­Pasaydan Charitable Foundation is a Mumbai based nonprofit-company incorporated in 2018. It is established to provide affordable healthcare facilities in and around Ghatkopar from a leased premises situated near Jagruti Nagar Metro Station. It commenced its operations in December 2018. Initially, the company was only operating an Out Patient Department (OPD). In December 2019, PCF got the necessary approvals to commence other facilities and is currently carrying out expansion work and likely to be completed by March 31, 2021. Post completion of the expansion, the hospital will have 125 beds, a pathology lab, radiology and sonography facility, a dialysis center and two operation theatres. The company currently has leased the building for its operations; however, it plans to buy the building. The total project cost is expected to be Rs. 54.02 crore with Rs. 40.41 crore funded by debt and rest through promoter's contributions. PCF is promoted by Dr. Sneh shashank Yadav and his wife Dr. Geetanjali Yadav.

­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.

­­The rating is based on information available from sources other than the issuer/borrower (inthe 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 ratingis based.

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

­Not Applicable

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

­Not Applicable

­Not Applicable

­None

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

­­­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.