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1 CARE Ratings Limited

Press Release

Magma Fincorp Limited

March 26, 2018

Ratings

Facilities/Instruments Amount (Rs. crore)

Ratings1 Remarks

Long term Bank facilities 7250.54

(Reduced from 7,453.32) CARE AA-; Stable

(Double A Minus; Outlook: Stable) Reaffirmed and outlook

revised from

Negative Long/Short-term Bank facilities 405.00

CARE AA-; Stable/CARE A1+ (Double A Minus; Outlook: Stable /A

One Plus)

Total Bank Facilities 7,655.54

(Rupees Seven thousand Six hundred Fifty Five crore and Fifty Four lakh only)

Unsecured Subordinated Tier II debt

667.30 (reduced from 694.30 crore)

(Rupees Six hundred Sixty Seven crore and thirty lakh only)

CARE AA-; Stable (Double A Minus; Outlook: Stable)

Reaffirmed and outlook

revised from

Negative Proposed Unsecured Subordinated Tier II debt

100.00 (Rupees One hundred crore only)

Secured Redeemable Bonds

105.00 (reduced from 172.70 crore)

(Rupees One Hundred and Five crore only)

CARE AA-; Stable (Double A Minus; Outlook: Stable)


revised from

Negative Proposed Secured Redeemable Bonds

82.10 (Rupees Eighty Two crore and Ten lakh

only)

Perpetual Debt 115.40

(Rupees One Hundred Fifteen crore and Forty lakh only) CARE A+; Stable

(Single A Plus; Outlook: Stable)


revised from

Negative Proposed Perpetual Debt

64.60 (Rupees Sixty Four crore and Sixty lakh

only)

Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers

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, well-diversified asset portfolio

with increasing share of high yield products, satisfactory capitalisation, and comfortable liquidity parameters.

The ratings are, however, constrained by stressed asset quality, low provision coverage ratio in relation to the delinquencies of

loan book, moderation in consolidated financial performance marked by decline in return ratios in FY17 with improvement in

financial performance in 9MFY18.

The ability of the company to further improve the asset quality, profitability and return ratios would remain the key rating

sensitivities. The ability to maintain adequate liquidity buffer in the form of un-utilized line of credit would also remain one of

the key rating sensitivities.

Outlook: Stable

The outlook has been revised from ‘Negative’ to ’Stable’ on account of gradual stabilisation of the asset quality with signs of

improvement owing to better performance of the portfolio acquired in the last two years (post changes in the underwriting and

collections framework) and improvement in profitability.

1Complete definition of the ratings assigned are available at www.careratings.com and in other CARE publications


Press Release

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 eight-member Board of Directors, which includes two promoter directors, two 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 304 branches (as on December 31, 2017) across 21 states/union

territories. The group primarily caters to clients in rural and semi-rural markets and approximately 80% 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).

Satisfactory capitalization level and comfortable liquidity profile

As on December 31, 2017, MFL’s Capital Adequacy Ratio (CAR) and Tier-I CAR stood at 20.3% and 16.2% respectively vis-à-vis

20.4% and 15.4% respectively as on March 31, 2017 mainly due to reduction in risk weighted assets in FY17. Furthermore, the

company has passed a Board Resolution for raising funds through QIP issue, which shall support future disbursement growth.

The ALM profile of MFL as on December 31, 2017 exhibits mismatches in the short term bucket with negative mismatch up-to

3 months bucket (due to significant amount of commercial paper getting matured in 2-3 month bucket). However, the

company has been able to rollover its commercial paper in the past and also has adequate liquidity buffer in the form of un-

utilized line of bank credit. The rating shall remain sensitive to the comfort derived out of the un-utilised line of bank credit.

Key Rating Weaknesses

Stabilisation in asset quality; though remains stressed

The overall asset quality of the group has stabilized and showing signs of improvement, after witnessing continuous

deterioration, owing to better performance of the portfolio acquired in the last two years (post changes in the underwriting

and collections framework), and improved industry scenario after two consecutive years of draught situation, resulting in

improved collection efficiency in old portfolio.

GNPA and NNPA (120+ DPD) stood at 9.29% and 6.99% (on-book basis) respectively as on December 31, 2017 vis-à-vis 9.02%

and 7.55% respectively as on March 31, 2017. NNPA improved on the back of higher provisioning by the group during the

period. GNPA (in the 90+ dpd) has reduced by around Rs.165 crore in the said period. Net NPA to Net-worth of the company

(based on 120 DPD) improved and stood at 38.68% as on December 31, 2017 vis-à-vis 45.77% as on March 31, 2017 (59.42% as

on March 31, 2016). However, the asset quality still remains stressed. Further, MFL would be changing NPA recognition policy

from 120+ DPD to 90+ DPD from March 31, 2018, which would result in moderation in reported asset quality.

Moderation in consolidated financial performance marked by decline in return ratios in FY17 with improvement in financial

performance in 9MFY18

MFL’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 NPAs.

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. Provision coverage ratio of the company, though improved, continued to remain

low at 26.5% in 9MFY18 vis-à-vis 17.67% in FY17

In 9MFY18 (consolidated), the company earned PAT of Rs.158.95 crore (9MFY17: Rs.134.65 crore) on a total operating income

of Rs.1708.38 crore (9MFY17: Rs.1825.67 crore). NIM remained stable at 7.14% in 9MFY18 vis-à-vis 6.62% in 9MFY17 mainly on

account of decline in cost of borrowings and increase in share of high ROA assets in earning book. ROTA of the group also

improved and stood at 1.60% in 9MFY18 vis-à-vis 1.21% in 9MFY17.

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).


Press Release

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

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 has acquired 26% equity stake held by JV partner International Tractors Limited (ITL) in Magma ITL Finance Limited (MIFL).

Consequently, MIFL has become a wholly owned subsidiary of MFL. MIFL is engaged in financing tractors manufactured by ITL.

Currently, all fresh tractor disbursement is being made through MFL and MIFL is proposed to be merged with MFL w.e.f.

Oct.01, 2017.

The group also operates a mortgage business separately through its wholly owned subsidiary, Magma Housing Finance since

Feb 2013. The group has a presence in general insurance business in partnership with HDI through Magma HDI General

Insurance Company Ltd since Oct 2012.

Financials (consolidated)

Brief Financials (Rs. crore) FY16 (A) FY17 (A)

Total operating income 2,506.33 2,399.45

PAT 213.48 12.73

Interest coverage (times) 1.29 1.08

Total Assets 15,267.98 13,331.50

Net NPA (%) 8.35 7.55

ROTA (%) 1.43 0.09

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 www.careratings.com. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any clarifications.

Analyst Contact:

Name: Ms. Richa Bagaria

Tel: (033) 4018 1653

Mobile: +91 99034 70650

Email: [email protected]

**For detailed Rationale Report and subscription information, please contact us at www.careratings.com

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

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Press Release

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.

Annexure-1: Details of Instruments/Facilities

Name of the

Instrument

Date of

Issuance

Coupon

Rate

Maturity

Date

Size of the

Issue

(Rs. crore)

Rating assigned along with

Rating Outlook

Fund-based - LT-Cash Credit - - - 6500.00 CARE AA-; Stable

Term Loan-Long Term - - Sep-2021 750.54 CARE AA-; Stable

Non-fund-based - LT/ ST-BG/LC - - - 405.00 CARE AA-; Stable / CARE A1+

Bonds-Secured Reedemable Bonds - - - 30.90 CARE AA-; Stable



Bonds-Secured Reedemable Bonds Feb. 2017 9.00% Feb. 13, 2024 50.00 CARE AA-; Stable

Bonds-Secured Reedemable Bonds Apr. 2017 9.00% Apr. 06, 2024 50.00 CARE AA-; Stable

Bonds-Secured Reedemable Bonds Jan. 2017 9.55% Jan. 01, 2022 5.00 CARE AA-; Stable

Bonds-Secured Reedemable Bonds - - - 0.00 Withdrawn

Bonds-Secured Reedemable Bonds - - - 0.00 Withdrawn

Debt-Subordinate Debt Dec. 09, 2011 11.20% Dec. 09, 2018 125.00 CARE AA-; Stable

Debt-Subordinate Debt Sep. 06, 2012 11.50% Jun. 06, 2018 11.00 CARE AA-; Stable

Debt-Subordinate Debt Sep. 06, 2012 11.50% Jun. 06, 2018 49.00 CARE AA-; Stable

Debt-Subordinate Debt Sep. 06, 2012 11.50% Sep. 06, 2022 10.00 CARE AA-; Stable


Debt-Subordinate Debt - - - 0.00 Withdrawn



Press Release



Debt-Subordinate Debt Jan. 17, 2013 11.00% Jan. 17, 2023 10.00 CARE AA-; Stable

Debt-Subordinate Debt Jan. 17, 2013 11.00% Jan. 17, 2020 15.00 CARE AA-; Stable

Debt-Subordinate Debt Apr. 23, 2013 10.70% Apr. 21, 2023 48.00 CARE AA-; Stable

Debt-Subordinate Debt Mar. 19, 2013 11.00% Mar. 19, 2020 50.00 CARE AA-; Stable








Debt-Subordinate Debt Mar. 28, 2014 11.00% Apr. 28, 2021 10.00 CARE AA-; Stable

Debt-Subordinate Debt Mar. 28, 2014 11.00% Apr. 28, 2021 5.00 CARE AA-; Stable

Debt-Subordinate Debt Jun. 30, 2014 11.45% Jun. 30, 2021 215.00 CARE AA-; Stable


Debt-Subordinate Debt Mar. 30, 2012 11.75% Mar. 30, 2019 25.00 CARE AA-

Debt-Subordinate Debt - - - 0.00 Withdrawn

Debt-Subordinate Debt - - - 30.00 CARE AA-; Stable

Debt-Subordinate Debt - - - 70.00 CARE AA-; Stable

Debt-Perpetual Debt Mar. 24, 2010 13.50% - 10.00 CARE A+; Stable


Debt-Perpetual Debt Dec. 09, 2010 12.50% - 10.00 CARE A+; Stable

Debt-Perpetual Debt Jan. 07, 2011 12.50% - 4.00 CARE A+; Stable

Debt-Perpetual Debt Jan. 07, 2011 12.50% - 11.00 CARE A+; Stable

Debt-Perpetual Debt May 20, 2013 12.10% - 1.00 CARE A+; Stable




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Debt-Perpetual Debt Sep. 26, 2013 12.00% - 25.00 CARE A+; Stable

Debt-Perpetual Debt Sep. 18, 2015 12.10% - 2.00 CARE A+; Stable

Debt-Perpetual Debt Oct. 15, 2015 12.10% - 5.00 CARE A+; Stable


Debt-Perpetual Debt Feb. 03, 2017 11.50% - 1.90 CARE A+; Stable

Debt-Perpetual Debt - - - 14.60 CARE A+; Stable

Debt-Perpetual Debt - - - 50.00 CARE A+; Stable


Press Release

Annexure-2: Rating History of last three years

Sr.

No.

Name of the

Instrument/Bank

Facilities

Current Ratings Rating history

Type

Amount

Outstanding

(Rs. crore)

Rating

Date(s) &

Rating(s)

assigned in

2017-2018

Date(s) &

Rating(s)

assigned in

2016-2017

Date(s) &

Rating(s)

assigned in

2015-2016

Date(s) &

Rating(s)

assigned in

2014-2015

1. Bonds-Unsecured

Reedemable

LT - - - - - 1)Withdrawn

(29-Jul-14)

2. Bonds-Secured

Reedemable Bonds

- - - - - - -

3. LT/ST Instrument-

Secured

redeemable bonds

LT/ST - - - - - 1)Withdrawn

(29-Jul-14)

4. Debt-Subordinate

Debt

LT - - - 1)Withdrawn

(26-Apr-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

5. LT/ST Instrument-

Secured

redeemable bonds

LT/ST - - - - - 1)Withdrawn

(29-Jul-14)

6. Debt-Perpetual

Debt

LT 40.00 CARE A+;

Stable

1)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)

1)CARE A+

(29-Jul-14)

7. Commercial Paper-

Commercial Paper

(Standalone)

ST 750.00 CARE A1+

1)CARE A1+

(31-Oct-17)

2)CARE A1+

(14-Jul-17)

1)CARE A1+

(10-Mar-17)

2)CARE A1+

(20-Jan-17)

3)CARE A1+

(12-Jul-16)

1)CARE A1+

(22-May-15)

1)CARE A1+

(29-Jul-14)


Press Release

4)CARE A1+

(26-Apr-16)

8. Bonds-Secured

Reedemable Bonds

LT - - - - 1)Withdrawn

(16-Apr-15)

1)CARE AA

(29-Jul-14)

9. Preference Shares-

Reedemable


(23-Jul-15)

2)CARE A+

(22-May-15)

1)CARE AA-

(29-Jul-14)

10. Debt-Subordinate

Debt

LT 0.50 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)


Debt

LT 25.00 CARE AA-

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

12. Bonds-Secured

Reedemable Bonds

- - - - - - -

13. Bonds-Secured

Reedemable Bonds


(16-Apr-15)

1)CARE AA

(29-Jul-14)

14. Debt-Perpetual

Debt

LT 15.00 CARE A+;

Stable

1)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

1)CARE A+

(22-May-15)

1)CARE A+

(29-Jul-14)


Press Release

(20-Jan-17)

3)CARE A+

(12-Jul-16)


Debt

LT - - 1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

16. Debt-Perpetual

Debt

LT 25.00 CARE A+;

Stable

1)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)

1)CARE A+

(29-Jul-14)

17. Fund-based - LT-

Cash Credit

LT 6500.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(21-Aug-14)

2)CARE AA

(29-Jul-14)

18. Term Loan-Long

Term

LT 750.54 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

1)CARE AA-

(22-May-15)

1)CARE AA

(21-Aug-14)

2)CARE AA

(29-Jul-14)


Press Release

3)CARE AA-

(12-Jul-16)

19. Non-fund-based -

LT/ ST-BG/LC

LT/ST 405.00 CARE AA-;

Stable /

CARE A1+

1)CARE AA-;

Negative /

CARE A1+

(14-Jul-17)

1)CARE AA-;

Negative /

CARE A1+

(10-Mar-17)

2)CARE AA-;

Stable / CARE

A1+

(20-Jan-17)

3)CARE AA- /

CARE A1+

(12-Jul-16)

1)CARE AA- /

CARE A1+

(22-May-15)

1)CARE AA /

CARE A1+

(21-Aug-14)

2)CARE AA /

CARE A1+

(29-Jul-14)

20. Commercial Paper-

Commercial Paper

(Carved out)

ST 1250.00 CARE A1+

1)CARE A1+

(31-Oct-17)

2)CARE A1+

(14-Jul-17)

1)CARE A1+

(10-Mar-17)

2)CARE A1+

(20-Jan-17)

3)CARE A1+

(12-Jul-16)

4)CARE A1+

(26-Apr-16)

1)CARE A1+

(22-May-15)

1)CARE A1+

(09-Oct-14)

2)CARE A1+

(29-Jul-14)

21. Bonds-Unsecured

Reedemable

LT - - - - - 1)Withdrawn

(29-Jul-14)


Debt


(26-Apr-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)


Debt

LT 0.00 Withdrawn

- 1)Withdrawn;

Stable

(20-Jan-17)

2)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)


Reedemable


(23-Jul-15)

1)CARE AA-

(29-Jul-14)


Press Release

2)CARE A+

(22-May-15)

25. Bonds-Secured

Reedemable Bonds

LT 0.00 Withdrawn

- 1)Withdrawn;

Stable

(20-Jan-17)

2)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(29-Jul-14)

26. Bonds-Secured

Reedemable Bonds


(16-Apr-15)

1)CARE AA

(29-Jul-14)


Debt

LT 205.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

28. Term Loan-Long

Term

LT - - 1)Withdrawn

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(21-Aug-14)

2)CARE AA

(29-Jul-14)

29. Bonds-Secured

Reedemable Bonds


(26-Apr-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(29-Jul-14)

30. Bonds-Secured

Reedemable Bonds

LT - - 1)Withdrawn

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

1)CARE AA-

(22-May-15)

1)CARE AA

(29-Jul-14)


Press Release

3)CARE AA-

(12-Jul-16)


Debt

LT 30.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

32. Bonds-Secured

Reedemable Bonds


(20-Jan-17)

2)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(29-Jul-14)


Reedemable


(12-Jul-16)

1)CARE A+

(22-May-15)

1)CARE AA-

(29-Jul-14)


Debt

LT 160.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

35. Debt-Perpetual

Debt

LT 17.50 CARE A+;

Stable

1)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)

1)CARE A+

(29-Jul-14)


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Debt

LT 3.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

37. Bonds-Secured

Reedemable Bonds

LT - - 1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(29-Jul-14)


Debt

LT 14.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

39. Debt-Perpetual

Debt

LT 50.00 CARE A+;

Stable

1)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)

1)CARE A+

(29-Jul-14)


Reedemable

LT - - - 1)Withdrawn 1)CARE A+ 1)CARE AA-


Press Release

(12-Jul-16) (22-May-15) (29-Jul-14)

41. Bonds-Secured

Reedemable Bonds

LT 30.90 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(24-Oct-14)

2)CARE AA

(29-Jul-14)


Debt

LT 86.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

43. Debt-Perpetual

Debt

LT 25.50 CARE A+;

Stable

1)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)

1)CARE A+

(29-Jul-14)


Reedemable


(26-Apr-16)

1)CARE A+

(22-May-15)

1)CARE AA-

(29-Jul-14)


Debt

LT 140.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)


Press Release

3)CARE AA-

(12-Jul-16)


Debt

LT 3.50 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(29-Jul-14)

2)CARE AA

(09-Apr-14)

47. Bonds-Secured

Reedemable Bonds


(26-Apr-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(24-Oct-14)

48. Bonds-Secured

Reedemable Bonds

LT - - 1)Withdrawn

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA

(01-Dec-14)

49. Bonds-Secured

Reedemable Bonds

LT 50.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

-

50. Bonds-Secured

Reedemable Bonds

LT 1.20 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

1)CARE AA-

(22-May-15)

-


Press Release

(20-Jan-17)

3)CARE AA-

(12-Jul-16)


Debt

LT 30.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

-


Debt

LT 70.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

1)CARE AA-

(27-Jan-15)

53. Bonds LT - - - - 1)Withdrawn

(23-Jul-15)

-

54. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

-

55. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

-

56. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

-

57. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

-

58. Bonds-Secured

Reedemable Bonds


(22-May-15)

-


Press Release

59. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

-

60. Bonds-Secured

Reedemable Bonds


(12-Jul-16)

- -


Debt

LT 0.30 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

- -

62. Bonds-Secured

Reedemable Bonds

LT - - 1)Withdrawn

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

- -

63. Bonds-Secured

Reedemable Bonds

LT - - 1)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

- -

64. Bonds-Secured

Reedemable Bonds


(12-Jul-16)

- -

65. Bonds-Secured

Reedemable Bonds


(12-Jul-16)

- -


Press Release

66. Debt-Perpetual

Debt

LT 7.00 CARE A+;

Stable

1)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

- -

67. Bonds-Secured

Reedemable Bonds


(12-Jul-16)

- -

68. Bonds-Secured

Reedemable Bonds

LT 50.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

- - -

69. Bonds-Secured

Reedemable Bonds

LT 50.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

- - -

70. Bonds-Secured

Reedemable Bonds

LT 5.00 CARE AA-;

Stable

1)CARE AA-;

Negative

(14-Jul-17)

- - -


Press Release

CONTACT Head Office Mumbai

Ms. Meenal Sikchi Mr. Ankur Sachdeva Cell: + 91 98190 09839 Cell: + 91 98196 98985 E-mail: [email protected] E-mail: [email protected]

Ms. Rashmi Narvankar Mr. Saikat Roy Cell: + 91 99675 70636 Cell: + 91 98209 98779

E-mail: [email protected] E-mail: [email protected]

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 - 400 022

Tel: +91-22-6754 3456 | Fax: +91-22-6754 3457 | E-mail: [email protected]

AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad - 380 015 Cell: +91-9099028864 Tel: +91-79-4026 5656 E-mail: [email protected] BENGALURU Mr. V Pradeep Kumar Unit No. 1101-1102, 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore - 560 001. Cell: +91 98407 54521 Tel: +91-80-4115 0445, 4165 4529 Email: [email protected] CHANDIGARH Mr. Anand Jha SCF No. 54-55, First Floor, Phase 11, Sector 65, Mohali - 160062 Chandigarh Cell: +91 85111-53511/99251-42264 Tel: +91- 0172-490-4000/01 Email: [email protected] CHENNAI Mr. V Pradeep Kumar Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai - 600 002. Cell: +91 98407 54521 Tel: +91-44-2849 7812 / 0811 Email: [email protected] COIMBATORE Mr. V Pradeep Kumar T-3, 3rd Floor, Manchester Square

Puliakulam Road, Coimbatore - 641 037.

Tel: +91-422-4332399 / 4502399

Email: [email protected] HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, 3-6-502, Himayat Nagar, Hyderabad - 500 029. Cell : + 91 90520 00521 Tel: +91-40-4010 2030 E-mail: [email protected]

JAIPUR Mr. Nikhil Soni 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur - 302 016. Cell: +91 – 95490 33222 Tel: +91-141-402 0213 / 14 E-mail: [email protected] KOLKATA Ms. Priti Agarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata - 700 071. Cell: +91-98319 67110 Tel: +91-33- 4018 1600 E-mail: [email protected] NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Cell: +91-98117 45677 Tel: +91-11-4533 3200 E-mail: [email protected] PUNE Mr.Pratim Banerjee 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune - 411 015. Cell: +91-98361 07331 Tel: +91-20- 4000 9000 E-mail: [email protected]

CIN - L67190MH1993PLC071691

mailto:[email protected]














Press Release Magma Fincorp Limited - careratings.com Fincorp Limite… · from 120+ DPD to 90+ DPD...

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