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• Annual Report 2018-19
Shaping the future of software driven business
Particulars required as per Section 134 of the Companies Act, 2013
As per Section 134 of the Act, your Company has provided the Consolidated Financial Statements as on March 31, 2019. Your
Directors believe that the consolidated financial statements present a more comprehensive picture as compared to standalone
financial statements. A statement showing financial highlights of the subsidiary companies is enclosed to the consolidated
financial statements.
The Annual Report of your Company, though does not contain full financial statements of the subsidiary companies, your
Company will make available the audited annual accounts and related information of the subsidiary companies, upon request
by any Member of your Company.
Consolidated financial statements
Consolidated financial statements of your Company and its subsidiaries as at March 31, 2019 are prepared in accordance with
the Indian Accounting Standard (Ind AS) 110 on ‘Consolidated Financial Statements’ notified by the Ministry of Corporate Affairs
(MCA), and forms part of this Annual Report.
Subsidiary Companies, Associate Companies and Joint Ventures
The details of the subsidiaries and associate of your Company as on March 31, 2019 are as under:
(In
`
Million)
Name of the
Entity and Country
of incorporation
Status
Period of
Establishment/
Acquisition
Total Income
Net Profit/(Loss)
For the year
ended March
31, 2019
For the year
ended March
31, 2018
For the year
ended March
31, 2019
For the year
ended March
31, 2018
Persistent Systems
Inc., USA (PSI)
Wholly Owned
Subsidiary
October 2001
19,754.37
17,329.58
(174.76)
(251.56)
Persistent Systems
Pte. Ltd., Singapore
(Co. Reg. No.
200706736G)
Wholly Owned
Subsidiary
April 2007
145.87
307.00
11.80
15.17
Persistent Systems
France S.A.S.,
France
Wholly Owned
Subsidiary
April 2011
979.73
404.18
43.37
52.88
Persistent Systems
Malaysia Sdn. Bhd.,
Malaysia
Wholly Owned
Subsidiary
September 2013
473.35
408.90
123.41
71.59
Persistent Systems
Germany GmbH,
Germany
Wholly Owned
Subsidiary
December 2016
54.51
1.45
(15.19)
(37.33)
Persistent Telecom
Solutions Inc., USA
Step-down
subsidiary (Wholly
Owned Subsidiary
of PSI)
January 2012
1,284.13
1,192.85
24.60
(78.96)
Akshat Corporation
(dba R-Gen
Solutions), USA
(dissolved on
December 21, 2018)
Step-down
subsidiary (Wholly
Owned Subsidiary
of PSI)
July 2015*
13.36
112.50
(0.92)
8.56
Persistent Systems
Israel Ltd., Israel
Step-down
subsidiary (Wholly
Owned Subsidiary
of PSI)
February 2016
525.42
548.56
28.11
41.00
Persistent Systems
Mexico S.A. de C.V.,
Mexico
Step-down
subsidiary (Wholly
Owned Subsidiary
of PSI)
March 2016
215.62
176.75
(22.29)
0.62