CALIFORNIA SOFTWARE CO Share price

Calsoft promoted by Shri. S.Santhosh and his associateswas incorporated as a public limited company on February 61992 with the objective of creating facilities fordevelopment of software and export thereof at itsregistered office in Besant Nagar Madras. The Companycommenced business operations from October 19 1992. It isa Joint Venture (JV) with equity participation from SanFrancisco-based bunkering major Chemoil Corporation(Chemoil) a Forbes 400 Company (Ranking 393 as per ratingin 1991). As per the Joint Venture Agreement Chemoil shallhold a minimum of 24% of Calsoft''s equity. As on March 311995 it held 25% of the Company''s equity through itssubsidiary firm the Hong-Kong based Kemoil Ltd (Kemoil).the holding company of Chemoil. Calsoft has obtainedpermission from the Government of India for the JointVenture and equity participation (upto a maximum of 49%).As on November 7 1995 Chemoil held 49% of Calsoft''s equity(Rs.15482990) which would come down to 24 % after theproposed issue.The JV is mainly for financial collaboration with Chemoilalso assisting Calsoft in the areas of marketing equipmentsourcing etc. where Chemoil''s support may give Calsoftthe required thrust in the US/European markets.Copies of the aforesaid documents viz. Joint VentureAgreement Government of India''s approval for Joint Ventureand foreign equity participation and the relevant RBapprovals are kept open to the public for inspection at theCompany''s registered office.Calsoft has set up a 100 % Export Oriented SoftwareTechnology Park at Besant Nagar in Madras which commencedcommercial operations from October 1992. Calsoft comesunder the Software Technology Park Bangalore whichmonitors the activities of Calsoft.The Company commenced its operations mainly by managingthe MIS services for the Chemoil Group of Companies spreadover San Francisco Los Angeles Houston New OrleansPanama Singapore Venezuela Philippines and Denmark.Slowly it extended its clientele to include other companieslike Technical Solutions Act International InternationalMicro. Computer Software Inc. (IMSI) Delta Airlinesetc. In 1994 Calsoft took on lease from VSNL a whollydedicated 64 KB satellite link between Madras and SanFrancisco and now envisages expansion of its facilities toenable it to undertake more lucrative projects from clientsall over United States and effectively down loading thework at Madras and Bangalore. Video conferencingfacilities through the link are proposed to be installed in1996 to smoothen the communication process.Calsoft has recently set up its own World Wide Web Serveron internet that allows it to market and distributesoftware at a very low cost. In addition this allows easymonitoring of the US Market from India.