North India based steel importer. The company imports steel rolling mill rolls from different geographies in Asia worth more than USD 1 mio per month. Earlier Buyer’s credit was the main source of funding for the client but a halt on LOUs compelled the client to borrow funds in INR.
Myforexeye Value Addition:
The client approached Myforexeye to syndicate multiple transactions amounting to USD 500k approx. from different exporters across Asia-Pacific region. This was the first import financing of the client through Letter of Credit backed Supplier’s Credit. The supplier was hesitant in accepting the clauses incorporated in LC and the LC was issued without including any clauses of the funding bank. The LC was directly addressed to the beneficiary bank without intimating the funding bank. All other original documents arrived at the issuing bank without routing it through the funding bank. The client was worried about the funding process. Myforexeye team escalated this query to our overseas funding bank. With the help of our funding bank and proper coordination between our team and the funding bank, the transaction was smoothly processed by sending amended LC & scanned copy of documents to the funding bank on urgent basis.
The client was satisfied with the service & coordination of Myforexeye team with both the LC issuing bank & funding Bank along with the back office team of the client.
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