January 16, 2025
S.D. Education 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 [ICRA]D; ISSUER NOT COOPERATING*; Rating continues
6.75 6.75
Based-Term Loan to remain under ‘Issuer Not Cooperating’ category
Total 6.75 6.75
*Issuer did not cooperate; based on best available information.
^Instrument details are provided in Annexure-1
Rationale
ICRA has kept the Long-term rating of S.D. Education Trust in the ‘Issuer Not Cooperating’ category. The rating is denoted as
[ICRA]D; ISSUER NOT COOPERATING”.
As part of its process and in accordance with its rating agreement with S.D. Education Trust, 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. Despite multiple requests by ICRA, the entity’s management has
remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, the
rating has been continued to the “Issuer Not Cooperating” category. The rating is based on the best available information.
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
Policy On Default Recognition
Parent/Group Support NA
Consolidation/Standalone Standalone
About the company
Incorporated in 2012, S.D. Education Trust (SDET) is a single asset trust which runs and operates ‘Shanti Asiatic School’ in
Jaipur, Rajasthan. The school is located on a land parcel of 2.3 acres in a housing project ‘Suncity Township’ in Jaipur, Rajasthan.
The aforementioned land was purchased by Navsarjan Projects Pvt. Ltd (a company floated by trustees of SDET) from Suncity
Projects Pvt. Ltd, which was subsequently given on lease to SDET, with lease rentals amounting to Rs 9 lac per annum. Shanti
Asiatic is a Gujarat based chain of schools promoted by the Chiripal group, which is also one of the trustee members of SD
Education Trust.
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Status of non-cooperation with previous CRA: NA
Any other information: None
Rating history for past three years
Chronology of Rating History for the past 3 years
Current Rating (FY2025)
Amount Date & Rating in
Instrument Date & Rating in Date & Rating in FY2023 Date & Rating in FY2022
Rated FY2024
Type
(Rs.
Crore) 16-January-2025 11-December-2023 23-September-2022 27-July-2021
[ICRA] D;
Fund Based- Long [ICRA] D; ISSUER NOT [ICRA] D; ISSUER NOT [ICRA] D; ISSUER NOT
1 6.75 ISSUER NOT
Term Loan Term COOPERATING COOPERATING COOPERATING
COOPERATING
Complexity level of the rated instrument
Instrument Complexity Indicator
Fund based-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 analysing 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
Date of Amount Rated
ISIN Maturity Current Rating and
Instrument Name Issuance / Coupon Rate
No Date Outlook
Sanction (RS Crore)
NA Fund Based-Term NA NA NA 6.75 [ICRA] D; ISSUER NOT
Loan COOPERATING
Source: S.D. Education Trust
Annexure-2: List of entities considered for consolidated analysis: Not applicable
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ANALYST CONTACTS
Ashish Modani Subhechha Banerjee
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Susmita Biswas
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