A Nifty 50 group company engaged in generation, transmission and distribution of electricity. To generate electricity, the company imports coal from overseas worth more than USD 10+ Million per month. Given the client was an experienced hand at arranging trade credits, client’s main requirement was competitive costing.
Myforexeye Value Addition:
Given the group’s size and scale, they have multiple banking arrangements with relationship with almost all the large banks. Client had access to best quotations in the market. The Client agreed to try Myforexeye for syndication of USD 4.1 Million transaction on a pilot basis. The LC needed to be opened on an urgent basis as the shipment had already happened. Working within this tight timeline, Myforexeye team reached out to multiple overseas lenders and was able to secure a competitive pricing of L+25 Bps p.a (plus handling charges of USD200). This was the finest quote the client had, however, the difference between the quotes offered by their key relationship bank and quote obtained by
Myforexeye wasn’t compelling enough. Client had to open the LC the coming Monday and it was already post market hours on Friday evening. Over the weekend, Myforexeye was able to secure a reduced pricing at L+20 Bps p.a from an overseas lender. The overseas lender provided clauses to be incorporated on Sunday and issued out the offer letter first thing on coming Monday allowing the client to make changes and get the LC issued on Monday itself.
The deal was closed at L+20 Bps p.a. The client was really happy with the service our team and has since then signed up with Myforexeye for future syndications.
17 Aug 2019 05:53 PM
A South Indian Electric Vehicles manufacturer well known for selling battery operated two-wheelers. The company regularly imports various components required to assemble two-wheelers from different geographies of the world. Given the focus on green e
20 Jul 2019 06:09 PM
A Surat based woven products’ manufacturer and exporter. The firm exports woven fabric, post bags, laminated bags, cement bags, and other industrial packaging products in the international market with an annual export turnover of INR 10 cr. The firm
29 Jun 2019 04:49 PM
Myforexeye has appointed ‘Referral Partners’ (RPs) across the country in order to bring users of foreign exchange closer to our technology platform. The Referral Partner in Kolkata referred close to 10 exporters and importers in last 1 month. Our tea
15 Jun 2019 05:00 PM
Case: A Delhi based leading export house engaged in the manufacturing and exporting of garments. The company has export receivables of around USD 100k – 150k each month. The company had an inward remittance of USD 15,000 recently for which the owner
01 Jun 2019 03:38 PM
A Surat based client engaged in manufacturing and wholesaling of a wide range of polyester yarn. The company exports products to Turkey, Jordan, Gulf Regions and has foreign currency receivables in the U.S. dollar. The client had recently subscribed
17 May 2019 04:25 PM
Myforexeye was approached by a firm at Surat that is run a young Chartered Accountant who had been following Myforexeye keenly for a while before approaching us for a partnership. We have appointed him as an Affiliate to promote services offered by M