| Subject: Re: TRADE FINANCE AVAILABLE,STARTUP FUNDS,COMMERCIAL REAL ESTATE FINANCE AVAILABLE |
Author:
R NATH
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Date Posted: 02:31:05 05/26/02 Sun
In reply to:
SAMEER SRIVASTAVA
's message, "TRADE FINANCE AVAILABLE,STARTUP FUNDS,COMMERCIAL REAL ESTATE FINANCE AVAILABLE" on 03:43:00 06/25/01 Mon
Dear Sir,
Having learnt through BUSY TRADE.COM that you Arrane HYIP's , hence we write to you.
RECEIVED THIS RATHER STRANGE BRAND NEW CUSTOMER LETTER FOR BG'S. WHAT DO YOU THINK OF IT?? IS IT WORTH FOLLOWING UP?? KINDLY ADVISE?
QUOTE:
I understand very clearly what is required: cash (a98s much as possible) or unconditional BG (for as much as possible amount). We don't have such possibilities at present (we are working with new clients but it will take some time).
Keeping the above mentioned in mind and in order not to lose time and not to issue first conditional BG based on signed contract and then not to arrange its placing into the program which will mean cancellation of the contract, we just would like to know if you know project manager, trading banks who are working with conditional BGs, placing them, for example, as collateral into the programs. I heard about such possibilities, although discounting rate, you are right, will be lower than for unconditional bank instrument. But it is not the main point for us, we would like to start working here.
I appreciate if you could help me in this, as we are realistic people and would like to base our business only on real possibilities. The details are as follows:
Our company is a steel trading company. One of our customers, first class German company, is ready to open for us, as beneficiary, bank guarantee (BG) for the amount of $16'560'000.00 as per signed contract for steel supply. This BG WILL BE NOT UNCONDITIONAL, as it will be related to signed contract. It will be CONDITIONAL BG from first class German bank, for 365 + 30 days, for $16'560'000.00.
Understanding that mostly unconditional BGs could be presented to High Yield Banking Programs (HYBP), we really appreciate your advise, if you know some project manager who can arrange through one of trading banks placing of this BG into the program. We realize that in order to be placed this BG should be discounted and credit line should be arranged and after that proof of funds should be issued, after that only these funds could be submitted to PM for placing into the program. In such case as I understand our conditional BG will be in trading bank as a collateral.
In our situation we have to be very much sure in BG text before it is issued, as it could play important role while considered by trading bank. Hence, keeping in hands at present draft text of BG, we kindly request you, if possible to discuss it with somebody who can advise regarding its quality (wording). If you know somebody please inform us and we'll send you draft BG by e-mail.
We have other customers who are ready to follow this way and to issue annual BGs as per signed contracts, but all of them will be CONDITIONAL to signed contracts.
Aditional Information:
Mmy associate signed contract with German customer for the total amount of $33'360'000.00. Half should be paid by L/Cs (6L/Cs x $2.8 mln. = $16'800'000.00 for the period May 2002 - October 2002), second half by BG for the amount of $16'560'000.00, covering 6 shipments from November 2002 till April 2003.
We are waiting for positive response from trader/trading bank confirming possibility of discounting of our CONDITIONAL BG, arranging proof of funds and placing it into program. We propose that our BG, which could be issued within few days, will be considered as a collateral, as we will get $16.8 mln. within 7 months from L/Cs apart from $16.56 mln. from BG in May 2003.
With such a collateral basis we appreciate to have after discounting of BG:
- $10'000'000.00 to place into the program
- $4'076'000.00 as working capital for first May lot + performance bond
2%
Starting from second lot (June) working capital should be generated from the program.
Please consider and advise ASAP. Unfortunately we don't have too muchtime.
As the beneficiary of BG, I'm ready to sign LOI, passport copy is ready, original copy of BG will be in our disposal as soon as it is issued within this week. We will get it from BNP Paribas, Cyprus. Set of documents will be sent to any place immediately.
Please advise what other documents I need to sign in order not to lose time.
UNQUOTE:
Text of BG, which our customer is ready to issue any time can be arranged. They are in a hurry.
Issuing bank - Vereins-und Westbank, Hamburg.
Receiving bank - BNP Paribas (BNPI), Cyprus.
Kindly send us your comprehensive offer inclusive of the commissions and all other details ASAP.
Awaiting your favourable reply.
Regards
R NATH
ASHOKA INTERNATIONAL
Ph:91 22 5603035
Email: gopi2@vsnl.com
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