Manappuram Finance Ltd NCD 2019 at 10.15%
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[su_spoiler title=”NCD details and Interest Rates Manappuram Finance Ltd NCD 2019 ” style=”fancy” open=”yes” icon=”plus-circle”]
NCD/Series Details
| Issuer | Manappuram Finance Ltd NCD 2019 Public Issue of Secured Redeemable Non-Convertible Debentures |
| Issue | Base Issue size of Rs. 150 crores with an option to retain oversubscription up to Rs. 587 crores, aggregating up to Rs. 737 Crores (“Tranche II Issue” / “Tranche II Issue Size”) which is within the Shelf Limit of Rs. 1,000 crores |
| Rating | “BWR AA+’/Stable” by Brickwork and “CARE AA’/ Stable” by CARE Ratings |
| Issue opens | 28 January 2019 |
| Issue closes | 27 February 2019 |
| Issue Price | Rs. 1,000 per NCD |
| Minimum Application | Rs 10,000/- (10 NCDs) across all Series and in multiples of 1 (one) NCD of Rs 1,000/- each thereafter |
| Coupon Type | Fixed Coupon Rates |
| Listing | The NCDs are proposed to be listed on BSE with in 6 Working Days from the closing Date. |
| Application Mode | Compulsorily ASBA |
| Insurance & Trading | In dematerialised form only |
| Security and Asset Cover | The principal amount of the NCDs to be issued in terms of the Shelf Prospectus together with all interest due on the NCDs, subject to any obligations under applicable statutory and/or regulatory requirements shall be secured by a first ranking pari passu charge by way of a mortgage over the Company’s specific immovable property and a first ranking pari passu charge on all current assets, book debts, receivables (both present and future) of the Company, created in favour of the Debenture Trustee, as specifically set out in and fully described in the Debenture Trust Deed, except those receivables specifically and exclusively charged in favour of certain existing charge holders, such that a security cover of 100% of the outstanding principal amounts of the NCDs and interest thereon is maintained at all time until the Maturity Date. |
| NCDs Options | I | II | III | IV | V | VI | VII |
| Frequency of Interest Payment | Monthly | Monthly | Annual | Annual | Cumulative | Cumulative | Cumulative |
| Minimum Application | Rs. 10,000/- (10 NCDs) across all Series | ||||||
| Issue Price (Rs/ NCD) | Rs 1,000 | ||||||
| Face Value / Issue Price (Rs / NCD) | Rs 1,000 | ||||||
| Tenor from Deemed Date of Allotment | 36 months | 60 Months | 36 months | 60 Months | 36 months | 60 Months | 2,617 Days |
| Nature of Indebtedness | Secured | Secured | Secured | Secured | Secured | Secured | Secured |
| Coupon (%) for all NCD Categories.* |
9.35% | 9.75% | 9.75% | 10.15% | NA | NA | NA |
| Effective Yield (per annum) (Approx.) for all Investor categories * |
9.75% | 10.19% | 9.74% | 10.14% | 9.75% | 10.15% | 10.15% |
| Redemption amount (Rs. per NCD) | 1,000.00 | 1,000.00 | 1,000.00 | 1,000.00 | 1,322.30 | 1,622.38 | 2,000.00 |
| Redemption Date (Years from the Deemed Date of Allotment) | 36 months | 60 months | 36 months | 60 months | 36 months | 60 months | 2,617 days |
| Put & Call Option | NA | NA | NA | NA | NA | NA | NA |
| Interest on Application | NA. | ||||||
| Interest type | Fixed | ||||||
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[su_spoiler title=”Application Process & Collection /Submission Centre” style=”fancy” open=”no” icon=”plus-circle”]
Please take print of the Application Form A4 paper size. Click here to download Application form of Manappuram Finance Ltd NCD 2019
Attach following document along with the application form : –
1] PAN Card and Demat Proof Photo Copy attested by applicant.
2] One Cancelled Cheque copy.
3] Bidding is mandatory.
4] Cheque / DD not require as it is ASBA application
5] On first come first serve basis to be determined on the basis of the bid uploads made with the scheduled Stock Exchanges.
6] Keep photocopy of application form for your record.
7] Submit / deposit your NCD application form in Listed/ Design Bank Branches. (search below for your city)
8] To record and track the status/allotment of your application form, send us the soft copy Application Form/ Acknowledgement Slip.
9] The actual bond will reflect in your demat account within 2 weeks time form date of allotment.
10] Free Home Service available *
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[su_spoiler title=”Download Manappuram Finance Ltd NCD 2019 application Form” style=”fancy” open=”no” icon=”plus-circle”]
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[su_spoiler title=”Who can invest / Apply?” style=”fancy” open=”no” icon=”plus-circle”]
The following categories of persons are eligible to apply in the Issue:
Category I (Institutional) 10% of the overall issue size
- Resident Public Financial Institutions, Statutory Corporations including State Industrial Development Corporations, Commercial Banks, Co-operative Banks and Regional Rural Banks, which are authorized to invest in the NCDs;
- Provident Funds and Resident Pension Funds with minimum corpus of Rs. 250 million, Superannuation Funds and Gratuity Fund, which are authorised to invest in the NCDs;
- Venture Capital funds and / or Alternative Investment Funds registered with SEBI;
- Insurance Companies registered with the IRDA;
- National Investment Fund (set up by resolution no. F. No. 2/3/2005-DDII dated November 23, 2005 of the Government of India and published in the Gazette of India);
- Insurance funds set up and managed by the Indian army, navy or the air force of the Union of India or by the Department of Posts, India
- Mutual Funds, registered with SEBI.
Category II (Non Institutional) 10% of the overall issue size
- Companies; bodies corporate and societies registered under the applicable laws in India and authorised to invest in the NCDs;
- Educational institutions and associations of persons and/or bodies established pursuant to or registered under any central or state statutory enactment; which are authorized to invest in the NCDs;
- Public/private charitable/religious trusts which are authorised to invest in the NCDs;
- Scientific and/or industrial research organizations, which are authorised to invest in the NCDs;
- Partnership firms in the name of the partners;
- Limited liability partnerships formed and registered under the provisions of the Limited Liability Partnership
Category III (HNI) 30% of the overall issue size
- Resident Indian individuals or Hindu Undivided Families through the Karta applying for an amount aggregating to above Rs. 10 Lakh across all series of NCDs in Issue.
Category IV (Individuals) 50% of the overall issue size
- Resident Indian individuals or Hindu Undivided Families through the Karta applying for an amount aggregating up to and including Rs. 10 Lakh across all series of NCDs in Issue.
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[su_spoiler title=”Who cannot invest / Apply?” style=”fancy” open=”no” icon=”plus-circle”]
The following categories of persons, and entities, shall not be eligible to participate in the Issue and any Applications from such persons and entities are liable to be rejected:
a) Minors without a guardian name* (A guardian may apply on behalf of a minor. However, Applications by minors must be made through Application Forms that contain the names of both the minor Applicant and the guardian);
b) Foreign nationals, NRI inter-alia including any NRIs who are (i) based in the USA, and/or, (ii) domiciled in the USA, and/or, (iii) residents/citizens of the USA, and/or, (iv) subject to any taxation laws of the USA;
c) Persons resident outside India and other foreign entities;
d) Foreign Institutional Investors;
e) Foreign Portfolio Investors;
f) Qualified Foreign Investors;
g) Overseas Corporate Bodies; and
h) Persons ineligible to contract under applicable statutory/regulatory requirements.
* Applicant shall ensure that guardian is competent to contract under Indian Contract Act, 1872
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[su_spoiler title=”About Manappuram Finance Ltd NCD 2019″ style=”fancy” open=”no” icon=”plus-circle”]
⚫ Manappuram Finance Limited (MFL) is one of the major NBFC players in the gold finance business in India. MFL provides loans against the pledge of household and/or used gold jewellery and provide short-term personal and business gold loans (“Gold Loans”) primarily to retail customers.
⚫ MFL was incorporated as Manappuram General Finance and Leasing Limited on July 15, 1992, Kerala, under the Companies Act, 1956 as a public limited company. The name of the company was changed to Manappuram Finance Limited pursuant to a fresh certificate of incorporation dated June 22, 2011.
⚫ MFL have decades of established history in the money lending business, mainly in small-scale money lending against household and/or used gold jewellery. It has been in the gold loan financing business since 1999. Historically, the company has also provided other related services, including asset finance, money transfer and foreign exchange, sales of gold coins and business and personal lending.
⚫ MFL’s lending functions are supported by an in-house, custom developed information technology platform that allows them to, among other things, record relevant customer details, approve and disburse the loan. The technology platform also handles internal audit, risk monitoring and management of the relevant loan and pledged gold related information.
⚫ MFL’s Gold Loan customers are largely individuals from rural, semi-urban areas and metro cities, including, Mumbai, Delhi, Chennai and Bengaluru, who typically require funds for social obligations, emergencies, agriculture-related activities, small scale business operations or consumption purposes.
⚫ The other business verticals of the company include Vehicle and Equipment Finance Business, Payments business, SME business and fee based services including forex and money transfer. Further, MFL has also expanded into other business verticals such as microfinance business through its Subsidiary AML, housing finance business through its subsidiary MHFL and insurance broking through its Subsidiary MAIBRO.
⚫ In the Fiscal Years 2014, 2015, 2016, 2017 and 2018 and the six month period ended September 30, 2018, the total consolidated revenue was Rs. 2,111.83 crore, Rs.1,993.43 crore, Rs. 2,373.83 crore, Rs. 3,408.92 crore, Rs. 3,476.56 crore and Rs. 1974.70 crore, respectively, and the consolidated profit for the year for same periods was Rs. 225.98 crore, Rs. 271.32 crore, Rs. 353.37 crore, Rs. 755.85 crore, Rs. 670.89 crore and Rs. 423.99 crore, respectively.
⚫ In the Fiscal Years 2014, 2015, 2016, 2017 and 2018 and the six month period ended September 30, 2018, interest income from the Gold Loan business constituted 97.00%, 97.00%, 91.00%, 86.00%, 79.90% and 76.31%, respectively, of the total revenue.
⚫ As of March 31, 2014, 2015, 2016, 2017 and 2018 and the six month period ended September 30, 2018, the portfolio of Gold Loans under management in principal amount was Rs. 8,155.24 crore, Rs. 9,214.58 crore, Rs. 10,080.63 crore, Rs. 11,124.53 crore, Rs. 11,734.98 crore and Rs. 12,592.76 crore, respectively.
⚫ Gross non-performing Gold Loans assets were 1.22%,1.18%, 0.97%, 2.01%, 0.39% and 0.49% of the Gold Loans portfolio as of March 31, 2014, 2015, 2016, 2017 and 2018 and the six months period ended September 30, 2018, respectively. In the Fiscal Years 2014, 2015, 2016, 2017, 2018 and the six month period ended September 30, 2018, interest income from other businesses excluding income from bank and other deposits and Gold Loans constituted 0.01%, 0.57%, 6.27%, 11.59%, 15.87% and 20.77% respectively, of the total revenue on a consolidated basis.
STRENGTHS
⚫ One of the major players in the gold financing business in India with a long operating history : MFL have been engaged in the business of gold loan financing since 1999. It has, over the years, been successful in establishing its brand name, as well as expanding the customer base to different geographical locations across India. Total number of Gold Loan customers grew from 1.51 million as of March 31, 2014 to 2.25 million as of March 31, 2018. MFL attribute the growth, in part, to the market penetration, particularly in areas less served by organized lending institutions and the efficient and streamlined procedural formalities which the customers need to complete in order to complete a loan transaction with the company, which makes MFL a preferred mode of finance for the customers.
⚫ Flexible loan schemes, high quality customer service and short response time :Depending on the needs of each customer, MFL is able to customize loans for customers in terms of the loan amount, advance rate per gram of gold and interest rate. Company also allows customers to prepay their loans availed from them without penalty. Further, company also provides shorter tenure loans with tenure ranging from three months which can be extended up to 12 months at the discretion of the Company, to facilitate lower interest burden on the customers. Furthermore, since loans are all collateralized by gold jewellery, there are minimal documentary and credit assessment requirements, which also shorten turnaround time.
⚫Geographical reach of Manappuram Finance Limited branch network : The company has steadily expanded branch network in the past, total number of branches of MFL grew from 3,293 branches in 27 states and union territories as at March 31, 2014 to 3,330 branches in 28 states and union territories as at September 30, 2018. Although company has historically had most of branches in the southern states of India, it has expanded branch network to the northern states and currently has 439 branches in other parts of India. Customers are typically retail customers, small business persons, vendors, traders, farmers and salaried individuals, who for reasons of convenience, accessibility or necessity, avail credit facilities by pledging their gold rather than taking loans from banks and other financial institutions.
⚫Strong capital raising ability and high credit rating : Company has track record of successfully raising capital from a variety of sources, including through debt and equity financing. As of June 30, 2018, Baring India Private Equity Fund II Limited, Baring India Private Equity Fund III Listed Investments Limited and BRIC II Mauritius Trading have remained invested in the Company. MFL has also raised capital by issuance of non-convertible debentures, issuance of commercial paper and availing term loans and cash credit facilities from banks including working capital term loans.
⚫Robust support system and IT infrastructure, including appraisal, internal audit and inventory control and safety systems : IT infrastructure has been developed in house and linked network of branches across the country with the head office. MFL migrated to a .NET platform in December 2008 and have reaped benefits in the form of minimizing errors, faster transmission of data and risk monitoring. Management has also benefited from availability of real time information. In addition, technology platform has helped develop an effective risk based internal control system and internal audit. MFL also has a disaster recovery system located outside of Kerala which replicates data on a real time basis.
⚫ In-house training capabilities to meet the requirements of its branches: Company focusses on building a strong leadership pipeline that can elevate the company to the next growth trajectory. MFL’s employees, being a mix of youth and experience, are customer-centric, focused and forward looking in their approach. Employees also receive training through various skill advancement programmes and educational programmes including management development programme, executive development programme and company sponsored courses in business administration.
⚫ Experienced Management Team and Skilled Personnel: MFL’s key Managerial Personnel on an average have over 21 years of experience. Directors have extensive experience in the gold loan business and the Company believes that their considerable knowledge of, and experience in, the industry enhances company ability to operate effectively. MFL’s staff, including professionals, covers a variety of disciplines, including gold appraisal, internal audit, technology, accounting, marketing and sales. Some of key management personnel have been employed since the inception. Management has experience in identifying market trends and suitable locations for expanding and setting up branches to suit target customers.
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[su_spoiler title=”Registrar/allotment Status” style=”fancy” open=”no” icon=”plus-circle”]
Link Intime India Private Limited
C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai 400 083.
Tel.: + 91 22 4918 6200; Fax: + 91 22 4918 6195
Email: manappuram.ncd2019@linkintime.co.in
Investor Grievance mail: manappuram.ncd2019@linkintime.co.in
Website: www.linkintime.co.in;
Contact Person: Shanti Gopalkrishnan
Click here to check your allotment status
Company Contact Details
MANAPPURAM FINANCE LIMITED
CIN No.: L65910KL1992PLC006623
Registered and Corporate Office: IV/470A (Old) W/638A(New),
“Manappuram House”, Valapad, Thrissur 680 567; Tel: (91 487) 305 0000
Fax: (91 487) 239 9298; Website: www.manappuram.com
Company Secretary and Compliance Officer: Manoj Kumar VR
Tel: (91 487) 305 0408; Fax: (91 487) 239 9298; Email: cs@manappuram.com
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[su_spoiler title=”Stock Watch / Financial Info” style=”fancy” open=”no” icon=”plus-circle”]
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[su_spoiler title=”Contact for Investment” style=”fancy” open=”no” icon=”plus-circle”]
Sanriya Investment Advisors Pvt. Ltd.
Kamdhenu, 2nd Floor, Opp. Prakash (MSEB Office) Bhavan,
Next to Bank of Baroda, Near Chattushringi Temple, above Tribes India,
Senapati Bapat Rd, Shivajinagar, Pune, Maharashtra 411016
(M): 9175193456 / 9175937626
(E): santosh@sanriya.in ; info@sanriya.in (w): www.sanriya.in
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