Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
22 November, 2017 12:57 IST
CARE Ratings upgrades Manappuram Finance to AA stable
Source: IRIS | 14 Aug, 2017, 03.49PM
Comments  |  Post Comment

CARE Ratings has upgraded the long-term credit rating of Manappuram Finance (MAFIL) to CARE AA (double A) stable from CARE AA- (double A minus) stable. The revised credit rating applies to the Rs. 56.80 billion long term bank facilities of the company and its NCD issues aggregating to Rs 5.80 billion.

A  press release issued by CARE Ratings said that the revision in the long term rating factors in the significant improvement in financial performance of the company during FY17, primarily supported by its focus on shorter tenure loans leading to lesser under recovery. The profitability in FY17 is also aided by growth in AUM and decline in the cost of borrowings in trend with industry.

The release noted 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 and liquidity position and adequate risk management & management information systems in place. 

The ratings are, however, constrained by product concentration on a single asset class, exposure to price of gold, geographical concentration of the loan portfolio and moderation in asset quality during FY17 on account of transition from 120 dpd (days past due) to 90 dpd.

Earlier, on July 14, 2017, Brickwork Ratings had upgraded the long-term credit rating of Manappuram (Q,N,C,F)* Finance (MAFIL) to BWR AA (double A) stable from BWR AA- (double A minus) stable. The revised credit rating applies to the Rs 547.0 million NCD issue of the company.

Shares of the company gained Rs 2.95, or 3.44%, to trade at  Rs 88.80.  The total volume of shares traded  was  739,382 at the BSE (3.34 p.m., Monday).



Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Related Articles
Glenmark Pharma gets nod for generic Loestrin Fe 1/20 tablets - 22-Nov-2017 11:27
Strides Shasun's arm receives USFDA approval for Acetazolamide tablets - 22-Nov-2017 10:41
Ramco Systems inks multi-million dollar order with LBC Express - 22-Nov-2017 10:08
NCC in consortium with BGR Infra bags Talaipalli coal block project - 22-Nov-2017 09:56
Zydus' oral anemia developmental candidate; ZYAN1 named as Desidustat by WHO - 21-Nov-2017 12:51
Dr. Reddy's receives EIR from USFDA for Vishakhapatnam facility - 21-Nov-2017 12:46
Artefact Projects bags various orders worth Rs 292.6 mn - 21-Nov-2017 12:34
Yes Bank raises USD 400 mn via syndicated loan transactions in Taiwan, Japan - 21-Nov-2017 12:24
Simplex Infra bags order worth Rs 5.24 bn from NBCC - 21-Nov-2017 11:30
Simplex Infra bags order worth Rs 5.24 bn from NBCC - 21-Nov-2017 11:30
ARSS Infra wins order worth Rs 870.9 mn - 21-Nov-2017 10:05
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer