Bangalore, 20 August 2009  

Eka Software Solutions, the leading provider of multi-commodity trade and risk management solutions, has announced that Oman Cables Industry (OCI), one of the leading and fastest growing cable manufactures in the Middle East, and Gulf Aluminum Rolling Mill Co (Garmco) has selected Eka’s CTRM solution to manage their hedging and risk management operations. 

OCI selected Eka after a comprehensive evaluation of all available options in the market. “We are an organization that sets high targets and standards and this is reflected in our volume growth which has been constant since inception in 1987. So for a leading metal buyer like us, Eka offers a technologically and functionally superior, out-of-the-box offering. It would help us go-live fast while streamlining all our business processes – easily import physical trade and delivery information from our ERP, have the necessary LME and Forex functionality, bring visibility on price risk, positions, P&L and exposures, meet hedge accounting requirements, and then provide dashboard and analytical capabilities to assist in decision making and analysis. Eka is a company we are happy to partner with. We are confident that with their product, our operations will have the necessary support for our long term growth needs.” says Oman Cable Industries.

The OCI win is another reflection of Eka’s growing capabilities as the leading provider of software to commodity buyers, sellers and traders. Metal buyers such as OCI can realize significant operating efficiencies by using the Eka solution.  With a high focus on industry vertical solutions backed by strong IT and domain expertise, the Eka solution is able to reduce the complexity of multiple technologies and platforms, while bringing visibility and control over business processes.
 
Mr. Manav Garg, CEO & Founder of Eka Software Solutions adds, “We are very pleased to have OCI on board. They are a very important customer for us, and we will provide them with all the support they require for their long term hedging and risk management needs”.
 
EKA’s Commodity Trading and Risk Management (CTRM) solution for Metals provides a single platform for managing operations across base metals, concentrates, ferro-alloys, steel and scrap. This superior solution helps manage end-to-end operations across the metal supply chain, including mines and producers, fabricators, cable manufacturers, traders and merchants, as well as scrap dealers and recyclers. The solution contains comprehensive functionality across physical trading, LME, position, mark to market, P&L, risk management, physical operations, finance, business intelligence and regulatory compliance.

Gulf Aluminum Rolling Mill Co (Garmco) has also selected Eka’s CTRM solution to manage its hedging and risk management operations. Garmco, a leading metal fabricator from Bahrain, has an annual production of 165,000 tonnes of cold rolled aluminum. They offer a range of downstream products to customers from across the globe. Garmco’s ability to consistently deliver high quality products has earned it the reputation of ‘a leading producer of quality products in the world’s most demanding markets’.

To manage the high degree of volatility and consequent risk in turbulent metal markets, Garmco were looking for a comprehensive solution that would provide end-to-end functional coverage, be integrated with their ERP system, and act as a reliable platform for analysis and decision making. After carefully evaluating all available products, Garmco selected Eka. According to Mr. Prakash Narayanan, Finance Accounting Manager at Garmco, “We were constantly impressed by Eka’s people, their abilities, and, of course, the solution itself.  While the product is integral to the business relationship, the commitment shown by the Eka team, their transparent and flexible approach, and their very high capability levels, helped us decide in favour of the Eka solution.  As a company we value customer relationships and we want to partner with companies that have similar values, and we saw that singular dedication in the Eka team."

Talking about the solution and the business edge they would derive from it, Mr. Prakash Narayanan adds, “EKA Commodity Trading & Risk Management Solution gives us the power of real time information and overall visibility of our global risk and exposures.  This essentially means that we are moving to a better managed business model where we can hedge our risks properly, provide quality service to customers, and maintain focus on our core business.”

Mr. Manav Garg, CEO & Founder of Eka Software Solutions says, “The entire team at Eka, including me, are thrilled to have Garmco join Eka’s growing base of customers. We look forward to providing a superior customer and product experience to Garmco”.

 EKA’s Commodity Trading and Risk Management (CTRM) solution for Metals provides a single platform for managing operations across base metals, concentrates, ferro-alloys, steel and scrap. This superior solution helps manage end-to-end operations across the metal supply chain, including mines and producers, fabricators, cable manufacturers, traders and merchants, as well as scrap dealers and recyclers. The solution contains comprehensive functionality across physical trading, LME, position, mark to market, P&L, risk management, physical operations, finance, business intelligence and regulatory compliance.
 
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