AGREEMENT FOR LOAN AGAINST LETTER OF CREDIT
Loan Agreement Ref No. Starlight & Argosy / Mumbai /2024-2025 dated 12-03-2025
This document is a Agreement for Loan against Letter Of Credit entered into as of date
12th March 2025 at Mumbai between the following parties:
THE LC APPLICANT : hereinafter called as “LC ISSUER or PARTY-1” .
NAME O F COMPANY M/S. STARLIGHT TRAD LLC
COMPANY REGISTARTION NO. 1528816 ( OMAN BUISNESS PLATFORM)
PO BOX 124, SOHAR ,NORTH GOVERNORATE
ADDRESS
CITY/PIN SOHAR
STATE/PROVINCE SOHAR , OMAN
REPRESENTED BY Mr. NIAZ WASEEM
TITLE/DESIGNATION MANAGING DIRECTOR
PASSPORT NO. DG99156033
EMAIL [email protected]
CO- APPLICANT : hereinafter called as “BORROWER In India or PARTY-2” .
NAME O F COMPANY M/s. ARGOSY EXIM PRIVATE LIMITED
COMPANY CIN U47990KL2024PTC089360
ADDRESS TC 38/2292/5, BLUEBRICKS , ALPHA 2B, AJANTA
NAGAR, VATTIYOORKAVU,
CITY/PIN THIRUVANANTHAPURAM , - 695013,
STATE/PROVINCE KERALA , INDIA
REPRESENTED BY MR. HARISH AYYAPPAN NAIR ( MR.A.S.HARISH )
TITLE/DESIGNATION MANAGING DIRECTOR
PASSPORT NUMBER P 3664204
EMAIL sales@argosyexim,com
Page 1 of 10
THE LENDER : hereinafter called as “LENDER or PARTY-3” .
NAME COMPANY/FIRM) M/s. NOVASATUM FOODS PRIVATE LIMITED
GST (COMPANY/FIRM) 27AAHCN0709M1Z9
ADDRESS 21st Floor, 2106, Solus, Ghodbunder Road,
Hiranandani Estate,
CITY/PIN Thane
STATE/PROVINCE Maharashta
COUNTRY: India
REPRESENTED BY MR. SAURABH BOHRA
TITLE/DESIGNATION Director
AADHAR NUMBER 370577506716
EMAIL [email protected]
WHEREAS, all together shall be referred to as “PARTIES”.
WHEREAS: The issuer of the Letter of Credit ("LC"), the Applicant M/S. STARLIGHT TRAD
LLC, SOHAR, OMAN has requested the Lender, M/S. NOVASATUM FOODS PRIVATE
LIMITED, INDIA to extend a loan facility to its Co-Applicant, M/S. ARGOSY EXIM PVT LTD,
INDIA (acting as the Borrower in India), against an LC issued by HSBC Bank, Singapore, in
favour of the Lender.
The Lender has agreed to extend the loan based on the security of the Letter of Credit, subject
to the terms and conditions set forth herein.
Page 2 of 10
NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parties agree as follows:
1. LOAN FACILITY:
1.1. The Lender agrees to extend a loan facility to the Borrower, amounting to 50% of the
Loan-to-Value (LTV), which shall be determined based on the discounted total value of the
Letter of Credit. The loan amount shall be disbursed against the LC after it has been
credited to the Lender's account by the Applicant, pursuant to the LC issued by [Bank
Name]."
1.2. The LC must 100% IRREVOCABLE, CONFIRMED, REVOLVING, UNCONDITIONAL NON-
TRANSFERABLE 90 DAYS SIGHT DLC in favour of the Lender.
1.3 The Lender shall transfer the loan amount either to the Borrower's account (M/S. ARGOSY
EXIM PRIVATE LIMITED) as per the instructions of the Applicant (M/S. STARLIGHT TRAD
LLC)."
1.4 Loan Amount Transfer into Following Borrower Bank Account:
Name of Borrower: M/S ARGOSY EXIM PRIVATE LIMITED
Account Number: 43310752608
FSI Code: SBIN0016083
Bank Name: STATE BANK OF INDIA
Bank Branch Address: Maruthankuzhy, PTP Nagar Road, Trivandrum -695013, Kerala,
2. TERMS OF REPAYMENT:
2.1. The Borrower shall repay the Loan in instalments or Full Amount commencing from Date
…………… and shall make the final repayment by agreed maturity date of Agreement.
2.2. The Loan shall bear interest at the Rate of 12%-18% per annum, payable on a
Monthly/Quarterly basis.
2.3 Loan tenure shall be either 90 days or 180 days.
3. SECURITY & COLLATERAL:
3.1. The Borrower or Co-Borrower shall assign all rights, title, and interest in the Letter of
Credit to the Lender as security for the Loan.
3.2. The Lender shall have full rights to enforce payment under the LC in the event of default
by the Borrower.
Page 3 of 10
4. REPRESENTATIONS AND WARRANTIES:
4.1. The Borrower represents and warrants that:
a) It is duly incorporated and has the legal capacity to enter into this
Agreement;
b) The Letter of Credit is valid, enforceable, and free from any defects or
encumbrances;
c) There are no existing legal or financial impediments preventing the Borrower
from fulfilling its obligations hereunder.
5. EVENTS OF DEFAULT:
5.1. The following shall constitute an event of default:
a) Failure by the Borrower to repay any instalment of the Loan
or interest thereon;
b) The LC being dishonoured, revoked, or otherwise deemed unenforceable;
c) Any misrepresentation or breach of warranties by the Borrower.
5.2. Upon default, the Lender shall have the right to demand full repayment of the
Loan, enforce the LC, and exercise any other legal remedies available.
6. INDEMNIFICATION:
6.1. The Borrower agrees to indemnify and hold harmless the Lender from any losses, claims,
or damages arising from non-payment or defects in the Letter of Credit.
7. GOVERNING LAW & DISPUTE RESOLUTION:
7.1. This Agreement shall be governed by and construed in accordance with the laws of
Mumbai, Maharashtra Jurisdiction.
7.2. Any disputes arising out of or in connection with this Agreement shall be settled through
arbitration in Mumbai, Maharashtra, in accordance with the rules of Arbitration
Institution.
Page 4 of 10
8. GENERAL PROVISIONS:
8.1. This Agreement constitutes the entire agreement between the parties and supersedes all
prior agreements or understandings.
8.2. Any modification to this Agreement shall be in writing and signed by all parties.
8.3. If any provision of this Agreement is held to be invalid or unenforceable, the remaining
provisions shall continue in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above.
9. BANKING INFORMATION:
9.1 THE LC APPLICANT : hereinafter called as “LC ISSUER or PARTY-1” .
NAME O F COMPANY M/S. STARLIGHT TRAD LLC
COMPANY REGISTARTION 1528816 ( OMAN BUISNESS PLATFORM)
NO.
PO BOX 124, SOHAR ,NORTH GOVERNORATE
ADDRESS
CITY/PIN SOHAR
STATE/PROVINCE SOHAR , OMAN
REPRESENTED BY MR. NIAZ WASEEM
TITLE/DESIGNATION MANAGING DIRECTOR
PASSPORT NO. DG99156033
EMAIL [email protected]
BANK DETAILS :
ACCOUNT NAME
BANK NAME
ACCOUNT No.
IFSC Code
BRANCH
Page 5 of 10
9.2 CO- APPLICANT : hereinafter called as “BORROWER In India or PARTY-2” .
NAME O F COMPANY M/s. ARGOSY EXIM PRIVATE LIMITED
COMPANY CIN U47990KL2024PTC089360
TC 38/2292/5, BLUEBRICKS , ALPHA 2B, AJANTA
ADDRESS
NAGAR, VATTIYOORKAVU,
CITY/PIN THIRUVANANTHAPURAM , - 695013,
STATE/PROVINCE KERALA , INDIA
REPRESENTED BY MR. HARISH AYYAPPAN NAIR ( MR.A.S.HARISH )
TITLE/DESIGNATION MANAGING DIRECTOR
PASSPORT NUMBER P 3664204
EMAIL sales@argosyexim,com
BANK DETAILS :
ACCOUNT NAME M/s. ARGOSY EXIM PRIVATE LIMITED
BANK NAME STATE BANK OF INDIA
ACCOUNT No.
43310752608
IFSC Code
SBIN0016083
MARUTHANKUZHY, PTP NAGAR ROAD, TRIVANDRUM -
BRANCH 695013, KERALA
Page 6 of 10
9.3 THE LENDER : hereinafter called as “LENDER or PARTY-3” .
NAME COMPANY/FIRM) M/s. NOVASATUM FOODS PRIVATE LIMITED
GST (COMPANY/FIRM) 27AAHCN0709M1Z9
ADDRESS 21ST FLOOR, 2106, SOLUS, GHODBUNDER ROAD,
HIRANANDANI ESTATE, THANE
CITY/PIN THANE
STATE/PROVINCE MAHARASHTA
COUNTRY: INDIA
REPRESENTED BY MR. SAURABH BOHRA
TITLE/DESIGNATION DIRECTOR
EMAIL [email protected]
BANK DETAILS :
ACCOUNT NAME M/s. NOVASATUM FOODS PRIVATE LIMITED
BANK NAME ICICI Bank
ACCOUNT No. 088405003557
SWIFT CODE ICICINBBXXX
IFSC Code ICIC0000884
BRANCH MANPADA, THANE, MAHARASHTRA, INDIA
NOTE : If these details provided are found incorrect or not verified, then this Agreement
will become invalid and stands null and void.
Page 7 of 10
In witness whereof, the PARTIES hereto declare that they have read and understood this LOAN
AGAINST LETTER OF CREDIT and are fully aware of the interpretation of all the provisions,
terms and conditions herein and further that they have signed by their hand below, and have
ACCEPTED and APPROVED all covenants, terms and conditions of this Agreement.
Date: Place :
APPLICANT LC ISSUER ACCEPTANCE: BORROWER IN INDIA ACCEPTANCE:
M/S. STARLIGHT TRAD LLC M/s. ARGOSY EXIM PRIVATE LIMITED
MR. NIAZ MR. HARISH AYYAPPAN
Name: Name:
WASEEM NAIR ( MR.A.S.HARISH )
Designation MANAGING DIRECTOR Designation: MANAGING DIRECTOR
:
Date: Date:
Place: Place:
APPLICANT LC ISSUER SIGN, STAMP & BORROWER IN INDIA SIGN, STAMP & SEAL
SEAL
MANAGING DIRECTOR MANAGING DIRECTOR
For M/S. STARLIGHT TRAD LLC For M/s. ARGOSY EXIM PRIVATE LIMITED
Page 8 of 10
LENDER ACCEPTANCE:
M/s. NOVASATUM FOODS PRIVATE LIMITED
Name: MR. SAURABH BOHRA
Designation DIRECTOR
:
Date:
Place:
LENDER SIGN, STAMP & SEAL
DIRECTOR
M/s. NOVASATUM FOODS PRIVATE LIMITED
Page 9 of 10
Page 10 of 10
