Muthoot Homefin (India) Limited NCD
CRISIL has assigned its ‘CRISIL AA Stable’ on the non-convertible debentures of Muthoot Homefin India Limited (Muthoot Homefin). The rating on long-term bank facilities has been reaffirmed at ‘CRISIl AA Stable’.
About the company:
Company was incorporated on August 26, 2011 and is currently the wholly owned subsidiary of Muthoot Finance Limited (“MFL”), which is one of India’s largest gold financing companies by loan portfolio. Company is a part of the group with a legacy of serving customers for over 130 years. Company has a customer base consisting of 20,237 customers as at September 30, 2018. Company is a non-deposit taking housing finance company and was registered with the National Housing Bank (“NHB”) on May 19, 2014.
Company focuses on providing affordable housing loans to Lower Middle Income (“LMI”) groups and Economically Weaker Sections (“EWS”) of society in tier 2, tier 3 and tier 4 cities. Company customers comprise primarily informal and formally salaried workers and self-employed individuals. As on September 30, 2018, 58.88% of loan portfolio consisted of loans made to salaried individuals, 2.26% of loan portfolio consisted of loans made to individuals who are professionals or self-employed and 38.87% of loan portfolio consisted of loans made to individuals who are businessmen.
Public issue of secured redeemable, Non-Convertible Debentures.
Strength of the Company:
- Government policies favouring the growth oppotunities
- Stable credit ratings
- The robust risk management system
- High asset quality
- A fully owned subsidiary of Muthoot Finance Limited
Objective of NCD Muthoot Homefin (India) Limited NCD:
- For the purpose of online lending, financing and for repayment/prepayment of interest and principle of the existing borrowings of the company
- For General Corporate Purposes.
Promoters of the Company:
The promoter is Muthoot Finance Limited.
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