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CARE reaffirms ‘AA-’ rating to Manappuram Finance’s NCD Issue

24 Jul 2015 Evaluate

Credit rating agency, CARE has reaffirmed 'AA-' rating to Manappuram Finance’s Non-Convertible Debenture issue (Proposed) worth Rs 20 crore. The rating assigned to the proposed Non-Convertible Debenture issue of Manappuram Finance (MAFIL) continues to factor in the long track record and the established market position of MAFIL as one of the leading players in the gold loan industry in India, experienced promoters & management team, comfortable capitalization level, comfortable liquidity position and adequate risk management & management information systems in place.

The rating also favorably considers growth in loan portfolio and improvement in profitability indicators during FY15 (refers to the period from April 1 to March 31).

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. During FY15 (refers to the period from April 01 to March 31), the company’s total income was Rs 1981 crore as against the total income of Rs 2112 crore in FY14.

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