September 5, 2007
| Press Release
New Delhi, September 5, 2007:
Nucleus Software and Sun Microsystems partner with Dhandapani Finance
Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: NSEL) and Sun Microsystems (NYSE: JAVA) today announced an alliance with Dhandapani Finance Limited for the successful implementation of Nucleus's flagship product FinnOne™ Suite on Sun Fire series. The implementation of 3 modules of the FinnOne™ Suite - Customer Acquisition System (CAS), Loans Management System (LMS) and Collections- Delinquency Management System was successfully completed in record time. The entire suite was powered by Sun Fire T2000 as the database server and the Sun Fire X2200 M2 as the application servers, both running on Solaris 10 operating system.
Dhandapani Finance Limited, a Chennai based listed company is an NBFC engaged in the business of hire purchase, lending and rendering other financial services. The company mainly focuses on the financing of Tractors, Construction equipments, heavy earthmoving equipment, commercial vehicles, Multi utility vehicles , etc.
Prior to adopting Nucleus FinnOne™solution, Dhandapani Finance Limited was using an in-house developed system. With implementation of FinnOne™, Dhandapani Finance has been able to centralize the entire payment structure thus enabling easy origination and convenient disbursement of loans at all branches. Additionally, the loans are processed on the basis of credit ratings thus leading to accountability and accuracy of the system. With this partnership, Nucleus Software has opened new avenues for itself in Semi Urban and Rural Finance industry. In line with the company's vision and social responsibility policy, Nucleus aims to provide software solutions for the management of rural credit. The resultant increase in lending efficiency would not only help Bank & FI’s in cutting down costs by reducing manual functional delays, but also benefit the end customer by giving them a detailed structure of their repayment schedules and other flexibilities.
Commenting on the selection, Mr.Ravi Ravichandran CEO, Dhandapani Finance Limited said, "Nucleus enjoys a prime mover advantage in the Rural Finance Sector, and bring with them an expertise acquired over the last two decades along with strong customer orientation and excellent credentials. The solution needed a strong infrastructure to support it and we looked for a technology provider who would be able to provide reliability, availability, serviceability, manageability and scalability. Sun was an obvious choice as their products fit the bill and given their proven track record in the financial services domain. This implementation of FinnOne™ has simplified the functional procedures for our customers, and enabled us to further deliver unique services. With the implementation of this solution we have seen a turnaround in our business and expect a strong growth in our business volumes in the coming years. The implementation was completed in record time, adding some more icing to the cake." Mr. Vishnu Dusad, CEO & MD, Nucleus Software Exports Limited said,
"This collaboration is part of our company's objective to expand into the rural and semi urban financial markets with a focused approach. We endeavor to establish a strong foothold in the sector by improving the access to finance for productive purposes such as working capital for purchase of raw materials and for asset acquisition, thus realizing our dream of making every Rs. 100 loan profitable to the lending organisation. We share a synergistic relationship with Sun Microsystems, and the Nucleus-Sun combination has resulted in several successful deployments in the past. "
“Today's financial institutions require a new type of IT solution that can adapt immediately while at the same time paving the way to launch new services with minimum complexity. By creating technologies to cater to these specific requirements Sun has created a strong presence for itself in the financial sector. We are extremely happy to be a provider of the technology platform to FinnOne™ the revolutionary product from Nucleus Software that is bringing about a sea change in the retail banking scenario in the country," said Mr. K.P. Unnikrishnan, Director-Marketing, Alliances and Teleweb Sales, at Sun Microsystems India.
" The combination of Sun Network Computing infrastructure and Nucleus’ matching software, will allow Dhandapani Finance to take advantage of a secure and robust architecture that will help secure higher performance and lower total cost of ownership and thus help them achieve their strategic goals”, he further added. About Dhandapani Finance Ltd.
Dhandapani Finance Ltd. (DFL), a Category A NBFC registered with RBI was incorporated in the year 1986. DFL is primarily engaged in the business of financing of Tractors, Construction Equipments, Commercial vehicles and other passenger carrying Multi utility vehicles and cars, etc. The Company operates through a network of 44 branches located in semi urban and rural markets of Tamilnadu, Andhra Pradesh, Karnataka and Maharashtra. D.B.Zwirn Mauritius (DBZM), A US based alternate investment Fund has acquired 51% stake in DFL thereby becoming major shareholder. About Sun Microsystems
Sun Microsystems develops the technologies that power the global marketplace. Guided by a singular vision -- "The Network is the Computer" -- Sun drives network participation through shared innovation, community development and open source leadership. Sun can be found in more than 100 countries and on the Web at http://sun.com
Sun, Sun Microsystems, the Sun logo, Solaris, and The Network Is The Computer are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries.