Manappuram Finance Ltd.

Credit rating agency ICRA has removed Manappuram Finance’s rating from ‘Rating watch with Developing Implications’. The outlook on the company’s long term rating is stable.

Recently, CRISIL reaffirmed ‘A1+’ rating for various debt programs of Manappuram Finance, and removed the rating from ‘Rating watch with Developing Implications’. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of debt obligations.

Manappuram Finance is one of the largest gold loan companies in India operating from Valapad, Kerala. It reported a jump of 83.65% in its net profit at Rs 186.96 crore for the quarter ended March 31, 2012 as compared to Rs 101.80 crore for the same quarter a year ago.