Muthoot Fincorp receives Crisil P1+ rating
Muthoot Fincorp Ltd., the flagship company of the Rs.20,000 Crore Muthoot Pappachan Group, has been elevated by Crisil to 'P1+' rating in the short term segment, the highest rating possible. Muthoot Fincorp's long term rating also has been upgraded by Crisil to 'A+' with Stable Outlook.
Tweet-- Muthoot Fincorp Ltd., the flagship company of the Rs.20,000 Crore Muthoot Pappachan Group, has been elevated by Crisil to 'P1+' rating in the short term segment, the highest rating possible. Muthoot Fincorp's long term rating also has been upgraded by Crisil to 'A+' with Stable Outlook.
"The ratings reflect Muthoot Fincorp's substantial experience in financing against gold, innovative additions to the loan portfolio, robust asset quality, and excellent earnings profile over the most difficult periods during the recent recession, said Mr. Thomas John Muthoot, Chairman and Managing Director of the Muthoot Pappachan Group.
Muthoot Fincorp's core businesses are financing against gold, small and medium credit to business people and insurance. The company's promoters have been in the finance business since 1939, which has enabled them to formulate efficient credit appraisal and approval systems and processes.
The Muthoot Pappachan Group has a strong reputation in Southern India. Since 2008, Muthoot Fincorp has been quickly expanding its presence in Central, Western and Northern India.
Notes to Editor
About Muthoot Fincorp Ltd
Muthoot Fincorp Ltd., the flagship Company of the Group, with strong fundamentals, is a proactive Non-Banking Finance Company (NBFC) registered with the Reserve Bank of India. Fincorp is a mass provider of finance in the form of gold and other loans. With more than 950 branches spread across the cities, towns and villages of India, the Company serves 40,000 customers a day on average.
Muthoot Fincorp's long-standing experience, expertise and stronghold in the semi-urban and rural areas have enabled the Company to provide quick, customised finance options and investment products, maximizing returns to the population. The loan products of Muthoot Fincorp Ltd are uniquely structured to serve people who do not have easy access to mainstream commercial banks.
In addition to innovative retail credit products, Muthoot Fincorp offers insurance plans in partnership with several leading financial institutions. Muthoot Fincorp's customers have a wide choice when considering home loans, automobile loans, mutual funds, investment advisory services, money transfer and money changing and, general and life insurance.
About Muthoot Pappachan Group
The Muthoot Pappachan Group is one of India's leading banking and financial services organizations. It has its roots in a small retail business which began in 1887 in Kerala. The group's flagship company, Muthoot Fincorp, is today counted amongst the premiere financial institutions in India. Muthoot Capital Services Ltd., a listed entity in BSE & established in 1994, is the second Group non-banking finance company. MCSL offers capital market solutions. It has now diversified to include fund and non-fund based activities laying equal emphasis on the corporate and non-corporate sectors.
The Group also has a comprehensive presence in the Hospitality, Infrastructure, Automotive and Alternate Energy sectors. Since its inception, MPG has grown into one of India's largest business conglomerates with an annual turnover of Rs.20,000 crore and a loyal customer base of over one million.
Backed by extraordinary vision, untiring commitment, innovative products and a thirst to serve the common man, the Muthoot Pappachan Group is all poised to attain greater heights in the coming years.
About CRISIL
CRISIL is India's leading Ratings, Research, Risk and Policy Advisory company. CRISIL leverages its core strengths of credibility and analytical rigour to deliver opinions and solutions, which help clients mitigate and manage their business and financial risks, make markets function better, and help shape public policy. For more information, visit www.crisil.com.