Magma Fincorp Limited NCD
Magma Fincorp Limited NCD Details
The NCD’s proposed to be issued under this issue have been rated BWR AA (Outlook: Stable) by Brickworks Ratings India Pvt. Ltd. and AA/Stable by Acuite Ratings & Research Limited. The rating of the NCDs by Brickworks and Acuite indicate that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations.
About the company:
Magma Fincorp Limited is a non-banking finance company, incorporated on December 18, 1978 as ARM Group Enterprises Private Limited.
MFL was converted into a public limited company in 1980 and the name of the Company was subsequently changed to Magma Leasing Limited in 1993. In 2008, the company name was changed to Magma Fincorp Limited. Company commenced its financing business in 1989, and has almost three decades of experience in such business.
Company is engaged in providing asset backed financing for new and pre-owned auto and utility vehicles, tractors, cars and commercial vehicles, mortgage financing, financing to SMEs and distribution of general insurance products.
MFL’s customers include first-time buyers of vehicles, self-employed and non-professional individuals, small and medium entrepreneurs and customers with informal income and limited banking and credit history. As of December 31, 2018, MFL had around12.00 lakh active customers, of which approximately 4 lakh active customers were in their financing businesses and 8 lakh active customers were in their insurance business .As of December 31, 2018, MFL had a presence across21States in India through 309 branches.
Public issue of secured redeemable, Non-Convertible Debentures.
Future Aims of the Company:
- Enhance the affordable housing financing segment
- Ensure effective risk management
- Make business processes improved with Technology initiatives
- Keep on undertaking cross-selling initiatives
- Improve product portfolio
Strength of the Company:
- Rural and semi-urban market understanding
- Wide distribution network
- The strong risk management framework
- Integrated technology system
Objective of NCD Magma Fincorp Limited NCD:
- For the purpose of online lending, financing and for repayment/prepayment of interest and principle of the existing borrowings of the company
- For General Corporate Puposes.
Promoters of the Company:
Here are the promoters of the company:
- Celica Developers Pvt Ltd.
- Microfirm Capital Pvt. Ltd.
- Ashita Poddar
- Kalpana Poddar
- Mansi Poddar
- Shaili Poddar
Watch Video Till the End https://www.youtube.com/watch?v=rOXcN6LUHSc