Annual turnover of customer: New company

Annual group turnover: Over USD 700.0 million

Facility Arranged: USD 8.0 million

The Group is in the Steel & Mining sector in India for over three decades and engaged in manufacturing, processing and trading of Iron & Steel products; Power generation and Mining of Iron/Manganese ore for captive and merchant trading purposes. The Group has three operating Iron ore mines and three operating Manganese ore mines.

The Group has consistent track record of export performance for the last 5-6 years and has been exporting Steel billets and Pellets. The Group also imports Thermal coal, Coking coal, Scrap etc.

With increase in its international trade, the Group decided to have a presence in Hong Kong through a newly incorporated wholly owned subsidiary. This subsidiary was formed mainly to purchase Coal and Manganese ore from Australia, South Africa and Indonesia and sell to the Group in India (for merchant trading in India) and to global third party buyers directly.

This Hong Kong subsidiary was seeking working capital bank support in Hong Kong to facilitate its trading business.