Daily News: December 14, 2017

DS-Concept Provides $5MM Facility to Indian Textile Firm

DS-Concept funded an Indian textile firm with an export factoring facility in the amount of $5 million.

The company, a manufacturer and exporter of readymade garments including knits, woven goods, leather and accessories, mainly ships to the U.S. and Europe, selling to big-name buyers such as Ann Taylor, Guess and Sainsbury’s.

The client came to DS-Concept with the goal of expanding its business, and required accelerated cash flow to do so. While the company’s funding sources were limited and carried high interest rates, DS-Concept offered competitive pricing to finance its open account 60-day payment terms with its buyers. DS-Concept was able to provide off-balance sheet funding, which helped bridge the working capital requirement gap.

The company is already taking additional orders from its buyers and as it expands, DS-Concept will scale its funding in line with sales, an asset unavailable with traditional banks.

“We are pleased to announce the onboarding of an industry-leading client in India’s textile sector,” said Ankit Goel, managing director of DS-Concept Intelligent Trade Finance, UAE and India Operation. “The appeal of our non-recourse product within the Indian manufacturing community is promising and we look forward to tapping further potential in this segment.’’