Source Code International, a Bangalore-based IT solutions provider, Friday announced the launch of a value added tax (VAT) compatible accounting software.

The Balance software will help small traders and merchants keep their records VAT compliant without having to delve into the intricate rules of the new tax system, said a company statement issued here.

The VAT regime poses several challenges for registered dealers, including a web of interwoven rules for determination of taxable inputs and record keeping in prescribed formats.

The Balance software will enable traders to generate tax invoices, bills of sale, monthly VAT returns and other mandatory documentation in prescribed formats.

The software is currently available in Kannada and the Hindi version will be launched shortly.

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Rasandik Engineering to supply dyes to US firm

Rasandik Engineering Industries (India) Ltd said Friday it has entered into an agreement with a US-based firm for supply of dyes.

Under the agreement, Rasandik Engineering will export press tools and dyes to the US-based Yarema Die and Engineering, said a company statement issued to the Bombay Stock Exchange.

Rasandik Engineering will use its existing infrastructure at its facility in Gurgaon, Haryana, for designing, manufacturing and tryout of tools, added the statement.

"The initial period of the contract is for five years and extendable thereafter for a further period of five years and is expected to generate substantial business for the company," said Rasandik Engineering.

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Four Soft to acquire two overseas companies

Four Soft Ltd, a technology services provider, said Friday that the company is planning to acquire two foreign companies as part of its expansion strategy in overseas markets.

The company said it has signed share purchase agreement for acquiring 100 percent shares of Comex Frontier, a Singapore-based software solutions provider for freight forwarding and logistics companies.

Comex Frontier is an 11-year old company having 56 customers in the freight forwarding and logistics industry with a strong presence in the Asia-Pacific region, said a statement issued to the Bombay Stock Exchange.

Four Soft Ltd is also planning to take over Malaysia-based MY Comex Sdn Bhd, an e-commerce solutions provider for logistics. MY Comex is a five-year-old company having six customers in freight forwarding industry.

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Standard Chartered launches 'loyalty week' celebration

Standard Chartered, one of the largest international banking groups in India, Friday announced the launch of "loyalty week" celebrations to strengthen the bank's relations with all its stakeholders.

The theme week, which will run until the end of May, will focus on improved services and facilities to customers, communities, suppliers, vendors and employees of Standard Chartered, said a statement issued here.

The week started with free health check-ups, felicitations, entertainment and sports events planned for internal and external customers across India.

"Loyalty week would enable the bank to strengthen relationships with clients in addition to sending a message that loyalty pays," said Neel Chatterjee, regional head (corporate affairs, South Asia) of Standard Chartered.

"Numerous customers have been with us for many years, and we have long-serving staff across the countries in which we operate. This week is a chance to celebrate these long-term relationships," he added.

Standard Chartered has 2.4 million customers in retail banking and over 1,200 corporate customers in India.