cater to the corporate customer needs. Leveraging its technological and Regional presence, Nettlinx is able to bring value and strong support to the customers. Nettlinx has strategic and long lasting relationships with major Telecom Operators in India.

The company is backed by over 14 years of experience, not to mention an uncompromising standard in the provision of best-in-class products and uninterrupted services. The company delivers maximum uptime, expertise and specialist knowledge to assist both individuals and businesses in harnessing the benefits of Internet technology for real business productivity.

(a) Terms/rights attached to Equity Shares

The Company has only one class of Equity shares having a par value of Rs.10/- each. Each holder of equity shares is entitled to one vote per share.

(b) Details of share holders holding more than 5% of equity shares in the Company.

Terms and Conditions of Short Term Borrowings

i) Term Loan from Bank is repayable in three equitable quarterly installments from March 31, 2012 and carries a floating rate of interest of @ 15.75% . Term loan and CC is secured jointly by Equitable mortgage of immovable property, Flat No.301, 3rd Floor, My Home Sarovar Plaza, Hyderabad and Equitable Mortagage on Immovable Property, Survey No.23, Gachibowli, RR District, admeasuring 3630 Sq. Yards of its subsidary Nettlinx Realty Private Limited.

Since, the Appeal is pending before the Honourable High Court of A.P., in respect of Income Tax for the Assessment years 1996-97 and 1997-98 of Northeast Spinners Limited, a company in existence prior to amalgamation with Nettlinx Limited, the balance lying in TDS Adjustment account Rs..28,62,989/- is shown in Advance Taxes.

Long Term Trade Receivables include amount receivable from Integrated Broadcasting Pvt Ltd, the company was issued legal notice for not paying outstanding debt amounting to Rs.65,98,028/ - as at 30th June, 2011.Legal proceedings for winding up of the company U/s.433(a) of the Companies Act 1956 is initiated by filing a petition in the High Court Judicature of Andhra Pradesh. The court decision is not finalized till date.

2 Contingent Liabilities and Commitments

As at 31st March, 2012 As at 31st March, 2011 Rs. Rs.

Contingent Liabilities :

Provisional License fee Assessment 43,30,195 1,07,31,323

Commitments : - -

Company has received Revised provisional license fee assessment notice from Department of Telecommunications-AP circle for the years 2005-06, 2006-07,2007-08and 2008-09 w.r.t ISP(IT) License for Rs.43,30,195/- which is disclosed as contingent liability for the year ended 31st March 2012.However the management feels that even this demand is not tenable and hence liability is not provided in the books of accounts.

3 In line with revised Schedule VI, figures for the previous year have been regrouped, recast and rearranged to wherever necessary.


Mar 31, 2010

1. CONTINGENT LIABILITIES:

As on As on

31.03.2010 31.03.2009

Rs. Rs.

Unexpired Bank Guarantee 12,00,000 12,00,000

(with 100% cash margin)

2. Loans and advances, sundry debtors, creditors and other deposits are subject to confirmation and reconciliations.

3. None of the suppliers had informed the company that they are in the nature of small scale undertaking. Hence, information regarding dues to small scale undertaking, if any, could not be furnished.

4. Related Party Disclosures

Information relating to related party transactions as per Accounting Standard 18 issued by The Institute of Chartered Accountants of India

Subsidiaries -

Nettlinx Inc. USA IADFAC Laboratories Private Limited Nettlinx Realty Private Limited Nettlinx Channel Private Limited Host Department LLC

Associates -

Northeast Broking Services Ltd Northeast Commodities Pvt.Ltd

Key Management Personnel -

Dr. Manohar Lokareddy

5. Since, the Appeal is pending before the Honourable High Court of A.P., in respect of Income Tax for the Assessment years 1996-97 and 1997-98 of Northeast Spinners Limited, a company in existence prior to amalgamation with Nettlinx Limited, the balance lying in TDS Adjustment accoupt Rs.28,62,989/- is shown separately in Current Assets.

6. Figures for the previous year have been regrouped, recast and rearranged to confirm to those of the current year wherever necessary.

 
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