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Tuesday, Jul 27, 2004

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Calsoft set to close deal with major shipping line

Raja Simhan T.E.

Chennai , July 26

CALIFORNIA Software Ltd (Calsoft), a Chennai-based software firm, is increasing its presence in the global shipping sector. The company provides information technology services to two global shipping lines, A.P. Moller-Maersk and Mitsui OSK, and is to sign an agreement with another major line, said a company official.

A.P. Moller's entire fuel procurement of more than $1 billion is handled through the Calsoft's Fuel Procurement Management System (FPMS), said Dr J. K. Nair, Executive Vice-President, Calsoft.

Declining to name the new client, Dr Nair said that the client would be similar in size to that of A.P. Moller, which has a fleet strength of over 600 ships plying across the world.

The FPMS addresses the needs of bunker procurement, claims management, hedging and risk management.

It automates the entire procurement business flow and helps reduce procurement costs by facilitating complex term contracts with suppliers.

The company's recently launched solution, Procurement Optimizer, comes up with a cost effective plan for the ship to bunker, he said.

After making a loss of $0.16 million in fiscal 2001-02, Calsoft improved its financial performance in the last two years. It reported a net profit of $0.23 million on revenues of $8.42 million in 2002-03, and a net profit of $0.61 million on revenues of $8.10 million in 2003-04.

In the current fiscal, it hopes to report a net profit of $0.63 million on revenues of $9.75 millionThe company employs about 300 professionals,

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