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 presence in Southern India. Since 2008, Muthoot Fincorp has been quickly expanding its presence in Central, Western and Northern India.