Magma Fincorp Limited NCD (Magma Fincorp NCD April 2019) Detail
Incorporated in 1978, Magma Fincorp Ltd was a non-banking finance
company (NBFC). Later in 1989, it started providing financial services
as well. The company finances based on the asset for new and
already owned tractors, utility vehicles, commercial vehicles and cars. Further, the company also provides mortgage financing, general insurance products, and SMEs financing services.
As on 30th Sept 2018, the company had nearly 11.00 lakh active customers and 306 branches across 21 states in India.
The core business verticles of the company are:
1. Asset-Backed Finance: It is divided into six categories including auto lease, cars, commercial vehicles, construction equipment, pre-owned vehicles and tractors.
2. Mortgage Finance: It offers three products which are Housing Loans, Loans Against Property (LAP), and Construction Finance Loans for Real Estate Developers.
3. Small and Medium Enterprise (SME) Finance: This category includes the customers whom company provides loan such as small and medium-sized dealers, distributors, shop owners, traders and manufacturers.
4. General Insurance: This segment has 7 products to fulfil the general insurance needs of businesses. The product list includes Motor Insurance, Health & Personal Accident Insurance, Liability Insurance, Fire Insurance, Engineering Insurance, Marine
Insurance and Miscellaneous Insurance.
Future Aims of the company are:
1. Enhance the affordable housing financing segment
2. Ensure effective risk management
3. Make business processes improved with Technology initiatives
4. Keep on undertaking cross-selling initiatives
5. Improve product portfolio
The competitive strength of the company are:
1. Rural and semi-urban markets understanding
2. Wide distribution network
3. The strong risk management framework
4. Integrated technology system
Magma Fincorp NCD April 2019 Detail
Issue Open Apr 8, 2019 - May 8, 2019
Security Name Magma Fincorp Limited
Credit Rating BWR AA (Outlook: Stable) by Brickworks Ratings India Private Limited and ACUITE AA/Stable by Acuité
Ratings & Research Limited
Allocated
Category 1 (QIB) 20 %
Category 2 (NII) 20 %
Category 3 (RII) 30 %
Company Promoters
Here are the promoters of the company:
1. Celica Developers Private Limited,
2. Microfirm Capital Private Limited,
3. Ashita Poddar,
4. Kalpana Poddar,
5. Mansi Poddar and
6. Shaili Poddar
Objects of the Issue:
The company proposes to utilize the funds towards funding the following objects:
1. For the purpose of onward lending, financing and for repayment/prepayment of interest and principal of the
existing borrowings of the Company; and
2. General corporate purposes.
Magma Fincorp NCD April 2019 Prospectus
Magma Fincorp NCD April 2019 Lead Manager(s)
1. A.K. Capital Services Limited
2. Catalyst Trusteeship Limited
3. Edelweiss Capital Limited
MFL is tapping the debt market for the first time in the last 31 years.
Offers lucrative rates to attract retail investors in a maiden offer.
The issue is rated BWR AA/Stable and ACUITE AA/Stable.
Investors looking for regular income may consider it for the long term.
Conclusion / Investment Strategy
Considering AA/Stable rating, higher coupon rates offered by MFL make it a lucrative bet for regular income. Investors looking for steady return may consider an investment for the long term. (Subscribe).
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