FINORA is the India only integrated Economic guarantee and Financial Asset management application developed for companies to track, manage and update .
Bank Guarantees
A guarantee that the lending company will make sure a debtor will be able to pay their obligations. In other words, the bank will pay the debt if the debtor doesn’t fulfil the obligation. The customer, or debtor, can buy goods, buy equipment, or get a loan with the help of a bank guarantee. [1] A bank guarantee is a declaration from a bank or other lending institution that the bank will pay the loss if a specific borrower defaults.
Letter of Credits
When a supplier ships goods and provides the necessary documentation to the buyer’s bank as proof, the buyer’s bank agrees in a letter of credit to pay the supplier. Letters of Credit are a trade finance tool used to safeguard both suppliers and buyers.
Fixed Deposits
A fixed deposit (FD) is a financial product offered by banks or non-bank financial institutions that, up until the specified maturity date, offers investors a higher rate of interest than a typical savings account.
Insurance
A party agrees to compensate another party in exchange for a fee in the event of a specific loss, damage, or injury as a means of financial loss protection. It is a method of risk management that is primarily employed to protect against the risk of a potential loss.
Term Loan
A term loan is a sum of money borrowed from a financial institution with a set repayment schedule and either a fixed or variable interest rate. When buying fixed assets like machinery or buildings or when starting projects that require a large sum of money and time in order to reap the benefits of such investments, term loans are frequently taken. Term loans are advantageous for getting quick cash while starting a new project or trying to meet a deadline. The creditworthiness and timely installment payments of businesses improve their credit scores.
Term Loan Module in Finora manages below information of Term Loan.
o Financing and Loan agreement details
o RC, Insurance & NOC details of Asset
o EMI Schedule Tracking and reminders for payment
o Report on pending principal amount and EMIs
Hassle-free extensions, renewals & amendments
Simpro, the top software provider in Bangalore with more than a decade of experience in guarantee management software, offers organisations a flexible platform to manage extensions, renewals, amendments, accrued interest, payouts, and a variety of other analytical features through Finora guarantee management software.
Management of
Non Fund Based Limits
Dynamic dashboards for business units and bank-wise Non- Fund based Credit Facilities with highlights on Utilization, refund (Bank guarantees & Letter of credit) and Availability of Limit.
FEATURES
- Can manage Advance Bank Guarantees, Performance Bank Guarantees, Retention Bank Guarantees, goods Supply Bank Guarantee’s, EMD (Earnest Money Deposit) Bank Guarantees etc.
- Manages the history of the Bank guarantee’s received or Issued – Addendums, extensions, terminations or foreclosure, encashment, returns, margin money and bank commission paid
- Tracks the margin money and the FIXED DEPOSIT linked against the same.
- Scan & upload the documents related to Bank Guarantees.
- Beforehand statement on Bank Guarantee expiries and renewals
- Simplified MIS reports.
- Bank Guarantee’s issued and receipt statements
- Bank Guarantee’s status (Active or inactive) report
- Project, division and bank wise Bank Guarantee’s reports
- Beneficiary or benefactor wise Bank Guarantee’s statements
- Bank Guarantee type-wise reports
- Track Bank-wise, project-wise and party-wise Letter of Credit’s and their expiries.
- Tracking of payment against Shipment and closure
- Tracks other charges against Letter of Credits
- Custom Clearance charges
- Loading and Unloading Charges
- Linear Charges
- Transportation Charges
- Storage Charges
- Shipping Line Charge
- Insurance
- Demurrage
- Fork-Lift Charges
- Every Letter of Credit is tracked with Issuing Bank, Negotiating Bank and Advising Bank.
- Manages history of addendums, Margin money, Letter of Credit Commission, stamp charges, handling charges, bank charges paid.
- Tracks the margin money and the Fixed Deposit linked against the same.
- Scan & upload the documents related to Letter of Credit
- Beforehand reminders on payment due date against Letter of Credit
- Simplified MIS reports.
- Letter of Credit issued statement
- Letter of Credit’s status (Active or inactive) report
- Project, Division, Bank wise and party-wise Letter of Credit reports
- Month-wise Letter of Credit acceptance report
- Track Bank-wise Fixed Deposit’s and the maturity.
- Track all the lean Fixed Deposit’s and renewal Fixed Deposit’s (linked with Bank Guarantee)
- Scan & upload the documents related to Fixed Deposits
- Simplified MIS reports.
- Fixed Deposit’s status (Active or inactive) report.
- Cumulative/As on date Interest earned and TDS statement for every Fixed Deposits
- Bank wise Fixed Deposits report
- Can manage multiple types of Insurances :-
- CAR Policy
- Corporate Health Insurance
- Project Insurance
- P&M and Vehicle Policy
- Workmen Compensation Policy
- Fixed Asset Insurance
- Fire Policy etc.,
- Track claims raised against Insurance
- Scan & upload the documents related to Insurance
- Simplified MIS reports.
- Insurance status (Active or inactive) report
- Insurance type-wise reports
Term Loan Module in Finora manages below information of Term Loan.
o Financing and Loan agreement details
o RC, Insurance & NOC details of Asset
o EMI Schedule Tracking and reminders for payment
o Report on pending principal amount and EMIs
Before Finora
- Financial Instruments data was managed in Excel Spreadsheets and had no control on the data.
- Multiple team members accessing same Excel spreadsheet and updating renewal information was a herculean task.
- Tracking of Expiries and renewals was very adhoc and there was no escalation mechanism. In most cases renewals were happening during Claim Expiry Period.
- Retrieval of information and Reports were very intermittent.
- The whole management of financial instruments was person dependent which complicated the retrieval of information.
After Finora
- Data managed in Finora can be accessed through privileges, which ensures timely action and control.
- Multi Level escalation ensures timely action on the payment against Letter of Credit and expiries of Bank Guarantees, Insurance and Fixed Deposit.
- Standard Report Templates makes information retrieval and management reporting simpler.
- Through Finora person dependency doesn’t exist.
Benefits of Finora
Centralized Financial Information
Efficient Management of Information
Automated Notification of prompt action
User Friendly and web compatible interface
100% secure and real time data tracking
No Duplication of Effort
Single Click report generation
24/7 technical support
FINORA application is widely used in following Industries
Public Sector
Manufacturing
Cement
Power Generation
Construction & Infrastrcuture
Finora Dashboard Screens
