July 26, 2023

Puranmal Phoola Devi Memorial Trust: Continues to remain under issuer Non-
Cooperating category
Summary of rating action

Previous Rated Current Rated

Instrument^ Amount Amount Rating Action
(Rs. crore) (Rs. crore)
Long Term Fund 10.00 10.00 [ICRA]B+ (Stable); ISSUER NOT COOPERATING*; Rating continues
Based- Term to remain under ‘Issuer Not Cooperating’ category
Loan
10.00 10.00
Total
*Issuer did not cooperate; based on best available information.
^Instrument details are provided in Annexure-1

Rationale
ICRA has kept the long-term ratings of Puranmal Phoola Devi Memorial Trust in the ‘Issuer Not Cooperating’ category. The
rating is denoted as “[ICRA]B+ (Stable); ISSUER NOT COOPERATING”

ICRA has been trying to seek information from the entity so as to monitor its performance. Further, ICRA has been sending
repeated reminders to the entity for payment of surveillance fee that became due but despite repeated requests by ICRA, the
entity’s management has remained non-cooperative. The current rating action has been taken by ICRA basis best
available/dated/ limited information on the issuers’ performance. Accordingly, the lenders, investors and other market
participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the
credit risk profile of the entity. The rating action has been taken in accordance with ICRA’s policy in respect of non-cooperation
by a rated entity available at www.icra.in.

Please refer to the following link for the previous detailed rationale that captures Key rating drivers and their description,
Liquidity position, Rating sensitivities, Key financial indicators: Click Here ICRA is unable to provide the latest information
because of non-cooperation by the entity.

Analytical approach
Analytical Approach Comments
Policy in respect of non-cooperation by the rated entity
Applicable Rating Methodologies Corporate Credit Rating Methodology
Higher Education
Parent/Group Support NA

Consolidation/Standalone Standalone

About the company

PPDMT, a charitable trust formed in 1980, is managed by Dr. S.S. Agarwal. The trust owns and operates “Swasthya Kalyan
group of Institutions” in Rajasthan and offers courses in Homoeopathy (BHMS), MD in Homeopathy, Nursing (B.Sc. Nursing,
G.N.M, Post Basic B.Sc. Nursing), Physiotherapy (BPT), Polytechnic Diploma, Engineering (B. Tech.) and Paramedical courses.
In addition, the trust also operates blood banks in Jaipur (Rajasthan).

Status of non-cooperation with previous CRA: NA

Any other information: None

www.icra .in
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 Rating history for past three years
Instrument Current Rating (FY2024) Chronology of Rating History
for the past 3 years
Type Amount Amount Date & Rating in Date & Rating Date & Rating in Date & Rating in FY2020
Rated Outstanding in FY2023 FY2021
(Rs. (Rs. crore) Jul 26, 2023 May 31, 2022 Feb 17, 2021 Nov 22, 2019
crore)

1 Term Loan Long 10.00 - [ICRA]B+ (Stable); [ICRA]B+ [ICRA]B+ [ICRA]B+ (Stable); ISSUER
Term ISSUER NOT (Stable); (Stable); ISSUER NOT COOPERATING
COOPERATING ISSUER NOT NOT
COOPERATING COOPERATING

Complexity level of the rated instrument

Instrument Complexity Indicator
Term Loan Simple
The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's
credit rating. It also does not indicate the complexity associated with analyzing an entity's financial, business, industry risks or
complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is
available on ICRA’s website: Click Here

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 Annexure-1: Instrument details

ISIN Instrument Date of Issuance / Maturity Amount Rated Current Rating and
Coupon Rate
No Name Sanction Date (RS Crore) Outlook
NA Term Loan 2013 BR+3%+0.50 2021 10.00 [ICRA]B+ (Stable);
% ISSUER NOT
COOPERATING
Source: Puranmal Phoola Devi Memorial Trust

Annexure-2: List of entities considered for consolidated analysis: Not Applicable

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