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.
13 Jun 2020 03:43 PM
A Tiruppur based fabric exporter had booked forwards expiring on May 29th, 2020 but due to lack of inward remittances, he had to roll over the forward contracts. The challenge encountered by him was the uncertainty in the Rupee spot price and the sev
05 Jun 2020 10:57 AM
A Delhi based metal importer had import payments of 3-4 million dollars scheduled every month. The client was getting extremely worried about the weakening rupee. The rupee has already depreciated 7.5% in 1.5 months. With growing uncertainties in the
19 May 2020 12:06 PM
A cloth exporter based out of Tirupur booked around $100,000 of export forwards per month. The client’s bank margin was fixed at 10 paise. The bank had been quoting a cash spot rate of 10 paise above the margin. The client had recently signed our “FX
16 Nov 2019 04:30 PM
Delhi based manufacturers of institutional and home furnishings, fabrics and hospital textiles exporter with market base across the country and other Asian and European nations. The client had recently started using our TPO service and had to book a
05 Oct 2019 05:30 PM
A Pune based industrial Instruments importer engaged in manufacturing of Electrical/ Instrumentation Systems. The client regularly avails import funding in foreign currency from Overseas branches of Indian Origin Banks. The client shared a transactio
21 Sep 2019 06:14 PM
A New Delhi based electronic goods importer. The working capital cycle of the client is 180 days but the Import payments terms are at sight against DP documents. The client used to utilize the Cash Credit facility with a PSU Bank. The client had appl