* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
Rating Rationale
Acuité has downgraded the long-term rating to ‘ACUITE B-’ (read as ACUITE B minus) from 'ACUITE B' (read as ACUITE B) on the Rs. 5.00 crore bank facilities of The Akshaya Nidhi Foundation (TANF) on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
The Akshaya Nidhi Foundation (TANF) was established in May 2014 to serve as a sustainability vehicle for the Akshaya Patra Foundation. The Akshaya Patra Foundation (TAPF) is a charitable trust founded in 2000 under public private partnership model to implement the Mid-Day Meal program of the Central Government. Started in Bangalore, it reaches 1.6 million children across 26 locations in 12 states. The large fleet reaches around 13,000 schools every day. The local recipes serve vegetarian food (without garlic or onion). The trustees are full time missionaries of ISKCON movement and include Mr. T. V. Mohandas Pai, Ms. Sangita Jindal, and Mr. Rajendra Hinduja etc who hold key positions in the organisation. The Akshaya Nidhi Foundation (TANF) operates out of Bangalore (35,000 persons per day) and Gurgaon (15000 persons per day).
Unsupported Rating
Not Applicable
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
Rating Sensitivity
Potential triggers (individual or collective) for an upward rating action:
Not Applicable
Potential triggers (individual or collective) for a downward rating action:
Not Applicable
Liquidity Position
"No information provided by the issuer / available for Acuite to comment upon."
ACUITE B
(Downgraded & Issuer not co-operating* from ACUITE B+)
05 Dec 2023
Bills Discounting
Long Term
5.00
ACUITE B+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
Not Applicable
Not avl. / Not appl.
Bills Discounting
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
5.00
Simple
ACUITE B- | Downgraded | Issuer not co-operating* ( from ACUITE B )
* The issuer did not co-operate; based on best available information.
Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.
