MIDLAND MICROFIN LIMITED Coupon 10.75% | Corporate Bond

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Returns (YTM)

11.49%

Min. Investment

₹ 1,00,233.92

Remaining Tenure

8M 23Days

Payment Terms

Monthly

Highlights

Credit Rating

ACUITE A-/NEGATIVE

Seniority

SENIOR

Security

Secured

Default History

Zero

Granular Pool: 14,276 contracts; top 10 obligors <1% of pool principal, reducing borrower concentration risk.

Seasoned Portfolio: ~22% amortised with no delinquencies to date, reflecting strong borrower credit quality.

No Overdues: Zero overdue contracts as of cut-off, none ever delinquent.

Credit Enhancement: Cash collateral (8% of pool), over-collateralisation (16% for A1; 13% for A2), and EIS of 17.13%/16.74% provide strong coverage.

Strong Liquidity: CE covers ~7.25x expected losses for Series A1 and ~6.5x for Series A2.

Adequate Servicing Track Record: Over a decade of regular collections across cycles, indicating strong servicing ability

Capital Adequacy: CRAR at 31.41% (FY25), above regulatory requirement

Company Financials

Revenue

PAT

AUM

Debt

Net Worth

Important disclaimer

Ratio Analysis

0.4

Net NPA

Good

Benchmark: Lower than 3%

31.41

Capital Adequacy Ratio

Good

Benchmark: Minimum 14%

3.36

Debt to Equity Ratio

Good

Benchmark: Maximum 12 times

-0.19

Operating Cash Flow to Debt Ratio

Risky

Benchmark: Higher the ratio better it is.

1.35

Interest Coverage Ratio

Risky

Benchmark: Minimum 2

Important disclaimer

About Issuer

MIDLAND MICROFIN LIMITED

Midland Microfin Limited (MML) is a leading microfinance institution in India committed to promoting financial inclusion and empowering underserved communities, particularly women entrepreneurs. Founded on May 27, 1988, as Sajan Hire Purchase Limited, the company rebranded itself as Midland Microfin Limited in 2011, aligning its operations with its mission of providing microfinance solutions. Headquartered in Jalandhar, Punjab, MML operates across 12 states and 2 union territories in India through a robust network of 580 branches, primarily serving rural and semi-urban regions. The organization employs the Joint Liability Group (JLG) model, a proven approach for collateral-free lending, fostering mutual accountability among borrowers while supporting grassroots entrepreneurship.

Total Annual Revenue

532.76 Cr (FY- 2024)

Year of Inception

1988

Industry

Corporate

Head Office

PUNJAB

Type of Issuer

Corporate

Current MD/CEO

Mr. Amardeep Singh Samra

Credit Rating / Outlook

A- NEGATIVE

ACUITE

Rating Rationale

Rating Date: 11-Jun-2024

Credit rating by different rating agencies indicates the bond issuer’s ability to repay its debt obligations. A bond can be rated by one or more SEBI registered credit rating agencies e.g. CRISIL, CARE, ICRA, IND, BWR, ACUITE, INFOMERICS.
Bonds/NCDs with A credit rating are considered to have an adequate degree of safety regarding timely servicing of debt obligations. Such Bonds/NCDs carry low credit risk.
Negative Outlook indicates a higher likelihood of a rating downgrade, signaling potential weaknesses or adverse events that could weaken the issuer's credit position.

Other Important Details & Disclosures

Issuer Name

MIDLAND MICROFIN LIMITED

Security Name

10.75% MIDLAND MICROFIN LIMITED Secured Rated Listed NCD Maturity 2-Jul-2026

ISIN

Copy

INE884Q07707

Face Value

₹ 1,00,000

Coupon Rate

10.75%

Coupon Type

FIXED

Payment Terms

Monthly

Maturity Date

2-Jul-2026

Clean Price

₹ 99.88

Dirty Price

₹ 100.23

Current Yield

10.7629%

Yield to Maturity

11.487%

Mode of Issue

Private Placement

Date of Issue

2-Jul-2024

Listed

Yes

Instrument Type

Taxable

Security

Secured

Seniority

SENIOR

Perpetual

Trustee Details

Catalyst Trusteeship Limited (Formerly GDA Trusteeship Limited)

GDA House, Plot No.85, Bhusari Colony (Right),Paud Road, Kothrud,Pune 411038

Registrar Details

Skyline Financial Services Private Limited

D-153A, 1st Floor Okhla Industrial Area Phase - 1 New Delhi 110020

Looking For More Information ?

Download Prospectus

Taxation

10%

TDS on Interest Income*

*Given TDS is indicative and fully claimable while filing ITR. The interest income from this bond will be taxable and will appear in the additional source of income in your ITR. Please consult your tax advisor for precise taxation details
As a listed bond, it is subject to capital gains tax based on the holding period. A holding period of less than 1 year qualifies as short-term, while more than 1 year qualifies as long-term.
You can submit your Form 15G/15H to the registrar and debenture trustee of the bond to avoid the TDS deduction. Download Form

Registrar details: Skyline Financial Services Private Limited D-153A, 1st Floor Okhla Industrial Area Phase - 1 New Delhi 110020

Unit

Investment Amount

₹ 1,00,233.92

Total Returns

₹ 7,806.49

Total Receivable

₹ 1,08,040.41

Cashflow Timeline

Similar Bonds

Bonds by Same Issuer

MIDLAND MICROFIN LIMITED

Min Investment

₹ 98,667.83

Returns

12.4%

Payout

Monthly

Credit Rating

A-/ACUITE

FAQs about MIDLAND MICROFIN LIMITED bonds

How to buy this MIDLAND MICROFIN LIMITED bond online?

You can invest in bonds online in under 5 minutes. To buy MIDLAND MICROFIN LIMITED bond online follow the steps below:

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Pay online via payment gateway and receive bond units in your demat account

What is the yield of this MIDLAND MICROFIN LIMITED bond?

11.487% is the current yield of this MIDLAND MICROFIN LIMITED bond. A bond’s current yield indicates the annual return based on its current market price and annual coupon payment.
In addition to current yield, the yield to maturity (YTM) of this MIDLAND MICROFIN LIMITED bond is 11.487%, which indicates the total expected return if the bond is held till the maturity date. It is calculated using the XIRR method considering current price, face value, coupon payments, and time to maturity.

Is it safe to invest in bonds?

Investing in bonds is relatively a safer option but it depends on factors like:

The creditworthiness of the issuer indicated by the credit rating
The debt quality of the bond indicated by its seniority and security
Your investment goals and risk appetite

If you are an existing bond investor and want to sell your bond holdings before maturity, you can do so through the secondary market. This can be done either through exchanges such as BSE or NSE, or you can also request a quote from your relationship manager at GoldenPi.

How to redeem this MIDLAND MICROFIN LIMITED bond?

To redeem this MIDLAND MICROFIN LIMITED bond, bond, kindly first check its redemption value and redemption schedule. This can be found by downloading the cash flow from the “Calculate Your Returns” section of this page or by contacting the support team at GoldenPi.
Once you buy this bond, the units would be reflected in your demat account.
Upon maturity, the bond units held in your demat account will be automatically debited on the maturity date, and if the maturity date falls on a bank holiday, the redemption amount will be paid out on the next working day.
The funds will be credited to the bank account linked to your demat account. The process of redeeming this MIDLAND MICROFIN LIMITED bond is generally simple and straightforward. Contact our support team for more information.

Is this MIDLAND MICROFIN LIMITED bond tax-free?

No, this MIDLAND MICROFIN LIMITED bond is not tax free. The interest income received from these bonds will be treated as “income from other sources” in the ITR and the tax will be calculated as per your income tax slab.

To know more about taxation in detail please read this article: https://goldenpi.com/blogessentials/bond-market/taxation-on-gains-from-bond-investments/

Can I sell this MIDLAND MICROFIN LIMITED bond before the maturity date?

Yes, it is possible to sell this MIDLAND MICROFIN LIMITED bond before maturity. However, as the sale process happens in the secondary market, the price can be determined by a variety of factors, including interest rates, credit ratings, company performance, and market demand.

To know more about the sale process, contact us at https://goldenpi.com/contact-us

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Cashflow Timeline

Timeline

Total Receivable*

Net Receivable**

2025

₹ 1,796.58

₹ 1,616.92

	02 Nov	Interest ₹ 913.01	Interest ₹ 821.71
	02 Dec	Interest ₹ 883.56	Interest ₹ 795.21

2026

₹ 1,06,243.84

₹ 1,05,619.45

* The interest amount is paid as per total invested face value (₹ 100000) and annual coupon rate of 10.75%.

** The net interest receivable is after 10% TDS for Indian Residents. However for NRI 30% TDS is deducted. The deducted TDS can be claimed while filing ITR.

Highlights

Company Financials

Ratio Analysis

About Issuer

MIDLAND MICROFIN LIMITED

Credit Rating / Outlook

Other Important Details & Disclosures

Taxation

How to buy this MIDLAND MICROFIN LIMITED bond online?

What is the yield of this MIDLAND MICROFIN LIMITED bond?

Is it safe to invest in bonds?

How to redeem this MIDLAND MICROFIN LIMITED bond?

Is this MIDLAND MICROFIN LIMITED bond tax-free?

Can I sell this MIDLAND MICROFIN LIMITED bond before the maturity date?

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Cashflow Timeline