Magma Fincorp Limited (Revise)
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- Briana Jocelin Watts
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1 Ratings /Instruments Long term Bank facilities Magma Fincorp Limited (Revise) July 14, 2017 Amount 7, (reduced from 7,687.68) Long/Short-term Bank facilities Total Bank Unsecured Subordinated Tier II debt Proposed Unsecured Subordinated Tier II debt Secured Proposed Secured Bonds Perpetual Proposed Perpetual Commercial Paper issue* 7, (Rupees Seven thousand Eight hundred and Fifty Eight crore and Thirty Two lacs only) (reduced from crore) (Rupees six hundred ninety four crore and thirty lacs only) (Rupees one hundred crore only) (reduced from crore) (Rupees One hundred and Seventy Two crore and seventy lacs only) (Reduced from ) (Rupees Eighty Two crore and ten lacs only) (enhanced from crore) (Rupees one hundred fifteen crore and forty lacs only) (Reduced from crore) (Rupees sixty Four crore and sixty lacs only) 1, (Rupees one thousand two hundred fifty crore only) (Reduced from 750 crore) Commercial Paper issue (Rupees Two hundred fifty crore only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers Ratings 1 CARE AA-; (Double A Minus; Outlook: ) CARE AA-; / (Double A Minus; Outlook: /A One Plus) CARE AA-; (Double A Minus; Outlook: CARE AA-; (Double A Minus; Outlook: ) CARE A+; (Single A Plus; Outlook: ) (A One Plus) Rating Action Reaffirmed Reaffirmed Reaffirmed Reaffirmed Reaffirmed with change in classification Reaffirmed The ratings assigned to the bank facilities/instruments of Magma Fincorp Ltd (MFL) continue to draw comfort from Magma group s long track record of operation, experienced management team, wide branch network and well diversified asset portfolio with increasing share of high yield products. The ratings also factor in satisfactory level of Capital Adequacy Ratio (CAR) and comfortable liquidity parameters. The ratings are, however, constrained by continued stress on asset quality though improvement was witnessed in FY17 (refers to the period April 01 to March 31) due to sale of nonperforming assets (NPA), declining collection efficiency, low provisioning coverage ratio in relation to the delinquencies of loan book and moderation in consolidated financial performance marked by decline in return ratios in FY17. The ability of the company to consistently improve the asset quality, profitability and return ratios would remain the key rating sensitivities. 1 Complete definition of the ratings assigned are available at and in other CARE publications 1 CARE Ratings Limited
2 Outlook: The negative outlook on rating reflects the expectation of continued stress on asset quality and profitability of the group. The outlook may be revised to stable in the event of sustained improvement in these parameters. Detailed description of the key rating drivers Key Rating Strengths Long track record and experienced management team MFL has been in asset financing business for more than three decades. Mr. Mayank Poddar, the Chairman Emeritus, and Mr. Sanjay Chamria, Vice Chairman and MD, have over three decades of business experience in the financial sector. The company is governed by a seven-member Board of Directors, which includes two promoter directors, one nominee director and four independent directors. The Board comprises of a team of qualified and experienced professionals with considerable experience in all functional areas. Pan-India presence MFL has a pan-india presence through a strong network of 284 branches (as on Mar 31, 2017) across 22 states/union territories. The group primarily caters to clients in rural and semi-rural markets and approximately 81% of the branches are located in rural and semi-rural areas. Diversified asset portfolio with increasing share of high yield products The group has a well-diversified asset portfolio with presence in utility vehicles/cars, construction equipment, commercial vehicles, used assets, tractors, SME loan and loan against property (LAP). Improvement in Capital Adequacy Ratio (CAR) MFL s CAR improved from 18.72% as on Mar.31, 2016 to 20.37% as on Mar.31, 2017 mainly due to reduction in risk weighted assets in FY17. Comfortable liquidity parameters The ALM profile of MFL as on Mar 31, 2017 shows exhibits mismatches in the short term bucket with negative mismatch up-to 6 months bucket (due to significant amount of commercial paper getting matured in 2-3 month bucket). The company has been able to rollover its commercial paper in the past. Key Rating Weaknesses Moderation in consolidated financial performance marked by decline in return ratios in FY17 The group s consolidated AUM declined by 11% y-o-y in FY17 to Rs.16,101 crore mainly due to decline in disbursement in FY17 from FY16 (~6.5%) coupled with sale of non-performing assets. The group s total income declined by 4.26% y-o-y in FY17 mainly led by decline in own loan portfolio. NIM declined from 7.70% in FY16 to 7.25% in FY17 with relatively lower yield on advances vis-à-vis borrowing cost. On account of high provisioning and loss on sale of NPA, PAT level on consolidated basis deteriorated leading to decline in the ROTA from 1.43% in FY16 to 0.09% in FY17. Continued stress on asset quality, though improvement witnessed in Q4FY17 due to sale of NPAs The asset quality of Magma group has improved as on March 31, 2017 vis-à-vis March 31, 2016 on account of sale of NPA which was greater than 2 years in Asset Backed Finance Business and NPA greater than 6 months in the mortgage business. Consequently, on-book GNPA% and NNPA% (based on 120 dpd) improved and stood at 9.02% & 7.55% in FY17 vis-a-vis 10.39% & 8.35% respectively in FY16. The group has taken measures to keep a check on the asset quality and the collection efficiency. Some of the initiatives include changing the business model from vertical to branch head model, separate Chief Operating Officer (COO) for each product line in a branch, categorization and monitoring as per the performance of the branches. Analytical approach: CARE has taken a consolidated view of MFL and its subsidiaries Magma ITL Finance Ltd (MIFL), Magma Advisory Services Ltd (currently merged with MFL), Magma Housing Finance Ltd (MHFL) and joint venture companies Magma HDI General Insurance Company Ltd and Jaguar Advisory Services Private Ltd (to the extent of MFL s shareholding i.e., 41% and 48.9%, respectively). Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE s Policy on Default Recognition Financial ratios Financial sector Rating Methodology: Factoring Linkages in Ratings 2 CARE Ratings Limited
3 Rating Methodology Non Banking Financial Companies About the Company Incorporated in 1978, Magma Fincorp Limited (MFL) is a RBI registered NBFC and is classified as a Non-Deposit taking Systemically Important Asset Financing Company by RBI. The current promoters of MFL are Mr. Mayank Poddar (Chairman Emeritus) and Mr. Sanjay Chamria (Vice-Chairman and MD). Mr. Narayan Sheshadri working as Non-Promoter Director on the board of MFL (formerly associated with Arthur Anderson and KPMG) was elected as the Chairman of the company in Q1FY17. MFL is also involved in the financing of tractors manufactured by International Tractors Ltd through its 74% owned subsidiary, Magma ITL Finance Ltd. The group also operates a mortgage business separately through its wholly owned subsidiary, Magma Housing Finance since Feb The group has a presence in general insurance business in partnership with HDI through Magma HDI General Insurance Company Ltd since Oct Financials (consolidated) Brief Financials FY16 (A) FY17 (A) Total operating income 2, , PAT Interest coverage (times) (after provision) Total Assets 15, , Net NPA (%) ROTA (%) A: Audited Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2 Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This classification is available at Investors/market intermediaries/regulators or others are welcome to write to care@careratings.com for any clarifications. Analyst Contact: Name: Ms Richa Bagaria Tel: (033) Mobile: richa.jain@careratings.com **For detailed Rationale Report and subscription information, please contact us at About CARE Ratings: CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices. Disclaimer CARE s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. 3 CARE Ratings Limited
4 Annexure-1: Details of Instruments/ Instrument Date of Issuance Coupon Rate Maturity Date Size of the Issue Rating assigned along with Rating Outlook Term Loan-Long Term Withdrawn Fund Based - LT-Cash Credit CARE AA-; Term Loan-Long Term - - Sep CARE AA-; Non-Fund Based - LT/ ST-BG/LC CARE AA-; Bonds-Secured Withdrawn Bonds-Secured June 23, % November 8, Withdrawn Bonds-Secured June 23, % November 8, Withdrawn Bonds-Secured Withdrawn Bonds-Secured Withdrawn Bonds-Secured Withdrawn Bonds-Secured Withdrawn Bonds-Secured Withdrawn Bonds-Secured Withdrawn Bonds-Secured Withdrawn Bonds-Secured September 1, % September 1, CARE AA-; Bonds-Secured September 1, % September 1, CARE AA-; Bonds-Secured January % January 01, CARE AA-; Bonds-Secured February % February 13, CARE AA-; Bonds-Secured April % April 06, CARE AA-; Bonds-Secured CARE AA-; Bonds-Secured CARE AA-; Bonds-Secured CARE AA-; -Subordinate Withdrawn -Subordinate December 9, % December 9, CARE AA-; -Subordinate Withdrawn -Subordinate Withdrawn -Subordinate March 7, % September 7, CARE AA-; -Subordinate March 7, % September 7, CARE AA-; -Subordinate March 27, % September 27, CARE AA-; -Subordinate March 27, % September 27, CARE AA-; -Subordinate March 30, % March 30, CARE AA-; -Subordinate March 30, % March 30, CARE AA-; -Subordinate September 6, % September 6, CARE AA-; -Subordinate September 6, % September 6, CARE AA-; -Subordinate September 6, % June 6, CARE AA-; -Subordinate September 6, % June 6, CARE AA-; -Subordinate September 6, % September 6, CARE AA-; -Subordinate September 6, % September 6, CARE AA-; -Subordinate September 6, % September 6, CARE AA-; -Subordinate September 6, % June 6, CARE AA-; -Subordinate September 6, % June 6, CARE AA-; -Subordinate January 17, % January 17, CARE AA-; -Subordinate January 17, % January 17, CARE AA-; -Subordinate March 11, % March 11, CARE AA-; -Subordinate March 11, % March 11, CARE AA-; -Subordinate March 11, % March 11, CARE AA-; -Subordinate March 11, % March 11, CARE AA-; -Subordinate March 19, % March 19, CARE AA-; -Subordinate March 19, % March 19, CARE AA-; -Subordinate March 19, % March 19, CARE AA-; -Subordinate April 23, % April 21, CARE AA-; -Subordinate September 26, % September 26, CARE AA-; -Subordinate March 28, % April 28, CARE AA-; 4 CARE Ratings Limited
5 -Subordinate March 28, % April 28, CARE AA-; -Subordinate June 30, % June 30, CARE AA-; -Subordinate CARE AA-; -Subordinate CARE AA-; -Perpetual March 24, % CARE A+; -Perpetual March 29, % CARE A+; -Perpetual December 9, % CARE A+; -Perpetual January 7, % CARE A+; -Perpetual January 7, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual May 20, % CARE A+; -Perpetual September 26, % CARE A+; -Perpetual September 18, % CARE A+; -Perpetual October 15, % CARE A+; -Perpetual March 07, % CARE A+; -Perpetual February 03, % CARE A+; -Perpetual CARE A+; -Perpetual CARE A+; Short Term Instruments-CP/STD days Short Term Instruments-CP/STD days Annexure-2: Rating History of last three years 1. Bonds-Unsecured LT )Withdrawn 2. LT/ST Instrument- Secured LT/ST )Withdrawn redeemable bonds 3. -Subordinate (26-Apr-16) 4. LT/ST Instrument- Secured LT/ST )Withdrawn redeemable bonds 5. -Perpetual LT CARE A+; - ; 5 CARE Ratings Limited
6 6. Commercial Paper- Commercial Paper (Standalone) 7. Bonds-Secured 8. Preference Shares- 9. -Subordinate 10. -Subordinate 11. Bonds-Secured 12. -Perpetual 13. -Subordinate ST ) 2) 3) 4) (26-Apr-16) 1) LT )Withdrawn (16-Apr-15) LT )Withdrawn (23-Jul-15) 2)CARE A+ LT 0.50 CARE AA-; - ; LT CARE AA-; - ; LT )Withdrawn (16-Apr-15) LT CARE A+; - ; LT CARE AA-; - ; 1) 6 CARE Ratings Limited
7 14. -Perpetual 15. Fund-based - LT- Cash Credit 16. Term Loan-Long Term 17. Non-fund-based - LT/ ST-BG/LC 18. Commercial Paper- Commercial Paper (Carved out) 19. Bonds-Unsecured 20. -Subordinate 21. -Subordinate LT CARE A+; LT CARE AA-; LT CARE AA-; LT/ST CARE AA-; / - ; - ; - ; - ; / CARE A1+ / CARE A1+ / ST ) 2) 3) 4) (26-Apr-16) / 1) (21-Aug-14) 2)CARE AA (21-Aug-14) 2)CARE AA / (21-Aug-14) 2)CARE AA / 1) (09-Oct-14) 2) LT )Withdrawn (26-Apr-16) LT 0.00 Withdrawn; - 1)Withdrawn; 2)CARE AA- 22. Preference Shares- LT )Withdrawn 7 CARE Ratings Limited
8 23. Bonds-Secured 24. Bonds-Secured 25. -Subordinate 26. Term Loan-Long Term 27. Bonds-Secured 28. Bonds-Secured 29. -Subordinate 30. Bonds-Secured 31. Preference Shares Subordinate LT 0.00 Withdrawn; - 1)Withdrawn; 2)CARE AA- (23-Jul-15) 2)CARE A+ LT )Withdrawn (16-Apr-15) LT CARE AA-; - ; LT 0.00 Withdrawn; - ; (26-Apr-16) LT - - ; Withdrawn LT CARE AA-; - ; 2)CARE AA- LT CARE AA-; - ; (21-Aug-14) 2)CARE AA 8 CARE Ratings Limited
9 33. -Perpetual 34. -Subordinate 35. Bonds-Secured 36. -Subordinate 37. -Perpetual 38. Preference Shares- 39. Bonds-Secured LT CARE A+; LT 3.00 CARE AA-; LT CARE AA-; LT CARE AA-; LT CARE A+; - ; - ; - ; - ; - ; LT CARE AA-; - ; (24-Oct-14) 2)CARE AA 9 CARE Ratings Limited
10 40. -Subordinate 41. -Perpetual 42. Preference Shares Subordinate 44. -Subordinate 45. Bonds-Secured 46. Bonds-Secured 47. Bonds-Secured 48. Bonds-Secured LT CARE AA-; LT CARE A+; - ; - ; (26-Apr-16) LT CARE AA-; - ; LT 3.50 CARE AA-; - ; (26-Apr-16) LT - - ; Withdrawn LT CARE AA-; - ; LT 1.20 CARE AA-; - ; 2)CARE AA (09-Apr-14) (24-Oct-14) (01-Dec-14) CARE Ratings Limited
11 49. -Subordinate 50. -Subordinate LT CARE AA-; LT CARE AA-; - ; - ; 11 CARE Ratings Limited - (27-Jan-15) 51. Bonds LT )Withdrawn - (23-Jul-15) 52. Bonds-Secured LT )Withdrawn - (23-Jul-15) 53. Bonds-Secured LT )Withdrawn Bonds-Secured Subordinate LT 0.30 CARE AA-; - ; Bonds-Secured 57. Bonds-Secured LT - Withdrawn - ; LT CARE AA-; - ;
12 58. Bonds-Secured 59. -Perpetual 60. Bonds-Secured 61. Bonds-Secured 62. Bonds-Secured - - LT 7.00 CARE A+; - ; - - LT CARE AA-; LT CARE AA-; LT 5.00 CARE AA-; CARE Ratings Limited
13 CONTACT Head Office Mumbai Ms. Meenal Sikchi Mr. Ankur Sachdeva Cell: Cell: meenal.sikchi@careratings.com ankur.sachdeva@careratings.com Ms. Rashmi Narvankar Mr. Saikat Roy Cell: Cell: rashmi.narvankar@careratings.com saikat.roy@careratings.com CARE Ratings Limited (Formerly known as Credit Analysis & Research Ltd.) Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Tel: Fax: care@careratings.com AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad Cell: Tel: deepak.prajapati@careratings.com BENGALURU Mr. V Pradeep Kumar Unit No , 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore Cell: Tel: , pradeep.kumar@careratings.com CHANDIGARH Mr. Anand Jha SCF No , First Floor, Phase 11, Sector 65, Mohali Chandigarh Cell: Tel: / 09 anand.jha@careratings.com CHENNAI Mr. V Pradeep Kumar Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai Cell: Tel: / pradeep.kumar@careratings.com COIMBATORE Mr. V Pradeep Kumar T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore Tel: / pradeep.kumar@careratings.com Mr. Nikhil Soni 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur Cell: Tel: / 14 nikhil.soni@careratings.com KOLKATA Ms. Priti Agarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata Cell: Tel: priti.agarwal@careratings.com NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi Cell: Tel: swati.agrawal@careratings.com PUNE Mr.Pratim Banerjee 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune Cell: Tel: pratim.banerjee@careratings.com CIN - L67190MH1993PLC HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, , Himayat Nagar, Hyderabad Cell : Tel: ramesh.bob@careratings.com JAIPUR 13 CARE Ratings Limited
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s IL&FS Infra Asset Management Limited October 10, 2018 Scheme Name Tenure Action Debt Fund Series 1A Debt Fund Series 1B Debt Fund Series 1C Debt Fund Series 3A Debt Fund Series 3B 5 years 7 years 9 years
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More informationP R R Travels July 18, 2018
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More informationPix Transmissions Ltd January 04, 2019
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More informationRBL Bank Ltd October 05, 2017
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