Tradewind Finance provided receivables financing of $5 million to a garment manufacturer from Mauritius. A diversified company with 1,200 employees, the manufacturer specializes in manufacturing and finishing denim products for distribution to retailers worldwide, including in Australia and Europe.
The company carries out everything from sample preparation to cutting, embroidery, stitching, printing and washing in-house. With more than 30 years of experience in the apparel and textile industry, it constantly evolves to keep pace with cyclical changes. The company has recovered from the lull brought about by the COVID-19 pandemic and is expanding its exports to cater to larger buyer requirements with a positive projection for sale.
An intermediary approached Tradewind with the company’s financing requirements. Nearly all of the company’s receivables were in euro and U.S. dollar currencies, with a 90-to-120-day open account billing term. The company was previously self-financed, but the receivables finance program will enable it to accelerate its cash inflows and, by outsourcing accounts receivable management, more effectively focus on expanding its product offerings and core sales activities.
“It is a pleasure for us to be able to deliver the liquidity our new client in Mauritius needs to achieve their goals,” Soheil Zali, regional commercial director of Tradewind Asia, said. “Providing our client with an open account facility without a collateral requirement will allow them to focus on their core business with no worries about working capital and risk.”
