An UK based entity, has a presence in India and is the world leader in niche peristaltic pumps and associated fluid path technologies. Comprising ten established brands, each with their own area of expertise, but together offering our customers unrivalled solutions for their pumping and fluid transfer applications.
As per mandate from H.O. in UK, they are banking with one of the MNC banks and doing all domestic as well as international transactions through them. By the first quarter of this FY we approached them with our solutions to handle their routine remittances to be routed through us for execution through bank.
Having annual FX of GBP2.00Mn
We had audited the transactions, the result was as below:
|Exchange Rate Analysis - WMIPL|
|Date of Receipt||CCY||Received Amount||Exchange Rate||Spot High||Spot Low||Difference||Difference in INR|
|Potential Loss||Rs. 204,192.23|
This is the scenario of client’s FX transactions, before RouteForex’s intervention.
On basis of this outcome, client decided to get RouteForex on-board to handle the transactions.
|Currency||Amount||Spot||Cash Spot||Bank Margin||Net Rate||Initial Difference||Potential Savings (Paisa)||Potential Savings (Rs.)|
It has been visibly seen that the gap has been narrowed down substantially. And the FX loss has been recovered in 7 transactions only.
For its overall FX exposure we have brought the savings of Rs. 5.41 Lakhs. Also, keeping these margins the savings would be nothing less than Rs. 20.00 Lakhs annually.