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- Security Cover
- The value of assets backing the bond per ₹1 of principal owed (e.g. 1.5X = ₹1.5 of cover for every ₹1). A higher cover means more protection for investors.
- Yield to Maturity (YTM)
- Yield to Maturity (YTM) refers to a bond's expected rate of return if held until maturity.
- Coupon Rate
- Coupons are usually fixed interest rates on face value payable monthly, quarterly, yearly or at maturity.
- Nature of Instrument
- Backed by assets which can be liquidated to repay lenders in case of default
- Credit Rating
- An independent agency’s assessment of the issuer’s ability to repay on time. Higher ratings (e.g. AAA) indicate lower credit risk; lower ratings carry higher risk and usually higher yields.
NCD Type
Unlisted
Credit Rating Agency
India Ratings
Coupon Rate
12% p.a
Security Cover
0.0X of POS
Date of Rating
—
Debenture Trustee
—
Min. Investment
₹4,99,676.00
Face Value
₹5,00,000.00
Issue Size
N/A
ISIN
INE939X14081
Nature of Instrument
Unsecured
Issue Date
31 Jan, 2022
Maturity Date
30 May, 2022
Put Date
—
Call Date
—
Coupon Type
Fixed
Interest Payment Frequency
Maturity
Principal Payment Frequency
Maturity
Manba Finance Ltd (MFL) incorporated in the year 1996 is registered as a non-deposit taking NBFC with Reserve Bank of India. It is one of Mumbai's leading non-banking finance companies spread across Mumbai, Headquartered in Mumbai, Mulund West, it is held closely by promoter and promoter group. Manba Finance Limited, RBI registered N.B.F.C, is engaged primarily into two-wheeler financing since 1996 and has gained good experience in this segment. The company has got its operational presence in Mumbai & Ahmedabad. The company provides customized Finance for the widest range of Two-wheeler. MFL's goal is to be a one stop shop in the space of two-wheeler financing. MFL combines a passion for client satisfaction, deep industry and business process expertise and collaborative workforce. MFL is in the phase of expanding its operations by reaching to the new areas along with the existing cities i.e. within Mumbai. The company has stretched its reach from Borivali to Palghar in Western Mumbai, Thane to Shahapur & Murbad in Beyond Thane, Vashi to Alibaug in Navi Mumbai. MFL is specially focusing in the segment of authorized dealerships in order to capitalize the strong base of credit-worthy customers. MFL is now a proud preferred financier of Suzuki, TVS, Yamaha & Piaggio (Vespa) for in & around Mumbai region. As part of Business Expansion, MFL has also successfully set-up its branches in Kalyan & Vasai. The total AUM at the end of June 2021 stood at INR 480.83 crores. Entity majorly operates into urban geography and offer the products with an IRR range of 23-24%. Majority of the total portfolio concentration is in Maharashtra followed by portfolio in Gujarat.
FY21
| Revenue | ₹108.54 Cr |
| EBITDA | ₹886.63 Cr |
| EBITDA Margin | 24.66% |
| Profit After Tax | ₹11.37 Cr |
| PAT Margin | 10.48% |
| Net Worth | ₹153.98 Cr |
| Total Assets | ₹499.55 Cr |
| Debt / Equity | 2.79 |
| Return on Equity | 5.96% |
- Rating Rationale Download ↓
Total Issue Size
N/ACompany Financials (FY21)
Investment Analysis
Key Comforts
Strong Security Cover
Backed by 1.1x security cover on principal and interest, providing a robust safety net.
Consistent Profitability
Company has demonstrated consistent YoY growth in Profit After Tax for the last 3 financial years.
Experienced Management
Led by a team with over two decades of experience in the agriculture finance sector.
Potential Risks
Sectoral Concentration
High exposure to the agriculture sector makes performance susceptible to policy changes.
Liquidity Risk
Unlisted nature of these specific NCDs may limit secondary market liquidity before maturity.
Interest Rate Sensitivity
Changes in macroeconomic interest rates may impact the relative attractiveness of the fixed coupon.
Frequently Asked Questions
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