32431 - Stone Apple

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Summary of Investment Information

Project Number

32431

Company Name

STONE APPLE SOLUTIONS PTE. LTD.

Date SPI Disclosed

Aug 17, 2012

Country

East Asia and Pacific Region

Region

East Asia and the Pacific

Projected Board Date

Sep 28, 2012

Environmental Category

C - No Impact

Status

Hold

Last Updated Date

Nov 30, 2016

Department

WBG Digital and AI

Industry

Telecommunications and Technology

Previous Events

Approved : Dec 11, 2012

Sector

Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)

Project Description

Stone Apple Solutions Pte. Ltd (“Stone Apple” or the “Company”) is a pan-Asian information technology (“IT”) services company founded in Singapore in 2009. The Company’s main IT services include consulting and project implementation (installing and configuring of software and/or hardware); managed services (monitoring and maintaining of software, hardware and network); and software application development and testing.

The proposed IFC financing to Stone Apple will be used to expand the Company’s existing facilities in South East Asia and fund expansion into other emerging countries.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.0
Equity

Development Impact

Employment: The Company''s expansion will increase the availability of direct and indirect jobs in the target countries where it plans to expand. IT services companies are usually the "first job" for many school graduates. The industry is also a source of employment for women as they allow them a job that recognizes their professional capabilities.

Development of IT sector: The implementation of this project will promote the development of the IT services sector in South East Asia and in other emerging markets in the long-term fostering competition in the markets where it plans to expand. An investment in Stone Apple will also enhance the competitiveness of these markets as attractive destinations for outsourcing and offshoring.

Export/ Economic Growth: Outsourcing/ offshoring generates significant export revenues helping organisations become more efficient and creating local employment thereby contributing to economic growth.

Human Capital Development: Stone Apple implements useful training programs for its employees in various technologies. This project will enable the replication of these training programs to new markets where the Company is expanding.

Demonstration Effect: IFC''s involvement will continue reinforcing the position of South East Asia as an ideal destination for IT Services companies. IFC''s funding will also help to increase IT sector competition and improve service quality.

Global Knowledge and Expertise: Stone Apple will benefit from IFC''s global knowledge and expertise from investing in similar companies throughout the world. As the Company plans to expand within and outside of South East Asia, IFC''s guidance will add value to the Company.

Access to Finance: Debt financing is limited due to the Company''s limited hard assets to post as collateral and traditional lenders'' limited understanding of the IT sector. IFC''s investment will help the Company strengthen its balance sheet so it can focus its efforts on expansion and integration efforts. Without IFC''s funding, the Company will have difficulties in completing the financing plan and achieving its expansion goals.

E&S Category Rationale / Risks and Mitigation

Contacts

For Inquiries About the Project, Contact

Mr. Madhujeet Chimni
Chief Executive Officer
Stone Apple Solutions Pte Ltd
51 Changi Business Park Central 2
#08-12 The Signature
Singapore 486066
Phone: +65 6496 8588
Fax: +65 6323 2840
Email: mailto:madhujeet@stone-apple.com
Website: http://www.stone-apple.com

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