Muthoot Finance Limited

Muthoot Finance Ltd (MFL) is the largest gold financing company in India in terms of loan portfolio. They provide personal and business loans secured by gold jewellery, or Gold Loans, primarily to individuals who possess gold jewellery but could not access formal credit within a reasonable time, or to whom credit may not be available at all, to meet unanticipated or other short-term liquidity requirements. They are a 'Systemically Important Non-deposit taking NBFC' headquartered in the south Indian state of Kerala. In addition to Gold Loans business, they provide money transfer services through their branches as sub-agents of various registered money transfer agencies, and have commenced providing collection agency services. They also operate three windmills in the state of Tamil Nadu./p> As of September 30, 2018 the company has approximately 8.15 million loan accounts. It has built a strong network of 4,370 branches across 23 states, Delhi and five union territories in India. As of March 31, 2014, 2015, 2016, 2017 and 2018, our portfolio of outstanding gross Gold Loans under management was, Rs 216,179.10 million Rs 233,499 million, Rs 243,355.41 million, Rs 272,199.60 million and Rs 288,483.85 million respectively, and approximately 117.55 tons, 131.13 tons, 141.91 tons, 148.81 tons and 155.39 tons respectively, of gold jewellery was held by us as security for our Gold Loans. Gross non-performing assets ('NPAs') were at 1.90%, 2.19%, 2.88%, 2.06% and 6.98% of our gross loan portfolio under management as of March 31, 2014, 2015, 2016, 2017 and 2018 respectively. This issue is rated ICRA AA/Stable (by ICRA) and, CRISIL AA/Stable (by CRISIL). The rating of NCDs by ICRA and CRISIL indicate that instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry the lowest credit risk. Good Rating, sound financials and lucrative coupon rates make this offer a worthy option for investors looking for long term fixed income. We give SUBSCRIBE rating to debt issue.

• 1 M.G. George Muthoot
• 2 George Thomas Muthoot
• 3 George Jacob Muthoot
• 4 George Alexander Muthoot