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JM Financial Credit Solutions Limited NCD

Public Issue of JM Financial Credit Solutions Limited NCD (Secured)

Download forms | JMFCSL April 2018 Product Note

Issue Opens: 28-May-2018
Issue Closes: 20-June-2018

Issue Size: ₹ 750 Crs
Ret: ₹ 225 Crs
HNI: ₹ 225 Crs
Corp: ₹ 150 Crs
QIB: ₹ 150 Crs

Instrument: Secured NCD

Rating: AA/Stable by ICRA and India Ratings

? Coupon For All Category
9.25% p.a. for 38 Months (Annual)
9.11% p.a. for 5 Years (Monthly)
9.50% p.a. for 5 Years (Annual)
9.34% p.a. for 10 Years (Monthly)
9.75% p.a. for 10 Years ( Annual)

? Interest Option: Monthly, Annual & Cumulative

? Allotment first come first serve basis.


JM Financial NCD 2018



    • JM Financial Credit Solutions Limited (JMFCSL) is a “Systemically Important Non-Deposit taking Non-Banking Financial Company (“NBFC ND – SI”)”, registered with Reserve Bank of India to carry on NBFC activities originally incorporated at Mumbai, Maharashtra.
    • JM Financial Credit Solutions Limited is a wholesale finance NBFC and provides integrated financial solutions to real estate developers with a focus on residential project financing such as funding real estate developers at various stages in the life cycle of a real estate project.
    • The company has clients in Mumbai, Pune, Bengaluru, Chennai, Hyderabad, NCR and Kolkata.
    • The product portfolio consists of Project Finance, Loans against property, Loans against shares, Project at early stage loans and Loans againstland.
    • The company recorded total revenue of Rs. 6.00 crore, Rs. 103.73 crore, Rs 519.45 crore, Rs 788.36 crore and Rs 959.93 crore Fiscal 2014, Fiscal 2015, Fiscal 2016, Fiscal 2017 and Fiscal 2018 respectively. The total revenue increased at a CAGR of 109.9% from Fiscal 2015 to Fiscal 2018.
    • The company recorded profit before tax of Rs 2.69 crore, Rs 70.22 crore, Rs 301.72 crore, Rs 424.78 crore and Rs 504.04 crore Fiscal 2014, Fiscal 2015, Fiscal 2016, Fiscal 2017 and Fiscal 2018, respectively. The profit before tax increased at a CAGR of 92.9% from Fiscal 2015 to Fiscal 2018. The profit after tax increased at a CAGR of 88.8% from Fiscal 2015 to Fiscal 2018.
    • The loan book was Rs 1,844.46 crore, Rs 4,074.47 crore, Rs 5,658.15 crore and Rs 7,338.88 crore, as of March 31, 2015, 2016, 2017 and 2018, respectively. And gross and net NPAs were nil in Fiscal 2015, Fiscal 2016, Fiscal 2017 and were Rs 75.80 crore and Rs 68.22 crore in Fiscal 2018, respectively, constituting 1.0% and 0.9% of the net advances as of March 31, 2018, respectively.

    • Strong background of shareholders along with brand name and parentage of the JM Financial GroupJM Financial Group is an established financial services group providing a range of financial services. The group’s long standing operations in the financial services sector has resulted in establishing JM Financial as a recognized brand. The primary business of the Group includes fund based activities, investment banking and securities business, alternative asset management business and asset management business which involves the mutual fund business. The group’s client focused business approach over four decades has enabled to develop strong relationships across the corporate, institutional, HNI and the retail client base. JMFCSL leverages the Group’s experience in the various facets of the financial services sector which allows it to understand market trends and mechanics.
    • Well positioned to benefit from industry trendsThe company’s approach to be senior secured lender at all times together with the focus on risk adjusted profitable growth, has enabled it to develop a consistently profitable and sustainable business model. Further, as the company has expanded geographically and source new clients it will be able to capitalize on the growth opportunities.
    • Strong financial and operating performance reflected in strong growth, asset quality and returnsJMFCSL has a track record of stable and sustainable financial performance, reflected in the consistent growth in revenues and profitability. The company recorded total revenue of Rs. 6.00 crores, Rs. 103.73 crores, Rs. 519.45 crores, Rs. 788.36 crores and Rs. 959.93 crores for Fiscal 2014, Fiscal 2015, Fiscal 2016, Fiscal 2017 and Fiscal 2018 respectively. The profit before tax increased at a CAGR of 92.9% from Fiscal 2015 to Fiscal 2018. The profit after tax increased at a CAGR of 88.8% from Fiscal 2015 to Fiscal 2018.
    • Wide customer base, strong customer relationships and geographic diversificationWith a predominant focus on financing residential development, the company is currently focused on funding projects located in Tier 1 cities such as Mumbai, Pune, Bengaluru and Chennai. JMFCSL has successfully carried out lending against a few completed, commercial properties, in Mumbai and Bengaluru and has recently commenced financing projects in Kolkata, Hyderabad and NCR.
    • Well Defined process, secured loan book and strong asset qualityJMFCSL provides secured finance which ensures lower NPAs and fewer recovery related problems. As at March 31, 2018, 98.3%, of the total loan book was secured and gross NPAs and NPAs constituted 1.0% and 0.9% of total loan book, respectively. Loans against property are secured against collateral of residential or commercial property while loans against securities are offered against collateral of securities. JMFCSL’s business processes ensure complete independence of function and segregation of responsibilities. The processes have been standardized with the objective of providing high levels of service quality while maintaining process and time efficiency. JMFCSL continues to manage the credit risk associated with the lending business and has accordingly been able to increase its customer base and client accounts across the loan book
    • Diversified funding sources and strong credit profile adequately capitalized to fund the growthThe funding requirements are currently predominantly met through credit facilities from banks, issuance of commercial paper and redeemable non-convertible debentures and commercial papers. The company has access to funds from multiple classes of credit providers, including public sector banks, private commercial banks and mutual funds. As at March 31, 2018, the capital adequacy ratio, which was computed on the basis of the applicable RBI requirements, was 22.4%, as compared to the minimum capital adequacy requirement of 15.00% as stipulated by the RBI.
    • Experienced management teamThe company has an experienced management team, which is supported by a capable and motivated pool of employees. JMFCSL believes that the considerable experience of the Board and senior management team in the financial services sector is a significant competitive advantage that has enabled it to successfully grow a profitable and sustainable business model.
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Mahindra Finance – Public Issue of NCD – July 2017

Public Issue of NCD of Mahindra Finance – upto 8.05% p.a.
Issue Start Date: 10th July 2017 – Monday
Issue End Date: 28th July 2017*
Credit Rating: “IND AAA/Outlook Stable” by India Ratings & “BWR AAA/Outlook:Stable” by Brickworks
Listing: Proposed to be listed on BSE Limited (“BSE”)
Issue size: Rs 250 Crores with an option to retain oversubscription upto Shelf Limit of Rs 2,000 Crores
Mahindra Finance NCD - Terms
Download Links :

Product Note

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Muthoot Finance Ltd – Public Issue of NCD – April 2017

Public Issue of NCD of Muthoot Finance Ltd – upto 9.00% p.a.
Issue Start Date: 11th April 2017 – TUESDAY
Issue End Date: 10th May 2017*
Credit Rating: “[ICRA] AA (Stable)” by ICRA and “CRISIL AA/Stable” by CRISIL
Secured NCDs for an amount of Rs. 1,950 Crores and Unsecured NCDs for an amount of Rs. 50 Crores.
Listing: Proposed to be listed on BSE Limited (“BSE”)
Issue size: Rs 200 Crores with an option to retain oversubscription upto Shelf Limit of Rs 2,000 Crores
Download Links :
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Invest in Ten Big Govt Companies through CPSE ETF



(Central Public Sector Enterprises – Exchange-traded fund)

The CPSE ETF basket consists of shares of ten big public sector units (PSUs)


Offer opens on 18th January & closes on 20th January 2017

Demat a/c is mandatory


CPSE ETF was launched in order to facilitate GOI’s (Government of India) initiative to dis-invest some of its stake in selected CPSEs through the innovative ETF route. The ETF is based on Nifty CPSE index which includes 10 listed Central Public Sector Enterprises. CPSE ETF is a Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme.


CPSE ETF: Background

  • CPSE ETF New Fund Offer (NFO) was first launched in March 2014
  • NFO received overwhelming response; NFO collection was Rs.4,363 crs, out of which Rs.1,363 crs was refund to investors due to the issue size limit of Rs.3,000 crs
  • Participation across various categories of investors – 37,323 investors invested in CPSE ETF, out of which ~98.5% were Retail Individual Investors
  • Units of CPSE ETF were listed on 04th April 2014 on NSE & BSE


Recent Development: Proposal to launch the FFO

  • Based on the success of CPSE ETF NFO, DIPAM is conducting further divestment of the underlying CPSEs which are constituents of the CPSE ETF and hence launching the second  tranche of CPSE ETF.
  • For Anchor Investor FFO opens on Jan 17, 2017 and closes on Jan 17, 2017 and for Non – Anchor Investor FFO opens on Jan 18, 2017 and closes on Jan 20, 2017
  • Maximum Amount to be Raised during FFO is Rs. 6,000 Crores [(“Initial Amount” – Rs. 4,500 Crores plus “Additional Amount” – Rs. 1,500 Crores which is in addition to the stated “Initial Amount”)
  • Discount of 5 (five) % on the “FFO Reference Market Price” of the underlying shares of Nifty CPSE Index shall be offered to FFO by GOI  to all categories of investors


Investment Rationale:

  • Play on India growth story through investment in the large CPSE stocks at attractive valuations
  • Portfolio diversification through investment in blue-chip Maharatna and Navaratna CPSE stocks which are sector leaders
  • FFO price advantage – Upfront discount to all categories of investors
  • Attractive Valuation and Dividend Yields: P/E ratio and dividend yields better compared to broader market index
  • Flexibility of trading on real time basis
  • Lower expense ratios and transaction costs
  • Investors will be able to diversify exposure across a number of Public Sector companies through a single instrument


Application Form

Product Presentation

Product Onepager

Supplement to SID

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DHFL NCD Issue – August 2016

Avail upto 9.25% interest on your investment for a 7-year duration.

Issue opens : 29-August-2016. Apply Early. First come first serve basis.

The issue offers yields ranging from 9.05% to 9.25% depending up on the Category of Investor and the option applied for.

Credit Rating of ‘CARE AAA’ by CARE and “BWR AAA”, Outlook: Stable by Brickworks Ratings India Private Limited

The NCDs are proposed to be listed on the National Stock Exchange of India Limited (“NSE”) and BSE Limited(“BSE”)




Total Issue Size : Rs.10,000 Cr.
QIB : Rs.3,000 Cr.
Corp: Rs.1,000 Cr.
Individuals : 3,000 Cr.

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Why you Should Shift your money from Fixed Deposits to Debt Funds

Fixed deposits have always been regarded as a safe financial instrument by people since they ensure security, provide fixed returns and are comparatively risk-free. However, if one looks at the current tax slabs, fixed deposits may not be as profitable considering the amount of tax incurred on them. Hence, it is highly recommended to park your money in debt funds instead which are essentially a mix of corporate bonds, treasury bills, mutual funds, government securities etc.

Here’s why you should give investing in debt funds a serious thought:

1. No worry about capital safety

If you compare credit ratings of fixed deposits and debt funds, you’ll observe that there’s not much difference in the rankings. These are released by independent rating firms which include CRISIL, CARE, ICRA etc. While fixed deposits have a rating of AAA signifying very high capital safety, debt funds have a score of AA implying high degree of money security.

2. Debt funds guarantee superior post-tax returns

Income received from fixed deposits is termed as interest whereas revenue earned from debt funds is called as dividend. Both of them are categorised differently in terms of taxation. For fixed deposits, tax liability is based on the individual’s present tax slab regardless of the duration of the FD.

Debt funds on the other hand attract virtually zero taxation if held for more than 3 years. For the first year, tax liability for both the instruments is the same. But for fixed deposit investors, taxes need to be paid on interest accumulated every year. Therefore, debt funds are more tax-friendly as opposed to FDs. Moreover, individuals who have investment goals for 3 years or more must certainly opt for debt funds and take advantage of the taxation benefit.

3. Debt funds offer higher liquidity and easy withdrawal

Fixed deposits have a set duration and usually offer low liquidity until the deposit period ends. Most debt funds have high liquidity if the minimum holding time has elapsed and conditional on lock-in period as stated. Although some banks let individuals break the FD in part, many of them will ask you to withdraw the entire amount in addition to paying a penalty.

When it comes to debt funds, individuals can enjoy complete liquidity for their investments. Any amount of funds can be withdrawn at any point of time from the total debt fund value. A small sum in the form of exit load might be levied if money is taken out in less than a year.


Based on the investment horizon, Debt funds are categorized as follows:

Liquid Funds
Ultra Short Term Funds
Short Term Funds
Medium Term Funds
Long Term Funds
& Income Funds