Mar 31, 2010
The Directors take pleasure in presenting the Seventeenth Annual
Report together with the Audited Accounts of your Company for the
Financial Period ended March 31, 2010.
FINANCIAL RESULTS
Your Companys operating performance for the period ended March 31,
2010 as compared to the previous financial period ended December 31
2008, is summarized below. The current financial period as well as
previous financial period is of fifteen months.
Powersoft Global
Solutions Powersoft Global
Solutions
Limited - Group
(Consolidated) Limited (Standalone)
Particulars 2009 - 10 2007 - 08 2009 - 10 2007 - 08
Operating Income 4479.63 2359.94 1432.52 1974.55
Total Expenditure 3698.38 1740.80 1148.07 1437.74
Profit Before
Depreciation 781.25 619.14 284.45 536.81
Less: Depreciation 220.51 130.77 155.04 120.08
Profit Before Tax 560.74 488.37 129.41 416.73
Less: Provision for
Income Tax 113.17 162.56 40.19 132.08
including
Deferred Tax Liability
Profit After Tax 447.57 325.81 89.22 284.65
Surplus Carried to
Balance Sheet 447.57 325.81 89.22 284.65
Industry Development:
The fiscal year 2009-10 can be described as a year of economic
turbulence. The mortgage and financial crisis took over the global
economy, followed by unemployment, declining GDP and a weakened demand
environment. The global IT industry was also affected adversely by this
turmoil.
Keeping this in mind, the Indian global sourcing industry is expected
to reach $ 175 bn in revenues by 2020. This will imply a slightly lower
CAGR of 13% and a decline in Indias share of global market from 51% to
40% in 2020. The India share decline may be reduced if substantial
efforts are made to reform education, enhance capacity, improve the
business environment, and reduce risks.
The clients are looking to their Indian IT service providers, not only
to reduce costs, but also to partner with them in these difficult
times. Looking beyond labor cost arbitrage benefits, they are seeking
transformative offerings with a stronger business case. The vendors are
also making focused investments in capability building across domains,
processes, and technologies to deliver enhanced value propositions to
their customers.
The Indian IT industry as whole is looking to diversify beyond its key
offerings and markets, and has been defining new business and pricing
models in order to ensure continued growth in revenues and net
profitability. At the same time, we are witnessing rapidly changing.
customer demands and expectations. Customers are also maintaining a
cautious approach while spending money on their IT requirements which
has resulted in drastically reduced technology related spending
Our Business
Your company operates in the following key disciplines:
The companys RFID division delivers solutions that match real-time
supply and demand to minimize waste and loss of productivity and
maximize safety and security across the global supply chain. Our
breakthrough wireless technology assures delivery of goods and services
at the right time, right amount, right place, right cost and right
quality.
Our GIS division works with customers across the geospatial technology
lifecycle. We help customers use geospatial technology to improve the
way they do business. This division provide consulting, system design
and solution architecting, application development, system
implementation and integration to a global list of clients. For
instance, we design, develop and integrate applications that enable
utilities and telcos to optimize their network planning and
provisioning, increase operational efficiency and enhance customer
service quality.
Our Engineering Services division represents more than four decades of
knowledge, expertise and project management Skills. The broad range of
experiences and knowledge we have provides us with an opportunity to
help our customers transform their businesses - and all of these at
cost effective prices. Our capabilities include: Computer
Aided Design, Product Design, Conceptual design, component design,
assembly design, Interference checks and tolerance analysis for
components and assemblies, and 3D Modeling.
Operations Review
Considering the turbulent business situation, your Company has achieved
stellar growth for the financial year ended March 31, 2010. Total
revenues of the Company grew to Rs. 4479.63 lakhs for 15 months period
ended March 31, 2010 as compared to Rs. 2359.94 lakhs for 15 months
period ended December 31, 2008, a growth of 90%. Total net profit of
the Company grew to Rs. 447.58 lakhs for 15 months period ended March
31, 2010 as compared to Rs. 325.81 lakhs for 15 months period ended
December 31, 2008, a growth of 37%. In summary, all areas of the
company recorded above average growth.
All this has been due to our resolve to face the unfavorable business
conditions with a strong business strategy and sharp focus on
profitability, ensuring us such high growth rates. This past year, we
have remained focused on retaining existing customers, increasing
average revenue per engagement, reducing operational costs, and
increasing client profitability. By improving internal business
processes, investing in extensive training for our people, and
investing in systems infrastructure, we have managed to reduce per
employee cost as well as significantly increased average employee
productivity. Your Company at the same time remained cautious with its
capital expenditures to ensure optimum balance of profitability and
liquidity.
Subsidiary Companies
The Consolidated Results includes Powersoft Global Solutions Limited
and its Subsidiaries RFID Global Solutions Private Limited, PGSL
Holdings Private Limited, Exclusive Luxury Group (India) Private
Limited & Youngstars Media Private Limited.
The accounts of the said subsidiary companies have not been attached
with this Annual Report. As per the provisions of Section 212 of the
Companies Act, 1956 (hereinafter referred to as the Act), your
Company is required to attach the Directors Report, Balance Sheet,
Profit and Loss Account and other information of the subsidiaries to
its Balance sheet. Your Directors believe that the audited consolidated
accounts present a full and fair picture of the state of affairs and
financial conditions of the Company and its subsidiaries, as is done
globally. Your Company had applied for an approval under Section 212(8)
of the Companies Act, 1956 from the Department of Company Affairs,
Ministry of Finance seeking exemption from attaching the Accounts of
subsidiary companies with the Annual Report of Powersoft Global
Solutions Limited and to provide the accounts in the same manner as
certified by overseas auditors where the subsidiary is situated. The
statement as required under Section 212 has been prepared on the
assumption that the Company would receive the approval and the same is
given as part of the consolidated accounts in the report. The
consolidated financial statements of the subsidiaries duly audited are
presented along with the accounts of your Company. The annual accounts
of subsidiary companies are kept at the Companys registered office and
also at the respective registered office of the subsidiaries for
inspection and shall be made available to the members seeking such
information.
Technology and Quality Focus
In todays world, technology is witnessing rapid change. Since our
customers expect us to lead them through such change, we proactively &
continuously invest in developing technology building blocks and
solution frameworks which add value to our customers business. Your
Company uses a multi-pronged strategy for developing technology assets
and to promote highest quality focus. These technology initiatives are
based on the trends that seen in the different markets. These efforts
help us in two ways; gaining our customers trust & confidence; and
attracting & retaining key talent who see us as a more exciting place
to work in.
Growth Strategy
Your Companys strength revolves around our ability to understand the
requirements of its clients and to continuously build the competencies
and capabilities to provide integrated solutions unique to client
specific needs and industry demands. Your Companys unique capabilities
augmented by a clear understanding of industry trends and deep
knowledge of global business models allows it to leverage strong
partnerships,technology innovations and talent to deliver excellence
through global delivery models.
Recognizing the need for scale and capacity in competing for large
contracts against larger players, your Company is making substantial
investments in expanding its base of people and world class
infrastructure facilities.
Future Outlook
The role of technology has evolved from support to transformation for
global companies. The ability to design, develop, implement and
maintain business and technology solutions, addressing the business and
customer needs has become a competitive advantage and a priority. On
the other hand, the prevalence of multiple technology platforms and a
greater emphasis on network, data and information security and
redundancy have increased the complexity and cost of IT systems,
resulting in greater technological risks.
Besides strengthening the existing core competencies of growth of your
Company in the past, the Company expects to focus its energy on further
growing its execution competency in new capabilities like new
technology based delivery models, green energy technology, risk
management systems etc. This is expected to result in scaling up
customer access, improved margins and a wider global reach.
Human Resource Development
Your Company has been built on the foundations of people being the key
drivers to growth of the organization. People are at the core of its
Vision, which espouses mutual positive regard, career building and
providing opportunities for learning, thinking, innovation and growth.
The Company offers an environment where all-round development is as
much of a goal as realization of career ambitions. During FY10, the
Company continued to focus on improving people productivity through
training and development of its people.
Research and Development
Our clients today face the challenge of reducing business costs with
technology-based interventions. To assist in identifying and addressing
this gap, the Company has developed several frameworks as part of its
R&D initiatives this year. These frameworks address the gap by focusing
on business KPIs to enhance business performance and places emphasis on
business costs rather than IT costs. The primary business benefit has
enhanced the business performance through improved KPIs.
The direct benefits to our customers include quicker time to market,
reduced cost, increased quality and increased efficiency of customer
business processes. Our solutions like business aligned RFID solutions
will result in enhanced business performance through improved KPIs,
visibility, discovered landscape, stability, cost reduction and
structured business future planning.
Dividend:
Considering the need for conservation of resources for expansion and
the need for maintaining liquidity, your Directors do not recommend any
dividend for the period under consideration.
Transfer To Reserves
The Company has not transferred any amount to Reserves for the year
under review. However credit balance of Profit & Loss Account is
transferred to Balance Sheet under the Head Reserves & Surplus.
Share Capital
The Company has increased its Authorised Share Capital from Rs.
16,00,00,000/- (Rupees Sixteen Crores Only) divided into 1,60,00,000
(One Crore Sixty Lacs) Equity Shares of Rs. 10/- each to Rs.
25,00,00,000/- (Rupees Twenty à Five Crores Only) divided into
2,50,00,000 (Two Crore Fifty Lacs) Equity Shares of Rs. 10/- each
pursuant to the Special Resolution passed through Postal Ballot under
Section 192A of the Companies Act, 1956 read with the Companies
(Passing of Resolution by Postal Ballot) Rules, 2001.
The paid up capital of the Company has increased from Rs.
11,90,12,990/- to Rs. 22,58,37,990/- after the year end but before this
Report. The said increase in paid up share capital was due to
conversation of 57 lacs warrants and 49,82,500 warrants allotted on
preferential basis into equivalent number of equity shares on 21st May
2010 and 4th June 2010 respectively. The Company has applied for the
listing permission of the said shares to Bombay Stock Exchange Limited
and same is under process.
Extension Of Financial Year:
The Company has extended its Financial Year by three months. Hence the
current Financial year is for fifteen months from January 1, 2009 to
March 31, 2010. Also the Company has received extension of a period of
three months u/s 166 of the Companies Act, to hold the ensuing Annual
General Meeting from the Registrar of Companies, Karnataka.
Directors:
Dr. Y. Lingaraju and Mr. Prithviraj K. K. retire by rotation and being
eligible offer themselves for reappointment.
Mr. Manish Poddar, Mr. P. Rajkumar and Mr. U. Sampath Kumar are
continuing directors on the Board of the Company.
Auditors:
Messers H C Gulecha & Co., Chartered Accountants, Mumbai, hold office
until the conclusion of the forthcoming Annual General Meeting and have
confirmed their eligibility and willingness to accept the office of the
Auditors, if reappointed.
Information On Auditors Observations:
Regarding clause (vi) of Auditors Report, as per Managements policy,
the company pays Gratuity liability to the Employees as and when the
liability arises. Regarding clause (vii) of Auditors Report, Note 14
of Schedule M is self explanatory. Regarding clause (vii) of Annexure
to Auditors Report, we have formal internal audit system and efforts
are on to improve the system.
Audit Committee:
The present Audit Committee of the Board comprises of Mr. Prithviraj K.
K., Dr. Y. Lingaraju and Mr. P. Rajkumar. Mr. Prithviraj K. K. is the
Chairman of the Committee.
DISCLOSURE UND`ER SECTION 217(1) (e) OF THE COMPANIES ACT, 1956:
I. Conservation Of Energy:
The information required in connection with conservation of energy,
under section 217(1) (e) of the Companies Act, 1956 read with
Companies(Disclosure of Particulars in the Report of the Board of
Directors) Rules, the Directors furnish herein below the required
additional information:
(a) Conservation of Energy - Our operations are not energy
intensive. Adequate measures have been taken to conserve energy.
(b) There were no additional investments and proposals if any, being
implemented for reduction of consumption of energy as the nature of you
Companys operations entails a very low level of energy consumption.
(c) Impact of the measures at (a) and (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods Ã
N.A.
(d) Total energy consumption and energy consumption per unit of
production à N.A.
FORM A: FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION
OF ENERGY
A. Power and fuel consumption: NIL
B. Consumption per unit of production: NIL
Ii. Technology Absorption
Every effort is made by the Company to update the technological skills
of its technical staff in order to ensure that they possess adequate
skills to enable them to service the Companys clients.
FORM B: FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY
ABSORPTION ETC.,
Research & Development (R&D): Your Company is predominantly a service
provider and therefore has not set up a formal R&D unit. However, it
has developed software tools and products in its existing delivery
setup. The Company has not undertaken any R&D activity in any specific
area during the year under review, and hence no cost has been incurred
towards the same. However, the Company believes technology is strategic
to its growth and has invested heavily in hosted platforms, automation,
capture, presentation and analytics.
Technology Absorption, Adaptation and Innovation: Your Company has not
imported any technology during the year under review other than
purchase of software.
Iii. Foreign Exchange Earnings And Outgo
The details of foreign exchange earnings and outgo are mentioned in
Notes Nos. 2 & 3 of sub-schedule 2 contained in the Notes to Accounts
(Shedule M) forming part of the Balance Sheet and Profit and Loss
Account for the financial period ended March 31, 2010.
CORPORATE GOVERNANCE:
A Report on Corporate Governance together with a certificate from the
Auditors of the Company forms part of the Annual Report.
Culture:
Your Company believes that each of its employees has potential to
perform. Our work culture devolves around developing leadership
qualities among the employees. It is the key to superior performance.
Your Company constantly attempts improving interpersonal relationship
with its staff on an ongoing basis and involving them in the growth of
the organization. We follows distributed leadership model wherein every
employee gets an opportunity to lead and learn.
Training & Development:
Powersoft constantly provides learning opportunities for the personal
and professional development of its employees. The company strongly
believes that such an approach will provide a mutually-beneficial win-
win growth opportunity for the company and its employees. Training
needs are identified based on the current level of knowledge and
skills, vis-ÃÂ -vis skill requirements projected by the business or team
development needs. The Learning & Development team maintains the
individual development record of all employees, who can track this
information on the corporate intranet.
Particulars Of Employees:
There was no employee drawing remuneration falling within the limits
prescribed under Section 217(2A) of the Companies Act, 1956, and hence
furnishing information under Section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975 does not
applicable.
Acceptance Of Fixed Deposits:
The Company has not accepted any fixed deposits during the year.
Directors Responsibility Statement:
As required under Section 217(2AA) of the Companies Act, 1956, it is
hereby stated that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
2. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give true and fair view of the state of affairs of
your Company at the end of the financial year and of the profit or loss
of the Company for that period;
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of your Company and
for preventing and detecting fraud and other irregularities; and
4. The Directors have prepared the annual accounts on a going concern
basis.
Acknowledgements
The Directors thank the Companys customers, suppliers, bankers,
financial institutions, Central and State Government and shareholders
for their consistent support to the Company. The Directors also
sincerely acknowledge the significant contribution made by all the
employees for their dedicated services to the Company.
By Order of the Board of Directors
Manish Poddar
Chairman & CEO
Place: Bangalore
Date: 14.08.2010
Jun 30, 2001
The Directors have pleasure in presenting the Ninth Annual Report of
the Company with the Audited Statement of Accounts for the 15 months
period ended 30-06-2001.
1. FINANCIAL RESULTS: (Rs. in Lakhs)
30.06.2001 31.03.2000
(15 months)
Income from operations 73.66 8.00
Total Expenditure 68.80 13.07
Net operative losses 65.85 0
Depreciation for the year 0.13 0.11
Profit/ (Loss) (60.85) (4.68)
2. DIVIDEND
In view of the losses incurred by the Company during the period under
review, your Directors regret their inability to recommend dividend on
Equity Shares for the period under review.
3. FIXED DEPOSITS
The Company has not accepted any fixed deposits during the period.
4. DIRECTORS
Mr. Ashok Bhandari, retires by rotation and being eligible, offers
himself for re- appointment. Mrs Seema Kamath and Mrs Meena Bhandari
ceased to be Directors on 30th June 2001. Your Board records its
appreciation for the services rendered by the outgoing Directors. Mr.
Manish Poddar, CEO of Nirvann Corpn., New Jersey, USA has been
appointed as Director.
5. AUDITORS
Messrs. Ishwar & Gopal, Chartered Accountants, Bangalore, who retire at
the forthcoming Annual General Meeting, are eligible for appointment,
6. COMPOSITION OF AUDIT COMMITTEE
Audit Committee has been constituted in the month of June 2001 with
three Directors of the Company. The Committee consists of Mr. Manish
Poddar, Mr. P. Rajkumar and Mr. G. Ashok Bhandari.
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, ADAPTATION AND
INNOVATION AND FOREIGN EXCHANGE EARNINGS & OUTGO:
A. CONSERVATION OF ENERGY:
The Company uses electric energy for its equipments such as air
conditioners, computer terminals, lighting and utilities in the work
premises and thereby the operations of the Company require only low
energy consumption, Your Company, however, has taken adequate measures
to conserve the energy consumption.
B. TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT:
The Company uses the latest technology available in modern technology
applications Indigenous technology available is continuously being
upgraded to improve overall performance. Research and Development
continues to be given very high priority in Software Technology in the
focused areas of business.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign Exchange Earnings during the year is Rs 36,92,100 as against
Rs. NIL of previous year.
Foreign Exchange outgo during the year is Rs. NIL as against Rs. Nil of
previous year.
8. ALLIANCE WITH NIRVANN CORPN. USA
The members may recall that during the period under review, approval
was accorded at the Extraordinary General Meeting held on 20th February
2001 to issue shares to Nirvann Corp.,USA against cash remittances and
by way of stock swap. Approvals were received from FIPB-Govt of India
and RBI for the said issue and on 30th June 2001, 3407733 Equity Shares
of Rs 10/- each (including 50000 shares for cash) were allotted to
Nirvann Corp.,USA at a price of Rs. 50/- per share inclusive of premium
Rs.40/- per share.
As against this, your Company was allotted 8% of the Common Stock in
Nirvann Corp whose valuation as per independent CPA in the USA is about
US Dollars 50 Million.
Consequently, your Company has become a subsidiary of Nirvann Corp. Mr.
Manish Poddar, CEO of Nirvann Corp has been inducted in to the Board.
Lot of efforts are underway to streamline the business growth with
proactive support from Nirvann Corp. One is aware of the significant
downslide in the IT business segment. Your Company Is no exception and
has been hit hard by this. However, with the alliance of Nirvann in
place, your Company will strive hard to improve performance in the days
to come.
9. FINANCIAL YEAR
Your Company followed financial year as accounting year from the
beginning. In view of the alliance with Nirvann Corp. and other related
issues, your Board of Directors approved the change in accounting year
to 15 months and therefore financial calendar of the Company for the
currant period is from 01.04.2000 to 30.06.2001.
10. CORPORATE GOVERNANCE
In accordance with the Listing Agreement entered info with the Stock
Exchanges, your Company furnishes a report on ail mandatory
recommendations else where in this Annual Report as Annexure A.
11. DIRECTORS RESPONSIBILITY STATEMENT
The Directors have fulfilled their responsibility for the preparation
of the accompanying financial statements by taking all reasonable steps
to ensure that:
These statements have been prepared in conformity with generally
accepted accounting principles and appropriate accounting standards.
Judgments and estimates that are reasonable and prudent have been made
where necessary.
The accounting policies selected and applied consistently give a true
and fair view of the financial statements.
The Company has implemented internal controls to provide reasonable
assurance of the reliability of its financial records, proper
safeguarding and use of its assets and detection of frauds and
irregularities. Such controls are based on established policies and
procedures, and are implemented by trained, skilled and qualified
personnel with an appropriate segregation of duties.
The Companys Statutory Auditors, Messrs. Ishwar & Gopal, Chartered
Accountants, Bangalore, have audited the financial statements in
accordance with generally accepted auditing standards and practices as
indicated in their report.
The Directors have prepared the annual accounts on a going concern
basis.
12. PERSONNEL
Employee relations at all levels continued to remain cordial.
Provisions of Section 217 (2A) of the Companies Act, 1956, read with
Companies (Particulars of Employees) Rules 1975 as amended, are not
applicable to the Company.
13. ACKNOWLEDGEMENT
The Board of Directors desire to thank the Bankers, Vendors, Customers,
Government Authorities and other acquaintances and also place on record
their appreciation of the dedicated services rendered by the employees
of the Company at all levels. Nothing would have been possible without
the uniform support received from ail the investors and your Directors
acknowledge the same with gratitude.
For and on Behalf of the Board
For POWERSOFT GLOBAL SOLUTIONS LIMITED
(P. RAJKUMAR)
Chairman
Place: Bangalore
Date : 30-07-2001
Mar 31, 2000
The Directors have pleasure in presenting their Eighth Annual Report
of the Company with the audited statement of accounts for the year
ended on 31st March 2000.
OPERATIONS :
Yourcompany having the Pusiness of software services continued to lay
emphasis on this line. Major portion of the revenue has accrued out of
the software business. Your company has been able to make some inroads
into overseas markets in as much as negotiations were held with
potential customers from the UK and the USA.
A concrete Business Plan has been drawn up projecting the business
expansion pro- gram.
The Company has been registered as 100% EOU with the Software
Technology Park of India (STPI) in terms of the requirements of the
recent Finance Bill.
Infrastructures consisting of 1800 Sq. feet of area and the manpower
are being estab- lished at the STPI, KEONICS, Electronics City,
Bangalore. The focus of your companys business is on E-commerce, ERP
and other related software development.
The company ended with Rs. 8-50 lacs of revenue during the year and
posted a loss of Rs. 4.68 chiefly due to writing off the expenses in
the earlier business.
CHANGE OF NAME :
At the extraordinary General Meeting held on 28-2-2000 your aaproval
was obtained to change the name of the Company from Bhandari Food
Flavours Limited to POWERSOFT GLOBAL SOLUTIONS LIMITED which was
evidenced by fresh certificate of incopropation issued by the Registrar
of Companies in Kamatka at Bangalore.
SHARE CAPITAL
Despite several remainders, some of the shareholders holding partly
paid up equity shares did not respond. After due compliance of legal
requirements, your Board of Directors proceeded to forfeit 20,22,600
equity shares on which Rs. 2.50 was paid up, at the Board Meeting held
on 30th Oct 1999. Your approval is now sought in terms of the listing
agreements with Stock Exchanges to enable the Board of Direcors to
re-issue the said forfeited shares. In the best interests of the
Company, the Board will take steps to re-issue these forfeited shares
at the prices to be determined in terms of the guide- lines of SEBI or
any other authority. Shares are also proposed to be issued under
suitable i ESOP requiring your approval.
OPEN OFFER :
Mr. P. Rajkumar through SMIFS CAPITAL MARKETS LTD., Bangalore has given
an open offer to the public to buy 6,25,000 equility shares in terms of
the provisions at the Takeover Code prescribed by SEBI, Details of the
said offer were furnished in the letter of offer forwarded to all the
shareholders by the said Acquirer.
DIRECTORS :
Mr.P.Rajkumar was appointed as Director during the year in place of
Mrs. Krishna Singh. Mrs. Meena Bhandari retires by rotation and is
eligible for reappointment.
AUDITORS :
Messrs. ISHWAR & GOPAL, Chartered Accountants retire at the forthcoming
Annual General Meeting and are eligible for appointment.
PARTICULARS OF EMPLOYEES :
There was no employee drawing remuneration in excess of the limites
prescribed under Section 21 7 (2-A) of the Companies Act 1956.
CONSERVATION OF ENERGY, TECHNOLOGY. A8SORBTION AND FOREIGH EXCHANGE
EARNINGS AND OUTGO :
The Company has taken measures for reduction of energy consumption and
cost. Ef- forts are ongoing io reduce the consumption of energy and the
consequent impact on costs.
The Company has not imported any technology; with a view to attaining
technology status comparable to the best in the industry, the focus has
been on identifying specific areas of technology.
Company has not earned any foreign exchange. The foreign exchange outgo
on ac- count of travel and import of capital goods are NIL.
ACKNOWLEDGEMENTS :
The Directors place on record their application for your co-operation
and support. They wish to thank all government authorities, and also
place on record their appreciation for the dedicated serveces rendered
Py the employees of the Company.
for POWERSOFT GLOBAL SOLUTIONS LTD.
Place : Bangalore G. ASHOK BHANDARI A. MEENA BHANDARI
Dated : 29th July, 2000 Managing Director Director
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