­Kaalaangi Infrastructure Private Ltd (KIPL) was incorporated in 2012 by J.S. Satish Kumar and D. Balasubramanian with an objective to build and manage international residential school named “Yercaud international school” at Yercaud Salem. Since Government of Tamil Nadu has laid stringent regulations for approvals for construction activities in hilly areas, there was a delay in obtaining required approvals from “Tamil Nadu Hill area conservation Authority” and “Architectural and Aesthetic Aspects committee”. In June 2021, KIPL has acquired all the required approvals for the construction of the proposed school from the concerned authorities. Due to the delay in obtaining approvals, the company started managing operations of Hostel and Mess facilities of Annapoorna Medical college and Hospital, salem from August 2019.

­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 noncooperation by the issuer along with an 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.

­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.

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

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

­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 www.acuite.in