The Hindu Business Line : ICRA retains `MA' rating of Magfil

ICRA has retained the `MA' rating assigned to the fixed deposit programme of Manappuram General Finance and Leasing Ltd (Magfil). The rating adequates credit quality.

Magfil is a Kerala-based company, which is into financing of vehicles and lending against gold ornaments. The company earned an income of Rs 12.2 crore with a net profit of Rs 1.76 crore for 2003-04.

The rating takes into account the company's increasing business volumes in the high yielding gold loans, ability to maintain asset quality and profitability at fairly high levels.

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