Credit rating agency, CARE has revised rating of Manappuram Finance’s Non-Convertible Debenture (NCD) issue worth Rs 20 crore to ‘AA-’ from ‘A+’. The revision in the rating assigned to the proposed NCD issue of Manappuram Finance (MAFIL) factors in various regulatory developments in the gold loan NBFC industry over the past two years & its resultant impact on asset quality, the company effectively strengthening its corporate governance and its healthy capitalization levels.
Manappuram Finance is a NBFC registered with RBI as non- deposit accepting loan company, headquartered in Valapad, Kerala. The company gives loan against used jewelry/ gold ornaments and it constitutes around 99.4% of AUM. As on December 31, 2014, the company had AUM of Rs.8,824 crore and operates through 3,293 branches spread across 26 states/Union territories
Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.
