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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Bank Loan Ratings | 5.00 | ACUITE B+ | Reaffirmed | Issuer not co-operating* | - |
| Total Outstanding | 5.00 | - | - |
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Rating Rationale |
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Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE B plus) on the Rs.5.00 crore bank facilities of The Akshaya Nidhi Foundation (TANF). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information. |
| About the Company |
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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: |
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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. |
| Limitation regarding information availability: |
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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 |
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"No information provided by the issuer / available for Acuite to comment upon." |
| All Covenants |
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Not Applicable |
| Liquidity Position |
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"No information provided by the issuer / available for Acuite to comment upon." |
| Outlook |
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Not Applicable |
| Other Factors affecting Rating |
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Not Applicable |
| Particulars | Unit | FY 17 (Provisional) | FY 16 (Actual) |
| Operating Income | Rs. Cr. | 14.89 | 10.13 |
| PAT | Rs. Cr. | 1.22 | 0.13 |
| PAT Margin | (%) | 8.17 | 1.24 |
| Total Debt/Tangible Net Worth | Times | 0.00 | 2.85 |
| PBDIT/Interest | Times | 54.20 | 44.98 |
| Status of non-cooperation with previous CRA |
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None |
| Any other information |
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None |
| Applicable Criteria |
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• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm |
| Note on Complexity Levels of the Rated Instrument |
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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. |
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