Maharishi Housing Development Finance Corporation gets a "FA-" rating

• Fixed deposit programme Rating : FA- (Reaffirmed)

The "FA-" (pronounced ‘F A minus’) rating of the Fixed Deposit Programme of Maharishi Housing Development Finance Corporation Limited (MHDFC) has been reaffirmed. The rating factors in the comfortable capital adequacy of the company, relative improvement in the resource position, focus on the relatively lower-risk individuals segment, and the existence of fairly good systems and a wide branch network. The rating of the company is constrained by its currently limited track record and relatively small size of operations. The rating also factors in the support the company enjoys from the Maharishi Group worldwide.

MHDFC has been promoted by the Maharishi Group and is engaged in the business of providing housing finance to individuals, corporates and builders. During 1998-99, MHDFC registered a profit after tax of Rs. 9.6 million on a total income of Rs. 35.6 million.