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
|Issue Open||Apr 8, 2019 - May 8, 2019|
|Security Name||Magma Fincorp Limited|
|Security Type||Secured, Redeemable, Non-Convertible Debentures (Secured NCDs)|
|Issue Size (Base)||Rs 200.00 Crores|
|Issue Size (Shelf)||Rs 500.00 Crores|
|Issue Price||Rs 1000 per NCD|
|Face Value||Rs 1000 each NCD|
|Minimum Lot size||10 NCD|
|Market Lot||1 NCD|
|Listing At||BSE, NSE|
|Credit Rating||BWR AA (Outlook: Stable) by Brickworks Ratings India Private Limited and ACUITE AA/Stable by Acuité Ratings & Research Limited|
|Tenor||3 years/ 5 years/ 10 years|
Series 1 to Series 7
|Payment Frequency||Monthly, Annual and Cumulative|
|Basis of Allotment||Priority Basis|
NCD's allocated in each investor category:
|Category 1 (QIB)||20%|
|Category 2 (NII)||20%|
|Category 3 (HNI)||30%|
|Category 4 (RII)||30%|
|Series 1||Series 2||Series 3||Series 4||Series 5||Series 6||Series 7|
|Frequency of Interest Payment||Annually||NA||Monthly||Annually||NA||Monthly||Annually|
|Tenor||3 year||3 year||5 year||5 year||5 year||10 year||10 year|
|Coupon Rate (Retail) For Category I & II/ for III & IV||10.25%||NA||10.04%||10.50%||NA||10.27%||10.75%|
|Amount on Maturity For Category I & II/ for III & IV||₹1,000||₹1,340.10||₹1,000||₹1,000||₹1,648.19||₹1,000||₹1,000|
The NCDs proposed to be issued under this Issue have been rated BWR AA (Outlook: Stable)' by Brickworks Ratings India Private Limited ("Brickworks") for an amount of up to ₹ 1,00,000 lakhs vide its letter dated December 21, 2018 and ACUITE AA/Stable by Acuité Ratings & Research Limited (erstwhile SMERA Ratings Limited) for an amount of up to ₹ 1,00,000 lakhs vide its letter dated December 28, 2018. The rating of the NCDs by Brickworks and Acuité indicate that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.
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
The company proposes to utilise 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.
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Magma Fincorp Limited
24 Park Street, Kolkata 700 016,
West Bengal, India
Phone: +91 33 4401 7350/7200
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