India Ratings upgrades Muthoottu Mini Financiers debts instruments Ratings
KOCHI, India, Aug. 31, 2021 /PRNewswire/ — Followed by the Care Ratings, India Ratings & Research has upgraded the ratings of NCD and bank loans of Muthoottu Mini Financiers’ to BBB+ Stable. Stable asset quality despite Pandemic led challenges, improved profitability backed by better operational efficiency, ample liquidity, adequate capital buffers and long track record in the gold lending sector leveraged the progress. Muthoottu Mini has upgraded its ratings twice during this fiscal despite the adversities of Covid-19.
Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, “The credit rating reflects the company’s ability and experience to make great strides in this challenging phase.“ He added that this is an inspiration to bring better services to more customers.
India Ratings and Research is a credit rating agency that provides accurate and up-to-date information on the credit market in India. Leading rating agency Care Ratings also upgradedMuthoottuMini Financiers’ credit rating from BBB Stable to BBB+ Stable recently.
About Muthoottu Mini Financiers Limited: (RBI Registration No: N-16.00175)
Muthoottu Mini Financiers Limited is an RBI registered non-deposit taking systemically important NBFC in the loan against gold financing sector, lending money against the pledge of household gold jewellery for over 2 decades. As on June 30, 2021 the Company had a network of 807 branches spread in the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi and Goa and the union territory of Puducherry and employed 3,117 persons in its business operations.
Disclaimer: Muthoottu Mini Financiers Limited is subject to market conditions and other considerations, proposing a public issue of Secured and Unsecured Redeemable Non Convertible Debentures and has filed the Prospectus with the Registrar of Companies, Kerala and Lakshadweep, BSE Limited and SEBI (for record purposes). The Prospectus is available on our website at www.muthoottumini.com, on the website of the stock exchange at www.bseindia.com and the website of the Lead Manager at www.vivro.net. All investors proposing to participate in the public issue of NCDs by Muthoottu Mini Financiers Limited should invest only on the basis of information contained in the Prospectus dated August 13, 2021. Please see section entitled “Risk Factors” beginning on page 15 of the Prospectus for risk in this regard.
LISTING: The NCDs offered through the Prospectus are proposed to be listed on the BSE Limited (“BSE”). Our Company has obtained ‘in-principle’ approval for the Issue from BSE vide its letter dated August 13, 2021. BSE shall be the Designated Stock Exchange for the Issue.
DISCLAIMER CLAUSE OF BSE: It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the Prospectus has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the Prospectus. The investors are advised to refer to the Prospectus for the full text of the Disclaimer Clause of the BSE Limited.
DISCLAIMER CLAUSE OF RBI: The Company is having a valid Certificate of Registration dated April 13, 2002 and a Fresh Certificate of Registration dated January 1, 2014 bearing Registration No. N-16.00175 issued by the Reserve Bank of India under Section 45 IA of the Reserve Bank of India Act, 1934. However, RBI does not accept any responsibility or Guarantee about the present position as to the financial soundness of the Company or for the correctness of any of the statements or representations made or opinions expressed by the Company and for repayment of deposits/discharge of liability by the Company.
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