Persistent Systems

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Shaping the future of software driven business
Report of the Directors • 95
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
Herald Technologies
Inc., USA
Step-down
subsidiary (Wholly
Owned Subsidiary
of PSI)
August 2018** 0.07 NA (10.29) NA
Aepona Group
Limited, Ireland
Step-down
subsidiary (Wholly
Owned Subsidiary
of Aepona Holdings
Limited)
October 2015* 5.84 - (1,360.89)# -
Valista Limited,
Ireland
(Under liquidation)
Step-down
subsidiary (Wholly
Owned Subsidiary
of Aepona Group
Limited)
October 2015* 16.50 6.21 14.95 (7.84)
Aepona Limited,
United Kingdom
Step-down
subsidiary (Wholly
Owned Subsidiary
of Aepona Group
Limited)
October 2015* 397.34 524.56 (96.85) (224.58)
Persistent Systems
Lanka (Private)
Limited, Sri Lanka^
Step-down
subsidiary (Wholly
Owned Subsidiary
of Valista Limited)
October 2015* 212.16 209.66 34.62 25.06
PARX Werk AG,
Switzerland
Step-down
subsidiary (Wholly
Owned Subsidiary
of Persistent
Systems Germany
GmbH)
August 2017* 518.74 334.80 15.00 (31.39)
PARX Consulting
GmbH, Germany
Step-down
subsidiary (Wholly
Owned Subsidiary
of PARX Werk AG)
August 2017* 473.52 315.82 (59.88) 0.12
KIisma e-Services
Private Limited,
India
Associate Company March 2012 - - - -
* Period of Establishment/ Acquisition mentioned above is the period in which the entities are acquired by your Company
directly or through its subsidiaries.
** Acquired during FY 2018-19
# Includes provision for investment and inter corporate deposits given to its wholly owned subsidiary in the UK prior to its
acquisition by Persistent group. Since the net worth of the subsidiary had eroded, the same is provided for. Being the inter
company transaction, it is eliminated in the consolidated financial statments.
^ The Name of Aepona Software (Private) Limited has been changed to ‘Persistent Systems Lanka (Private) Limited’ with effect
from May 19, 2017.
The Policy for determining material subsidiaries of your Company is available on your Company’s website at
Till the date of this report, your Company has established new branch offices at Santa Clara and North Carolina, USA.
These branch offices will help your Company with respect in taxation, transfer pricing and business negotiations with direct
customers of your Company.