Micro Housing Finance Corporation receives Credit Rating Upgrade
Micro Housing Finance Corporation ("MHFC"), a housing finance company that is solely focused on providing housing loans to financially excluded urban lower income families, has received an upgrade in its Long Term Bank Facilities (Rs 100 cr) credit rating and is now rated "CARE A-".Tweet
-- Micro Housing Finance Corporation ("MHFC"), a housing finance company that is solely focused on providing housing loans to financially excluded urban lower income families, has received an upgrade in its Long Term Bank Facilities (Rs 100 cr) credit rating and is now rated "CARE A-". According to the rating agency, "The rating revision takes into account the steady scale up in MHFC's business volumes while maintaining healthy asset quality and profitability parameters."
For detailed information, the CARE rating rationale is available on this weblink:
"We are very pleased to to receive an upgrade in our credit rating to "CARE A-" as this will open new avenues of financing which would diversify sources and reduce overall funding costs", said Madhusudhan Menon, Chairman, MHFC. "We believe that the rating upgrade is based on MHFC's operational and financial parameters and the quality of its asset portfolio. Thus, this is not just an endorsement of MHFC, but also an affirmation of the credit worthiness of our customers - informal sector, financially excluded families - and their excellent loan repayment track record over the last five years."
MHFC, which counts the India Financial Inclusion Fund, the Michael & Susan Dell Foundation and the Ronnie Screwvala-founded Unilazer Ventures as major investors, has over the last 5 years sanctioned approx Rs 250 cr long term housing loans to 5000 low income families from the informal sector, who are typically financially excluded due to a lack of documentation. The company posted an NPAT of Rs 4.2 cr and did not have any NPAs as on March 31, 2014.
MHFC's FYE March 31, 2014 audited results are available online on the company website at the following address: http://mhfcindia.com/Annual_Report_14.pdf
Notes to Editor
ABOUT MICRO HOUSING FINANCE CORPORATION
MHFC is a housing finance company headquartered in Mumbai, India, focused on serving lower income groups in urban areas, specifically those in the informal sector. MHFC, through this initiative, seeks to efficiently and sustainably enable access to housing finance services to the underserved and un-served segments of the urban population. For more information on MHFC, please visit www.mhfcindia.com.