John was wanted by Sam and David in Sam’s office. Sam happily announced “John, you will become highly busy from days to come. We are going to have one more factory in the northern states” Sam continued “It is a big factory and it is in the duty free zone, I am sure we are going to have handsome profits. All directors and shareholders are going to enjoy the fruits of their investments with us, don’t’ you think so, David?”
David shared the happy mood with Sam “Sure, but pass me some of the credits, they are not all yours!” All three of them burst out laughter lightly.
The ‘Duty Free Zone’, it is an area designated at a specific place, fenced up with police, custom enforcement officers’ presence and custom duty facilities established. It is treated an area of foreign country and all products are for exports. All products are not allowed for domestic sale and supplies.
John asked “What are the products for our new factory?” Sam responded by passing to David for the clarification and David said “mostly vinyl covers for cars, furniture, kitchen utensils and all home and garden furniture and equipments covers. Patio umbrella and they are more new products out from the raw materials of vinyl sheets in the near future” David paused a few seconds and said again “I am expecting the production for complete products of one 40 footer high cube container per day!” David was excited and most likely he must have some news from his marketing teams overseas.
Forty footer high cube containers, under normal circumstances, there are four combinations of containers for shipments. Twenty footer and its normal height, the twenty footer means, it is the length of the container which has twenty feet. The high cube, it is to indicate extended height.
John posed a question again “Our new factory ready for production?” Sam answered this time “Not yet, it will be after three months, we bought a defunct factory, it was used as a warehouse by the former owner. Renovation will be completed after two months and the machineries will be arrived next month, testing of machineries and final torch of renovation shall be ongoing simultaneously?
Sam “The new factory is under a new company, the memorandum and articles of associations and other associated documents shall be send over to you by the company secretary. David and I together with you, having an appointment with the BAA bank director at their bank head office tomorrow morning”
BAA bank head office, the director Danny’s room, David and john was introduce to Danny by Sam and Sam had a short small talk with Danny. The golf playing, who was lost to who, who was needed handicap and yet was lost the game, they were exchanging the views of which golf course was best and the 18 holes field and other number of holes field. These talks were alien to David and John and other subject of small talks was among two of them.
Time was flying and time was right for the serious and the intended business started, Danny talked to John “John, Sam speak very high about you” John responded with a smile. Danny spoke again “John can you prepared 5 years budgeted financial reports for me as well as five years cash flow budget” John answered affirmatively “Ok, how soon you need them?” Danny “As soon as possible, bests not later than two weeks” John “Any others?” Danny “Yes, the usual documents, teams of management, list of directors properties” Sam joined “The part of my directors list of properties, I will give it to you and, John do remind me” David “John you have mine” John “Yes any recent changes? David” He replied “No, the list still valid”
Sam “Danny, what is the status of our credit facilities application” Danny “Practically, it is ok, we are waiting for all the documents” Sam “Can we draw down by next week?’ Danny “You need urgently? Can you wait until all documents are with us?” Sam “I hate the renovation contractor, call me now and then, days and nights nonstop” Danny “I thought you do have the paid up capitals” Sam “All funds from paid up capitals exhausted for the purchases of the factory and land”
Danny asked his secretary to bring in some documents. He told Sam that all documents brought in needed his and David’s signature. He also told Sam that the best he could do to assist him to get the bank to release the part of facilities of term loan for the renovation contractor. However, Sam needed to provide Invoice/bill and paid receipts of the said invoice for each draw down of the amount already paid to the contractor. He reminded Sam, one of the bank conditions, the paid up capital must be twenty percent of the total facilities provided.
Sam office in his room, John was there and Sam’s secretary was taking instructions from Sam. Sam instructed to his secretary “Handing over to John, the entire new factory, the bank loan applications documents, the cheque books, photocopies of land title, and the photocopies of sale and purchase agreement of the factory, the original copies of renovation contractor and original quotations, pro-forma invoices machineries, my updated list of personal properties” He talked to John “I believe that’s about all and the new factory from now on, it is under your care. I will ask the renovation contractor to refer to you with immediate effect!”
John was on the way back to his office, tickling in his brain “Yesterday was in the bank, asking the releasing of credits facilities without all necessary documents were in place, early in the morning of today, handing the ‘whole baby’ to me. Is the renovation contractors are really so difficult?”
Next Topic: The Old Van – Line of Credits II
David shared the happy mood with Sam “Sure, but pass me some of the credits, they are not all yours!” All three of them burst out laughter lightly.
The ‘Duty Free Zone’, it is an area designated at a specific place, fenced up with police, custom enforcement officers’ presence and custom duty facilities established. It is treated an area of foreign country and all products are for exports. All products are not allowed for domestic sale and supplies.
John asked “What are the products for our new factory?” Sam responded by passing to David for the clarification and David said “mostly vinyl covers for cars, furniture, kitchen utensils and all home and garden furniture and equipments covers. Patio umbrella and they are more new products out from the raw materials of vinyl sheets in the near future” David paused a few seconds and said again “I am expecting the production for complete products of one 40 footer high cube container per day!” David was excited and most likely he must have some news from his marketing teams overseas.
Forty footer high cube containers, under normal circumstances, there are four combinations of containers for shipments. Twenty footer and its normal height, the twenty footer means, it is the length of the container which has twenty feet. The high cube, it is to indicate extended height.
John posed a question again “Our new factory ready for production?” Sam answered this time “Not yet, it will be after three months, we bought a defunct factory, it was used as a warehouse by the former owner. Renovation will be completed after two months and the machineries will be arrived next month, testing of machineries and final torch of renovation shall be ongoing simultaneously?
Sam “The new factory is under a new company, the memorandum and articles of associations and other associated documents shall be send over to you by the company secretary. David and I together with you, having an appointment with the BAA bank director at their bank head office tomorrow morning”
BAA bank head office, the director Danny’s room, David and john was introduce to Danny by Sam and Sam had a short small talk with Danny. The golf playing, who was lost to who, who was needed handicap and yet was lost the game, they were exchanging the views of which golf course was best and the 18 holes field and other number of holes field. These talks were alien to David and John and other subject of small talks was among two of them.
Time was flying and time was right for the serious and the intended business started, Danny talked to John “John, Sam speak very high about you” John responded with a smile. Danny spoke again “John can you prepared 5 years budgeted financial reports for me as well as five years cash flow budget” John answered affirmatively “Ok, how soon you need them?” Danny “As soon as possible, bests not later than two weeks” John “Any others?” Danny “Yes, the usual documents, teams of management, list of directors properties” Sam joined “The part of my directors list of properties, I will give it to you and, John do remind me” David “John you have mine” John “Yes any recent changes? David” He replied “No, the list still valid”
Sam “Danny, what is the status of our credit facilities application” Danny “Practically, it is ok, we are waiting for all the documents” Sam “Can we draw down by next week?’ Danny “You need urgently? Can you wait until all documents are with us?” Sam “I hate the renovation contractor, call me now and then, days and nights nonstop” Danny “I thought you do have the paid up capitals” Sam “All funds from paid up capitals exhausted for the purchases of the factory and land”Danny asked his secretary to bring in some documents. He told Sam that all documents brought in needed his and David’s signature. He also told Sam that the best he could do to assist him to get the bank to release the part of facilities of term loan for the renovation contractor. However, Sam needed to provide Invoice/bill and paid receipts of the said invoice for each draw down of the amount already paid to the contractor. He reminded Sam, one of the bank conditions, the paid up capital must be twenty percent of the total facilities provided.
Sam office in his room, John was there and Sam’s secretary was taking instructions from Sam. Sam instructed to his secretary “Handing over to John, the entire new factory, the bank loan applications documents, the cheque books, photocopies of land title, and the photocopies of sale and purchase agreement of the factory, the original copies of renovation contractor and original quotations, pro-forma invoices machineries, my updated list of personal properties” He talked to John “I believe that’s about all and the new factory from now on, it is under your care. I will ask the renovation contractor to refer to you with immediate effect!”
John was on the way back to his office, tickling in his brain “Yesterday was in the bank, asking the releasing of credits facilities without all necessary documents were in place, early in the morning of today, handing the ‘whole baby’ to me. Is the renovation contractors are really so difficult?”
Next Topic: The Old Van – Line of Credits II
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