Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 40.00 - ACUITE A4+ | Reaffirmed | Issuer not co-operating*
Total Outstanding Quantum (Rs. Cr) 40.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
Rating Rationale

­Acuité has reaffirmed the short-term rating of ‘ACUITE A4+’ (read as ACUITE A four plus) on the Rs.40.00 crore bank facilities of Adhiparasakthi Charitable Medical Educational and Cultural Trust (Adhiparasakthi). The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company

­Adhiparasakthi is a Tamil Nadu based trust founded by Mr. G Bangaru in the year 1978. The trust is based out of Melmaruvathur, Tamil Nadu. The trust is engaged in providing educational services offering courses such as MBBS, Dental, Nursing, Engineering, School and Secondary education, among others. The Trust is also running 1000 bedded hospital in Tamil Nadu. They receive donations from the general public, followers besides core revenues from educational institutions and hospital fee receipts.

Non-cooperation by the issuer/borrower:

­Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability:

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivity

­"No information provided by the issuer / available for Acuite to comment upon."

Material Covenants
Liquidity Position

"No information provided by the issuer / available for Acuite to comment upon."

Not Applicable
Other Factors affecting Rating
­Not Applicable

Particulars Unit FY 19 (Provisional) FY 18 (Actual)
Operating Income Rs. Cr. 174.62 174.22
PAT Rs. Cr. 26.72 48.78
PAT Margin (%) 15.30 28.00
Total Debt/Tangible Net Worth Times 0.00 0.00
PBDIT/Interest Times 356.05 1074.31
Status of non-cooperation with previous CRA
­Not Applicable
Any other information

­Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

Applicable Criteria
• Service Sector:
• Default Recognition:
• Application Of Financial Ratios And Adjustments:

Note on Complexity Levels of the Rated Instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on


Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
10 Nov 2021 Proposed Bank Guarantee Short Term 40.00 ACUITE A4+ ( Issuer not co-operating*)
17 Aug 2020 Proposed Bank Guarantee Short Term 40.00 ACUITE A4+ (Downgraded and Issuer not co-operating*)

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Not Applicable Not Applicable Proposed Bank Guarantee Not Applicable Not Applicable Not Applicable 40.00 Simple ACUITE A4+ | Reaffirmed | Issuer not co-operating*

Analytical Rating Desk
About Acuité Ratings & Research

Acuité Ratings & Research