Mar 31, 2010
Powersoft Global Solutions Limited (the Company) was incorporated as a Public Limited Company under the Companies Act, 1956 (the Act). The Company is a provider for Business Technology software, GIS and Engineering solutions and aims to develop technology to address customized requirements of global corporations
1. Share Warrant Application Money
During the period, the Company allotted 1,07,50,000 share warrants at Rs. 17/- each to be converted into equivalent number of equity shares o Rs. 10 each and received 25% application money. The warrants are convertible at the sole option of warrant holders at any time within a period 18 months from the date of allotment of warrants.
2. Related Party Transactions
1)Names of the related parties Subsidiaries
RFID Global Solutions Private Limited, India
(formerly known as Concentric RF Systems Private Limited)
RFID Global, FZE, Saif Zone, Sharjah
PGSL Holdings Private Limited
Exclusive Luxury Group (India) Private Limited
Youngstars Media Private Limited.
Key Management Personnel
Manish Poddar (Chairman & C.E.O)
U Sampath Kumar (Whole Time Director)
Enterprises owned or significantly influenced by Key Management Personnel
Nirvan Corporation, U.S.A. (Joint Venture) PGSL USA, Inc.
2)Remuneration paid to directors is disclosed in note no. 8 in the notes to accounts.
3)The nature and volume of transactions carried out with the above related parties in the ordinary course of business are as follows:
The Company has taken office facilities under non-cancelable operating lease agreements. The Company intends to renew such lease in the normal course of its business. Total rental expenses under such leases during the period ended 31 March 2010 is absorbed by RFID Global Solutions Pvt. Ltd., as per Management decision.
4. Managerial remuneration
Salaries and allowances in Schedule K include remuneration for director which is set out below
5. Segment Reporting
The Company is primarily engaged in the business of Information Technology enabled services and development and customization of software. Hence, in the opinion of the management, disclosure regarding segment reporting is not applicable for the period under review.
6. In the opinion of the Board, the realizable value of current assets, loans and advances in the ordinary course of business, would not be less than the amount at which these are stated in the balance sheet. And some of the balances in respect of Accounts Receivable from and payable to certain parties are subject to confirmation and reconciliation thereof from the respective parties.
7. The company is in the business of software development and related services. The sale and production of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956.
8. Earning per share
9. As per the approval obtained from the shareholders in the Extra Ordinary General Meeting held on 20.02.2001 and after obtaining statutory approvals, the company has acquired 870 Common Stocks of Nirvan Corporation, USA at a cost of Rs1678.87 Lakhs, in lieu of allotting 34,07,733 Equity shares of Rs.10 each of the Company at a premium of Rs.40 per share and receipt of Rs.25,00,000 in cash. In the absence of latest financial Statements and other relevant documents of Nirvan Corporation, USA, the present market value of the investments is not ascertainable and no provision has been made for the diminution in the value of investments, if any.
10. Sundry creditors do not include dues to any small-scale industrial undertaking to the extent such firms have confirmed as small-scale industrial undertakings.
11. Figures have been rounded off to the nearest rupee.
12. Previous periods figures have been re-grouped or re-classified, wherever necessary, to conform to the current period presentation.
Mar 31, 2000
1. Confirmation of the balances under Sundry debtors, loans and advances, deposits and sundry creditors are not obtained. In the opinion of the Board current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business.
2. The Company is engaged in the development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence it is not possible to give the quantitative details of sales and the infor- mation as required under paragraph 3, 4C and 4D of part II of Schedule VI of the Companies act, 1956.
3. Figures in brackets relating to previous year. Figures of pervious year have been regrouped, recast, rearranged wherever necessary in confirmation with the current years presentation.
4. Previous years figures are regrouped wherever necessary.