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SanctionLetter Shoegaro
SanctionLetter Shoegaro
Letter of Intent
Sanction Letter No.: SN-3034
Date: 06/05/2024 04:17 PM
Subject: Initial Funding Limit agreed upon for an Amount of Rs.60,00,000
To,
M/S Shoegaro Fashions Private Limited (hereinafter called as “Customer”)
(CIN: U19129UP2019PTC118764) and
PAN:ABCCS3076L
Dear Sir,
With reference to your application dated 06/05/2024 requesting us, KredX Finance Private
Limited, for approval of funding limits at existing levels and subsequent correspondence in
this regard, we have the pleasure of allowing an initial funding limit of Rs.60,00,000 for
invoices with a maximum time-period of due date being 90 days, which are available subject
to your acceptance/fulfilment of the terms and conditions outlined in this Letter of Intent:
Maximum Payment Period for Individual Invoices 90 Days
Total Exposure allowed Rs 60,00,000
Permitted funding limit is based upon evaluation of the documents submitted to us. Post
submission of the outstanding documentation, a comprehensive due diligence and risk
assessment would be conducted which may alter the approved limit marginally or
significantly. This letter is not a firm offer of approval or funding limit from KredX. The
facilities provided by KredX platform will be available on successful onboarding, contingent
upon receiving the complete documentation, risk evaluation and verification. The letter
should be accepted within 10 days from the date of issuance otherwise this letter will stand
void and cannot be executed. The facility provided is valid only for 12 months from the
signing of Seller Services Agreement on KredX Platform. The facility will be revised in the
following year subject to satisfactory evaluation.
We convey our best wishes to you and welcome you to the KredX family. Please feel free to
get in touch with us at the coordinates below in case of any clarification or concerns.
Assuring you of our best services at all times.
Enterprise(s) (hereinafter
Enterprise Limit Cap (If any)
called as “Customer”)on
which Invoice(s) raised Relaxo Footwears Limited 60,00,000
16.10% per annum
Suggested Discount Suggested discount rate is subject to variation as per RBI’s decision on
Rate benchmark rates. The Seller will be given a prior intimation in case of any
such change.
Suggested Discount Rate + 24% per annum on the outstanding
Penal Interest Rate balance
2% of Total Discounting Limit or Rs. 20,000
(whichever is higher) i.e. Rs 1,20,000 +applicable taxes
The Annual Platform fees will be paid by the Seller upfront.
Annual Platform Fees OR
(Non - refundable) The annual platform fees will be deducted from the invoices discounted
on the platform till the total Annual Platform Fees is collected.
The deducted amount will be 20% of the total deal value or the remaining
amount of annual platform fees, whichever is lower.
Invoice(s) to be discounted keeping a margin of 20.00%
In case where Enterprise(s) issue GRN against an invoice(s), the margin
Margin will be applicable on the GRN amount and not the invoice(s) amount
The margin may change based on past repayment track record even
after commencement of discounting.
PAYMENT ADVICE
The outstanding against the invoice(s) discounted on the KredX platform
will be settled based on payment advice(s) received from the
Enterprise(s). In absence of any payment advice the settlement will
Settlement effected through FIFO method for such amounts which have been
received without a payment advice. In case of an overdue amount of an
invoice discounted on the KredX platform, the lending partners reserve
the right to settle the overdue amount from any payment received from
any Enterprise(s) of the Seller.
In case the Seller/Enterprise(s) prepays the outstanding amount within 15
Prepayment (fifteen) days of the invoice listing date, the discounting cost for entire 15
(fifteen) days will be applicable
KredX Finance Private Limited
List of Pre-Approval Documents:
1. Last 12 months bank statements of all accounts (net banking pdf
format)
2. Last 12 months sales ledger of all Enterprises (for which invoice
discounting is sought)
3. Last 12 months GST returns for all regions (GSTR-3B)
4. Last 3 years audited balance sheet,profit &loss and
cashflowstatements along with audit reports
5. Declaration of CC/OD/Terms Loan/Other Secured Borrowing etc.
with monthly obligation
6. Credit Bureau Report Pull consent letter duly signed and
acknowledged