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.
Date : 4-Jan-2019
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