Maharishi Housing

ICRA has reaffirmed the rating of `MA-', indicating adequate safety, to the fixed deposit (FD) programme of Maharishi Housing Development Corporation Ltd (MHDCL).

In a statement, ICRA explained that the steady growth in the disbursements to the individual segment, improved collection efficiency and asset quality due to the recovery of overdues from the builder segment and its extended branch network, form the basis for the reaffirmation. However,the company's relatively young asset portfolio, high expense levels and interest costs along with a pressure on yields resulting in lower profitability has constrained the rating.