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Trade Finance

Trade Finance

Mauritius Trade Finance

SBI (Mauritius) Ltd., a subsidiary of SBI, through its parent, has a presence in 36 countries having a wide network of foreign offices and correspondent banks throughout the world. We are  proficient in providing fast, efficient, and reliable financial intermediation through a wide array of trade finance products.

Besides entertaining secure methods of international payment, we also provide you with financial support within justifiable limits. We are committed to adhere to the highest standard of AML/CFT practices for ensuring safety of your transaction.

 

Import Services

We have a centralized Trade Finance Department at our Ebene Office, manned by expert and experienced officials having knowledge of ICC rules and publications related to trade transactions. Our Parent Bank  has a presence in 36 Countries, which allows us global reach across various time zones. Apart from this, we have correspondence relationship across the globe which allows our customer the global access for their trade requirements. This allows easy settlement of your inward and outward transactions. Our import services, inter alia, include issuance of  Letter of Credit, Bank Guarantee, remittances for import, handling of import documents, shipping guarantee, Import Loan.

 

Letter of Credit

 

As a buyer of goods and services you require to pay the seller and at the same time you need to be certain that the seller has fulfilled his part of the commitment.

A Letter of Credit is an extremely common instrument in international trade. It is a written undertaking by the Issuing Bank, on behalf of the applicant (buyer/importer), to pay the beneficiary (seller/exporter) a specified sum of money provided documents presented within stipulated time confirming all the terms and conditions of the Letter of Credit have been complied with.

Guided by the Uniform Customs and Practices for Documentary Credits, ICC Publication No. 600, we open irrevocable Letter of Credit at sight or usance, at the request of our customer against the pre defined credit limits.

Our LCs are accepted by all Banks in Mauritius and abroad. We have a dedicated LC desk to take care of your requirements. We issue LC for your inland as well as cross-border import requirement. At the request of our customers, LCs can be confirmed through our correspondents.

We also advise export Letter of Credit to local and overseas beneficiaries.

We have a dedicated and expert team of officials who handle the documents under the LC and having a robust IT system which permits a good customer  MIS.

 

Shipping Guarantee/Air Way bill endorsement

We are committed to help you in channeling your entire energy in growth of your business.

Shipping Guarantee is an indemnity given by the customer, countersigned by the bank, to a shipping company or its agent to allow the shipping company to release the goods to the customer without the presentation of the original Bill of Lading/Airway Bill.

By issuing shipping guarantees, we help our customers to avoid bearing heavy demurrage, storage and insurance fees.

 

Inward Bill collection

 

We act as your agent for the processing and payment of your import bill. You need not have credit facilities with us to avail this service. We release the documents instantly to you against your payment instruction/ acceptance of the bill as per the instruction of the collecting Banker. Upon receipt of your instruction, we ensure smooth and fast transfer of payment to your seller which allows you to build a healthy relationship with your seller.

 

Import Loan

 

An Import Loan is a short-term cash advance (with recourse) that enables the customer to meet its immediate payment obligations. We offer very competitive rates to our valued customers.

To ease your cash flow so that  you can concentrate in growth of your business, we have the unique import financing solution for you called Import loan. Our team of experts assess your financing requirement and trade cycle and sanction a customized pre approved limit commensurate with your working capital cycle/ trade cycle which allow you to bridge the gap between payment for purchases/imports and sales receipts, we grant Import Loan up to a maximum period of 180 days on Letter of Credit, Documentary Collection, and Open Account basis.

 

International Wire Transfer

 

International wire transfer is a very convenient and common means of transferring money from one entity to another or between own accounts

We effect such transfers through secure SWIFT network in all major currencies across various countries on the same day provided the request is received within reasonable time frame and supportive documents provided, wherever applicable. These transfers cater for such purposes such as trade, education, medical, insurance premium, dividend, subscription, gift, salary, and private remittances.

 

Export Services

Our Export services  include Export Letter of Credit advising, confirmation and negotiation, handling of export collection documents and scrutiny of documents submitted under export Letter of Credit, export receivable financing backed by Credit Insurance or Counter Guarantee of Multilateral Lending Agencies, etc.

We possess ability to offer structured and customized solutions to suit your various requirements and our expertise in document checking based on the understanding of ICC rules (UCPDC 600/URR 522/URDG 758/ISP 98, etc.,) offer valuable guidance in preparation and execution of various kinds of export documents.

We have a dedicated export desk and competent officials to handle your requirement. Immediate credit of export proceeds, provided you have provided requisite documents and information.

 

Discounting/negotiation of bill

 

We understand your business and your need for liquidity. We are committed to help you in improving your cash flows. We negotiate/discount your Documentary credit compliant bills/drafts at a competitive rate, which allows you instant cash flows. We have competent staff manning our export desk at our Head Office, capable of examining your documents under LC without delay. 

We also grant financing to customers against payment of front-end fees and interests by purchasing Bill of Exchange duly avalised by a local commercial bank.

We also discount bill on open account basis. Our team of experts assess your credit worthiness and sanction pre approved limit to allow you a convenient banking through out the year.

 

Export Documentary Collection

 

We forward your export documents pertaining to sale of goods and services, as per your instruction to buyer’s bank, with a request to present these documents to the buyer for payment/acceptance, indicating when and on what conditions these documents can be released to the buyer.

We handle import and export documentary collection orders both on DA and DP basis, subject to the Uniform Rules for Collections, ICC Publication No. 522.

 

We are committed to make your banking experience an enjoyable one by allowing you more control over your receivables, cutting down delays in receipt of your receivables

 

Letter of Credit Advising

 

We have a wide network of correspondents across the globe and having experts in our trade desks, which allows your LC to be authenticated by one of the best Bank of the Mauritius. We ensure immediate advising of LC so that you can plan your consignment better.

 

Bank Guarantee/Standby line of Credit

To enable customers to secure contracts and/or fulfill obligations, SBI Mauritius stands as surety by issuing several types of  Bank Guarantees such as

  • In lieu of security deposit/EMD for participating in tender.
  • Mobilisation advance or advance money before commencement of the project by the contractor and for money to be received in various stages like plant layout, design/drawings in project finance.
  • In respect of raw material supplies or for advances by the buyers
  • In respect of due performance of specific contracts by the borrowers and for obtaining full payment of the bills
  • Performance guarantee for warranty period on completion of contract which would enable the supplier to realise the proceeds without waiting for warranty period to be over
  • To allow units to draw funds from time to time from the concerned indenters against part execution of contracts, etc
  • Customs Bond, and other guarantees subject to vetting by our Legal Adviser.

 

The Bank guarantee will be issued at the specific request of the customer and as per format provided by the customer subject to acceptability of the same to us. The BG will be issued against pre approved credit limit or 100% cash collateral

The guarantees will be issued for a specific amount and expiry date and the claim period should be clearly defined. All our Bank guarantees will be governed by Mauritian law and jurisdiction of the Mauritian Court. Our Bank Guarantees are not transferrable and should not be assigned to third parties. We can arrange for issuance of guarantee in favour of your overseas beneficiary through overseas branches of SBI/correspondents

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