MIRA
INFORM REPORT
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Report Date : |
06.10.2007 |
IDENTIFICATION DETAILS
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Name : |
KALE CONSULTANTS LIMITED |
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Registered Office : |
Kale Enclave 685/2B and 2C1st Floor Sharada Arcade, Pune – |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.09.1986 |
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Com. Reg. No.: |
41033 |
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CIN No.: [Company
Identification No.] |
U74140PN1986PLC041033 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK05397A |
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PAN No.: [Permanent
Account No.] |
AAACK7508A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Providing solutions to the Global Travel and Transportation
Industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2784928 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Kale Enclave 685/2B and 2C, 1st Floor Sharada Arcade, Pune – |
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Tel. No.: |
91-20-6608 3777 |
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Fax No.: |
91-20-2423 1639 |
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E-Mail : |
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Website : |
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Corporate Office and Development Centre : |
1st Floor, Modi House, Naupada, eastern |
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Tel. No.: |
91-22-6780 8888 |
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Fax No.: |
91-22-6780 8899 |
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Development
Centre: |
Pune: Kale Enclave, 685/2B and 2C, 1st Floor, Sharada Arcade, Tel No: 91-20-6608 3777 Fax No: 91-20-2423 1639 Noida: A-4, Tel No: 91-120-4310310 / 43665500 / 2517755 Fax No: 91-120-2547750 MPs Mumbai; Akruti Trade Centre, Road No.7, MIDC, Andheri (East), Mumbai- 400 093,
Tel No: 91-22-2827 8600 Fax No. 91-22-5679 3717 Pune: Kale Enclave, 685/2B and 2C,, Ground Floor, Sharada Arcade, Pune
Satara Road, Pune – 411 037, India Tel No: 91-20-6608 3777 Fax No: 91-20-2423 1639 International
Offices: Tel No: 1-973-376-8001 Fax No: 1-973-376-8006 No.2, 2nd floor, Tel No: 44 (0) 1483 745310 |
DIRECTORS
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Name : |
Mr. Vipul Jain |
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Designation : |
Managing Director and CEO |
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Name : |
Mr. K K Nohria |
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Designation : |
Director |
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Name : |
Mr. Prabhakar Deodhar |
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Designation : |
Director |
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Name : |
Mr. Pravin Gandhi |
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Designation : |
Director |
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Directorship in other companies: |
· Microland Limited · Raku Holding Private Limited · Ratilal Holdings Private Limited · Ratilal General Trading Private Limited · Rati Holding Private Limited · Safehouse Information Management Solutions Private Limited · Avendus Advisors Private Limited · Cenza Technologies Private Limited · Epicenter Technologies Private Limited · Gaurang Securities Private Limited · Gci Solutions Private Limited · Infinity Technology Trustee Private Limited · Infinity Technology Investments Private Limited · Kale Consultants Limited |
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·
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Name : |
Mr. N S Deodhar |
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Designation : |
Director |
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Name : |
Mr. Kewal Nohria |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Narendra kale |
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Designation : |
Chairman |
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Name : |
Ms. Ninad Umranikar |
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Designation : |
Company Secretary |
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Name : |
Mr. Satish Ambe |
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Designation : |
Head – Managed Process Services |
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Name : |
Mr. Rajnish Kapur |
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Designation : |
Head – Travel, Hospitality and Logistics SBU |
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Name : |
Mr. Rajiv Dala |
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Designation : |
Global Head – Sales |
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Name : |
Mr. Ajit Singh |
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Designation : |
Global Head – Human Resources |
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Name : |
Mr. Mahesh shah |
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Designation : |
Head – Business Critical Functions |
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Name : |
Mr. Sumeet Nadkar |
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Designation : |
Chief Financial officer |
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Name : |
Mr. Vijay Talele |
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Designation : |
Head – IT Solutions |
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Name : |
Mrs. Neela Bhattacherjee |
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Designation : |
Head – Airlines SBU |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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A) shareholding of promoter and Promoter Group |
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Indian |
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Individual / HUF |
2089878 |
15.76 |
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Foreign |
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a) individuals / Foreign Individuals |
2484600 |
18.73 |
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1) Institutions |
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Mutual Funds / UTI |
520800 |
3.93 |
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Institutions Banks |
2600 |
0.02 |
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Foreign Institutions |
50 |
0.00 |
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2) Non institutions |
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a)Bodies Corporate |
893197 |
6.73 |
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b) Individual |
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Individual shareholder holding nominal share capital upto Rs. 0.100
millions |
4516246 |
34.05 |
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Individual shareholder holding nominal share capital excess of Rs.
0.100 millions |
1720497 |
12.97 |
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Any other (Non resident Indians) |
351658 |
2.65 |
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Clearing Members |
29526 |
0.22 |
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Foreign Nationals |
392615 |
2.96 |
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Trust |
263150 |
1.98 |
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Statement
of shareholding of person belonging to the category :Promoter and promoter
Group |
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Vipul Jain |
267184 |
2.01 |
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Neha Narendra Kale |
12500 |
0.09 |
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Shibani Vipul Jain |
30176 |
0.23 |
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Harihar Dinkar Kale |
1200 |
0.01 |
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Nanda Narendra Kale |
50000 |
0.38 |
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Nanda Harihar kale |
3000 |
0.02 |
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Vipul Prashad Jain |
859624 |
6.48 |
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Nanda narendra kale |
53000 |
0.40 |
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Sudhir harihar kale |
825200 |
6.22 |
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Vipul P Jain (HUF) |
130000 |
0.98 |
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Narendra Harihar Kale |
1015000 |
7.65 |
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Nanda narendra Kale |
900 |
0.01 |
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Shibani Jain |
211232 |
1.59 |
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Vipul Prasad Jain |
241408 |
1.82 |
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Shibani Vipul Jain |
349054 |
2.63 |
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Nanda Narendra Kale |
525000 |
3.96 |
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4574478 |
34.48 |
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Statement
of shareholding of person belonging to the category :Public” and Holding More
than 1% of the Total No. Shares |
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UTI Growth Sector Fund – Software |
350000 |
2.63 |
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Chandra Bhatia |
250000 |
1.88 |
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Bharati Das Gupta |
255000 |
1.92 |
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Ashok Popatlal Shah |
200000 |
1.50 |
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Rajesh Sheth |
175001 |
1.31 |
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Manju Puri |
175000 |
1.31 |
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Kale Consultants Limited Employees Welfare Trust |
263023 |
1.98 |
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Ashish Malhotra |
362811 |
2.73 |
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Total
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2030835 |
15.26 |
BUSINESS DETAILS
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Line of Business : |
Providing solutions to the Global Travel and
Transportation Industry |
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Products : |
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GENERAL INFORMATION
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Customers: |
· Aeroflot ·
Aero ·
Sir ·
Air ·
Air · BCD Travel ·
BMI ( ·
Continental North ( · Delta Airlines · EVA Air ·
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Flybe ( ·
· KLM · Korean AirKuwaits Airways |
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Bankers : |
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State Bank of · Citi Bank N.A. · ABN Amro Bank N V ·
The · ICICI Bank Limited · Barclays Bank Plc. |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s D G Kurundwadkar Chartered Accountants |
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Joint Venture: |
Antah Kale Sdn. |
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Associates/Subsidiaries : |
·
Kale Softtech Inc; ·
Kale Consultants Australia Pty, Limited, ·
Kale Technologies Limited, ·
Synetarios Technologies limited, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity shares |
Rs.10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13219899 |
Equity shares |
Rs.10/- each |
Rs. 132.198
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
132.205 |
128.456 |
116.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
564.027 |
500.837 |
420.900 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
696.232 |
629.293 |
537.700 |
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LOAN FUNDS |
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1] Secured Loans |
101.012 |
120.854 |
166.500 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
101.012 |
120.854 |
166.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
797.244 |
750.147 |
704.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
446.563 |
419.970 |
359.700 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
94.582 |
95.581 |
154.600 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
165.003 |
193.779 |
255.200 |
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Cash & Bank Balances |
71.696 |
71.058 |
16.800 |
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Other Current Assets |
84.344 |
32.656 |
0.000 |
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Loans & Advances |
84.687 |
61.646 |
69.900 |
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Total
Current Assets |
405.730 |
359.139 |
341.900
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
116.911 |
100.971 |
151.500 |
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Provisions |
32.720 |
23.572 |
0.500 |
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Total
Current Liabilities |
149.631 |
124.543 |
152.000
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Net Current Assets |
256.099 |
234.596 |
189.900
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
797.244 |
750.147 |
704.200 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
795.058 |
625.838 |
492.900 |
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Other Income |
13.218 |
11.354 |
13.100 |
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Total Income |
808.276 |
637.192 |
506.000 |
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Profit/(Loss) Before Tax |
88.616 |
69.620 |
7.500 |
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Provision for Taxation |
8.150 |
4.778 |
0.000 |
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Profit/(Loss) After Tax |
80.466 |
64.842 |
7.500 |
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Expenditures : |
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Software Development, delivery and Support
Expenses |
371.519 |
296.605 |
0.000 |
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Administration, Selling and Other Expenses |
292.884 |
234.212 |
0.000 |
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Interest and Financial Charges |
6.025 |
8.474 |
0.000 |
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Depreciation and Goodwill |
55.242 |
44.108 |
0.000 |
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Amortisation of Product Cost |
56.533 |
56.209 |
0.000 |
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Raw Materials |
0.000 |
0.000 |
0.500 |
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Excise duty |
0.000 |
0.000 |
0.000 |
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Power and Fuel |
0.000 |
0.000 |
9.200 |
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Other Manufacturing Expenses |
0.000 |
0.000 |
38.500 |
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Employee cost |
0.000 |
0.000 |
259.000 |
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Selling and Administration Expenses |
0.000 |
0.000 |
118.000 |
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Miscellaneous Expenses |
0.000 |
0.000 |
99.100 |
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Interest and financial charges |
0.000 |
0.000 |
10.800 |
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Depreciation |
0.000 |
0.000 |
29.600 |
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Total Expenditure |
782.203 |
639.608 |
564.700 |
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QUARTERLY /
SUMMARISED RESULTS
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Year |
30.06.2007 |
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Type
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1st Quarter |
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Sales Turnover |
205.200
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Other Income |
126.700
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Total Income |
331.900
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Total Expenditure |
185.300
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Operating Profit |
146.600
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Interest |
1.900
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Gross Profit |
144.700
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Depreciation |
28.000
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Tax |
4.500
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Reported PAT |
114.900
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
9.95 |
10.17 |
1.48
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Net Profit Margin (PBT/Sales) |
(%) |
11.14 |
11.12 |
1.52
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.39 |
8.93 |
1.06
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.11 |
0.01
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Debt Equity Ratio (Total Liability/Networth) |
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0.35 |
0.38 |
0.59
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Current Ratio (Current Asset/Current Liability) |
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2.71 |
2.88 |
2.24
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LOCAL AGENCY FURTHER INFORMATION
DIRECTORS REPORTS:
Overview:
The year has seen the Company take significant strides in
its endeavor to become a leading service provider in the Travel and Transportation
industry globally. The year saw the Company being awarded twenty new contracts
coinciding with twenty years of providing innovative solutions. The year has
seen significant client acquisitions in the fast growing
The Company received wide industry acclaim during the year. The NASSCOM Award
for IT Innovation showcased their steadfast contribution as a thinking
organization. This was a boost to their sustainable efforts at creating value
for clients, employees and shareholders. During the year, the Company's
strategic partnership with IATA (International Air Transport Association) was
further strengthened with Kale being invited to be the nodal agency for the
e-Freight initiative in
Kale's steady growth over the years signifies the growing confidence in their
solutions and the continued scalability that they offer to clients world over.
They have successfully expanded their offerings to provide 'total solutions' -
encompassing cutting-edge IT solutions, industry recognized products,
best-practice BPO along with unparalleled domain knowledge. The Company's
offerings are well poised to address the exacting needs of Airlines, Air Cargo,
Logistics, Airports, Hospitality, Travel Agencies, Tour Operators, and other
players in the eco system of the travel and transportation industry.
After achieving the objective of becoming one of the top service providers in
the airlines industry, the Company has now outlined a strategy to become an
omnibus solution provider to the travel and transportation industry globally.
This initiative details the roadmap of the Company's plans to maximize the
potential and widen the scope of its offerings to the travel and transportation
industry.
Companies in the travel and transportation industry are continually looking at
a one-stop-solutions-shop for all their requirements. Increasing competition
and pressure to maintain cost efficiencies are driving companies to utilize the
benefits of technology and outsourcing. Very few solution providers to this
vertical offer a combination of unparalleled domain knowledge, 'best of breed'
technology and 'global best practice' business processes outsourcing to deliver
transformational value propositions. The Company will leverage these strengths
and offer customized solutions to emerge as a leading service provider in the
travel and transportation industry.
The Company's singular focus on the travel and transportation industry, deep
domain knowledge, innovation and a solutions mind set continues to
differentiate it amongst its competitors. As they launch their new strategy
this year, the Company plans to accelerate growth both organic and
inorganically in the coming years.
Operations
During the year under review, the Company generated revenues of Rs. 808.28
million compared to Rs. 637.19 million in 2005-06, an increase of 26.85% over
the previous year. Operating Revenues for the year 2006-07 grew from Rs. 625.84
million in 2005-06 to Rs. 795.06 million, a growth of 27.04%.
Revenues from export of Software Products and Services increased by 20.16% to Rs. 610.17 million from Rs. 507.79 million in the previous year.
Operating expenditure for the year 2006-07 stood at Rs 601.86 million as
against Rs. 458.78 million during the previous year, an increase of 31.19%. The
operating profits stood at Rs. 206.42 million as against Rs. 178.41 million in
the previous year, an increase of 15.70%. Profit after tax for the current year
has increased to Rs. 80.47 million from Rs.64.84 million in the previous year,
an upsurge of 24.09%.
Managed Process
Services (Kale MPSOD)
Kale MPS(R) which includes End-to-End Revenue Accounting, Revenue Recovery and Protection Service (RRPSTM) and Cargo Sales Audit, has shown increased growth potential during the year adding 6 new contracts including Daallo Airlines and Yemenia Airways. The total number of customers have increased to 18.
The revenues generated by Kale MPS(R) grew by 28.56% from Rs. 374.66 million
during the previous year to Rs. 481.66 million.
Logistics
The Transportation and Logistics industry is growing at a fast pace within
CSP(R)
This year as part of their marketing efforts for promoting the Company and
CSP(R) within the air cargo fraternity, they sponsored the award for 'Best
Cargo Airline to the Indian Sub-Continent' at the 'Cargo Airline of the Year'
award ceremony organized by Air Cargo News.
Subsidiaries
Kale Softech Inc., USA (KSI) has shown improved results this year. In line
with Kale's growth strategy, KSI's focus is on the Travel and Transportation
business During this year, Sky Team alliance has selected APEXTM for NFP - a huge
achievement for Kale and a resounding affirmation by the industry of their
proration solution. KSI has also strengthened its ties with IATA for cargo
solutions space in
Synetairos Technologies Limited continues to focus in the consultancy space.
The Company has recorded strong revenues and continues to maintain a healthy
profitability.
Kale Consultants Australia Pty. Limited,
Antah Kale Scin Bhd., the joint venture company in
Result of Operations
Income
For the year ended March 31,2007,Kale recorded operating income of Rs.795.06 million as compared to Rs.625.84 million for the year ended March 31, 2006. Kale's Domestic Sales increased by 56.63% and Export sales increased by 20.16%. Domestic sales led by growth in revenue from Indian Airlines, now contribute 23.25% of the total sales as compared to 18.86% in year 2005-2006. During the year Kale added 9 significant new customers.
This, coupled with new contracts from existing customers contributed to an increased revenue during the year.
Operating Expenses
Software development expenses at Kale grew by 25.26% as compared to the year 2005 2006, in line with the increase in revenue. Increase in costs include: Salary cost: Rs. 59.96 million; Communication: Rs.4.46 million; Software Annual Maintenance Contracts: Rs.5.49 million and Travelling Expenses Rs.1.42 million; Application Hosting Rs. 8.71 million. General Administration, Selling and Other expenses increased by 25.05% to Rs. 292.88 million for the year 2006-2007 as compared to Rs. 234.21 million in the year 2005-2006.
Major increases in expenses comprise of: Salary Cost Rs. 23.05 million; Power
and Fuel charges Rs. 2.54 million; Travelling Expenses: Rs.9.67 million; Rent:
Rs. 8.00 million; Sales Promotion and Advertisement Rs.3.38 million and
Rs.12.13 million was written off as net bad debts during the year.
Operating Profit
Kale reported a PBIDT of Rs. 206.42 million in the year
2006-2007 as against Rs. 178.41 million in the year 2005-2006. Operating profit
after interest cost and depreciation and amortisation, grew by 27.28% to
Rs.88.62 million in the year 2006-2007 from Rs. 69.62 million in year
2005-2006. The improved margins are on account of increase in revenue, wherein,
costs corresponding to the incremental revenues grow at a lower rate, resulting
in improved profitability.
Profit Before Tax and Provision for Diminution in Value of Investments.
Profit after Tax
Kale recorded a PAT of Rs. 80.47 million for the year as compared to Rs.64.84 million for the previous year. Net profit as a percentage of total income is 9.96% as compared to 10.18% in the year ended March 31, 2006.
This Decrease is due to the increase in provision for Taxation by 3.38 million.
Future Outlook
The airline industry is seeing robust growth, both in passenger and cargo business and this growth is likely to continue. The Travel and Hospitality industry, similarly is growing in both business and leisure segments as is the logistics industry. But along with this growth are lower yields and therefore pressure on profitability, increased competition and huge change in distribution channels driven by Internet and e-commerce.
In summary a time of opportunity as well as challenges and certainly one of far reaching change in industry structure and players. In response to these trends, customers are looking for IT and outsourcing solutions that help them enhance yields, manage and protect revenue and reduce costs. They are also looking at how to simplify the business and leverage the growth of e-commerce. There is growing acceptance of outsourcing both IT and Business Processes. Customers are also preferring solution providers who understand their business and can provide the benefits of both outsourcing and transformation.
Kale is seeing increased and continual traction on all its solution areas
- revenue accounting and management, air cargo management, travel and
hospitality technology and logistics solutions. Kale has also won respect and
industry acceptance for its solutions and passion for innovation. All of these
provide confidence that Kale will be able to accelerate growth and sustain
profitability in the coming years.
Opportunities and Strengths
The Company has identified several opportunity areas with a view to enhancing market presence.
FIXED ASSETS:
· Goodwill
·
· Building
· Plant and Machinery
· Software
· Furniture, Fixtures
· Equipments and
· Other Assets
· Vehicles
· Leased Assets
WEBSITES DETAILS:
Kale Consultants is a leading end-to-end technology solutions provider to
the Travel and Transportation industry. They specialise in providing “Total
Solutions” encompassing technology and business process outsourcing combined
with unparalleled domain knowledge that gives their clients a distinct
advantage.
· Their clients have benefited by their ability to:
· Speak their business language and directly address their needs through their technology
· Provide solutions that are knowledge-driven and technology enabled
· Deliver a transformational business model through outsourcing
· Consistently implement business enhancing solutions
Their
Globally, to be one of the top three providers of choice in the markets
that they serve through innovation, modern technology and global
outsourcing.
Values
·
To
perform and manage their business with the highest level of integrity and
trustworthiness
·
To
operate as a learning organization, integrating experiences gained from their
interactions
·
To
practice the highest level of professionalism with their employees, customers
and shareholders
·
To
build excellence in their work, resulting in superior products and customer
service performance
·
To
be a company that people love to work for and work with
·
To
consistently offer superior shareholder value
·
To
be a responsible member of the society and contribute to its betterment
Kale Consultants is a leading end-to-end technology solutions provider
to the Travel and Transportation industry. They specialise in providing “Total
Solutions” encompassing technology and business process outsourcing combined
with unparalleled domain knowledge that gives their clients a distinct
advantage.
Their clients have
benefited by their ability to:
· Speak their business language and directly address their needs through their technology
· Provide solutions that are knowledge-driven and technology enabled
· Deliver a transformational business model through outsourcing
· Consistently implement business enhancing solutions
One-Stop-Shop for
the Travel and Transportation Industry:
Kale offers a combination of domain knowledge, “best of breed” technology
and “global best practice” business processes to deliver transformational
outsourcing value propositions. With this trio of offerings Kale is well poised
to address the exacting needs of Airlines, Hospitality, Air Cargo, Logistics,
Airports, Travel Agencies, Tour Operators, and other players in the eco system
of the travel and transportation industry.
Award winning and
industry recognized solutions:
Their award winning product offerings and industry acknowledged
solutions are built around their clients’ unique requirements and their
constant endeavor to excel. Their solutions have received highest industry
honours for innovation and excellence. They also partner with the leading
industry bodies like IATA, TIACA and NASSCOM in their varied global endeavors.
Their Solutions include:; products, bespoke IT projects and services and BPO
services. IT services include Application Development and Maintenance (ADM),
Customer Relationship Management (CRM), Business Intelligence (BI) and
e-commerce Solutions. BPO services include Customer Service, Fulfillment,
Mid-Office Accounting, Revenue and Fare Management etc.
Distinguished
clients:
A seasoned player in the travel and transportation domain, they have
been delivering value to 60+ clients spread across 30 countries. They provide
solutions and services to the world’s top companies including: Air France,
Asiana Airlines, bmi, Delta Airways, Qatar Airways, Lastminute.com, the SkyTeam
Alliance to name a few.
Incorporated in 1986, Kale has keenly focused on the airlines, logistics
and travel and hospitality industries. Over the years Kale has gained
tremendous respect among its clients, peers and industry bodies for its
innovative and transformational approach to solutions. Based in
Kale Consultants Limited and ATPCO sign
alliance to bring further efficiencies to the Interline Billing process by
offering a joint Neutral Fare Proration engine
Kale Consultants Limited acquires
Daallo Airlines signs
up for BPO services - for both passenger and cargo revenue accounting
services.
Kale wins NASSCOM IT Innovation Award.
Mr. Narendra Kale (Founder and
Chairman) conferred ‘Distinguished
Alumnus Award’ from Indian Institute of Tecnology,
Kale signs up Apollo
LogiSolutions, an Apollo Tyres group company, for its Container Freight Station Operations.
2006
· bmi signs a multi-year Revenue Accounting Processes deal with Kale.
· Foray into logistics solutions with Direct Logistics.
· Indian Airlines goes live with CSP® becoming Kale's first hosted airline application.
· Cebu Pacific goes live with REVERA®.
· Kale achieves global ISO 27001 certification.
2005
· Indian Airlines signs contract for CSP®; to be implemented on a hosted environment.
· Delta Airlines selected and successfully implemented Kale's APEX®.
· Kuwait Airways, Oman Air and Gulf Air sign up for Revenue Accounting and Protection Services.
2004
· Cognosys rebranded as Kale Travel Technology Solutions.
· Launched Synetairos Technologies Limited - a subsidiary of Kale with focus on generic software and professional services business.
2003
· APEX® selected by IATA for Neutral Fare Proration
· Acquired Cognosys - Travel Technology solutions company.
2002
Forayed into Audit services with Malaysia Airlines for outsourced sales
audit.
2001
· Forayed into BPO.
· Contract awarded by Qatar Airways and Air Luxor.
· Agreement with Asiana Airlines for joint development of Enterprise Wide Cargo Solution - CSP®.
2000
Acquired Speedwing's Passenger Revenue
Accounting and Cargo Solutions business.
1999
· ISO 9001 certification.
·
Kale
theynt public.
1998
Set up ODC and Support centre
for Citibank.
1997
Contract awarded by Continental
Airlines for APEX®.
1991
· Launched PRAXIS™.
·
Awarded Air
1989
Launched
1986
Kale Consultants incorporated.
Kale’s global offices are strategically located to offer optimum
operating benefits and at the same time located close to their clients to
address their immediate needs. The offices are situated across three continents
of Asia,
Headquartered in
IATA-endorsed proration solution providers bring further efficiencies to
the Interline Billing process by offering a joint Neutral Fare Proration engine
- Kale
Consultants Ltd., a leading provider of revenue accounting
services to the airline industry, and Airline Tariff Publishing
Corporation (ATPCO), the industry leader in the collection and
distribution of airline fare data, have signed an agreement to
jointly provide one best-practice proration solution to the airline industry.
ATPCO’s CIPS and Kale’s APEX® are the two IATA-selected and -approved
Neutral Fare Proration (NFP) engines which form an integral part of the First
and Final™ (F and F) interline billing service, provided by ATPCO, IATA and ARC
(AIA), that enables rejection-free interline billing. With this agreement, both
parties will offer a unified NFP solution, which will be powered by Kale’s
APEX®. This initiative contributes to the “Simplify the Business” initiative
and establishes an even more efficient F and F interline billing service for the
benefit of the airline industry. With this collaboration both companies will
combine their proration expertise, ATPCO’s customer relationship as an
airline-owned industry organization and Kale’s technology skills.
Speaking on the occasion, Mr. Michael Ferrier, President
and CEO, ATPCO, said, “This is an ideal arrangement for the
airline industry. Recognizing First and Final™ settlement as the industry need,
the arrangement aims to leverage their joint strengths and will result in a
simplified and more efficient F and F interline billing solution for the
benefit of the industry.”
Mr. Vipul
Jain, CEO and Managing Director, Kale Consultants Ltd., said, ”Changing business needs require agile technology solutions. It makes
good business sense for two companies with such complementary strengths to come
together and build a powerful solution to address the industry’s challenges.
Today, there is wider acceptance of the First and Final™ interline billing
process as airlines across the globe harness the power of technology to cut
costs.”
About the First and Final Interline Billing Service
First and Final™ billing enables rejection-free interline billing, which speeds
processing and increases revenue accuracy and management decision-making
capability. IATA expects this process to provide airlines with significant cost
reduction and improvements in the quality and timeliness of information. This
initiative would eliminate the problem of multiple valuations of the same ticket
leading to frequent time-consuming disputes between participating airlines.
First and Final™ is provided by ATPCO, IATA and ARC acting together for the
airline industry.
ATPCO is the industry leader
in the collection and distribution of airline fare data. ATPCO collects this
information from more than 500 airlines worldwide and distributes it through
multiple channels, including all global distribution systems (GDS), all
computer reservation systems (CRS), online travel agencies, and airline Web
sites. Beyond its core business, ATPCO offers value added services to support
revenue accounting and revenue management. Airline owned, ATPCO’s headquarters
are in
Kale Consultants is the leading end-to-end Technology solution provider
for the Travel and Transportation industry. As the single-stop-shop for all
technology needs of clients, they provide Technology, Business Process
Outsourcing and Domain solutions to their clients. As an IT organization they
do ftheir things for our clients:
Speak their business language and directly address their needs through
their technology
Provide solutions that are knowledge-driven and technology enabled
Deliver a transformational business model through outsourcing
Consistently implement business enhancing solutions
A seasoned player in the travel and transportation domain, they have
been delivering value to 60+ clients spread over 30 countries through
innovative deployment of technology. With innovation forming the core, Kale has
been in the forefront of introducing cutting edge technologies to businesses
helping them reduce risk and add value.
At Kale, they offer solutions and services to 3 focused verticals
including Airlines, Transportation and Logistics and Travel and Hospitality.
Kale has the distinction of working with the Industry leaders on landmark
multi-year engagements such as bmi, lastminute.com, Qatar Airways.
Their 900+ technofunctional consultants are spread across 7 global
locations. This group of motivated workforce brings to the table domain
experience and technological excellence, the essential ingredients for every
successful client engagement.
At Kale they believe in offering much more than a job; they strive to
give you job satisfaction, a challenging atmosphere and exposure to
international operations. They are a global company; hence they appreciate
talent with global vision; who think solutions, theylcome and implement
suggestions and contribute to make a difference to the organization.
Other information:
At Kale, they have made it their ongoing endeavour to understand the travel and transportation business. Read more about their Partners:
· IATA
· TIACA
· Nasscom
· Computer Associates
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.49 |
|
|
1 |
Rs.80.41 |
|
Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|