The company is a wholly owned subsidiary of Galaxkey Global Holdings Limited, a company registered in Jersey,Channel Islands, in which Mrs Khiya Shinde and Mr Robin Tombs are substantial shareholders.
Galaxkey India(P) Limited, a wholly owned subsidiary of Galaxkey Global Holdings Limited, provided software development for the company. They were paid for their services at the prevailing market rate.
Kalpadrum Limited, a UK registered company, which is controlled by Mr R J Shinde and Mrs K R Shinde advanced amounts to the company. Interest is payable, when the company can afford, at 12% per annum on cumulative basis. The loan outstanding, together with interest payable, is shown as Loan from Kalpadrum Limited under the head "Creditors falling due after more than one
year". The company also received professional services from Kalpadrum Ltd which were paid for at the prevailing market rate.
Mr R J Shinde and Mrs K R Shinde have also advanced amounts to the company on which interest is payable,when the company can afford, at 12% on cumulative basis. The loans outstanding are shown as Loan from directors and shareholders under the head "Creditors falling due after more than one year". The interest payable on these loans has been
accrued and is included within Other creditors under the head "Creditors falling due within one year".
The company received from or advanced amounts to group companies, as detailed below, in order to meet the working capital requirements. These amounts are interest free and repayable on demand.
- Loan from Galaxkey Global Holdings Limited, Jersey £4,338,310
- Loan to Galaxkey India Private Limited, India £9,593
- Loan to Galaxkey inc, USA £144,066
- Loan to Galaxkey LEAP Ltd, UK £12